Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 470.7bn, rose 86.4bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, lower finance costs, and higher associates income. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.60x
- P/B
- 0.88x
- EPS
- 5,744
- BVPS
- 29,970
- ROE
- 22.2%
- ROA
- 13.0%
- Market price
- 26,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PPH has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Finance costs
- Associates income
- Selling expenses
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 | 623.7 | 620.3 | 627.9 | 611.4 | 594.1 | 560.7 | 630.1 | 551.2 |
| LNST | 132.4 | 147.2 | 95.2 | 101.8 | 113.3 | 118.1 | 73.6 | 85.9 |
| Net margin | 21.22% | 23.74% | 15.16% | 16.66% | 19.08% | 21.07% | 11.68% | 15.59% |
Revenue
624bnNet income
132bnNet margin
21.22%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 19.19%, rising 2.5pp. The main driver is SG&A / Revenue fell 1.0pp and Gross margin rose 0.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.1pp added support while Other profit / Revenue fell 0.0pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 19.19% +2.5pp
- Gross Margin
- 19.89% +0.6pp
- SG&A / Revenue
- 14.40% −1.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 109.7 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 16.29%, rising 3.0pp. That translates to 16.29 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.5pp and capital turnover rose 0.05x, with invested capital holding roughly steady — capital-return quality improved from both sides.
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 0.72x equity, net debt at 0.27x equity.
Inventory ended the period at 473.7bn, roughly 13.0% 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 23.1 days versus the same period last year. The main moves came from DIO fell 19.4 days, DSO rose 1.8 days, and DPO rose 5.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 109.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 20.2% to 22.5% — driven by net margin and asset turnover together, 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 0.27x and interest coverage at 6.96x.
At present, short-term debt accounts for 60.5% of total debt, cash equals 14.9% of debt, and total debt stands at 700.5bn.
Short-term debt accounts for 60.5% of total debt, raising near-term refinancing needs.
Cash / debt stands at 14.9%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.27x −0.22x
- Interest Coverage
- 6.96x +2.56x
- Cash / Debt
- 14.9% +6.7pp
- Short-term Debt / Total Debt
- 60.5% +18.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 15.5bn in 2025, against investing cash flow of 312.7bn.
Post-investment cash flow was positive +328.2bn. Financing cash flow was negative +349.0bn.
CFO / net income was 0,44 lần.
After spending +126.3bn on fixed-asset investment, the business generated trailing free cash flow of +81.8bn.
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 2.5 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 1.7%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.19% after expanding 2.5pp versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
What to verify next
Questions for the next period
Durability of revenue growth after the current +6,3% YoY pace.
Ability to hold margins around the current 19.19% level.
Cash-flow quality, with operating cash flow currently at 15.5bn in 2025.
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