Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 0.5bn, fell 0.8bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower tax. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 47.42x
- P/B
- 0.73x
- EPS
- 194
- BVPS
- 12,627
- ROE
- 1.4%
- ROA
- 0.3%
- Market price
- 9,200 25 Aug 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, THS is maintaining revenue, but margins are compressing slightly — profit is at an all-time high. 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
- Gross profit
- Financial income
- Tax
- Finance costs
- Administrative expenses
- Other profit
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 | 117.7 | 86.9 | 67.4 | 120.8 | 77.5 | 60.6 | 51.9 | 98.7 |
| LNST | 0.2 | -0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 0.6 |
| Net margin | 0.19% | -0.13% | 0.26% | 0.20% | 0.27% | 0.55% | 0.46% | 0.59% |
Revenue
118bnNet income
0bnNet margin
0.19%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 narrowed to 0.13%, falling 0.3pp. The main pressure is Gross margin fell 1.1pp, outweighing the improvement in SG&A / Revenue fell 1.0pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.1pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 0.13% −0.3pp
- Gross Margin
- 5.28% −1.1pp
- SG&A / Revenue
- 4.25% −1.0pp
- Non-core / Revenue
- −0.86% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 0.3pp, financial result still accounts for 53.8% of PBT — earnings durability should be monitored in coming periods.
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 3.23x equity, net debt at 2.72x equity.
Inventory ended the period at 64.8bn, roughly 40.7% of total assets.
Over the last 12 months, working capital absorbed 1.3bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.5 days versus the same period last year. The main moves came from DIO fell 1.0 days, DSO fell 5.6 days, and DPO fell 4.2 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE fell from 3.4% to 1.4% — net margin weakened the most, though 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 2.72x and interest coverage only at 0.06x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
Net debt / equity stands at 2.72x, increasing balance-sheet pressure.
Interest coverage is 0.06x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.72x +0.56x
- Interest Coverage
- 0.06x −0.37x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -26.7bn in 2025, against investing cash flow of -7.9bn.
Post-investment cash flow was negative +34.6bn. Financing cash flow was positive +33.2bn.
CFO / net income was −46,83 lần.
After spending +7.1bn on fixed-asset investment, the business generated trailing free cash flow of −31.6bn.
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 0.06x. The next watchpoint is the earnings mix, when non-core contribution is −570.5%. The main offsetting support comes from cash generation.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 7.6bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −570.5% of PBT and CFO / net income currently at −46.83x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.06x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +36,0% YoY pace.
Ability to hold margins around the current 0.13% level.
Cash-flow quality, with operating cash flow currently at -26.7bn in 2025.
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