Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 9.8bn, fell 4.4bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, higher selling expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 21.19x
- P/B
- 0.73x
- EPS
- 479
- BVPS
- 13,844
- ROE
- 3.6%
- ROA
- 2.1%
- Market price
- 10,150 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TPC is going through a period of clear decline across multiple metrics at once — the growth momentum has held across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Financial income
- Administrative expenses
- Finance costs
- Selling expenses
- Other profit
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 | 110.1 | 119.7 | 126.2 | 120.4 | 110.0 | 118.6 | 114.4 | 115.6 |
| LNST | 1.9 | 0.6 | 5.2 | 2.1 | 4.0 | 5.1 | -0.3 | 5.4 |
| Net margin | 1.74% | 0.54% | 4.09% | 1.71% | 3.65% | 4.30% | -0.24% | 4.64% |
Revenue
110bnNet income
2bnNet margin
1.74%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin narrowed to 2.05%, falling 1.0pp. The main pressure comes from SG&A / Revenue rose 0.9pp and Gross margin fell 0.4pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.4pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.05% −1.0pp
- Gross Margin
- 7.87% −0.4pp
- SG&A / Revenue
- 7.23% +0.9pp
- Non-core / Revenue
- 1.41% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (68.8% of PBT) — sustainability should be monitored.
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 balanced — liabilities at 0.76x equity, net debt at 0.71x equity.
Inventory ended the period at 55.8bn, roughly 12.2% of total assets.
Over the last 12 months, working capital absorbed 3.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 17.8 days versus the same period last year. The main moves came from DIO rose 7.4 days, DSO rose 7.6 days, and DPO fell 2.8 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 105.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 4.8% to 3.6% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.71x and interest coverage only at 1.32x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 10.7% of debt, and total debt stands at 184.1bn.
Interest coverage is 1.32x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.71x +0.27x
- Interest Coverage
- 1.32x −1.02x
- Cash / Debt
- 10.7% +6.5pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 20.2bn in 2025, against investing cash flow of 29.7bn.
Post-investment cash flow was positive +49.8bn. Financing cash flow was negative +29.5bn.
CFO / net income was −1,23 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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 1.32x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 65.7% of PBT and CFO / net income currently at −1.23x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.32x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +3,9% YoY pace.
Ability to hold margins around the current 2.05% level.
Cash-flow quality, with operating cash flow currently at 20.2bn in 2025.
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Its weight and influence across the assets held for investment.
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