Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 45.5bn, fell 19.2bn compared with the same period last year. Key positives came from lower selling expenses, lower tax, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.83x
- P/B
- 1.09x
- EPS
- 2,415
- BVPS
- 15,092
- ROE
- 14.9%
- ROA
- 6.5%
- Market price
- 16,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CTB is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Selling expenses
- Tax
- Administrative expenses
- Gross 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 | 164.8 | 56.4 | 265.5 | 90.1 | 145.4 | 83.3 | 453.8 | 98.9 |
| LNST | 27.1 | 2.8 | 9.4 | 6.2 | 12.0 | 11.1 | 35.4 | 6.2 |
| Net margin | 16.47% | 5.04% | 3.53% | 6.83% | 8.25% | 13.34% | 7.79% | 6.29% |
Revenue
165bnNet income
27bnNet margin
16.47%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 26.2% year on year — not from a single spike: quarterly growth stepped up from −9% to +13%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 577bn −26.2%
- Latest quarter YoY
- +13% accelerating
What is driving the margin?
●Net margin narrowed to 7.89%, falling 0.4pp. The main pressure is SG&A / Revenue rose 1.5pp, outweighing the improvement in Gross margin rose 1.6pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 7.89% −0.4pp
- Gross Margin
- 21.91% +1.6pp
- SG&A / Revenue
- 11.64% +1.5pp
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 93.9bn against investing cash flow of -57.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +36.2bn. Financing cash flow was negative +25.6bn.
CFO / net income was 2,74 lần.
After spending +39.5bn on fixed-asset investment, the business generated trailing free cash flow of +85.3bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at +2.0%, other profit at +0.3% of PBT.
- Non-core / PBT
- 2.3% low
- Net financial / PBT
- 2.0%
- Other profit / PBT
- 0.3%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 14.78%, losing 5.9pp. That translates to 14.78 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.3pp and capital turnover fell 0.65x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 21.9 days versus the same period last year. The main moves came from DIO rose 43.9 days, DSO rose 11.3 days, and DPO rose 33.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 125.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +11.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 22.0% to 14.9% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.03x and interest coverage at 14.74x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 65.0% of debt, and total debt stands at 27.1bn.
- Net Debt / Equity
- 0.03x −0.00x
- Interest Coverage
- 14.74x −16.30x
- Cash / Debt
- 65.0% −15.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.84x equity, net debt at 0.03x equity.
Inventory ended the period at 146.1bn, roughly 25.3% of total assets.
Over the last 12 months, working capital released 70.6bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 2.74x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 125 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.74x.
- Key risk: working capital remains tied up for too long, with cash cycle at 125.1 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −26,2% YoY decline or keeps falling.
Whether margins hold around the current 7.89% level or narrow again.
Whether operating cash flow holds its 93.9bn (cumulative for 2025) level in upcoming periods or weakens.
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