Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 0.4bn, rose 0.4bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 73.26x
- P/B
- 0.14x
- EPS
- 19
- BVPS
- 10,093
- ROE
- 0.2%
- ROA
- 0.2%
- Market price
- 1,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CEN is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — earnings have been recovering gradually over multiple periods. What is still missing is enough revenue momentum to make this profit level more durable.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Financial income
- Administrative expenses
- Gross profit
- Tax
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 | 6.2 | 14.2 | 19.9 | 22.2 | 18.5 | 18.8 | 26.3 | 29.0 |
| LNST | 0.0 | 0.2 | 0.0 | 0.2 | 0.0 | 0.0 | 0.1 | -0.1 |
| Net margin | 0.53% | 1.37% | 0.11% | 0.75% | 0.09% | 0.05% | 0.30% | -0.27% |
Revenue
6bnNet income
0bnNet margin
0.53%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?
Start with profitability and earnings quality.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 32.5% year on year — but the quarterly pace is slowing (−23% → −66%).
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 63bn −32.5%
- Latest quarter YoY
- −66% slowing
What is driving the margin?
▲Net margin edged up to 0.66%, rising 0.6pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.3pp).
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
- 0.66% +0.6pp
- Gross Margin
- 5.90% +0.6pp
- SG&A / Revenue
- 5.30% +0.5pp
- Non-core / Revenue
- 0.23% +0.7pp
TTM YoY · 2025Q2 -> 2026Q2
Profit includes a contribution from financial result (30.2% of PBT), not dominant but worth monitoring across periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 15.9bn against investing cash flow of 1.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +17.1bn. Financing cash flow was negative +1.0bn.
CFO / net income was 22,95 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 30.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +29.1%, other profit at +1.2% of PBT.
- Non-core / PBT
- 30.2% high
- Net financial / PBT
- 29.1%
- Other profit / PBT
- 1.2%
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
▼▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 144.2 days versus the same period last year. The main moves came from DIO rose 144.6 days, DSO rose 17.4 days, and DPO rose 17.9 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 512.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +17.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 0.2% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 15.9bn.
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
- −0.04x
- 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 0.01x equity, with a net cash position equivalent to 0.04x equity.
Inventory ended the period at 75.5bn, roughly 34.2% of total assets.
Over the last 12 months, working capital released 9.0bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.
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 balance-sheet flexibility, with net cash/equity at about −0.04x. The next item to monitor is the earnings mix, when non-core contribution is 29.1%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 512 days.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.04x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 22.95x. Even so, net financial result still accounts for 29.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 512.2 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −32,5% YoY decline or keeps falling.
Whether margins hold around the current 0.66% level or narrow again.
Whether operating cash flow holds its 15.9bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.
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or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.