Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 0.6bn, rose 0.8bn compared with the same period last year. Key positives came from lower selling expenses and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 44.71x
- P/B
- 0.24x
- EPS
- 85
- BVPS
- 15,829
- ROE
- 0.5%
- ROA
- 0.4%
- Market price
- 3,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, TXM is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — this marks a reversal from the difficult phase before. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Gross profit
- 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 | 50.3 | 42.6 | 48.3 | 77.9 | 41.1 | 69.8 | 70.0 | 73.5 |
| LNST | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.5 | 0.4 | -1.1 |
| Net margin | 0.26% | 0.47% | 0.29% | 0.17% | 0.20% | 0.68% | 0.50% | -1.52% |
Revenue
50bnNet income
0bnNet margin
0.26%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 edged up to 0.27%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 5.1pp are enough to offset pressure from Gross margin fell 3.8pp (with lingering pressure from Other profit / Revenue fell 0.9pp and Net financial result / Revenue fell 0.0pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 0.27% +0.4pp
- Gross Margin
- 7.06% −3.8pp
- SG&A / Revenue
- 6.82% −5.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.26x equity, net debt at 0.01x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 3.8pp YoY to 7.06% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 7.06% · YoY -3.8pp
Inventory 0.0bn — 0.00% of total assets, below the materials-group median (13.00%); ≈ 0 days of sales.
Inventory / assets: 0.00% (group median 13.00%)
Days inventory outstanding: 0
None
Over the last 12 months, working capital absorbed 3.4bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.
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.
DSO increased by +46.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −0.2% to 0.5% — supported by net margin and leverage.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.01x and interest coverage at 2.03x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 73.0% of debt, and total debt stands at 4.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.01x
- Interest Coverage
- 2.03x
- Cash / Debt
- 73.0%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -6.7bn in 2025, against investing cash flow of -0.7bn.
Post-investment cash flow was negative +7.4bn. Financing cash flow was positive +7.0bn.
CFO / net income was −5,96 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 brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is cash generation still needs confirmation. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −13,9% YoY decline.
Ability to hold margins around the current 0.27% level.
Cash-flow quality, with operating cash flow currently at -6.7bn 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
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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?
What becomes visible only when investments are viewed together rather than one ticker at a time.