Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 65.1bn, rose 15.9bn compared with the same period last year. Key positives came from higher financial income, lower finance costs, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.15x
- P/B
- 0.99x
- EPS
- 3,087
- BVPS
- 19,223
- ROE
- 16.9%
- ROA
- 9.9%
- Market price
- 19,000 09 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, XHC has not accelerated revenue sharply, but profitability is improving visibly — 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
- Financial income
- Finance costs
- Administrative expenses
- Gross profit
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 139.9 | 131.0 | 126.6 | 115.6 | 117.1 | 112.5 | 172.8 | 109.9 |
| LNST | 0.4 | 0.3 | 0.2 | 64.2 | 0.4 | -2.5 | 51.0 | 0.4 |
| Net margin | 0.31% | 0.20% | 0.16% | 55.53% | 0.31% | -2.18% | 29.50% | 0.32% |
Revenue
140bnNet income
0bnNet margin
0.31%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 improved (+3.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 12.68%, rising 3.1pp. Core operating signals are improving as SG&A / Revenue fell 0.6pp are enough to offset pressure from Gross margin fell 1.2pp (in addition, Net financial result / Revenue rose 3.8pp added support while Other profit / Revenue fell 0.0pp 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
- 12.68% +3.1pp
- Gross Margin
- 13.42% −1.2pp
- SG&A / Revenue
- 11.34% −0.6pp
- Non-core / Revenue
- 10.67% +3.8pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 83.7% of PBT and lifted net margin by 3.8pp — 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. Capital structure is conservative with low leverage — liabilities at 0.64x equity, net debt at 0.29x equity.
Inventory ended the period at 166.7bn, roughly 25.1% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 27.0 days versus the same period last year. The main moves came from DIO fell 26.5 days, DSO rose 6.4 days, and DPO rose 7.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 135.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +6.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 14.4% to 16.9% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.29x and interest coverage at 6.62x.
At present, short-term debt accounts for 92.2% of total debt, cash equals 31.4% of debt, and total debt stands at 169.5bn.
Short-term debt accounts for 92.2% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.29x −0.13x
- Interest Coverage
- 6.62x +3.95x
- Cash / Debt
- 31.4% +10.8pp
- Short-term Debt / Total Debt
- 92.2% +9.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 9.3bn in 2025, against investing cash flow of 20.2bn.
Post-investment cash flow was positive +29.5bn. Financing cash flow was negative +36.6bn.
CFO / net income was 0,20 lần.
After spending +6.6bn on fixed-asset investment, the business generated trailing free cash flow of +6.6bn.
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 3.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 136 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.68% after expanding 3.1pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 83.3% of PBT and CFO / net income currently at 0.20x.
- Key risk: working capital remains tied up for too long, with cash cycle at 135.5 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +0,2% YoY pace.
Ability to hold margins around the current 12.68% level.
Cash-flow quality, with operating cash flow currently at 9.3bn in 2025.
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