Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 9.9bn, rose 2.0bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower deferred tax. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, weaker other profit, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.44x
- P/B
- 0.49x
- EPS
- 1,784
- BVPS
- 19,623
- ROE
- 9.4%
- ROA
- 4.4%
- Market price
- 9,700 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PTS has not moved the needle on revenue, but profitability has edged up slightly — margins have been expanding consistently over multiple periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Deferred tax
- Administrative expenses
- Selling expenses
- Other profit
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 99.3 | 101.9 | 91.2 | 81.6 | 93.8 | 103.2 | 89.4 | 91.3 |
| LNST | 4.4 | -2.2 | 6.4 | 1.2 | 5.3 | 1.9 | 1.1 | -0.4 |
| Net margin | 4.48% | -2.16% | 7.06% | 1.53% | 5.69% | 1.88% | 1.21% | -0.48% |
Revenue
99bnNet income
4bnNet margin
4.48%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲Net margin edged up to 2.65%, rising 0.6pp. Core operating signals are improving as Gross margin rose 1.6pp are enough to offset pressure from SG&A / Revenue rose 1.7pp (in addition, Net financial result / Revenue rose 0.9pp added support while Other profit / Revenue fell 0.2pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 2.65% +0.6pp
- Gross Margin
- 14.08% +1.6pp
- SG&A / Revenue
- 9.69% +1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 8.7 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 6.54%, rising 2.0pp. That translates to 6.54 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.7pp and capital turnover rose 0.10x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.14x equity, net debt at 0.43x equity.
None
Over the last 12 months, working capital absorbed 4.2bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 8.7 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO rose 2.5 days, and DPO fell 4.4 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +8.7 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +2.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 8.0% to 9.4% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.43x and interest coverage at 3.11x.
At present, short-term debt accounts for 69.0% of total debt, cash equals 21.0% of debt, and total debt stands at 60.0bn.
Short-term debt accounts for 69.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 21.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.43x −0.01x
- Interest Coverage
- 3.11x +1.79x
- Cash / Debt
- 21.0% −0.2pp
- Short-term Debt / Total Debt
- 69.0% +11.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.9bn in 2025, against investing cash flow of -16.1bn.
Post-investment cash flow was positive +10.8bn. Financing cash flow was negative +7.1bn.
CFO / net income was 2,52 lần.
After spending +23.2bn on fixed-asset investment, the business generated trailing free cash flow of +1.8bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 2.52x. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.52x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −1,0% YoY decline.
Ability to hold margins around the current 2.65% level.
Cash-flow quality, with operating cash flow currently at 26.9bn in 2025.
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