Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 0.0bn, fell 0.8bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -4,050.01x
- P/B
- 0.65x
- EPS
- -2
- BVPS
- 12,292
- ROE
- -0.0%
- ROA
- -0.0%
- Market price
- 8,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, CTP posted a sharp profit decline versus the same period — profit is near a multi-period low. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Administrative expenses
- 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 | 57.1 | 11.4 | 11.5 | 15.3 | 14.7 | 11.0 | 16.7 | 20.4 |
| LNST | 0.2 | 0.0 | -0.4 | 0.2 | 0.2 | 0.1 | 0.1 | 0.4 |
| Net margin | 0.33% | 0.34% | -3.63% | 1.09% | 1.55% | 0.94% | 0.67% | 1.88% |
Revenue
57bnNet income
0bnNet margin
0.33%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 51.8% year on year — not from a single spike: quarterly growth stepped up from −25% to +289%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 95bn +51.8%
- Latest quarter YoY
- +289% accelerating
What is driving the margin?
▼Net margin narrowed to −0.03%, falling 1.3pp. The main pressure is Gross margin fell 0.6pp, outweighing the improvement in SG&A / Revenue fell 0.4pp (with lingering pressure from Net financial result / Revenue fell 0.8pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −0.03% −1.3pp
- Gross Margin
- 0.91% −0.6pp
- SG&A / Revenue
- 0.46% −0.4pp
- Non-core / Revenue
- −0.38% −0.8pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 0.8pp, other income still accounts for 1272.8% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 22.7bn against investing cash flow of -26.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +3.4bn. Financing cash flow was positive 0.0bn.
CFO / net income was −1793,42 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 reaches 1,272.8% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +357.8%, other profit at +915.0% of PBT.
- Non-core / PBT
- 1,272.8% high
- Net financial / PBT
- 357.8%
- Other profit / PBT
- 915.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 281.0 days versus the same period last year. The main moves came from DIO fell 88.6 days, DSO fell 156.8 days, and DPO rose 35.6 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE fell from 0.6% to −0.0% — dragged by net margin.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 22.7bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.02x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.04x equity, with a net cash position equivalent to 0.02x equity.
None
Over the last 12 months, working capital released 43.7bn of cash, mainly thanks to higher payables. Pressure from higher receivables and 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 some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 357.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.02x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 357.8% of PBT and CFO / net income currently at −1793.42x.
What to verify next
Questions for the next period
Whether revenue sustains its +51,8% YoY pace or begins to slow.
Whether margins hold around the current -0.03% level or narrow again.
Whether operating cash flow holds its 22.7bn (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.