Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 3.2bn, fell 0.6bn compared with the previous quarter. Key positives came from lower administrative expenses and lower finance costs. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 35.99x
- P/B
- 0.91x
- EPS
- 264
- BVPS
- 10,414
- ROE
- 2.5%
- ROA
- 1.9%
- Market price
- 9,500 15 Sep 2026
The current picture
What Is Changing
On a Năm 2025 basis, THM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
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 |
|---|---|---|---|---|---|---|---|
| Revenue | 10.9 | 23.9 | 52.0 | 39.9 | 10.5 | 33.6 | 54.5 |
| LNST | -2.4 | -4.5 | 7.7 | 2.5 | -1.8 | 1.6 | 7.3 |
| Net margin | -22.25% | -18.80% | 14.73% | 6.21% | -17.46% | 4.85% | 13.35% |
Revenue
11bnNet income
-2bnNet margin
-22.25%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
- 2.53% −4.6pp
- Gross Margin
- 21.21%
- SG&A / Revenue
- 15.82%
TTM YoY · 2025Q1 -> 2026Q1
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 0.27x equity, net debt at 0.05x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
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?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.05x and interest coverage only at 1.54x.
At present, short-term debt accounts for 91.3% of total debt, cash equals 80.4% of debt, and total debt stands at 30.9bn.
Interest coverage is 1.54x, leaving limited room to absorb financing costs.
Short-term debt accounts for 91.3% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.05x +0.23x
- Interest Coverage
- 1.54x
- Cash / Debt
- 80.4% −76.4pp
- Short-term Debt / Total Debt
- 91.3% −8.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.7bn in 2025, against investing cash flow of -30.5bn.
Post-investment cash flow was negative +19.8bn. Financing cash flow was negative +11.7bn.
CFO / net income was 12,20 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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 1.54x. The next watchpoint is capital efficiency.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.54x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −12,1% YoY decline.
Ability to hold margins around the current 0.21% level.
Cash-flow quality, with operating cash flow currently at 10.7bn 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.