Analysis of business results & financial statements · Quý 1/2026
- P/E
- 18.17x
- P/B
- 0.84x
- EPS
- 677
- BVPS
- 14,712
- ROE
- —
- ROA
- —
- Market price
- 12,300 14 Oct 2026
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 |
|---|---|---|---|---|
| Revenue | 184.9 | 315.9 | 300.3 | 391.1 |
| LNST | 0.4 | 2.1 | 0.4 | 18.9 |
| Net margin | 0.20% | 0.67% | 0.12% | 4.83% |
Revenue
185bnNet income
0bnNet margin
0.20%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 2.75%
- Gross Margin
- 11.72%
- SG&A / Revenue
- 12.77%
Margin support from other income remains high (180.9% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.42x equity, net debt at 0.16x equity.
Inventory ended the period at 297.8bn, roughly 44.5% of total assets.
Over the last 12 months, working capital absorbed 94.3bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Leverage is safe but FCF is negative at 253.8bn due to capex of 138.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.16x and interest coverage only at −2.25x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 19.2% of debt, and total debt stands at 95.4bn.
Interest coverage is −2.25x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.16x
- Interest Coverage
- −2.25x
- Cash / Debt
- 19.2%
- Short-term Debt / Total Debt
- 100.0%
Cash Flow
▼Operating cash flow reached -152.1bn in 2025, against investing cash flow of -66.3bn.
Post-investment cash flow was negative +218.4bn. Financing cash flow was positive +84.2bn.
CFO / net income was −5,32 lần.
After spending +138.0bn on fixed-asset investment, the business generated trailing free cash flow of −253.8bn.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is −35.9%. The main risk still sits in leverage and liquidity, with interest coverage at −2.25x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −35.9% of PBT and CFO / net income currently at −5.32x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −2.25x.
What to verify next
Questions for the next period
Durability of revenue growth into the next cycle.
Ability to hold margins around the current 2.75% level.
Cash-flow quality, with operating cash flow currently at -152.1bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.