Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 30.3bn, fell 16.6bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, higher associates income, and lower minority interests. Offsetting pressure came mainly from lower gross profit, lower financial income, weaker other profit, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -74.64x
- P/B
- 1.05x
- EPS
- -138
- BVPS
- 9,848
- ROE
- -1.4%
- ROA
- -1.0%
- Market price
- 10,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HTM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Finance costs
- Associates income
- Minority interests
- Gross profit
- Financial income
- Other 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 | 113.2 | 96.0 | 104.3 | 105.8 | 113.8 | 125.8 | 382.5 | 99.5 |
| LNST | -10.2 | 4.5 | -17.7 | -10.1 | 2.0 | 2.9 | -6.2 | -13.0 |
| Net margin | -9.04% | 4.67% | -16.97% | -9.55% | 1.73% | 2.34% | -1.61% | -13.10% |
Revenue
113bnNet income
-10bnNet margin
-9.04%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?
Start with profitability and earnings quality.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 41.9% year on year — but the quarterly pace is slowing (+6% → −1%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 419bn −41.9%
- Latest quarter YoY
- −1% slowing
What is driving the margin?
▼▼Net margin fell to −8.00%, losing 6.0pp. The main pressure is Gross margin fell 23.0pp, outweighing the improvement in SG&A / Revenue fell 8.5pp (in addition, Net financial result / Revenue rose 8.5pp added support while Other profit / Revenue fell 1.6pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −8.00% −6.0pp
- Gross Margin
- 29.28% −23.0pp
- SG&A / Revenue
- 37.42% −8.5pp
- Non-core / Revenue
- −2.43% +6.9pp
TTM YoY · 2025Q2 -> 2026Q2
Profit includes a contribution from non-core sources (30.6% of PBT), not dominant but worth monitoring across periods.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 47.6bn against investing cash flow of -59.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +11.9bn. Financing cash flow was negative +15.7bn.
CFO / net income was −12,63 lần.
After spending +75.2bn on fixed-asset investment, the business generated trailing free cash flow of +307.8bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 30.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +13.8%, other profit at +16.8% of PBT.
- Non-core / PBT
- 30.6% high
- Net financial / PBT
- 13.8%
- Other profit / PBT
- 16.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to −1.05%, falling 0.5pp. That translates to −1.05 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.4pp and capital turnover fell 0.09x, while invested capital contracted by 323bn — 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 −1.05% — 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 75.4 days versus the same period last year. The main moves came from DIO rose 11.0 days, DSO rose 64.6 days, and DPO rose 0.2 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 203.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +64.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −0.6% to −1.5% — all three components weakened.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.12x and interest coverage only at −0.57x.
At present, short-term debt accounts for 74.7% of total debt, cash equals 11.3% of debt, and total debt stands at 286.3bn.
- Net Debt / Equity
- 0.12x −0.14x
- Interest Coverage
- −0.57x −0.45x
- Cash / Debt
- 11.3% +4.3pp
- Short-term Debt / Total Debt
- 74.7% −16.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.57x, leaving limited room to absorb financing costs.
Short-term debt accounts for 74.7% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.40x equity, net debt at 0.12x equity.
None
Over the last 12 months, working capital released 351.6bn 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 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 13.8%. The main risk still sits in core profitability, with net margin down 6.0 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 40.6bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 13.8% of PBT and CFO / net income currently at −12.63x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -8.00% after a 6.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −41,9% YoY decline or keeps falling.
Whether margins hold around the current -8.00% level or narrow again.
Whether operating cash flow holds its 47.6bn (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?
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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.