Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 71.0bn, rose 1.2bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower selling expenses. Offsetting pressure came mainly from higher finance costs and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.55x
- P/B
- 0.58x
- EPS
- 1,292
- BVPS
- 10,164
- ROE
- 17.7%
- ROA
- 3.8%
- Market price
- 5,880 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BCE is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit is near a multi-period low. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Selling expenses
- Finance costs
- Administrative expenses
- Other
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 | 288.7 | 63.0 | 562.2 | 189.9 | 118.2 | 9.4 | 215.7 | 10.4 |
| LNST | -7.8 | -21.4 | 97.0 | 3.1 | 6.5 | -5.1 | 78.1 | -9.7 |
| Net margin | -2.70% | -33.89% | 17.26% | 1.62% | 5.51% | -54.36% | 36.18% | -93.39% |
Revenue
289bnNet income
-8bnNet margin
-2.70%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 212.2% year on year — but the quarterly pace is slowing (+1,735% → +144%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,104bn +212.2%
- Latest quarter YoY
- +144% slowing
What is driving the margin?
▼▼Net margin fell to 6.43%, losing 13.3pp. The main pressure is Gross margin fell 14.4pp, outweighing the improvement in SG&A / Revenue fell 3.9pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 2.0pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 6.43% −13.3pp
- Gross Margin
- 15.25% −14.4pp
- SG&A / Revenue
- 4.32% −3.9pp
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 -294.8bn against investing cash flow of 3.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +291.0bn. Financing cash flow was positive +522.3bn.
CFO / net income was −13,41 lần.
Track how much investment can be funded internally from operating cash flow.
For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.
Earnings Quality
▲How much income is non-core?
About 94% of pre-tax profit comes from core operations.
Within that, net financial result at −32.4%, other profit at +6.3% of PBT.
- Non-core / PBT
- 6.3% low
- Net financial / PBT
- −32.4%
- Other profit / PBT
- 6.3%
Is capital being used efficiently?
Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.
DuPont
What drives ROE?
ROE fell from 20.1% to 17.7% — net margin weakened the most, though asset turnover and leverage still provided support.
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 2.31x and interest coverage only at 2.88x.
At present, short-term debt accounts for 23.3% of total debt, cash equals 2.8% of debt, and total debt stands at 1,014.2bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
- Net Debt / Equity
- 2.31x +2.38x
- Interest Coverage
- 2.88x −20.61x
- Cash / Debt
- 2.8% −223.3pp
- Short-term Debt / Total Debt
- 23.3% −76.7pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.31x, increasing balance-sheet pressure.
Cash / debt stands at 2.8%, leaving limited liquidity buffer to monitor.
Balance Sheet
▼Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 4.40x equity, net debt at 2.31x equity.
Development inventory ended the period at 1,488.5bn, about 58.0% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital absorbed 1,047.7bn 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 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 margins remain under pressure remaining the main constraint, with net margin down 13.3 pp. The next watchpoint is capital efficiency.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 6.43% after a 13.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +212,2% YoY pace or begins to slow.
Whether margins hold around the current 6.43% level or narrow again.
Whether operating cash flow holds its -294.8bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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