Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 21.4bn, rose 24.8bn compared with the same period last year. Key positives came from higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.64x
- P/B
- 0.48x
- EPS
- 1,787
- BVPS
- 13,598
- ROE
- 13.5%
- ROA
- 11.0%
- Market price
- 6,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, LPT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit momentum has been slowing across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
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 | 145.5 | 113.3 | 78.3 | 74.1 | 83.2 | 81.1 | 72.7 | 71.8 |
| LNST | 3.1 | 6.4 | 8.0 | 3.9 | 0.3 | -3.1 | -2.3 | 1.8 |
| Net margin | 2.15% | 5.64% | 10.21% | 5.31% | 0.37% | -3.88% | -3.15% | 2.49% |
Revenue
145bnNet income
3bnNet margin
2.15%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 grew 33.1% year on year — not from a single spike: quarterly growth stepped up from +3% to +75%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 411bn +33.1%
- Latest quarter YoY
- +75% accelerating
What is driving the margin?
▲▲Net margin expanded to 5.21%, rising 6.3pp. The main driver is Gross margin rose 5.9pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.5pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 5.21% +6.3pp
- Gross Margin
- 8.15% +5.9pp
- SG&A / Revenue
- 2.08% −0.8pp
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 14.3bn against investing cash flow of -3.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +10.5bn. Financing cash flow was negative +11.0bn.
CFO / net income was 0,58 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 99% of pre-tax profit comes from core operations.
Within that, net financial result at +0.2%, other profit at +0.7% of PBT.
- Non-core / PBT
- 0.9% low
- Net financial / PBT
- 0.2%
- Other profit / PBT
- 0.7%
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 24.0 days versus the same period last year. The main moves came from DIO fell 20.1 days, DSO fell 7.5 days, and DPO fell 3.7 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 128.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −2.1% to 13.5% — all three components improved.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 14.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.00x and interest coverage at 383.25x.
At present, short-term debt accounts for 17.6% of total debt, cash equals 164.0% of debt, and total debt stands at 0.9bn.
- Net Debt / Equity
- −0.00x
- Interest Coverage
- 383.25x
- Cash / Debt
- 164.0%
- Short-term Debt / Total Debt
- 17.6%
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.14x equity, with a net cash position equivalent to 0.00x equity.
Inventory ended the period at 80.4bn, roughly 45.9% of total assets.
Over the last 12 months, working capital absorbed 16.4bn 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 showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. Even so, capital efficiency remains the area to verify in upcoming periods. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 129 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.21% after expanding 6.3pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 128.6 days.
What to verify next
Questions for the next period
Whether revenue sustains its +33,1% YoY pace or begins to slow.
Whether margins hold around the current 5.21% level or narrow again.
Whether operating cash flow holds its 14.3bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.