Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 9.2bn, rose 3.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.24x
- P/B
- 1.01x
- EPS
- 2,099
- BVPS
- 12,980
- ROE
- 17.3%
- ROA
- 8.0%
- Market price
- 13,100 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AMC is improving on both growth and profitability, painting a notably more positive picture versus the same period. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative expenses
- Finance costs
- 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 | 50.8 | 51.2 | 42.5 | 44.8 | 42.5 | 40.0 | 43.2 | 39.4 |
| LNST | 3.0 | 2.6 | 1.3 | 2.3 | 1.5 | 1.3 | 1.3 | 1.8 |
| Net margin | 5.85% | 5.16% | 3.17% | 5.04% | 3.59% | 3.23% | 3.11% | 4.47% |
Revenue
51bnNet income
3bnNet margin
5.85%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 grew 14.7% year on year — not from a single spike: quarterly growth stepped up from +14% to +20%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 189bn +14.7%
- Latest quarter YoY
- +20% accelerating
What is driving the margin?
▲Net margin edged up to 4.87%, rising 1.3pp. Core operating signals are improving as Gross margin rose 4.5pp are enough to offset pressure from SG&A / Revenue rose 2.0pp (with lingering pressure from Net financial result / Revenue fell 0.7pp and Other profit / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.87% +1.3pp
- Gross Margin
- 44.81% +4.5pp
- SG&A / Revenue
- 37.53% +2.0pp
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 7.3bn against investing cash flow of -8.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +1.3bn. Financing cash flow was positive +0.3bn.
CFO / net income was 0,67 lần.
After spending +2.0bn on fixed-asset investment, the business generated trailing free cash flow of +4.2bn.
Earnings Quality
▲How much income is non-core?
About 93% of pre-tax profit comes from core operations.
Within that, net financial result at −7.5%, other profit at +7.2% of PBT.
- Non-core / PBT
- 7.2% low
- Net financial / PBT
- −7.5%
- Other profit / PBT
- 7.2%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 3.1 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 15.39%, rising 3.8pp. That translates to 15.39 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.3pp, with capital turnover broadly stable; with invested capital holding roughly steady.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.3 days versus the same period last year. The main moves came from DIO rose 1.3 days, DSO rose 1.0 days, and DPO rose 15.5 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +1.0 days, pointing to slower receivables turnover.
DIO increased by +1.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 11.7% to 17.3% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.19x and interest coverage at 6.06x.
At present, short-term debt accounts for 61.6% of total debt, cash equals 41.6% of debt, and total debt stands at 18.3bn.
- Net Debt / Equity
- 0.19x −0.02x
- Interest Coverage
- 6.06x −7.40x
- Cash / Debt
- 41.6% +12.8pp
- Short-term Debt / Total Debt
- 61.6% +27.9pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 61.6% 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 0.93x equity, net debt at 0.19x equity.
Inventory ended the period at 14.2bn, roughly 13.4% 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 entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. The notable point is that improvement has expanded from margin to capital efficiency and cash flow.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.87% after expanding 1.3pp versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +14,7% YoY pace or begins to slow.
Whether margins hold around the current 4.87% level or narrow again.
Whether operating cash flow holds its 7.3bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.