Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 360.3bn, rose 2.6bn compared with the same period last year. Key positives came from higher gross profit, lower selling expenses, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 17.66x
- P/B
- 2.41x
- EPS
- 2,073
- BVPS
- 15,197
- ROE
- 16.1%
- ROA
- 12.1%
- Market price
- 36,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, IMP is in an offsetting state — revenue softened slightly but margins improved — profit is at an all-time high. What is still missing is a signal strong enough to tilt this picture clearly in either direction.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Finance costs
- Administrative expenses
- Other 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 | 562.2 | 546.2 | 640.8 | 573.6 | 632.7 | 594.1 | 652.1 | 544.7 |
| LNST | 93.9 | 82.0 | 107.5 | 76.9 | 90.3 | 74.5 | 120.6 | 72.4 |
| Net margin | 16.71% | 15.02% | 16.77% | 13.41% | 14.27% | 12.53% | 18.50% | 13.29% |
Revenue
562bnNet income
94bnNet margin
16.71%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 declined 4.2% year on year — but the quarterly pace is slowing (+5% → −11%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,323bn −4.2%
- Latest quarter YoY
- −11% slowing
What is driving the margin?
▲Net margin edged up to 15.51%, rising 0.8pp. Core operating signals are improving as Gross margin rose 2.3pp are enough to offset pressure from SG&A / Revenue rose 1.3pp (with lingering pressure from Other profit / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 15.51% +0.8pp
- Gross Margin
- 42.00% +2.3pp
- SG&A / Revenue
- 21.88% +1.3pp
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 54.2bn against investing cash flow of -76.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +22.4bn. Financing cash flow was positive +49.7bn.
CFO / net income was 0,80 lần.
After spending +36.3bn on fixed-asset investment, the business generated trailing free cash flow of +251.6bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −2.5%, other profit at +0.2% of PBT.
- Non-core / PBT
- 0.2% low
- Net financial / PBT
- −2.5%
- Other profit / PBT
- 0.2%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 15.49%, falling 1.0pp. That translates to 15.49 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.12x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 166bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 15.5 days versus the same period last year. The main moves came from DIO rose 9.0 days, DSO rose 11.6 days, and DPO rose 5.1 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 215.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +11.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 17.0% to 16.1% — asset turnover weakened the most, though net margin and leverage still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 13.78x.
At present, short-term debt accounts for 48.8% of total debt, cash equals 80.3% of debt, and total debt stands at 195.2bn.
- Net Debt / Equity
- 0.02x −0.05x
- Interest Coverage
- 13.78x +0.71x
- Cash / Debt
- 80.3% +15.7pp
- Short-term Debt / Total Debt
- 48.8% +10.6pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.21x equity, net debt at 0.02x equity.
Inventory ended the period at 677.7bn, roughly 24.4% of total assets.
Over the last 12 months, working capital absorbed 140.5bn of cash, mainly because of higher receivables and higher inventories.
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 earnings conversion is confirmed, with CFO/NI at 0.80x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 215 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.80x.
- Key risk: working capital remains tied up for too long, with cash cycle at 215.3 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −4,2% YoY decline or keeps falling.
Whether margins hold around the current 15.51% level or narrow again.
Whether operating cash flow holds its 54.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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