Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 6.3bn, fell 12.9bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower gross profit and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 23.51x
- P/B
- 0.58x
- EPS
- 251
- BVPS
- 10,139
- ROE
- 2.4%
- ROA
- 1.3%
- Market price
- 5,900 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CQT posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Selling expenses
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 | 145.6 | 153.2 | 184.0 | 114.2 | 163.0 | 132.2 | 221.1 | 131.7 |
| LNST | 2.4 | 1.1 | 8.7 | -5.8 | 8.8 | -2.0 | 16.8 | -4.4 |
| Net margin | 1.65% | 0.69% | 4.71% | -5.12% | 5.42% | -1.53% | 7.62% | -3.35% |
Revenue
146bnNet income
2bnNet margin
1.65%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 7.9% year on year — not from a single spike: quarterly growth stepped up from −13% to −11%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 597bn −7.9%
- Latest quarter YoY
- −11% accelerating
What is driving the margin?
▼Net margin fell to 1.05%, losing 1.9pp. The main pressure comes from Gross margin fell 1.1pp and SG&A / Revenue rose 0.9pp (with additional support from Net financial result / Revenue rose 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 1.05% −1.9pp
- Gross Margin
- 9.40% −1.1pp
- SG&A / Revenue
- 6.24% +0.9pp
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 58.7bn against investing cash flow of -11.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +41.4bn.
CFO / net income was 6,30 lần.
After spending +27.6bn on fixed-asset investment, the business generated trailing free cash flow of +12.0bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −182.6% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −182.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 1.83%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 1.83% — 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 0.3 days versus the same period last year. The main moves came from DIO rose 1.4 days, DSO fell 11.2 days, and DPO fell 10.1 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.3 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +1.4 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 7.2% to 2.4% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.35x and interest coverage only at 0.56x.
At present, short-term debt accounts for 76.8% of total debt, cash equals 15.2% of debt, and total debt stands at 103.4bn.
- Net Debt / Equity
- 0.35x −0.00x
- Interest Coverage
- 0.56x −0.89x
- Cash / Debt
- 15.2% +1.8pp
- Short-term Debt / Total Debt
- 76.8% +15.3pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.56x, leaving limited room to absorb financing costs.
Short-term debt accounts for 76.8% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.68x equity, net debt at 0.35x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 1.1pp YoY to 9.40% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 9.40% · YoY -1.1pp
Inventory 62.7bn — 13.37% of total assets, above the materials-group median (13.00%); ≈ 42 days of sales. Inventory is growing faster than revenue (10.22% vs −7.88% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 13.37% (group median 13.00%)
Days inventory outstanding: 42
None
Over the last 12 months, working capital absorbed 17.5bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
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 margins remain under pressure remaining the main constraint, with net margin down 1.9 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 6.30x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 6.30x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.05% after a 1.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −7,9% YoY decline or keeps falling.
Whether margins hold around the current 1.05% level or narrow again.
Whether operating cash flow holds its 58.7bn (cumulative for 2025) level in upcoming periods or weakens.
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