Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 8.8bn, rose 8.9bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher tax, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.05x
- P/B
- 0.44x
- EPS
- 724
- BVPS
- 18,325
- ROE
- 4.0%
- ROA
- 2.2%
- Market price
- 8,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TDS is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative expenses
- Tax
- Finance costs
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 | 835.6 | 693.3 | 662.6 | 548.1 | 401.2 | 428.9 | 385.1 | 343.8 |
| LNST | 4.1 | 0.6 | 1.6 | 2.6 | 2.2 | 10.2 | -6.6 | -5.8 |
| Net margin | 0.49% | 0.08% | 0.24% | 0.47% | 0.54% | 2.37% | -1.71% | -1.69% |
Revenue
836bnNet income
4bnNet margin
0.49%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 improved (+0.3pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
●Net margin edged up to 0.32%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 0.0pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 0.32% +0.3pp
- Gross Margin
- 2.82% −0.0pp
- SG&A / Revenue
- 2.68% −0.5pp
- Non-core / Revenue
- 0.14% −0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (33.6% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 32.0 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.71%, rising 3.9pp. That translates to 3.71 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 9.28x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 3.71% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.89x equity, with a net cash position equivalent to 0.30x equity.
Inventory ended the period at 189.7bn, roughly 45.6% of total assets.
Over the last 12 months, working capital absorbed 3.6bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.8 days versus the same period last year. The main moves came from DIO fell 26.3 days, DSO fell 5.9 days, and DPO fell 2.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from −0.0% to 4.0% — all three components improved.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 22.7bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.30x and interest coverage at 4.14x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 561.2% of debt, and total debt stands at 14.4bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.30x −0.04x
- Interest Coverage
- 4.14x +3.66x
- Cash / Debt
- 561.2%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 22.7bn in 2025, against investing cash flow of 0.3bn.
Post-investment cash flow was positive +23.0bn. Financing cash flow was positive +47.0bn.
CFO / net income was 1,33 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 brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Reported net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is balance-sheet flexibility, with net cash/equity at about −0.30x. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 33.6%. The residual risk still sits in capital efficiency remains weak, with ROIC at 3.7%.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.30x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.33x. Even so, net financial result still accounts for 33.6% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +75,7% YoY pace.
Ability to hold margins around the current 0.32% level.
Cash-flow quality, with operating cash flow currently at 22.7bn in 2025.
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