Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 19.0bn, fell 2.2bn compared with the same period last year. Key positives came from higher gross profit and lower tax. Offsetting pressure came mainly from lower financial income, higher selling expenses, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.72x
- P/B
- 0.34x
- EPS
- 933
- BVPS
- 29,685
- ROE
- 3.4%
- ROA
- 2.0%
- Market price
- 10,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ABC is showing a few mildly negative signals versus the same period, though nothing alarming at current levels. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Financial income
- Selling expenses
- Finance costs
- Administrative expenses
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 | 523.6 | 314.5 | 232.2 | 316.8 | 366.3 | 405.1 | 466.5 | 317.2 |
| LNST | 8.2 | 7.7 | -0.8 | 4.0 | 2.1 | 5.5 | 4.6 | 8.9 |
| Net margin | 1.56% | 2.44% | -0.34% | 1.26% | 0.58% | 1.37% | 0.99% | 2.81% |
Revenue
524bnNet income
8bnNet margin
1.56%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 (+0.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 10.8% year on year — not from a single spike: quarterly growth stepped up from −0% to +43%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,387bn −10.8%
- Latest quarter YoY
- +43% accelerating
What is driving the margin?
●Net margin stands at 1.37%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.37% +0.0pp
- Gross Margin
- 2.17% +1.6pp
- SG&A / Revenue
- 2.50% +1.0pp
- Non-core / Revenue
- 2.06% −0.7pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 0.7pp, financial result still accounts for 119.5% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -42.6bn against investing cash flow of 85.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +43.3bn. Financing cash flow was negative +108.6bn.
CFO / net income was 2,16 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?
Non-core income reaches 119.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +119.4%, other profit at +0.2% of PBT.
- Non-core / PBT
- 119.5% high
- Net financial / PBT
- 119.4%
- Other profit / PBT
- 0.2%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 2.94%, falling 1.3pp. That translates to 2.94 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.98x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 151bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 2.94% — 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 23.0 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 21.8 days, and DPO fell 1.1 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 116.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +21.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 4.3% to 3.4% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.13x and interest coverage only at 1.52x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 73.8% of debt, and total debt stands at 299.3bn.
- Net Debt / Equity
- 0.13x −0.10x
- Interest Coverage
- 1.52x −0.66x
- Cash / Debt
- 73.8% +15.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.52x, 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 0.33x equity, net debt at 0.13x equity.
None
Over the last 12 months, working capital released 29.1bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 2.9%. The next watchpoint is the earnings mix, when non-core contribution is 119.4%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.16x. Even so, net financial result still accounts for 119.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −10,8% YoY decline or keeps falling.
Whether margins hold around the current 1.37% level or narrow again.
Whether operating cash flow holds its -42.6bn (cumulative for 2025) level in upcoming periods or weakens.
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