Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 2.5bn, fell 0.2bn compared with the same period last year. Key positives came from higher gross profit, lower selling expenses, and higher financial income. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 37.80x
- P/B
- 0.61x
- EPS
- 190
- BVPS
- 11,882
- ROE
- 1.6%
- ROA
- 0.7%
- Market price
- 7,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, UPH is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Financial income
- Administrative expenses
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 | 26.0 | 46.7 | 26.9 | 20.5 | 18.8 | 46.7 | 24.4 | 29.9 |
| LNST | 0.6 | 1.6 | 0.5 | -0.1 | 0.3 | 1.2 | 0.4 | 0.9 |
| Net margin | 2.14% | 3.38% | 1.89% | -0.53% | 1.53% | 2.58% | 1.44% | 2.99% |
Revenue
26bnNet income
1bnNet margin
2.14%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 stands at 2.11%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 2.11% −0.2pp
- Gross Margin
- 13.99% +1.1pp
- SG&A / Revenue
- 13.35% +0.5pp
- Non-core / Revenue
- 2.00% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (74.6% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 1.46x equity, with a net cash position equivalent to 0.21x equity.
Inventory ended the period at 191.3bn, roughly 49.3% of total assets.
Over the last 12 months, working capital released 0.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.2 days versus the same period last year. The main moves came from DIO rose 21.2 days, DSO fell 13.8 days, and DPO rose 13.7 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 795.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +21.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 1.6% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 7.5bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.21x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.5bn in 2025, against investing cash flow of 13.6bn.
Post-investment cash flow was positive +21.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was 1,36 lần.
After spending +0.5bn on fixed-asset investment, the business generated trailing free cash flow of +2.9bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Reported net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is balance-sheet flexibility, with net cash/equity at about −0.21x. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 74.6%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 796 days.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.21x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.36x. Even so, net financial result still accounts for 74.6% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 795.7 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +0,3% YoY pace.
Ability to hold margins around the current 2.11% level.
Cash-flow quality, with operating cash flow currently at 7.5bn in 2025.
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