Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 83.3bn, fell 17.2bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, lower tax, and better other profit. Offsetting pressure came mainly from higher selling expenses, lower financial income, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.76x
- P/B
- 0.69x
- EPS
- 7,578
- BVPS
- 74,534
- ROE
- 10.4%
- ROA
- 1.9%
- Market price
- 51,200 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CLM is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Tax
- Other profit
- Selling expenses
- Financial income
- Finance costs
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 | 6,456.9 | 4,327.4 | 2,122.1 | 3,086.9 | 5,774.4 | 5,376.3 | 2,471.4 | 4,006.0 |
| LNST | 35.7 | 24.0 | 12.4 | 11.3 | 30.0 | 20.0 | 21.5 | 29.0 |
| Net margin | 0.55% | 0.55% | 0.59% | 0.37% | 0.52% | 0.37% | 0.87% | 0.72% |
Revenue
6,457bnNet income
36bnNet margin
0.55%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 9.3% year on year — not from a single spike: quarterly growth stepped up from −23% to +12%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 15,993bn −9.3%
- Latest quarter YoY
- +12% accelerating
What is driving the margin?
●Net margin stands at 0.52%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.52% −0.0pp
- Gross Margin
- 2.93% +0.8pp
- SG&A / Revenue
- 1.92% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -500.4bn against investing cash flow of -12.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +513.0bn. Financing cash flow was positive +469.9bn.
CFO / net income was 7,60 lần.
After spending +4.9bn on fixed-asset investment, the business generated trailing free cash flow of +628.5bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 24.0% of pre-tax profit — worth monitoring.
Within that, net financial result at −69.2%, other profit at +24.0% of PBT.
- Non-core / PBT
- 24.0% moderate
- Net financial / PBT
- −69.2%
- Other profit / PBT
- 24.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 3.11%, falling 0.7pp. That translates to 3.11 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.48x — capital is being absorbed faster than revenue is being generated; with invested capital easing slightly by 78bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 3.11% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
●Cash conversion cycle lengthened by 2.1 days versus the same period last year. The main moves came from DIO rose 11.0 days, DSO rose 1.4 days, and DPO rose 10.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +2.1 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 13.6% to 10.4% — asset turnover weakened the most.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.22x and interest coverage only at 0.89x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 3.7% of debt, and total debt stands at 1,040.0bn.
- Net Debt / Equity
- 1.22x −0.84x
- Interest Coverage
- 0.89x −0.92x
- Cash / Debt
- 3.7% +0.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.22x, increasing balance-sheet pressure.
Interest coverage is 0.89x, leaving limited room to absorb financing costs.
Balance Sheet
▲Leverage is elevated, requiring monitoring — liabilities at 1.15x equity, net debt at 1.22x equity.
Inventory ended the period at 755.6bn, roughly 43.9% of total assets.
Over the last 12 months, working capital released 543.5bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 3.1%. The next watchpoint is the earnings mix, when non-core contribution is 24.0%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 7.60x. Even so, net financial result still accounts for 24.0% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −9,3% YoY decline or keeps falling.
Whether margins hold around the current 0.52% level or narrow again.
Whether operating cash flow holds its -500.4bn (cumulative for 2025) level in upcoming periods or weakens.
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