Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 54.0bn, rose 2.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher administrative expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.61x
- P/B
- 1.71x
- EPS
- 1,985
- BVPS
- 16,911
- ROE
- 10.4%
- ROA
- 4.1%
- Market price
- 29,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AGP posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — profit is at an all-time high. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Selling expenses
- Administrative expenses
- Other 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 | 243.7 | 207.9 | 233.2 | 203.6 | 206.6 | 201.3 | 223.5 | 198.7 |
| LNST | 13.1 | 13.5 | 14.6 | 12.8 | 11.7 | 13.1 | 14.4 | 12.6 |
| Net margin | 5.37% | 6.49% | 6.28% | 6.30% | 5.67% | 6.50% | 6.46% | 6.32% |
Revenue
244bnNet income
13bnNet margin
5.37%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 grew 7.0% year on year — not from a single spike: quarterly growth stepped up from +2% to +18%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 888bn +7.0%
- Latest quarter YoY
- +18% accelerating
What is driving the margin?
●Net margin stands at 6.08%, 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
- 6.08% −0.2pp
- Gross Margin
- 30.30% +0.9pp
- SG&A / Revenue
- 17.76% −0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 138.5bn against investing cash flow of -34.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +104.4bn. Financing cash flow was positive +53.1bn.
CFO / net income was 0,22 lần.
After spending +144.4bn on fixed-asset investment, the business generated trailing free cash flow of −132.3bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −65.4%, other profit at +1.1% of PBT.
- Non-core / PBT
- 1.1% low
- Net financial / PBT
- −65.4%
- Other profit / PBT
- 1.1%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 4.75%, falling 0.5pp. That translates to 4.75 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.09x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 182bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 4.75% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.7 days versus the same period last year. The main moves came from DIO rose 15.2 days, DSO fell 3.9 days, and DPO rose 18.0 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 206.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +15.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 12.9% to 10.4% — all three components weakened, with asset turnover being the main drag.
Is financial risk significant?
Leverage is safe but FCF is negative at 132.3bn due to capex of 144.4bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.01x and interest coverage only at 1.48x.
At present, short-term debt accounts for 72.0% of total debt, cash equals 6.6% of debt, and total debt stands at 657.6bn.
- Net Debt / Equity
- 1.01x −0.39x
- Interest Coverage
- 1.48x −0.13x
- Cash / Debt
- 6.6% +1.5pp
- Short-term Debt / Total Debt
- 72.0% −11.5pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.01x, increasing balance-sheet pressure.
Interest coverage is 1.48x, leaving limited room to absorb financing costs.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 2.00x equity, net debt at 1.01x equity.
Inventory ended the period at 341.5bn, roughly 25.0% of total assets.
Over the last 12 months, working capital absorbed 49.7bn 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 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. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.22x. The main risk still sits in capital efficiency remains weak, with ROIC at 4.7%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.22x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +7,0% YoY pace or begins to slow.
Whether margins hold around the current 6.08% level or narrow again.
Whether operating cash flow holds its 138.5bn (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.