Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 86.8bn, fell 32.2bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from higher finance costs and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- -2,630
- BVPS
- -32,819
- ROE
- 8.4%
- ROA
- -47.5%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q2 basis, BT6 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other
- Finance costs
- Gross profit
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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.9 | 11.6 | 32.4 | 16.9 | 31.0 | 28.9 | 22.3 | 15.9 |
| LNST | -15.3 | -17.1 | -52.8 | -1.6 | 2.8 | 0.0 | -15.8 | -41.6 |
| Net margin | -61.33% | -147.51% | -163.12% | -9.43% | 9.15% | 0.01% | -70.84% | -262.10% |
Revenue
25bnNet income
-15bnNet margin
-61.33%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 12.5% year on year — not from a single spike: quarterly growth stepped up from −24% to −20%.
0 of the last 3 quarters grew year on year.
- Revenue TTM
- 86bn −12.5%
- Latest quarter YoY
- −20% accelerating
What is driving the margin?
▼▼Net margin fell to −101.13%, losing 45.5pp. The main pressure is Gross margin fell 3.8pp, outweighing the improvement in SG&A / Revenue fell 7.5pp (with lingering pressure from Net financial result / Revenue fell 57.1pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- −101.13% −45.5pp
- Gross Margin
- 13.37% −3.8pp
- SG&A / Revenue
- 3.87% −7.5pp
- Non-core / Revenue
- −111.42% −57.1pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 57.1pp, financial result still accounts for 110.2% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 10.8bn against investing cash flow of 0.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +11.2bn. Financing cash flow was negative +8.6bn.
CFO / net income was −0,03 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?
Non-core income reaches 110.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +110.2% of PBT.
- Non-core / PBT
- 110.2% high
- Net financial / PBT
- 110.2%
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 128.3 days versus the same period last year. The main moves came from DIO rose 19.6 days, DSO rose 159.0 days, and DPO rose 50.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 965.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +159.0 days, pointing to slower receivables turnover.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 10.8bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.29x and interest coverage only at −0.91x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 6.5% of debt, and total debt stands at 339.3bn.
- Net Debt / Equity
- −0.29x +0.03x
- Interest Coverage
- −0.91x −0.02x
- Cash / Debt
- 6.5% +1.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.91x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at -1.17x equity, with a net cash position equivalent to 0.29x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 3.8pp YoY to 13.37% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 13.37% · YoY -3.8pp
Inventory 13.2bn — 7.26% of total assets, below the materials-group median (13.00%); ≈ 65 days of sales.
Inventory / assets: 7.26% (group median 13.00%)
Days inventory outstanding: 65
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 45.5 pp. The next watchpoint is the earnings mix, when non-core contribution is 110.2%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 110.2% of PBT and CFO / net income currently at −0.03x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -101.13% after a 45.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −12,5% YoY decline or keeps falling.
Whether margins hold around the current -101.13% level or narrow again.
Whether operating cash flow holds its 10.8bn (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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