Analysis of business results & financial statements · Quý 2/2026
▼ Slightly negative
Trailing net profit reached 82.0bn, fell 15.7bn compared with the same period last year. Key positives came from better other profit, lower tax, and lower selling expenses. Offsetting pressure came mainly from lower gross profit, higher finance costs, lower financial income, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.45x
- P/B
- 0.75x
- EPS
- 1,111
- BVPS
- 13,977
- ROE
- 8.9%
- ROA
- 3.2%
- Market price
- 10,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, GSP posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Other profit
- Tax
- Selling expenses
- Gross profit
- Finance costs
- Financial income
- Administrative 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 | 1,488.2 | 713.5 | 797.5 | 837.8 | 1,475.4 | 474.0 | 565.2 | 606.4 |
| LNST | 14.6 | 26.4 | 38.2 | 2.9 | 27.4 | 29.6 | 13.1 | 27.6 |
| Net margin | 0.98% | 3.70% | 4.79% | 0.34% | 1.86% | 6.25% | 2.31% | 4.55% |
Revenue
1,488bnNet income
15bnNet margin
0.98%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 22.9% year on year — but the quarterly pace is slowing (+38% → +1%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,837bn +22.9%
- Latest quarter YoY
- +1% slowing
What is driving the margin?
▼Net margin narrowed to 2.14%, falling 1.0pp. The main pressure is Gross margin fell 1.5pp, outweighing the improvement in SG&A / Revenue fell 0.3pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 0.4pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.14% −1.0pp
- Gross Margin
- 4.30% −1.5pp
- SG&A / Revenue
- 2.07% −0.3pp
- Non-core / Revenue
- 0.45% +0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from other income remains high (46.5% of PBT) — sustainability should be monitored.
Cash Flow
▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 268.8bn against investing cash flow of -264.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +4.1bn. Financing cash flow was positive +64.1bn.
CFO / net income was 3,44 lần.
After spending +445.2bn on fixed-asset investment, the business generated trailing free cash flow of −163.2bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 46.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −29.5%, other profit at +46.5% of PBT.
- Non-core / PBT
- 46.5% high
- Net financial / PBT
- −29.5%
- Other profit / PBT
- 46.5%
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 2.85%, losing 3.8pp. That translates to 2.85 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.3pp and capital turnover fell 0.21x, while invested capital expanded strongly by 383bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 2.85% — 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 1.6 days versus the same period last year. The main moves came from DIO rose 0.4 days, DSO fell 11.3 days, and DPO fell 12.5 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +1.6 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +0.4 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 11.8% to 8.9% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 163.2bn due to capex of 445.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.75x and interest coverage only at 1.10x.
At present, short-term debt accounts for 20.2% of total debt, cash equals 9.3% of debt, and total debt stands at 782.8bn.
- Net Debt / Equity
- 0.75x +0.17x
- Interest Coverage
- 1.10x −1.27x
- Cash / Debt
- 9.3% −8.3pp
- Short-term Debt / Total Debt
- 20.2% +1.9pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.10x, leaving limited room to absorb financing costs.
Cash / debt stands at 9.3%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 1.23x equity, net debt at 0.75x equity.
None
Over the last 12 months, working capital released 37.9bn 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 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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is −29.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.9%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 336.3bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.44x. Even so, net financial result still accounts for −29.5% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +22,9% YoY pace or begins to slow.
Whether margins hold around the current 2.14% level or narrow again.
Whether operating cash flow holds its 268.8bn (cumulative for 2025) level in upcoming periods or weakens.
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