Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 26.9bn, rose 19.7bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.01x
- P/B
- 0.74x
- EPS
- 1,518
- BVPS
- 10,319
- ROE
- 17.9%
- ROA
- 10.1%
- Market price
- 7,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, LDP has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Finance costs
- Administrative expenses
- 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 | 69.2 | 59.9 | 73.8 | 59.2 | 50.0 | 60.9 | 71.8 | 53.1 |
| LNST | 0.8 | 0.9 | 21.4 | 3.7 | 1.2 | 1.0 | 3.0 | 2.0 |
| Net margin | 1.19% | 1.56% | 29.02% | 6.32% | 2.45% | 1.67% | 4.21% | 3.70% |
Revenue
69bnNet income
1bnNet margin
1.19%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 improved (+7.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 11.1% year on year — not from a single spike: quarterly growth stepped up from +11% to +38%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 262bn +11.1%
- Latest quarter YoY
- +38% accelerating
What is driving the margin?
▲▲Net margin expanded to 10.27%, rising 7.2pp. The main driver is Gross margin rose 3.9pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 6.3pp added support while Net financial result / Revenue fell 1.8pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 10.27% +7.2pp
- Gross Margin
- 35.47% +3.9pp
- SG&A / Revenue
- 26.49% +0.0pp
- Non-core / Revenue
- 2.42% +4.5pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 56.4% of PBT and lifted net margin by 4.5pp — separate the operating contribution from this source.
Cash Flow
▼▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 3.5bn against investing cash flow of -62.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +59.2bn. Financing cash flow was positive +66.4bn.
CFO / net income was 0,04 lần.
After spending +63.0bn on fixed-asset investment, the business generated trailing free cash flow of −62.0bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 56.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −35.2%, other profit at +56.4% of PBT.
- Non-core / PBT
- 56.4% high
- Net financial / PBT
- −35.2%
- Other profit / PBT
- 56.4%
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
▼▼Cash conversion cycle lengthened by 35.6 days versus the same period last year. The main moves came from DIO rose 25.4 days, DSO rose 17.9 days, and DPO rose 7.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 136.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +17.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 7.2% to 17.9% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 62.0bn due to capex of 63.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.24x and interest coverage only at 1.16x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 27.0% of debt, and total debt stands at 62.2bn.
- Net Debt / Equity
- 0.24x −0.18x
- Interest Coverage
- 1.16x −0.01x
- Cash / Debt
- 27.0% −0.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.16x, 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 0.61x equity, net debt at 0.24x equity.
Inventory ended the period at 55.4bn, roughly 18.0% of total assets.
Over the last 12 months, working capital absorbed 27.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 1.16x. The next watchpoint is the earnings mix, when non-core contribution is −35.2%. The main offsetting support comes from operating efficiency, with net margin improving 7.2 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 10.27% after expanding 7.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −35.2% of PBT and CFO / net income currently at 0.04x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.16x.
What to verify next
Questions for the next period
Whether revenue sustains its +11,1% YoY pace or begins to slow.
Whether margins hold around the current 10.27% level or narrow again.
Whether operating cash flow holds its 3.5bn (cumulative for 2025) level in upcoming periods or weakens.
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