Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 4.9bn, rose 2.1bn compared with the same period last year. Key positives came from higher financial income, lower administrative expenses, and higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.00x
- P/B
- 0.54x
- EPS
- 575
- BVPS
- 21,104
- ROE
- 2.8%
- ROA
- 2.7%
- Market price
- 11,500 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TJC has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Financial income
- Administrative expenses
- Gross profit
- 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 | 0.9 | 0.9 | 1.0 | 1.0 | 0.9 | 0.9 | 0.9 | 0.6 |
| LNST | 1.4 | 1.5 | 1.0 | 1.0 | 0.9 | 0.7 | 0.7 | 0.5 |
| Net margin | 151.41% | 160.26% | 101.45% | 99.10% | 96.14% | 76.24% | 81.65% | 91.38% |
Revenue
1bnNet income
1bnNet margin
151.41%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to 126.99%, rising 41.0pp. The main driver is SG&A / Revenue fell 44.0pp and Gross margin rose 3.9pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 1.7pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 126.99% +41.0pp
- Gross Margin
- 48.01% +3.9pp
- SG&A / Revenue
- 90.36% −44.0pp
- Non-core / Revenue
- 196.66% −1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 1.7pp, financial result still accounts for 123.5% 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. Balance sheet is exceptionally sound — liabilities at 0.01x equity, with a net cash position equivalent to 0.19x equity.
None
Over the last 12 months, working capital released 0.1bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 191.1 days versus the same period last year. The main moves came from DIO fell 1.4 days, DSO fell 92.8 days, and DPO fell 285.3 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +191.1 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE rose from 1.6% to 2.8% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.19x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -1.8bn in 2025, against investing cash flow of 1.4bn.
Post-investment cash flow was negative +0.4bn. Financing cash flow was negative +7.7bn.
CFO / net income was −0,30 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 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 operating efficiency, with net margin improving 41.0 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 126.99% after expanding 41.0pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 123.5% of PBT and CFO / net income currently at −0.30x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +17,6% YoY pace.
Ability to hold margins around the current 126.99% level.
Cash-flow quality, with operating cash flow currently at -1.8bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.