Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 36.0bn, fell 9.6bn compared with the same period last year. Key positives came from lower administrative expenses and lower tax. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.58x
- P/B
- 1.11x
- EPS
- 2,363
- BVPS
- 16,090
- ROE
- 15.0%
- ROA
- 5.9%
- Market price
- 17,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, LAF is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive 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
- Tax
- Gross profit
- Finance costs
- Selling 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 | 175.4 | 134.0 | 278.6 | 127.0 | 134.6 | 75.8 | 150.5 | 104.4 |
| LNST | 5.9 | 6.3 | 16.2 | 7.6 | 12.4 | 3.8 | 16.3 | 13.1 |
| Net margin | 3.34% | 4.67% | 5.83% | 6.02% | 9.21% | 5.07% | 10.85% | 12.53% |
Revenue
175bnNet income
6bnNet margin
3.34%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 53.7% year on year — not from a single spike: quarterly growth stepped up from +22% to +30%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 715bn +53.7%
- Latest quarter YoY
- +30% accelerating
What is driving the margin?
▼▼Net margin fell to 5.03%, losing 4.8pp. The main pressure is Gross margin fell 8.3pp, outweighing the improvement in SG&A / Revenue fell 2.8pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.6pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 5.03% −4.8pp
- Gross Margin
- 13.29% −8.3pp
- SG&A / Revenue
- 5.54% −2.8pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -119.0bn against investing cash flow of -26.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +145.9bn. Financing cash flow was positive +150.7bn.
CFO / net income was −0,34 lần.
After spending +42.8bn on fixed-asset investment, the business generated trailing free cash flow of −55.1bn.
Earnings Quality
▲How much income is non-core?
About 94% of pre-tax profit comes from core operations.
Within that, net financial result at −16.0%, other profit at +5.5% of PBT.
- Non-core / PBT
- 5.5% low
- Net financial / PBT
- −16.0%
- Other profit / PBT
- 5.5%
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 6.48%, losing 4.8pp. That translates to 6.48 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 4.9pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 163bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 47.9 days versus the same period last year. The main moves came from DIO fell 51.1 days, DSO fell 0.6 days, and DPO fell 3.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 245.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 20.4% to 15.0% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.60x and interest coverage only at 2.70x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.8% of debt, and total debt stands at 402.6bn.
- Net Debt / Equity
- 1.60x +0.33x
- Interest Coverage
- 2.70x −1.77x
- Cash / Debt
- 2.8% +1.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.60x, increasing balance-sheet pressure.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Leverage is elevated, requiring monitoring — liabilities at 1.27x equity, net debt at 1.60x equity.
Inventory ended the period at 284.8bn, roughly 48.7% of total assets.
Over the last 12 months, working capital absorbed 66.8bn of cash, mainly because of higher receivables and higher inventories.
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 earnings conversion is confirmed, with CFO/NI at −0.34x. The main risk still sits in core profitability, with net margin down 4.8 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.34x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 5.03% after a 4.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +53,7% YoY pace or begins to slow.
Whether margins hold around the current 5.03% level or narrow again.
Whether operating cash flow holds its -119.0bn (cumulative for 2025) level in upcoming periods or weakens.
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