Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 544.5bn, rose 286.7bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, lower finance costs, and higher associates income. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.13x
- P/B
- 0.45x
- EPS
- 1,383
- BVPS
- 15,825
- ROE
- 9.0%
- ROA
- 4.2%
- Market price
- 7,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AAA posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Finance costs
- Associates income
- Gross profit
- Financial income
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,456.8 | 2,224.1 | 2,192.3 | 2,369.5 | 2,310.0 | 3,856.4 | 3,842.6 | 3,193.4 |
| LNST | 202.3 | 162.6 | 62.0 | 125.4 | 171.8 | 55.5 | 54.0 | -25.7 |
| Net margin | 8.23% | 7.31% | 2.83% | 5.29% | 7.44% | 1.44% | 1.41% | -0.80% |
Revenue
2,457bnNet income
202bnNet margin
8.23%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.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 30.0% year on year — not from a single spike: quarterly growth stepped up from −26% to +6%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 9,243bn −30.0%
- Latest quarter YoY
- +6% accelerating
What is driving the margin?
▲▲Net margin expanded to 5.98%, rising 4.0pp. The main driver is Gross margin rose 2.8pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.6pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 5.98% +4.0pp
- Gross Margin
- 15.09% +2.8pp
- SG&A / Revenue
- 9.35% −0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 977.8bn against investing cash flow of -1,505.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +527.3bn. Financing cash flow was negative +287.0bn.
CFO / net income was 1,29 lần.
After spending +1,432.2bn on fixed-asset investment, the business generated trailing free cash flow of −727.0bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at −5.7%, other profit at +7.5% of PBT.
- Non-core / PBT
- 7.5% low
- Net financial / PBT
- −5.7%
- Other profit / PBT
- 7.5%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 24.4 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 6.81%, rising 3.1pp. That translates to 6.81 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.6pp, with capital turnover fell 0.64x; while invested capital rose by 452bn.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 24.4 days versus the same period last year. The main moves came from DIO rose 22.3 days, DSO rose 10.8 days, and DPO rose 8.7 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +24.4 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +10.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 4.2% to 9.1% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 727.0bn due to capex of 1,432.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.27x and interest coverage at 4.00x.
At present, short-term debt accounts for 63.9% of total debt, cash equals 50.7% of debt, and total debt stands at 3,400.7bn.
- Net Debt / Equity
- 0.27x +0.07x
- Interest Coverage
- 4.00x +2.82x
- Cash / Debt
- 50.7% −8.0pp
- Short-term Debt / Total Debt
- 63.9% +0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 63.9% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.12x equity, net debt at 0.27x equity.
None
Over the last 12 months, working capital absorbed 27.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 4.0 pp. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.98% after expanding 4.0pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 727.0bn.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −30,0% YoY decline or keeps falling.
Whether margins hold around the current 5.98% level or narrow again.
Whether operating cash flow holds its 977.8bn (cumulative for 2025) 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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