Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 17.0bn, rose 4.1bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and better other profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.59x
- P/B
- 0.59x
- EPS
- 895
- BVPS
- 10,057
- ROE
- 4.2%
- ROA
- 1.1%
- Market price
- 5,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SHE is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other profit
- Finance costs
- Selling expenses
- Administrative expenses
- 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 | 535.1 | 101.9 | 73.5 | 131.9 | 65.5 | 70.5 | 48.4 | 37.6 |
| LNST | 13.3 | 3.6 | 4.5 | 3.1 | 2.3 | 5.2 | 2.4 | 3.0 |
| Net margin | 2.49% | 3.49% | 6.11% | 2.32% | 3.57% | 7.42% | 4.92% | 8.06% |
Revenue
535bnNet income
13bnNet margin
2.49%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin fell to 2.90%, losing 2.9pp. The main pressure is Gross margin fell 4.2pp, outweighing the improvement in SG&A / Revenue fell 0.8pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.9pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.90% −2.9pp
- Gross Margin
- 7.94% −4.2pp
- SG&A / Revenue
- 3.79% −0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 1.31%, losing 3.3pp. That translates to 1.31 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.3pp and capital turnover fell 0.43x, while invested capital expanded strongly by 1,185bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 1.31% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼ROIC declined — the balance sheet shows how capital is being deployed. Leverage is very high, with clear pressure on the capital structure — liabilities at 0.86x equity, net debt at 2.95x equity.
Inventory ended the period at 59.3bn, roughly 19.5% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 69.9 days versus the same period last year. The main moves came from DIO fell 15.1 days, DSO rose 72.7 days, and DPO fell 12.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 377.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +72.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 8.8% to 6.1% — dragged by net margin and asset turnover.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.95x and interest coverage only at 1.22x.
At present, short-term debt accounts for 97.8% of total debt, cash equals 1.3% of debt, and total debt stands at 1,952.5bn.
Net debt / equity stands at 2.95x, increasing balance-sheet pressure.
Interest coverage is 1.22x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.95x +2.51x
- Interest Coverage
- 1.22x −1.57x
- Cash / Debt
- 1.3% −0.3pp
- Short-term Debt / Total Debt
- 97.8% +2.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -21.5bn in 2025, against investing cash flow of -2.8bn.
Post-investment cash flow was negative +24.2bn. Financing cash flow was positive +22.5bn.
CFO / net income was −6,58 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 24.8%. The main risk still sits in core profitability, with net margin down 2.9 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.8% of PBT and CFO / net income currently at −6.58x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 2.90% after a 2.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +279,5% YoY pace.
Ability to hold margins around the current 2.90% level.
Cash-flow quality, with operating cash flow currently at -21.5bn in 2025.
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