Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 233.4bn, rose 58.9bn compared with the same period last year. Key positives came from higher financial income, better other profit, and lower administrative expenses. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.39x
- P/B
- 0.53x
- EPS
- 3,590
- BVPS
- 29,675
- ROE
- 12.4%
- ROA
- 10.9%
- Market price
- 15,750 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TIP has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- 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 | 33.1 | 40.1 | 38.6 | 35.9 | 33.6 | 48.3 | 40.5 | 40.7 |
| LNST | 37.0 | 98.0 | 29.0 | 71.1 | 20.0 | 70.2 | 20.3 | 68.0 |
| Net margin | 111.88% | 244.23% | 75.04% | 198.30% | 59.55% | 145.44% | 50.14% | 167.11% |
Revenue
33bnNet income
37bnNet margin
111.88%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 (+49.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 159.19%, rising 49.7pp. The main driver is Gross margin rose 4.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 45.9pp and Other profit / Revenue rose 6.4pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 159.19% +49.7pp
- Gross Margin
- 65.30% +4.9pp
- SG&A / Revenue
- 14.94% −2.6pp
- Non-core / Revenue
- 142.10% +52.3pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 73.4% of PBT and lifted net margin by 52.3pp — 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. Capital structure is notably light for the real estate sector — liabilities at 0.13x equity, with a net cash position equivalent to 0.08x equity.
Unearned revenue 185.3bn (as of 2026Q1, 8.46% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 1.3 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 48.0bn vs net profit 235.2bn — 0.20x. Up 592.76% YoY — the future-amortisation reserve is thickening.
Unearned revenue (ST + LT): 185.3bn
Share of total assets: 8.46%
Years of revenue banked: 1.3
CFO / NPAT (TTM): 0.20x
None
Over the last 12 months, working capital released 26.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
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.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
DIO increased by +145.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 9.9% to 12.5% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 40.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.08x and interest coverage at 1259.30x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- −0.08x −0.06x
- Interest Coverage
- 1259.30x +1210.99x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 40.3bn in 2025, against investing cash flow of 1,249.5bn.
Post-investment cash flow was positive +1,289.8bn. Financing cash flow was negative +191.0bn.
CFO / net income was 0,21 lần.
Track how much investment can be funded internally from operating cash flow.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 49.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 159.19% after expanding 49.7pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 72.9% of PBT and CFO / net income currently at 0.21x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −9,4% YoY decline.
Ability to hold margins around the current 159.19% level.
Cash-flow quality, with operating cash flow currently at 40.3bn 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.