Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 84.1bn, fell 88.6bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, lower tax, and better other profit. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 17.57x
- P/B
- 0.98x
- EPS
- 683
- BVPS
- 12,288
- ROE
- 6.0%
- ROA
- 3.1%
- Market price
- 12,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, LAS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — 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
- Selling expenses
- Tax
- Other profit
- Gross profit
- Finance costs
- Other
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 | 530.8 | 1,704.7 | 368.0 | 708.1 | 1,081.9 | 1,585.8 | 604.2 | 812.3 |
| LNST | 6.9 | 37.0 | 20.1 | 20.1 | 51.2 | 71.8 | 17.1 | 32.7 |
| Net margin | 1.29% | 2.17% | 5.47% | 2.84% | 4.73% | 4.52% | 2.83% | 4.02% |
Revenue
531bnNet income
7bnNet margin
1.29%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 declined 18.9% year on year — but the quarterly pace is slowing (−13% → −51%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,312bn −18.9%
- Latest quarter YoY
- −51% slowing
What is driving the margin?
▼Net margin fell to 2.54%, losing 1.7pp. The main pressure is Gross margin fell 3.8pp, outweighing the improvement in SG&A / Revenue fell 1.8pp (in addition, Other profit / Revenue rose 0.6pp added support while Net financial result / Revenue fell 0.7pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.54% −1.7pp
- Gross Margin
- 13.33% −3.8pp
- SG&A / Revenue
- 9.98% −1.8pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -353.7bn against investing cash flow of 496.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +143.0bn. Financing cash flow was negative +138.5bn.
CFO / net income was −3,11 lần.
After spending +174.2bn on fixed-asset investment, the business generated trailing free cash flow of −435.3bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 10.7% of pre-tax profit — worth monitoring.
Within that, net financial result at −15.6%, other profit at +10.7% of PBT.
- Non-core / PBT
- 10.7% moderate
- Net financial / PBT
- −15.6%
- Other profit / PBT
- 10.7%
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 3.73%, losing 6.0pp. That translates to 3.73 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.1pp and capital turnover fell 0.56x, while invested capital rose by 163bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 3.73% — 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 66.9 days versus the same period last year. The main moves came from DIO rose 55.7 days, DSO rose 9.0 days, and DPO fell 2.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 189.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +9.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 12.1% to 6.0% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 435.3bn due to capex of 174.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.43x and interest coverage at 2.33x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 7.4% of debt, and total debt stands at 639.5bn.
- Net Debt / Equity
- 0.43x +0.00x
- Interest Coverage
- 2.33x −7.30x
- Cash / Debt
- 7.4% +3.4pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 7.4%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.71x equity, net debt at 0.43x equity.
Inventory ended the period at 1,705.3bn, roughly 67.8% 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 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 −3.11x. The main risk still sits in core profitability, with net margin down 1.7 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −3.11x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 2.54% after a 1.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −18,9% YoY decline or keeps falling.
Whether margins hold around the current 2.54% level or narrow again.
Whether operating cash flow holds its -353.7bn (cumulative for 2025) level in upcoming periods or weakens.
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