Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 8.1bn, rose 2.4bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, lower selling expenses, and lower administrative expenses. Offsetting pressure came mainly from higher finance costs, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.08x
- P/B
- 0.83x
- EPS
- 1,980
- BVPS
- 19,326
- ROE
- 9.0%
- ROA
- 6.1%
- Market price
- 16,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CPC has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Selling expenses
- Administrative expenses
- Finance costs
- Tax
- Other profit
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 | 51.3 | 22.4 | 80.1 | 15.8 | 63.5 | 11.9 | 83.7 | 17.0 |
| LNST | 4.1 | 0.9 | 2.6 | 0.5 | 4.2 | 0.6 | 0.3 | 0.5 |
| Net margin | 8.05% | 4.05% | 3.23% | 2.91% | 6.68% | 5.01% | 0.40% | 2.93% |
Revenue
51bnNet income
4bnNet margin
8.05%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 3.8% year on year — but the quarterly pace is slowing (−7% → −19%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 170bn −3.8%
- Latest quarter YoY
- −19% slowing
What is driving the margin?
▲Net margin expanded to 4.76%, rising 1.5pp. The main driver is Gross margin rose 1.6pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 4.76% +1.5pp
- Gross Margin
- 21.72% +1.6pp
- SG&A / Revenue
- 15.56% −0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
Operating cash flow reached -35.3bn against investing cash flow of 18.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +16.9bn. Financing cash flow was positive +4.6bn.
CFO / net income was −2,37 lần.
After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of −20.4bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −2.9%, other profit at +0.4% of PBT.
- Non-core / PBT
- 0.4% low
- Net financial / PBT
- −2.9%
- Other profit / PBT
- 0.4%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 7.76%, rising 0.9pp. That translates to 7.76 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.7pp was enough to offset the decline from capital turnover fell 0.62x, with invested capital holding roughly steady.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 53.7 days versus the same period last year. The main moves came from DIO rose 29.1 days, DSO rose 21.7 days, and DPO fell 2.9 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 144.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +21.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.1% to 9.0% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 20.4bn due to capex of 1.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.27x and interest coverage only at 1.43x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 18.1% of debt, and total debt stands at 27.2bn.
- Net Debt / Equity
- 0.27x +0.20x
- Interest Coverage
- 1.43x +0.18x
- Cash / Debt
- 18.1% −48.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.43x, 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 conservative with low leverage — liabilities at 0.57x equity, net debt at 0.27x equity.
Inventory ended the period at 27.1bn, roughly 20.1% 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 brighter spot is operating efficiency, with net margin improving 1.5 pp. The main risk still sits in leverage and liquidity, with interest coverage at 1.43x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.76% after expanding 1.5pp versus the same period last year.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.43x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −3,8% YoY decline or keeps falling.
Whether margins hold around the current 4.76% level or narrow again.
Whether operating cash flow holds its -35.3bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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