Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 665.3bn, rose 188.8bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.51x
- P/B
- 1.60x
- EPS
- 5,905
- BVPS
- 20,377
- ROE
- 30.0%
- ROA
- 15.4%
- Market price
- 32,550 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MSH has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross profit
- Other
- Administrative expenses
- Tax
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 | 1,041.2 | 1,388.4 | 1,646.7 | 1,466.8 | 1,036.2 | 1,428.4 | 1,748.5 | 1,333.1 |
| LNST | 81.3 | 203.0 | 200.7 | 180.0 | 87.2 | 170.4 | 130.1 | 91.7 |
| Net margin | 7.81% | 14.62% | 12.19% | 12.27% | 8.42% | 11.93% | 7.44% | 6.88% |
Revenue
1,041bnNet income
81bnNet margin
7.81%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 12.00%, rising 3.4pp. Core operating signals are improving as Gross margin rose 4.8pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 12.00% +3.4pp
- Gross Margin
- 21.48% +4.8pp
- SG&A / Revenue
- 8.69% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 8.7 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 23.95%, rising 4.2pp. That translates to 23.95 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.2pp, with capital turnover fell 0.24x; while invested capital rose by 305bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.28x equity, net debt at 0.46x equity.
Inventory ended the period at 546.1bn, roughly 11.7% of total assets.
Over the last 12 months, working capital absorbed 263.4bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 8.7 days versus the same period last year. The main moves came from DIO rose 4.1 days, DSO rose 5.4 days, and DPO rose 0.7 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 91.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +5.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 23.6% to 30.0% — mainly driven by net margin, despite asset turnover and 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 0.46x and interest coverage at 8.94x.
At present, short-term debt accounts for 49.8% of total debt, cash equals 16.6% of debt, and total debt stands at 1,257.7bn.
Cash / debt stands at 16.6%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.46x +0.40x
- Interest Coverage
- 8.94x +2.64x
- Cash / Debt
- 16.6% −75.1pp
- Short-term Debt / Total Debt
- 49.8% −6.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 622.6bn in 2025, against investing cash flow of -300.0bn.
Post-investment cash flow was positive +322.7bn. Financing cash flow was negative +469.2bn.
CFO / net income was 0,50 lần.
After spending +280.8bn on fixed-asset investment, the business generated trailing free cash flow of +49.6bn.
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 3.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 16.7%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.00% after expanding 3.4pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.7% of PBT and CFO / net income currently at 0.50x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −0,1% YoY decline.
Ability to hold margins around the current 12.00% level.
Cash-flow quality, with operating cash flow currently at 622.6bn in 2025.
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