Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 171.5bn, rose 44.1bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.69x
- P/B
- 2.20x
- EPS
- 7,976
- BVPS
- 27,828
- ROE
- 30.9%
- ROA
- 23.7%
- Market price
- 61,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DP3 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Tax
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 | 128.8 | 135.0 | 131.6 | 120.2 | 94.2 | 91.9 | 116.2 | 95.2 |
| LNST | 39.1 | 34.8 | 74.6 | 23.0 | 32.1 | 23.9 | 50.1 | 21.3 |
| Net margin | 30.35% | 25.76% | 56.65% | 19.15% | 34.06% | 25.97% | 43.12% | 22.37% |
Revenue
129bnNet income
39bnNet margin
30.35%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 29.7% year on year — not from a single spike: quarterly growth stepped up from +26% to +37%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 516bn +29.7%
- Latest quarter YoY
- +37% accelerating
What is driving the margin?
▲Net margin edged up to 33.25%, rising 1.2pp. Core operating signals are improving as Gross margin rose 0.8pp are enough to offset pressure from SG&A / Revenue rose 0.8pp (with additional support from Net financial result / Revenue rose 1.2pp and Other profit / Revenue rose 0.1pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 33.25% +1.2pp
- Gross Margin
- 66.26% +0.8pp
- SG&A / Revenue
- 30.46% +0.8pp
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 151.5bn against investing cash flow of -130.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +20.9bn. Financing cash flow was negative +30.2bn.
CFO / net income was 0,85 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 makes up 14.0% of pre-tax profit — worth monitoring.
Within that, net financial result at +13.6%, other profit at +0.4% of PBT.
- Non-core / PBT
- 14.0% moderate
- Net financial / PBT
- 13.6%
- Other profit / PBT
- 0.4%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 11.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 31.77%, rising 2.9pp. That translates to 31.77 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.1pp and capital turnover rose 0.06x, while invested capital expanded strongly by 97bn — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 11.0 days versus the same period last year. The main moves came from DIO rose 3.7 days, DSO rose 0.1 days, and DPO fell 7.1 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 152.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 26.6% to 30.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.03x and interest coverage at 141.65x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 30.3% of debt, and total debt stands at 21.9bn.
- Net Debt / Equity
- 0.03x +0.12x
- Interest Coverage
- 141.65x −242.28x
- Cash / Debt
- 30.3% −315.7pp
- 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 asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.24x equity, net debt at 0.03x equity.
None
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 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 operating efficiency, with net margin improving 1.2 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 153 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 33.25% after expanding 1.2pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: working capital remains tied up for too long, with cash cycle at 152.6 days.
What to verify next
Questions for the next period
Whether revenue sustains its +29,7% YoY pace or begins to slow.
Whether margins hold around the current 33.25% level or narrow again.
Whether operating cash flow holds its 151.5bn (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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well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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