Analysis of business results & financial statements · Quý 2/2026
Trailing net profit reached 14.7bn, rose 0.4bn compared with the same period last year. Key positives came from lower administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -1,738.76x
- P/B
- 80.14x
- EPS
- -288
- BVPS
- 6,239
- ROE
- -4.5%
- ROA
- -2.8%
- Market price
- 500,000 16 Oct 2026
The current picture
What is changing?
Profit bridge
Vs last year · TTM
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q4'25 | Q2'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| LNST | -2.5 | -7.3 | -2.4 | -2.5 | -2.5 | -2.7 | -7.4 | -2.5 |
| Net margin | — | — | — | — | — | — | — | — |
Revenue
0bnNet income
-2bnInside 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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −24365426553.70%
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (91.1% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 0.3bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.3bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,10 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 91.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +91.1% of PBT.
- Non-core / PBT
- 91.1% high
- Net financial / PBT
- 91.1%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.24x and interest coverage only at −1.10x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.0% of debt, and total debt stands at 78.5bn.
- Net Debt / Equity
- 0.24x +0.00x
- Interest Coverage
- −1.10x +0.03x
- Cash / Debt
- 2.0% +1.4pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.10x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.64x equity, net debt at 0.24x equity.
Inventory ended the period at 192.6bn, roughly 36.3% of total assets.
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 balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −1.10x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 91.1% of PBT and CFO / net income currently at −0.10x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.10x.
What to verify next
Questions for the next period
Whether revenue growth holds into the next cycle or stalls.
Whether margins hold around the current -24365426553.70% level or narrow again.
Whether operating cash flow holds its 0.3bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.