Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 47.0bn, rose 40.9bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from lower financial income and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.66x
- P/B
- 0.51x
- EPS
- 1,838
- BVPS
- 49,314
- ROE
- 3.8%
- ROA
- 3.0%
- Market price
- 25,100 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MKP has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Financial income
- 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 | 203.9 | 207.9 | 342.8 | 226.3 | 197.5 | 229.7 | 244.8 | 204.9 |
| LNST | 2.0 | 1.6 | 53.1 | -9.7 | -15.9 | -13.5 | 28.9 | 6.5 |
| Net margin | 0.98% | 0.78% | 15.48% | -4.28% | -8.04% | -5.86% | 11.80% | 3.18% |
Revenue
204bnNet income
2bnNet margin
0.98%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 11.9% year on year — but the quarterly pace is slowing (+10% → +3%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 981bn +11.9%
- Latest quarter YoY
- +3% slowing
What is driving the margin?
▲▲Net margin expanded to 4.79%, rising 4.1pp. The main driver is Gross margin rose 6.4pp and SG&A / Revenue fell 3.7pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 6.0pp).
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
- 4.79% +4.1pp
- Gross Margin
- 30.84% +6.4pp
- SG&A / Revenue
- 26.36% −3.7pp
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 64.8bn against investing cash flow of 28.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +92.8bn. Financing cash flow was negative +12.6bn.
CFO / net income was 3,63 lần.
After spending +28.4bn on fixed-asset investment, the business generated trailing free cash flow of +142.2bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 26.2% of pre-tax profit — worth monitoring.
Within that, net financial result at +24.5%, other profit at +1.7% of PBT.
- Non-core / PBT
- 26.2% moderate
- Net financial / PBT
- 24.5%
- Other profit / PBT
- 1.7%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.5 days versus the same period last year. The main moves came from DIO fell 14.9 days, DSO fell 2.8 days, and DPO fell 4.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 372.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 0.5% to 3.8% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 64.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.03x and interest coverage at 27.12x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.03x
- Interest Coverage
- 27.12x +20.81x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.03x equity.
Inventory ended the period at 640.5bn, roughly 38.6% of total assets.
Over the last 12 months, working capital released 145.4bn of cash, mainly thanks to lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to cash flow. Even so, the earnings mix remains the area to verify in upcoming periods, when non-core contribution is 24.5%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 372 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.79% after expanding 4.1pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.63x. Even so, net financial result still accounts for 24.5% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 372.1 days.
What to verify next
Questions for the next period
Whether revenue sustains its +11,9% YoY pace or begins to slow.
Whether margins hold around the current 4.79% level or narrow again.
Whether operating cash flow holds its 64.8bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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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.