Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 2.5bn, rose 0.2bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 86.81x
- P/B
- 3.65x
- EPS
- 443
- BVPS
- 10,552
- ROE
- 4.3%
- ROA
- 3.9%
- Market price
- 38,500 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CAR is in an offsetting state — revenue softened slightly but margins improved — profit is at an all-time high. What is still missing is a signal strong enough to tilt this picture clearly in either direction.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Gross profit
- Finance costs
- Selling expenses
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 | 13.3 | 4.7 | 16.4 | 6.8 | 12.9 | 6.7 | 12.8 | 11.6 |
| LNST | 3.0 | -2.7 | 2.1 | 0.1 | -0.0 | 0.0 | 1.2 | 1.0 |
| Net margin | 22.38% | -57.48% | 12.71% | 1.67% | -0.11% | 0.27% | 9.67% | 8.96% |
Revenue
13bnNet income
3bnNet margin
22.38%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 declined 6.2% year on year — not from a single spike: quarterly growth stepped up from −41% to +3%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 41bn −6.2%
- Latest quarter YoY
- +3% accelerating
What is driving the margin?
▲Net margin edged up to 5.98%, rising 0.8pp. The main driver is Gross margin rose 1.1pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.7pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 5.98% +0.8pp
- Gross Margin
- 33.01% +1.1pp
- SG&A / Revenue
- 24.08% −0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -4.2bn against investing cash flow of -3.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +7.8bn. Financing cash flow was negative +2.5bn.
CFO / net income was 7,98 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 100% of pre-tax profit comes from core operations.
Within that, net financial result at −13.8% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −13.8%
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
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.03x and interest coverage at 7.44x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 32.4% of debt, and total debt stands at 2.7bn.
- Net Debt / Equity
- 0.03x +0.05x
- Interest Coverage
- 7.44x −11.35x
- Cash / Debt
- 32.4% −117.7pp
- 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 0.06x equity, net debt at 0.03x 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 investment case still leans positive as other financial axes hold their base, even though margin is roughly flat. Even so, capital efficiency remains the area to verify in upcoming periods.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −6,2% YoY decline or keeps falling.
Whether margins hold around the current 5.98% level or narrow again.
Whether operating cash flow holds its -4.2bn (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.