Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 6.0bn, fell 0.1bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from higher tax, weaker other profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 26.19x
- P/B
- 1.56x
- EPS
- 756
- BVPS
- 12,697
- ROE
- 6.1%
- ROA
- 2.6%
- Market price
- 19,800 10 Jul 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CJC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — profit momentum has been slowing across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Finance costs
- Tax
- Other profit
- Financial income
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 | 92.8 | 34.2 | 114.4 | 57.6 | 84.6 | 62.7 | 55.8 | 48.1 |
| LNST | 1.1 | 0.6 | 3.7 | 0.6 | 0.4 | 1.0 | 4.2 | 0.6 |
| Net margin | 1.21% | 1.68% | 3.27% | 1.07% | 0.45% | 1.63% | 7.52% | 1.17% |
Revenue
93bnNet income
1bnNet margin
1.21%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 grew 19.0% year on year — but the quarterly pace is slowing (+20% → +10%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 299bn +19.0%
- Latest quarter YoY
- +10% slowing
What is driving the margin?
●Net margin narrowed to 2.02%, falling 0.4pp. The main pressure is Gross margin fell 0.9pp, outweighing the improvement in SG&A / Revenue fell 1.1pp (in addition, Net financial result / Revenue rose 0.3pp added support while Other profit / Revenue fell 0.6pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 2.02% −0.4pp
- Gross Margin
- 8.31% −0.9pp
- SG&A / Revenue
- 5.71% −1.1pp
- Non-core / Revenue
- −0.03% −0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from non-core sources remains high (37.2% of PBT) — sustainability should be monitored.
Cash Flow
▼▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 21.3bn against investing cash flow of -1.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +20.3bn. Financing cash flow was negative +18.3bn.
CFO / net income was −10,18 lần.
After spending +3.5bn on fixed-asset investment, the business generated trailing free cash flow of −65.1bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 37.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −38.3%, other profit at +37.2% of PBT.
- Non-core / PBT
- 37.2% high
- Net financial / PBT
- −38.3%
- Other profit / PBT
- 37.2%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 2.71%, rising 0.7pp. That translates to 2.71 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.3pp and capital turnover rose 0.14x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 2.71% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 28.0 days versus the same period last year. The main moves came from DIO rose 2.2 days, DSO fell 59.9 days, and DPO fell 29.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 195.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +2.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 6.7% to 6.1% — dragged by net margin and leverage.
Is financial risk significant?
Leverage is safe but FCF is negative at 65.1bn due to capex of 3.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.73x and interest coverage only at 1.61x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 21.3% of debt, and total debt stands at 94.0bn.
- Net Debt / Equity
- 0.73x +0.63x
- Interest Coverage
- 1.61x +0.82x
- Cash / Debt
- 21.3% −51.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.61x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is balanced — liabilities at 1.40x equity, net debt at 0.73x equity.
Inventory ended the period at 62.5bn, roughly 26.1% of total assets.
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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is −38.3%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.7%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −38.3% of PBT and CFO / net income currently at −10.18x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +19,0% YoY pace or begins to slow.
Whether margins hold around the current 2.02% level or narrow again.
Whether operating cash flow holds its 21.3bn (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.