Analysis of business results & financial statements · Quý 1/2025
● Maintaining
Trailing net profit reached 26.5bn, rose 7.3bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, lower administrative expenses, and lower tax. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.74x
- P/B
- 0.55x
- EPS
- 1,717
- BVPS
- 27,236
- ROE
- 6.3%
- ROA
- 1.8%
- Market price
- 15,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q1 basis, VMD has not accelerated revenue, but profitability is improving more visibly — margins have been expanding consistently over multiple periods. Notably, 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
- Other profit
- Administrative expenses
- Tax
- Gross profit
- Financial income
- Finance costs
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2025
| Metric | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 241.3 | 398.5 | 237.7 | 258.2 | 354.5 | 591.6 | 754.3 | 1,079.9 |
| LNST | 3.9 | 14.3 | 5.3 | 2.7 | 2.8 | 6.7 | 5.4 | 3.7 |
| Net margin | 1.60% | 3.58% | 2.21% | 1.03% | 0.78% | 1.13% | 0.72% | 0.34% |
Revenue
241bnNet income
4bnNet margin
1.60%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 (+1.6pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 59.2% year on year — not from a single spike: quarterly growth stepped up from −76% to −32%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,136bn −59.2%
- Latest quarter YoY
- −32% accelerating
What is driving the margin?
▲Net margin expanded to 2.29%, rising 1.6pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 2.9pp (in addition, Other profit / Revenue rose 3.0pp added support while Net financial result / Revenue fell 0.2pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 2.29% +1.6pp
- Gross Margin
- 10.06% +2.1pp
- SG&A / Revenue
- 9.94% +2.9pp
- Non-core / Revenue
- 2.86% +2.8pp
TTM YoY · 2024Q1 -> 2025Q1
Other income accounts for 98.5% of PBT and lifted net margin by 2.8pp — separate the operating contribution from this source.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 118.7bn against investing cash flow of 4.1bn (annual cash-flow figures for 2024).
Post-investment cash flow was positive +122.8bn. Financing cash flow was negative +31.4bn.
CFO / net income was 8,02 lần.
After spending +2.7bn on fixed-asset investment, the business generated trailing free cash flow of +210.0bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 98.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −2.5%, other profit at +98.5% of PBT.
- Non-core / PBT
- 98.5% high
- Net financial / PBT
- −2.5%
- Other profit / PBT
- 98.5%
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.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 37.5 days versus the same period last year. The main moves came from DIO fell 4.0 days, DSO rose 50.4 days, and DPO rose 83.9 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +50.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 4.3% to 6.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 118.7bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.32x and interest coverage only at 0.06x.
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
- −0.32x −0.10x
- Interest Coverage
- 0.06x −4.10x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2024Q1 -> 2025Q1
Interest coverage is 0.06x, leaving limited room to absorb financing costs.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 1.87x equity, with a net cash position equivalent to 0.32x equity.
None
Over the last 12 months, working capital released 167.7bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
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 1.6 pp. The next item to monitor is the earnings mix, when non-core contribution is −2.5%. The main risk still sits in leverage and liquidity, with interest coverage at 0.06x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.29% after expanding 1.6pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 8.02x. Even so, net financial result still accounts for −2.5% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.06x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −59,2% YoY decline or keeps falling.
Whether margins hold around the current 2.29% level or narrow again.
Whether operating cash flow holds its 118.7bn (cumulative for 2024) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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