Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 3.1bn, rose 38.7bn compared with the same period last year. Key positives came from lower finance costs and higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 2,666.67x
- P/B
- -5.51x
- EPS
- 150
- BVPS
- -72,581
- ROE
- -0.2%
- ROA
- 29.7%
- Market price
- 400,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CAD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- 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 | 5.5 | 3.8 | 7.6 | 6.5 | 4.5 | 3.8 | 4.9 | 3.9 |
| LNST | 0.2 | 0.3 | 2.7 | -0.1 | -3.4 | -2.0 | -7.1 | -23.1 |
| Net margin | 3.80% | 8.27% | 35.03% | -1.25% | -76.25% | -52.12% | -145.01% | -587.74% |
Revenue
6bnNet income
0bnNet margin
3.80%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 37.4% year on year — but the quarterly pace is slowing (+33% → +23%).
3 of the last 3 quarters grew year on year.
- Revenue TTM
- 23bn +37.4%
- Latest quarter YoY
- +23% slowing
What is driving the margin?
▲▲Net margin expanded to 13.31%, rising 221.8pp. The main driver is Gross margin rose 13.9pp and SG&A / Revenue fell 6.9pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 194.6pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 13.31% +221.8pp
- Gross Margin
- 23.95% +13.9pp
- SG&A / Revenue
- 9.62% −6.9pp
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 0.4bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.4bn. Financing cash flow was positive 0.0bn.
CFO / net income was 0,38 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?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −5.7%, other profit at +2.0% of PBT.
- Non-core / PBT
- 2.0% low
- Net financial / PBT
- −5.7%
- Other profit / PBT
- 2.0%
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 1052.9 days versus the same period last year. The main moves came from DIO fell 133.4 days, DSO fell 992.2 days, and DPO fell 72.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 2995.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 2.4% to −0.2% — the components are broadly offsetting.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 0.4bn.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at −0.29x and interest coverage at 2.50x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.4% of debt, and total debt stands at 443.5bn.
- Net Debt / Equity
- −0.29x +0.00x
- Interest Coverage
- 2.50x +3.41x
- Cash / Debt
- 0.4% +0.3pp
- 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.
Cash / debt stands at 0.4%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at -1.01x equity, with a net cash position equivalent to 0.29x equity.
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 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 221.8 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 2.50x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 13.31% after expanding 221.8pp 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 −0.29x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +37,4% YoY pace or begins to slow.
Whether margins hold around the current 13.31% level or narrow again.
Whether operating cash flow holds its 0.4bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.