Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 24.8bn, rose 44.2bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from weaker other profit, higher selling expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 36.30x
- P/B
- 0.60x
- EPS
- 135
- BVPS
- 8,219
- ROE
- 1.6%
- ROA
- 0.2%
- Market price
- 4,900 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TIS is improving on both growth and profitability, painting a notably more positive picture versus the same period — this marks a reversal from the difficult phase before. 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
- Finance costs
- Other profit
- Selling 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 | 3,642.5 | 3,003.0 | 2,757.1 | 3,399.2 | 2,832.3 | 2,957.4 | 2,390.2 | 3,071.0 |
| LNST | 14.9 | 7.6 | -12.3 | 14.5 | -9.2 | 74.3 | -84.0 | -0.1 |
| Net margin | 0.41% | 0.25% | -0.45% | 0.43% | -0.32% | 2.51% | -3.51% | -0.00% |
Revenue
3,642bnNet income
15bnNet margin
0.41%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 (+0.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
●Net margin edged up to 0.19%, rising 0.4pp. The main driver is Gross margin rose 0.3pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 0.19% +0.4pp
- Gross Margin
- 3.23% +0.3pp
- SG&A / Revenue
- 2.33% −0.2pp
- Non-core / Revenue
- −0.56% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (46.1% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 0.23%, rising 0.6pp. That translates to 0.23 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 0.34x, with invested capital easing slightly by 241bn — 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 0.23% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 6.08x equity, net debt at 2.78x equity.
Inventory ended the period at 1,937.8bn, roughly 18.3% of total assets.
Over the last 12 months, working capital released 204.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
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 5.8 days, DSO fell 4.9 days, and DPO fell 8.2 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DuPont
What drives ROE?
ROE rose from −1.2% to 1.6% — all three components improved.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 2.78x and interest coverage only at 0.21x.
At present, short-term debt accounts for 59.8% of total debt, cash equals 2.5% of debt, and total debt stands at 4,306.4bn.
Net debt / equity stands at 2.78x, increasing balance-sheet pressure.
Interest coverage is 0.21x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.78x −0.12x
- Interest Coverage
- 0.21x +0.74x
- Cash / Debt
- 2.5% +1.8pp
- Short-term Debt / Total Debt
- 59.8% −2.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 166.1bn in 2025, against investing cash flow of -41.2bn.
Post-investment cash flow was positive +124.9bn. Financing cash flow was negative +167.4bn.
CFO / net income was 13,48 lần.
After spending +43.6bn on fixed-asset investment, the business generated trailing free cash flow of +290.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is −213.6%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.2%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 146.0bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 13.48x. Even so, net financial result still accounts for −213.6% 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 +13,8% YoY pace.
Ability to hold margins around the current 0.19% level.
Cash-flow quality, with operating cash flow currently at 166.1bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
Is the portfolio
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