Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 18.6bn, fell 43.2bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -10.19x
- P/B
- 0.16x
- EPS
- -157
- BVPS
- 10,063
- ROE
- -1.6%
- ROA
- -1.3%
- Market price
- 1,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AAH posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Tax
- Gross profit
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 | 7.5 | 197.3 | 108.0 | 244.9 | 288.5 | 203.1 | 447.3 | 332.2 |
| LNST | -7.5 | 2.5 | -13.6 | 0.1 | 0.0 | 13.2 | 6.3 | 5.1 |
| Net margin | -100.11% | 1.26% | -12.60% | 0.03% | 0.01% | 6.50% | 1.41% | 1.54% |
Revenue
8bnNet income
-8bnNet margin
-100.11%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 56.1% year on year — but the quarterly pace is slowing (−26% → −97%).
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 558bn −56.1%
- Latest quarter YoY
- −97% slowing
What is driving the margin?
▼▼Net margin fell to −3.33%, losing 5.3pp. The main pressure comes from Gross margin fell 3.3pp and SG&A / Revenue rose 1.0pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −3.33% −5.3pp
- Gross Margin
- 1.22% −3.3pp
- SG&A / Revenue
- 2.38% +1.0pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -16.0bn against investing cash flow of 3.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +12.6bn. Financing cash flow was positive +11.2bn.
CFO / net income was 7,02 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at +7.2% of PBT.
- Non-core / PBT
- 7.2% low
- Net financial / PBT
- 7.2%
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 −0.59%, losing 2.9pp. That translates to −0.59 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.7pp and capital turnover fell 0.57x, with invested capital holding roughly steady — 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 −0.59% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 49.6 days versus the same period last year. The main moves came from DIO rose 14.6 days, DSO rose 84.8 days, and DPO rose 49.8 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 109.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +84.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 2.1% to −1.6% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.07x and interest coverage only at −1.21x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 13.7% of debt, and total debt stands at 90.0bn.
- Net Debt / Equity
- 0.07x −0.01x
- Interest Coverage
- −1.21x −9.26x
- Cash / Debt
- 13.7% +5.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.21x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.22x equity, net debt at 0.07x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 4.8%. The main risk still sits in core profitability, with net margin down 5.3 pp.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -3.33% after a 5.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −56,1% YoY decline or keeps falling.
Whether margins hold around the current -3.33% level or narrow again.
Whether operating cash flow holds its -16.0bn (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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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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