Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 131.5bn, rose 12.9bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.17x
- P/B
- 1.36x
- EPS
- 1,967
- BVPS
- 14,726
- ROE
- 13.6%
- ROA
- 11.6%
- Market price
- 20,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BSA has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- 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 | 36.1 | 47.7 | 140.0 | 113.3 | 64.0 | 49.9 | 104.3 | 117.2 |
| LNST | 5.0 | 15.7 | 70.0 | 40.9 | 42.7 | 8.9 | 34.6 | 32.5 |
| Net margin | 13.72% | 32.99% | 49.96% | 36.07% | 66.68% | 17.80% | 33.13% | 27.70% |
Revenue
36bnNet income
5bnNet margin
13.72%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 grew 0.5% year on year — but the quarterly pace is slowing (−3% → −44%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 337bn +0.5%
- Latest quarter YoY
- −44% slowing
What is driving the margin?
▲▲Net margin expanded to 39.01%, rising 3.7pp. The main driver is Gross margin rose 7.6pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 4.2pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 39.01% +3.7pp
- Gross Margin
- 45.83% +7.6pp
- SG&A / Revenue
- 4.04% −0.2pp
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 169.8bn against investing cash flow of -11.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +158.7bn. Financing cash flow was negative +196.2bn.
CFO / net income was 1,69 lần.
After spending +7.8bn on fixed-asset investment, the business generated trailing free cash flow of +214.1bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −1.6% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −1.6%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 11.9% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▲ROIC expanded to 11.91%, rising 2.0pp. That translates to 11.91 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.7pp, with capital turnover broadly stable; with invested capital easing slightly by 90bn.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 18.6 days versus the same period last year. The main moves came from DIO fell 6.2 days, DSO rose 26.6 days, and DPO rose 1.7 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
CCC stands at 241.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +26.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 12.7% to 13.6% — supported by net margin and asset turnover.
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 0.08x and interest coverage at 11.81x.
At present, short-term debt accounts for 90.5% of total debt, cash equals 8.0% of debt, and total debt stands at 83.7bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 0.08x −0.12x
- Interest Coverage
- 11.81x +4.60x
- Cash / Debt
- 8.0% +6.5pp
- Short-term Debt / Total Debt
- 90.5% −5.2pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 90.5% of total debt, raising near-term refinancing needs.
Cash / debt stands at 8.0%, leaving limited liquidity buffer to monitor.
Balance Sheet
●ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Capital structure is conservative with low leverage — liabilities at 0.29x equity, net debt at 0.08x equity.
None
Over the last 12 months, working capital absorbed 21.1bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 3.7 pp. The next item to monitor is capital efficiency, with ROIC at 11.9%. The main risk still sits in leverage and liquidity, with interest coverage at 11.81x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 39.01% after expanding 3.7pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.08x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +0,5% YoY pace or begins to slow.
Whether margins hold around the current 39.01% level or narrow again.
Whether operating cash flow holds its 169.8bn (cumulative for 2025) level in upcoming periods or weakens.
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