Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 488.1bn, rose 35.9bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower administrative expenses, and lower tax. Offsetting pressure came mainly from higher selling expenses, higher finance costs, and higher deferred tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.87x
- P/B
- 2.29x
- EPS
- 5,235
- BVPS
- 24,808
- ROE
- 20.3%
- ROA
- 14.4%
- Market price
- 56,900 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TLG posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this profit level holds without further revenue momentum.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Administrative expenses
- Tax
- Selling expenses
- Finance costs
- Deferred 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 | 1,000.1 | 949.1 | 1,184.5 | 1,245.9 | 794.4 | 846.8 | 896.0 | 1,207.2 |
| LNST | 116.0 | 73.9 | 75.7 | 221.9 | 78.4 | 39.0 | 91.4 | 241.5 |
| Net margin | 11.60% | 7.78% | 6.39% | 17.81% | 9.87% | 4.60% | 10.20% | 20.00% |
Revenue
1,000bnNet income
116bnNet margin
11.60%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 11.13%, falling 0.9pp. The main pressure is SG&A / Revenue rose 7.7pp, outweighing the improvement in Gross margin rose 5.8pp (in addition, Other profit / Revenue rose 1.1pp added support while Net financial result / Revenue fell 0.5pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 11.13% −0.9pp
- Gross Margin
- 50.47% +5.8pp
- SG&A / Revenue
- 37.91% +7.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 19.41%, falling 0.4pp. That translates to 19.41 in after-tax operating profit for every 100 units of operating capital. Although capital turnover rose 0.25x, NOPAT margin narrowed 1.8pp still pulled ROIC lower, with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.41x equity, with a net cash position equivalent to 0.01x equity.
Inventory ended the period at 814.5bn, roughly 22.8% of total assets.
Over the last 12 months, working capital absorbed 36.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.9 days versus the same period last year. The main moves came from DIO rose 1.8 days, DSO rose 2.2 days, and DPO rose 6.0 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 168.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +2.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 19.6% to 20.2% — supported by asset turnover and leverage.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 219.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.01x and interest coverage at 13.28x.
At present, short-term debt accounts for 98.7% of total debt, cash equals 103.6% of debt, and total debt stands at 464.1bn.
Short-term debt accounts for 98.7% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.01x +0.08x
- Interest Coverage
- 13.28x −6.45x
- Cash / Debt
- 103.6% −46.7pp
- Short-term Debt / Total Debt
- 98.7% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 219.8bn in 2025, against investing cash flow of -191.8bn.
Post-investment cash flow was positive +28.0bn. Financing cash flow was negative +251.8bn.
CFO / net income was 0,81 lần.
After spending +143.5bn on fixed-asset investment, the business generated trailing free cash flow of +251.4bn.
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 earnings conversion is confirmed, with CFO/NI at 0.81x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 168 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.81x.
- Key risk: working capital remains tied up for too long, with cash cycle at 168.1 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +17,0% YoY pace.
Ability to hold margins around the current 11.13% level.
Cash-flow quality, with operating cash flow currently at 219.8bn in 2025.
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