Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 6.0bn, rose 52.3bn compared with the same period last year. Key positives came from lower selling expenses, lower finance costs, and lower administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.06x
- P/B
- -0.47x
- EPS
- 170
- BVPS
- -2,580
- ROE
- -6.4%
- ROA
- 0.7%
- Market price
- 1,200 11 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, UXC posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- 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 | 75.1 | 102.7 | 98.9 | 117.2 | 71.2 | 69.8 | 275.0 | 181.4 |
| LNST | -1.0 | 13.8 | -7.9 | 1.1 | -8.4 | -23.5 | -15.5 | 1.2 |
| Net margin | -1.29% | 13.47% | -8.00% | 0.91% | -11.85% | -33.68% | -5.63% | 0.64% |
Revenue
75bnNet income
-1bnNet margin
-1.29%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 improved (+9.3pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 1.53%, rising 9.3pp. The main driver is Gross margin rose 7.0pp and SG&A / Revenue fell 1.2pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 2.7pp added support while Net financial result / Revenue fell 1.6pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.53% +9.3pp
- Gross Margin
- 18.33% +7.0pp
- SG&A / Revenue
- 14.32% −1.2pp
- Non-core / Revenue
- −2.48% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 468.2% of PBT and lifted net margin by 1.1pp — separate the operating contribution from this source.
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. Balance sheet is exceptionally sound — liabilities at -10.23x equity, with a net cash position equivalent to 5.56x equity.
Inventory ended the period at 556.2bn, roughly 66.7% 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 739.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 13.6bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −5.56x and interest coverage only at −0.56x.
At present, short-term debt accounts for 98.6% of total debt, cash equals 0.0% of debt, and total debt stands at 507.7bn.
Interest coverage is −0.56x, leaving limited room to absorb financing costs.
Short-term debt accounts for 98.6% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −5.56x −1.78x
- Interest Coverage
- −0.56x +0.84x
- Cash / Debt
- 0.0% −0.0pp
- Short-term Debt / Total Debt
- 98.6% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 13.6bn in 2025, against investing cash flow of -1.1bn.
Post-investment cash flow was positive +12.5bn. Financing cash flow was negative +11.6bn.
CFO / net income was 4,58 lần.
After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of +26.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 9.3 pp. The next item to monitor is the earnings mix, when non-core contribution is −631.1%. The main risk still sits in leverage and liquidity, with interest coverage at −0.56x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.53% after expanding 9.3pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.58x. Even so, net financial result still accounts for −631.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.56x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −34,1% YoY decline.
Ability to hold margins around the current 1.53% level.
Cash-flow quality, with operating cash flow currently at 13.6bn in 2025.
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