Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 86.2bn, rose 40.0bn compared with the same period last year. Key positives came from higher gross profit, lower selling expenses, lower administrative expenses, and better other profit. Offsetting pressure came mainly from higher finance costs and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.94x
- P/B
- 0.47x
- EPS
- 1,438
- BVPS
- 15,241
- ROE
- 9.9%
- ROA
- 2.2%
- Market price
- 7,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, AMS has not accelerated revenue, but profitability is improving more visibly — profit momentum has been slowing across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative expenses
- Other profit
- 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 | 920.5 | 692.2 | 1,282.0 | 629.7 | 1,060.9 | 553.0 | 1,325.1 | 628.0 |
| LNST | 34.9 | 17.3 | 26.5 | 7.5 | 21.1 | 8.3 | 3.4 | 13.5 |
| Net margin | 3.80% | 2.49% | 2.07% | 1.20% | 1.99% | 1.50% | 0.25% | 2.15% |
Revenue
920bnNet income
35bnNet margin
3.80%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 declined 1.2% year on year — but the quarterly pace is slowing (+0% → −13%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,524bn −1.2%
- Latest quarter YoY
- −13% slowing
What is driving the margin?
▲Net margin edged up to 2.45%, rising 1.1pp. The main driver is Gross margin rose 1.2pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.7pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 2.45% +1.1pp
- Gross Margin
- 9.15% +1.2pp
- SG&A / Revenue
- 2.92% −0.8pp
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 236.2bn against investing cash flow of -206.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +29.7bn. Financing cash flow was positive +215.3bn.
CFO / net income was −0,31 lần.
After spending +423.8bn on fixed-asset investment, the business generated trailing free cash flow of −450.2bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 10.6% of pre-tax profit — worth monitoring.
Within that, net financial result at −78.6%, other profit at +10.6% of PBT.
- Non-core / PBT
- 10.6% moderate
- Net financial / PBT
- −78.6%
- Other profit / PBT
- 10.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 3.78%, rising 0.9pp. That translates to 3.78 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.9pp, with capital turnover fell 0.22x; while invested capital rose by 318bn.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 3.78% — 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 51.4 days versus the same period last year. The main moves came from DIO rose 44.7 days, DSO fell 1.3 days, and DPO fell 8.1 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 175.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +44.7 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 5.6% to 9.9% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.35x and interest coverage only at 1.08x.
At present, short-term debt accounts for 82.9% of total debt, cash equals 11.0% of debt, and total debt stands at 2,414.8bn.
- Net Debt / Equity
- 2.35x +0.97x
- Interest Coverage
- 1.08x +0.19x
- Cash / Debt
- 11.0% −5.1pp
- Short-term Debt / Total Debt
- 82.9% −3.4pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.35x, increasing balance-sheet pressure.
Interest coverage is 1.08x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 3.54x equity, net debt at 2.35x equity.
Inventory ended the period at 1,130.1bn, roughly 28.9% of total assets.
Over the last 12 months, working capital absorbed 142.7bn 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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 1.1 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 3.8%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.45% after expanding 1.1pp versus the same period last year.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −1,2% YoY decline or keeps falling.
Whether margins hold around the current 2.45% level or narrow again.
Whether operating cash flow holds its 236.2bn (cumulative for 2025) level in upcoming periods or weakens.
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