Analysis of business results & financial statements · Quý 4/2024
▼▼ Declining sharply
Trailing net profit reached 55.1bn, fell 1,249.4bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 453
- BVPS
- 17,785
- ROE
- 2.5%
- ROA
- 2.4%
- Market price
- —
The current picture
What Is Changing
On a TTM 2024Q4 basis, VOC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More 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
- Tax
- Other
- Financial income
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2024
| Metric | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 234.2 | 69.2 | 76.9 | 38.7 | 90.1 | 84.3 | 474.7 | 195.0 |
| LNST | 26.5 | 9.5 | 12.3 | 6.9 | 105.7 | 12.7 | -75.1 | 1,261.2 |
| Net margin | 11.31% | 13.68% | 15.94% | 17.83% | 117.41% | 15.08% | -15.83% | 646.72% |
Revenue
234bnNet income
26bnNet margin
11.31%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.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 50.4% year on year — not from a single spike: quarterly growth stepped up from −80% to +160%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 419bn −50.4%
- Latest quarter YoY
- +160% accelerating
What is driving the margin?
▼▼Net margin fell to 13.15%, losing 141.4pp. The main pressure is SG&A / Revenue rose 3.5pp, outweighing the improvement in Gross margin rose 13.9pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 173.3pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 13.15% −141.4pp
- Gross Margin
- 0.77% +13.9pp
- SG&A / Revenue
- 9.85% +3.5pp
- Non-core / Revenue
- 25.56% −173.2pp
TTM YoY · 2023Q4 -> 2024Q4
Even though contribution decreased by 173.2pp, financial result still accounts for 155.1% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 40.1bn against investing cash flow of -497.0bn (annual cash-flow figures for 2024).
Post-investment cash flow was negative +457.0bn. Financing cash flow was negative +147.2bn.
CFO / net income was 1,85 lần.
After spending 0.0bn on fixed-asset investment, the business generated trailing free cash flow of +101.9bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 155.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +154.9%, other profit at +0.2% of PBT.
- Non-core / PBT
- 155.1% high
- Net financial / PBT
- 154.9%
- Other profit / PBT
- 0.2%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 2.99%, losing 74.4pp. That translates to 2.99 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 141.5pp and capital turnover fell 0.27x, while invested capital rose by 152bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 2.99% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 49.6 days versus the same period last year. The main moves came from DIO fell 53.4 days, DSO fell 7.0 days, and DPO fell 10.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 115.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 72.6% to 2.5% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 40.1bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.04x and interest coverage at 274.93x.
At present, short-term debt accounts for 0.0% of total debt, cash equals 1286.1% of debt, and total debt stands at 6.5bn.
- Net Debt / Equity
- −0.04x +0.26x
- Interest Coverage
- 274.93x +164.42x
- Cash / Debt
- 1286.1% −8211.9pp
- Short-term Debt / Total Debt
- 0.0% −14.7pp
TTM YoY · 2023Q4 -> 2024Q4
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.04x equity.
None
Over the last 12 months, working capital released 56.2bn 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 balance-sheet flexibility, with net cash/equity at about −0.04x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 141.4 pp.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.04x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.85x. Even so, net financial result still accounts for 154.9% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 13.15% after a 141.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −50,4% YoY decline or keeps falling.
Whether margins hold around the current 13.15% level or narrow again.
Whether operating cash flow holds its 40.1bn (cumulative for 2024) level in upcoming periods or weakens.
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