Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 59.2bn, rose 54.8bn compared with the same period last year. Key positives came from higher associates income, better other profit, higher gross profit, and higher financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.72x
- P/B
- 0.85x
- EPS
- 4,033
- BVPS
- 17,569
- ROE
- 11.1%
- ROA
- 7.6%
- Market price
- 15,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, C32 has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. 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
- Associates income
- Other profit
- Gross profit
- Financial income
- Other
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 | 99.9 | 98.9 | 220.0 | 124.2 | 128.1 | 74.6 | 150.7 | 121.7 |
| LNST | 4.9 | 10.1 | 31.1 | 13.1 | -6.4 | 1.5 | 5.4 | 3.9 |
| Net margin | 4.92% | 10.24% | 14.13% | 10.55% | -5.01% | 2.06% | 3.58% | 3.21% |
Revenue
100bnNet income
5bnNet margin
4.92%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 14.3% year on year — but the quarterly pace is slowing (+2% → −22%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 543bn +14.3%
- Latest quarter YoY
- −22% slowing
What is driving the margin?
▲▲Net margin expanded to 10.91%, rising 10.0pp. The main driver is Gross margin rose 1.6pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 3.7pp and Net financial result / Revenue rose 2.0pp).
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
- 10.91% +10.0pp
- Gross Margin
- 14.41% +1.6pp
- SG&A / Revenue
- 8.89% −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 19.5bn against investing cash flow of -11.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +8.2bn. Financing cash flow was positive +26.5bn.
CFO / net income was 0,18 lần.
After spending +4.0bn on fixed-asset investment, the business generated trailing free cash flow of +6.9bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 14.6% of pre-tax profit — worth monitoring.
Within that, net financial result at +6.8%, other profit at +7.8% of PBT.
- Non-core / PBT
- 14.6% moderate
- Net financial / PBT
- 6.8%
- Other profit / PBT
- 7.8%
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
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 31.8 days versus the same period last year. The main moves came from DIO rose 6.0 days, DSO fell 42.1 days, and DPO fell 4.4 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 147.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +6.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 0.8% to 11.1% — mainly driven by net margin, despite leverage moving in the opposite direction.
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 0.21x and interest coverage at 4.53x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 43.6% of debt, and total debt stands at 196.4bn.
- Net Debt / Equity
- 0.21x +0.04x
- Interest Coverage
- 4.53x +3.12x
- Cash / Debt
- 43.6% +7.6pp
- 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 0.47x equity, net debt at 0.21x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 1.6pp YoY to 14.41% (TTM).
Gross margin (TTM): 14.41% · YoY +1.6pp
Inventory 136.4bn — 17.39% of total assets, above the materials-group median (13.00%); ≈ 107 days of sales.
Inventory / assets: 17.39% (group median 13.00%)
Days inventory outstanding: 107
Inventory ended the period at 111.6bn, roughly 13.3% of total assets.
Over the last 12 months, working capital absorbed 40.1bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
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 10.0 pp. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 148 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.91% after expanding 10.0pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 147.7 days.
What to verify next
Questions for the next period
Whether revenue sustains its +14,3% YoY pace or begins to slow.
Whether margins hold around the current 10.91% level or narrow again.
Whether operating cash flow holds its 19.5bn (cumulative for 2025) level in upcoming periods or weakens.
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