Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 17.0bn, rose 1.2bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from higher selling expenses and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.25x
- P/B
- 0.92x
- EPS
- 816
- BVPS
- 10,877
- ROE
- 7.1%
- ROA
- 3.6%
- Market price
- 10,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TT6 posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — margins have been expanding consistently over multiple periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Financial income
- Selling expenses
- Finance costs
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 | 48.9 | 65.8 | 75.8 | 88.9 | 62.4 | 159.4 | 91.6 | 58.2 |
| LNST | 0.5 | 2.3 | 8.5 | 5.6 | 1.2 | 9.9 | 2.7 | 1.9 |
| Net margin | 1.06% | 3.54% | 11.26% | 6.29% | 1.91% | 6.23% | 2.98% | 3.33% |
Revenue
49bnNet income
1bnNet margin
1.06%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 6.08%, rising 1.8pp. Core operating signals are improving as Gross margin rose 5.4pp are enough to offset pressure from SG&A / Revenue rose 2.0pp (with lingering pressure from Net financial result / Revenue fell 1.5pp and Other profit / Revenue fell 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 6.08% +1.8pp
- Gross Margin
- 17.38% +5.4pp
- SG&A / Revenue
- 6.55% +2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 4.03%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 4.03% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is balanced — liabilities at 0.95x equity, net debt at 0.78x equity.
Inventory ended the period at 103.3bn, roughly 21.2% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
CCC stands at 195.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.78x and interest coverage only at 1.33x.
At present, short-term debt accounts for 90.4% of total debt, cash equals 0.1% of debt, and total debt stands at 192.6bn.
Interest coverage is 1.33x, leaving limited room to absorb financing costs.
Short-term debt accounts for 90.4% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.78x +0.02x
- Interest Coverage
- 1.33x −0.09x
- Cash / Debt
- 0.1% +0.0pp
- Short-term Debt / Total Debt
- 90.4% +7.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -23.5bn in 2025, against investing cash flow of -3.7bn.
Post-investment cash flow was negative +27.2bn. Financing cash flow was positive +27.7bn.
CFO / net income was −0,86 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 balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is operating efficiency, with net margin improving 1.8 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 4.0%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.08% after expanding 1.8pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −24,8% YoY decline.
Ability to hold margins around the current 6.08% level.
Cash-flow quality, with operating cash flow currently at -23.5bn in 2025.
From one stock to the whole portfolio
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How much does this stock
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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?
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