Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 6.8bn, rose 3.8bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, higher selling expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 27.64x
- P/B
- 0.89x
- EPS
- 521
- BVPS
- 16,185
- ROE
- 3.3%
- ROA
- 0.4%
- Market price
- 14,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AMP is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Financial income
- Administrative expenses
- Finance costs
- Selling expenses
- 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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 576.6 | 277.6 | 472.8 | 272.3 | 345.2 | 295.0 | 177.4 | 234.8 |
| LNST | 3.8 | 1.0 | 1.3 | 0.7 | 1.0 | 1.1 | 0.5 | 0.4 |
| Net margin | 0.66% | 0.38% | 0.27% | 0.24% | 0.28% | 0.38% | 0.30% | 0.16% |
Revenue
577bnNet income
4bnNet margin
0.66%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 52.0% year on year — not from a single spike: quarterly growth stepped up from +53% to +67%.
2 of the last 3 quarters grew year on year.
- Revenue TTM
- 1,599bn +52.0%
- Latest quarter YoY
- +67% accelerating
What is driving the margin?
●Net margin stands at 0.42%, 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
- 0.42% +0.1pp
- Gross Margin
- 6.60% −0.4pp
- SG&A / Revenue
- 4.97% −0.9pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -103.7bn against investing cash flow of -33.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +136.9bn. Financing cash flow was positive +182.9bn.
CFO / net income was −26,22 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 95% of pre-tax profit comes from core operations.
Within that, net financial result at −232.8%, other profit at +5.1% of PBT.
- Non-core / PBT
- 5.1% low
- Net financial / PBT
- −232.8%
- Other profit / PBT
- 5.1%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 0.94%, broadly flat versus the same period. That translates to 0.94 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.35x, while invested capital expanded strongly by 154bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 0.94% — 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 41.0 days versus the same period last year. The main moves came from DIO fell 16.3 days, DSO fell 32.9 days, and DPO fell 8.2 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 136.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 1.6% to 3.3% — all three components improved, with net margin contributing the most.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 3.03x and interest coverage only at 0.38x.
At present, short-term debt accounts for 99.6% of total debt, cash equals 8.1% of debt, and total debt stands at 693.6bn.
- Net Debt / Equity
- 3.03x +1.49x
- Interest Coverage
- 0.38x −0.08x
- Cash / Debt
- 8.1% −12.4pp
- Short-term Debt / Total Debt
- 99.6% −0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 3.03x, increasing balance-sheet pressure.
Interest coverage is 0.38x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 6.38x equity, net debt at 3.03x equity.
Inventory ended the period at 406.6bn, roughly 26.8% 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 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 0.9%. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 35.4%.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +52,0% YoY pace or begins to slow.
Whether margins hold around the current 0.42% level or narrow again.
Whether operating cash flow holds its -103.7bn (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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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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What becomes visible only when investments are viewed together rather than one ticker at a time.