Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 3.7bn, rose 0.6bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and better other profit. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher tax, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.35x
- P/B
- 0.70x
- EPS
- 920
- BVPS
- 18,877
- ROE
- 4.8%
- ROA
- 2.0%
- Market price
- 13,200 29 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CKV has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Other profit
- Administrative expenses
- Selling expenses
- Tax
- 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 | 70.5 | 44.2 | 57.7 | 28.1 | 71.1 | 102.4 | 300.3 | 241.3 |
| LNST | 1.1 | 1.0 | 1.0 | 0.6 | 1.0 | 0.5 | 1.1 | 0.5 |
| Net margin | 1.51% | 2.34% | 1.75% | 2.10% | 1.37% | 0.47% | 0.37% | 0.20% |
Revenue
70bnNet income
1bnNet margin
1.51%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 72.0% year on year — not from a single spike: quarterly growth stepped up from −88% to −1%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 201bn −72.0%
- Latest quarter YoY
- −1% accelerating
What is driving the margin?
▲Net margin edged up to 1.84%, rising 1.4pp. Core operating signals are improving as Gross margin rose 19.7pp are enough to offset pressure from SG&A / Revenue rose 18.2pp (with additional support from Net financial result / Revenue rose 0.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.84% +1.4pp
- Gross Margin
- 27.10% +19.7pp
- SG&A / Revenue
- 25.11% +18.2pp
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 22.5bn against investing cash flow of -3.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +18.7bn. Financing cash flow was negative +11.6bn.
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?
Non-core income makes up 22.5% of pre-tax profit — worth monitoring.
Within that, net financial result at +18.9%, other profit at +3.6% of PBT.
- Non-core / PBT
- 22.5% moderate
- Net financial / PBT
- 18.9%
- Other profit / PBT
- 3.6%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to -5.9 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 13.58%, rising 5.7pp. That translates to 13.58 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.4pp, with capital turnover fell 10.54x; with invested capital holding roughly steady.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 12.4 days versus the same period last year. The main moves came from DIO rose 11.0 days, DSO rose 74.3 days, and DPO rose 97.8 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +74.3 days, pointing to slower receivables turnover.
DIO increased by +11.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 4.0% to 4.8% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 22.5bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.50x and interest coverage at 36.95x.
At present, cash equals 1594.8% of debt and total debt stands at 3.2bn.
- Net Debt / Equity
- −0.50x +0.14x
- Interest Coverage
- 36.95x +30.71x
- Cash / Debt
- 1594.8% +1120.3pp
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 1.10x equity, with a net cash position equivalent to 0.50x 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 entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and capital efficiency all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 18.9%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.84% after expanding 1.4pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.9% of PBT and CFO / net income currently at 0.38x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −72,0% YoY decline or keeps falling.
Whether margins hold around the current 1.84% level or narrow again.
Whether operating cash flow holds its 22.5bn (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.