Analysis of business results & financial statements · Quý 2/2024
▲▲ Improving positively
Trailing net profit reached 1.3bn, rose 7.8bn compared with the same period last year. Key positives came from higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -16.88x
- P/B
- 0.87x
- EPS
- -231
- BVPS
- 4,499
- ROE
- -5.0%
- ROA
- -3.0%
- Market price
- 3,900 09 Oct 2026
The current picture
What Is Changing
On a TTM 2024Q2 basis, BQB is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — 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
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2024
| Metric | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 18.8 | 7.4 | 15.5 | 19.2 | 13.8 | 2.4 | 6.5 | 7.9 |
| LNST | 1.6 | -2.3 | -2.0 | 1.4 | -0.9 | -3.1 | -3.1 | -2.1 |
| Net margin | 8.60% | -31.85% | -12.89% | 7.27% | -6.56% | -128.25% | -48.19% | -25.98% |
Revenue
19bnNet income
2bnNet margin
8.60%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 98.7% year on year — but the quarterly pace is slowing (+142% → +36%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 61bn +98.7%
- Latest quarter YoY
- +36% slowing
What is driving the margin?
▲▲Net margin expanded to −2.19%, rising 27.8pp. The main driver is Gross margin rose 14.7pp and SG&A / Revenue fell 13.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- −2.19% +27.8pp
- Gross Margin
- 10.72% +14.7pp
- SG&A / Revenue
- 13.08% −13.1pp
TTM YoY · 2023Q2 -> 2024Q2
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 3.0bn against investing cash flow of -1.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +1.4bn. Financing cash flow was positive 0.0bn.
CFO / net income was −1,25 lần.
After spending +1.2bn on fixed-asset investment, the business generated trailing free cash flow of +0.5bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −7.0%, other profit at +0.7% of PBT.
- Non-core / PBT
- 0.7% low
- Net financial / PBT
- −7.0%
- Other profit / PBT
- 0.7%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 78.1 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to −5.22%, rising 24.6pp. That translates to −5.22 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 27.9pp and capital turnover rose 1.37x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.
ROIC is currently −5.22% — 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 47.1 days versus the same period last year. The main moves came from DIO fell 47.5 days, DSO rose 3.0 days, and DPO rose 2.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +3.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from −28.6% to −5.0% — all three components improved.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 3.0bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.04x and interest coverage only at −4510458.49x.
At present, total debt stands at 0.0bn.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.04x +0.01x
- Interest Coverage
- −4510458.49x −4452551.20x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2023Q2 -> 2024Q2
Interest coverage is −4510458.49x, leaving limited room to absorb financing costs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.33x equity, with a net cash position equivalent to 0.04x equity.
Inventory ended the period at 5.2bn, roughly 14.7% of total assets.
Over the last 12 months, working capital absorbed 3.0bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 27.8 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 0.0%. The main risk still sits in capital efficiency remains weak, with ROIC at −5.2%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -2.19% after expanding 27.8pp versus the same period last year.
- 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 +98,7% YoY pace or begins to slow.
Whether margins hold around the current -2.19% level or narrow again.
Whether operating cash flow holds its 3.0bn (cumulative for 2025) level in upcoming periods or weakens.
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