Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 8.0bn, rose 0.7bn compared with the same period last year. Key positives came from lower administrative expenses, better other profit, lower finance costs, and lower selling expenses. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.95x
- P/B
- 0.47x
- EPS
- 818
- BVPS
- 15,682
- ROE
- 4.9%
- ROA
- 2.5%
- Market price
- 7,320 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, GTA is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. Notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
- Finance costs
- Selling expenses
- Gross profit
- Financial income
- 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 | 66.5 | 49.3 | 63.2 | 79.2 | 49.9 | 62.9 | 59.4 | 71.6 |
| LNST | 2.8 | 1.8 | 1.5 | 1.9 | 1.3 | 1.3 | 2.5 | 2.3 |
| Net margin | 4.25% | 3.72% | 2.44% | 2.34% | 2.57% | 2.04% | 4.22% | 3.19% |
Revenue
66bnNet income
3bnNet margin
4.25%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 improved (+0.1pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 5.9% year on year — not from a single spike: quarterly growth stepped up from +11% to +33%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 258bn +5.9%
- Latest quarter YoY
- +33% accelerating
What is driving the margin?
●Net margin stands at 3.12%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 3.12% +0.1pp
- Gross Margin
- 9.26% −2.1pp
- SG&A / Revenue
- 9.13% −1.9pp
- Non-core / Revenue
- 3.80% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (96.7% 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 25.1bn against investing cash flow of 3.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +28.5bn. Financing cash flow was negative +12.2bn.
CFO / net income was 0,62 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 96.7% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +76.2%, other profit at +20.5% of PBT.
- Non-core / PBT
- 96.7% high
- Net financial / PBT
- 76.2%
- Other profit / PBT
- 20.5%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 2.23%, broadly flat versus the same period. That translates to 2.23 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.2pp, but capital turnover rose 0.08x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 2.23% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.7 days versus the same period last year. The main moves came from DIO fell 21.4 days, DSO rose 1.1 days, and DPO fell 6.7 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +1.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 4.9% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.40x and interest coverage only at 1.49x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 9.4% of debt, and total debt stands at 72.5bn.
- Net Debt / Equity
- 0.40x −0.71x
- Interest Coverage
- 1.49x +0.15x
- Cash / Debt
- 9.4% +3.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.49x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.96x equity, net debt at 0.40x equity.
Inventory ended the period at 40.0bn, roughly 12.9% of total assets.
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 balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 2.2%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 76.2% of PBT and CFO / net income currently at 0.62x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +5,9% YoY pace or begins to slow.
Whether margins hold around the current 3.12% level or narrow again.
Whether operating cash flow holds its 25.1bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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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.