Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 22.1bn, rose 0.2bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, better other profit, and lower finance costs. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.23x
- P/B
- 0.64x
- EPS
- 1,789
- BVPS
- 17,451
- ROE
- 10.3%
- ROA
- 7.3%
- Market price
- 11,150 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BRC is in an offsetting state — revenue softened slightly but margins improved — margins have been compressing consistently over multiple periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Other profit
- Finance costs
- Gross profit
- Financial income
- 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 | 103.7 | 95.3 | 113.3 | 111.2 | 115.7 | 97.9 | 118.3 | 123.7 |
| LNST | 7.3 | 4.6 | 4.7 | 5.5 | 6.0 | 4.2 | 4.0 | 7.7 |
| Net margin | 7.01% | 4.88% | 4.17% | 4.94% | 5.17% | 4.29% | 3.40% | 6.26% |
Revenue
104bnNet income
7bnNet margin
7.01%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 are improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 7.1% year on year, with the quarterly pace steady around −10%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 423bn −7.1%
- Latest quarter YoY
- −10% steady
What is driving the margin?
●Net margin edged up to 5.23%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 1.1pp are enough to offset pressure from Gross margin fell 0.4pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.3pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 5.23% +0.4pp
- Gross Margin
- 17.73% −0.4pp
- SG&A / Revenue
- 11.25% −1.1pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 29.5bn against investing cash flow of -0.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +28.8bn. Financing cash flow was negative +31.2bn.
CFO / net income was 0,67 lần.
After spending +0.7bn on fixed-asset investment, the business generated trailing free cash flow of +14.2bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at −1.4%, other profit at +2.6% of PBT.
- Non-core / PBT
- 2.6% low
- Net financial / PBT
- −1.4%
- Other profit / PBT
- 2.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 9.54%, broadly flat versus the same period. That translates to 9.54 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.3pp, but capital turnover fell 0.15x, with invested capital holding roughly steady — 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.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 16.2 days versus the same period last year. The main moves came from DIO rose 13.2 days, DSO rose 3.2 days, and DPO rose 0.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 156.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 10.3% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 16.67x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 68.8% of debt, and total debt stands at 32.7bn.
- Net Debt / Equity
- 0.05x +0.00x
- Interest Coverage
- 16.67x +4.90x
- Cash / Debt
- 68.8% +7.0pp
- 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 0.37x equity, net debt at 0.05x equity.
Inventory ended the period at 88.6bn, roughly 30.5% of total assets.
Over the last 12 months, working capital absorbed 15.3bn of cash, mainly because of higher receivables and higher 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 earnings conversion is confirmed, with CFO/NI at 0.67x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 156 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.67x.
- Key risk: working capital remains tied up for too long, with cash cycle at 156.4 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −7,1% YoY decline or keeps falling.
Whether margins hold around the current 5.23% level or narrow again.
Whether operating cash flow holds its 29.5bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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