Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 12.3bn, rose 11.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.74x
- P/B
- 0.24x
- EPS
- 386
- BVPS
- 10,815
- ROE
- 3.6%
- ROA
- 2.1%
- Market price
- 2,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ITQ is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Selling expenses
- Finance costs
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 | 214.5 | 164.6 | 174.4 | 185.8 | 161.1 | 119.7 | 153.6 | 139.1 |
| LNST | 6.9 | 1.1 | 2.1 | 2.3 | 0.7 | 0.1 | 0.3 | 0.3 |
| Net margin | 3.22% | 0.64% | 1.19% | 1.22% | 0.41% | 0.10% | 0.19% | 0.19% |
Revenue
214bnNet income
7bnNet margin
3.22%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 28.9% year on year, with the quarterly pace steady around +33%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 739bn +28.9%
- Latest quarter YoY
- +33% steady
What is driving the margin?
▲Net margin edged up to 1.66%, rising 1.4pp. Core operating signals are improving as Gross margin rose 2.9pp are enough to offset pressure from SG&A / Revenue rose 1.4pp.
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.66% +1.4pp
- Gross Margin
- 7.61% +2.9pp
- SG&A / Revenue
- 4.62% +1.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -24.4bn against investing cash flow of 5.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +19.4bn. Financing cash flow was positive +34.4bn.
CFO / net income was −1,29 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?
About 96% of pre-tax profit comes from core operations.
Within that, net financial result at −81.2%, other profit at +4.0% of PBT.
- Non-core / PBT
- 4.0% low
- Net financial / PBT
- −81.2%
- Other profit / PBT
- 4.0%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.9 days versus the same period last year. The main moves came from DIO fell 14.5 days, DSO fell 11.7 days, and DPO fell 7.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 167.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 0.4% to 3.6% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.46x and interest coverage only at 1.02x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 7.9% of debt, and total debt stands at 173.6bn.
- Net Debt / Equity
- 0.46x +0.00x
- Interest Coverage
- 1.02x +0.91x
- Cash / Debt
- 7.9% +2.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.02x, 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 0.69x equity, net debt at 0.46x equity.
Inventory ended the period at 216.5bn, roughly 37.9% 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 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 1.4 pp. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.02x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.66% after expanding 1.4pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.02x.
What to verify next
Questions for the next period
Whether revenue sustains its +28,9% YoY pace or begins to slow.
Whether margins hold around the current 1.66% level or narrow again.
Whether operating cash flow holds its -24.4bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
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.