Analysis of business results & financial statements · Quý 1/2026
- P/E
- —
- P/B
- 0.96x
- EPS
- —
- BVPS
- 10,705
- ROE
- —
- ROA
- —
- Market price
- 10,300 16 Oct 2026
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 |
|---|---|---|
| Revenue | 239.3 | 383.6 |
| LNST | 0.3 | 16.2 |
| Net margin | 0.11% | 4.23% |
Revenue
239bnNet income
0bnNet margin
0.11%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 1.13%
- Gross Margin
- None
- SG&A / Revenue
- None
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 2.62x equity, net debt at 1.83x equity.
Inventory ended the period at 158.6bn, roughly 16.8% 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.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1.7% of debt, and total debt stands at 489.2bn.
Net debt / equity stands at 1.83x, increasing balance-sheet pressure.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 1.83x
- Interest Coverage
- None
- Cash / Debt
- 1.7%
- Short-term Debt / Total Debt
- 100.0%
In summary
Research synthesis
What this reporting period is showing
The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The main risk still sits in leverage and liquidity, with interest coverage at 0.02x. Warning and risk signals are not yet decisive enough to shift the picture.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.02x.
What to verify next
Questions for the next period
Durability of revenue growth into the next cycle.
Ability to hold margins around the current 1.13% level.
Cash-flow quality, with operating cash flow currently at -108.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
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.