Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 6.0bn, fell 6.7bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower gross profit, higher selling expenses, higher finance costs, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 24.58x
- P/B
- 0.19x
- EPS
- 83
- BVPS
- 10,672
- ROE
- 0.8%
- ROA
- 0.7%
- Market price
- 2,040 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BKG posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Gross profit
- Selling expenses
- Finance costs
- Financial income
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 | 41.1 | 46.7 | 62.5 | 41.2 | 86.3 | 44.5 | 65.6 | 65.2 |
| LNST | 0.3 | 1.7 | 2.9 | 1.3 | 3.5 | 2.7 | 3.9 | 2.9 |
| Net margin | 0.75% | 3.58% | 4.56% | 3.23% | 4.07% | 6.11% | 5.94% | 4.38% |
Revenue
41bnNet income
0bnNet margin
0.75%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 declined 26.8% year on year — but the quarterly pace is slowing (−37% → −52%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 192bn −26.8%
- Latest quarter YoY
- −52% slowing
What is driving the margin?
▼Net margin fell to 3.22%, losing 1.7pp. The main pressure is SG&A / Revenue rose 1.3pp, outweighing the improvement in Gross margin rose 0.8pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 1.2pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 3.22% −1.7pp
- Gross Margin
- 11.31% +0.8pp
- SG&A / Revenue
- 5.08% +1.3pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -52.3bn against investing cash flow of 46.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +6.1bn. Financing cash flow was positive +2.7bn.
CFO / net income was −12,99 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 90% of pre-tax profit comes from core operations.
Within that, net financial result at −29.5%, other profit at +9.9% of PBT.
- Non-core / PBT
- 9.9% low
- Net financial / PBT
- −29.5%
- Other profit / PBT
- 9.9%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 0.90%, falling 0.9pp. That translates to 0.90 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.9pp and capital turnover fell 0.07x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 0.90% — 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 132.7 days versus the same period last year. The main moves came from DIO rose 102.8 days, DSO rose 45.8 days, and DPO rose 15.9 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 404.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +45.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 1.6% to 0.8% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.01x and interest coverage at 3.68x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 69.0% of debt, and total debt stands at 21.2bn.
- Net Debt / Equity
- 0.01x +0.04x
- Interest Coverage
- 3.68x −8.90x
- Cash / Debt
- 69.0% −162.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.07x equity, net debt at 0.01x equity.
Inventory ended the period at 145.2bn, roughly 17.8% of total assets.
Over the last 12 months, working capital absorbed 86.1bn 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 earnings conversion is confirmed, with CFO/NI at −12.99x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in core profitability, with net margin down 1.7 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −12.99x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 3.22% after a 1.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −26,8% YoY decline or keeps falling.
Whether margins hold around the current 3.22% level or narrow again.
Whether operating cash flow holds its -52.3bn (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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