Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 90.7bn, rose 26.7bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.89x
- P/B
- 4.16x
- EPS
- 5,042
- BVPS
- 15,621
- ROE
- 32.5%
- ROA
- 15.5%
- Market price
- 65,000 28 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TMG has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross 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 | 330.2 | 383.8 | 261.8 | 299.1 | 310.8 | 343.1 | 270.4 | 292.9 |
| LNST | 28.0 | 23.8 | 16.5 | 22.4 | 13.0 | 16.1 | 5.8 | 29.2 |
| Net margin | 8.47% | 6.21% | 6.32% | 7.49% | 4.18% | 4.68% | 2.15% | 9.96% |
Revenue
330bnNet income
28bnNet margin
8.47%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲Net margin expanded to 7.12%, rising 1.9pp. The main driver is Gross margin rose 1.8pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 7.12% +1.9pp
- Gross Margin
- 14.17% +1.8pp
- SG&A / Revenue
- 5.09% −0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 8.2 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 41.27%, rising 17.1pp. That translates to 41.27 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.0pp and capital turnover rose 1.09x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 1.21x equity, with a net cash position equivalent to 0.29x equity.
Inventory ended the period at 62.9bn, roughly 10.1% of total assets.
Over the last 12 months, working capital absorbed 9.4bn 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 5.8 days versus the same period last year. The main moves came from DIO rose 1.0 days, DSO fell 2.5 days, and DPO rose 4.3 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DIO increased by +1.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 24.2% to 32.5% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 119.1bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.29x and interest coverage at 52.53x.
At present, short-term debt accounts for 19.0% of total debt, cash equals 255.8% of debt, and total debt stands at 52.7bn.
- Net Debt / Equity
- −0.29x −0.18x
- Interest Coverage
- 52.53x +15.36x
- Cash / Debt
- 255.8% +11.7pp
- Short-term Debt / Total Debt
- 19.0% −20.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 119.1bn in 2025, against investing cash flow of -54.6bn.
Post-investment cash flow was positive +64.4bn. Financing cash flow was negative +24.6bn.
CFO / net income was 1,86 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 entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. Even so, cash generation still needs confirmation remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.12% after expanding 1.9pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,7% YoY pace.
Ability to hold margins around the current 7.12% level.
Cash-flow quality, with operating cash flow currently at 119.1bn 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.