Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 18.4bn, fell 7.0bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and better other profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.34x
- P/B
- 3.17x
- EPS
- 1,361
- BVPS
- 1,859
- ROE
- 56.3%
- ROA
- 1.9%
- Market price
- 5,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TH1 is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — the growth momentum has held across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Other profit
- Finance costs
- Selling expenses
- Administrative expenses
- Other
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 | 504.5 | 415.9 | 424.9 | 481.0 | 303.3 | 199.3 | 143.2 | 215.3 |
| LNST | 7.6 | 4.3 | 12.3 | -5.7 | 6.9 | -4.7 | 8.5 | 14.7 |
| Net margin | 1.51% | 1.03% | 2.89% | -1.20% | 2.26% | -2.37% | 5.94% | 6.85% |
Revenue
504bnNet income
8bnNet margin
1.51%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin fell to 1.01%, losing 1.9pp. The main pressure is Gross margin fell 3.7pp, outweighing the improvement in SG&A / Revenue fell 1.4pp (with additional support from Net financial result / Revenue rose 0.8pp and Other profit / Revenue rose 0.4pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 1.01% −1.9pp
- Gross Margin
- 4.07% −3.7pp
- SG&A / Revenue
- 3.32% −1.4pp
- Non-core / Revenue
- 0.40% +1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 64.5% of PBT and lifted net margin by 1.2pp — separate the operating contribution from this source.
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. Leverage is very high, with clear pressure on the capital structure — liabilities at 17.59x equity, net debt at 34.99x equity.
None
Over the last 12 months, working capital absorbed 85.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 31.4 days versus the same period last year. The main moves came from DIO fell 10.8 days, DSO fell 26.1 days, and DPO fell 5.4 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE fell from 94.6% to 56.3% — net margin weakened the most, though asset turnover and leverage still provided support.
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 34.99x and interest coverage only at 0.31x.
At present, short-term debt accounts for 80.5% of total debt, cash equals 1.0% of debt, and total debt stands at 889.8bn.
Net debt / equity stands at 34.99x, increasing balance-sheet pressure.
Interest coverage is 0.31x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 34.99x +18.33x
- Interest Coverage
- 0.31x −0.57x
- Cash / Debt
- 1.0% +0.2pp
- Short-term Debt / Total Debt
- 80.5% +5.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -150.0bn in 2025, against investing cash flow of -81.5bn.
Post-investment cash flow was negative +231.5bn. Financing cash flow was positive +240.6bn.
CFO / net income was −5,67 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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 1.9 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 52.0% of PBT and CFO / net income currently at −5.67x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.01% after a 1.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +112,1% YoY pace.
Ability to hold margins around the current 1.01% level.
Cash-flow quality, with operating cash flow currently at -150.0bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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