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iShareInvest Research

UPCOM · Quý 2/2026

BSL

Bia Sài Gòn - Sông Lam

Analysis of business results & financial statements · Quý 2/2026

▲▲ Improving positively

Trailing net profit reached 89.2bn, rose 57.1bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Detailed impact is shown below:

See what is changing ↓
P/E
6.93x
P/B
1.10x
EPS
1,875
BVPS
11,831
ROE
17.6%
ROA
12.8%
Market price
13,000
19 Oct 2026

What Is Changing

On a TTM 2026Q2 basis, BSL 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

  1. Gross profit
  2. Financial income
  3. Other
Unit: VND bn. Green bars support profit; red bars reduce profit.

A single data point, or a trajectory?

Latest eight quarters · Quý 2/2026

MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue259.1210.1255.7227.3235.8171.7256.6260.4
LNST30.822.025.810.69.5-3.615.211.1
Net margin11.88%10.47%10.10%4.66%4.02%-2.12%5.91%4.26%

Revenue

259bn

Net income

31bn

Net margin

11.88%

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.

01

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 3.0% year on year — not from a single spike: quarterly growth stepped up from −13% to +10%.

2 of the last 4 quarters grew year on year.

Revenue TTM
952bn
+3.0%
Latest quarter YoY
+10%
accelerating

What is driving the margin?

▲▲

Net margin expanded to 9.37%, rising 5.9pp. The main driver is Gross margin rose 6.6pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.6pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Net Margin
9.37%
+5.9pp
Gross Margin
11.33%
+6.6pp
SG&A / Revenue
1.55%
−0.1pp

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 70.7bn against investing cash flow of -48.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +22.4bn. Financing cash flow was negative +30.6bn.

CFO / net income was 0,35 lần.

After spending +16.8bn on fixed-asset investment, the business generated trailing free cash flow of +14.6bn.

Earnings Quality

●

How much income is non-core?

Non-core income makes up 16.7% of pre-tax profit — worth monitoring.

Within that, net financial result at +16.4%, other profit at +0.3% of PBT.

Non-core / PBT
16.7%
moderate
Net financial / PBT
16.4%
Other profit / PBT
0.3%
02

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

●

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Working Capital Efficiency

●

Cash conversion cycle lengthened by 1.7 days versus the same period last year. The main moves came from DIO fell 8.5 days, DSO rose 5.7 days, and DPO fell 4.5 days.

Working capital cycle is flat — components are offsetting each other.

Cash conversion cycle is lengthening

CCC is up by +1.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +5.7 days, pointing to slower receivables turnover.

DuPont

What drives ROE?

Net margin 9.4% +5.9pp
Asset turnover 1.37x +0.05x
Financial leverage 1.37x -0.08x
ROE 17.6% +10.9pp

ROE rose from 6.7% to 17.6% — mainly driven by net margin, despite leverage moving in the opposite direction.

03

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 70.7bn.

Leverage & Liquidity

▲

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Net Debt / Equity
−0.10x
Interest Coverage
None
Cash / Debt
None
Short-term Debt / Total Debt
None

TTM YoY · 2025Q2 -> 2026Q2

Balance Sheet

▼

Balance sheet is exceptionally sound — liabilities at 0.30x equity, with a net cash position equivalent to 0.10x equity.

Inventory ended the period at 78.7bn, roughly 11.8% of total assets.

Over the last 12 months, working capital absorbed 78.2bn of cash, mainly because of higher receivables and higher inventories.

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 5.9 pp. The next item to monitor is the earnings mix, when non-core contribution is 16.4%.

  • Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.37% after expanding 5.9pp versus the same period last year.
  • Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.4% of PBT and CFO / net income currently at 0.35x.

Questions for the next period

  1. Whether revenue sustains its +3,0% YoY pace or begins to slow.

  2. Whether margins hold around the current 9.37% level or narrow again.

  3. Whether operating cash flow holds its 70.7bn (cumulative for 2025) level in upcoming periods or weakens.

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among the rest of your investments?

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