Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 109.0bn, fell 58.9bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and higher financial income. Offsetting pressure came mainly from weaker other profit, higher selling expenses, higher minority interests, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.02x
- P/B
- 0.69x
- EPS
- 545
- BVPS
- 10,238
- ROE
- 5.6%
- ROA
- 2.9%
- Market price
- 7,100 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, OCH is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Financial income
- Other profit
- Selling expenses
- Minority interests
- Administrative 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 | 307.8 | 176.0 | 160.5 | 663.2 | 178.2 | 128.4 | 137.2 | 576.9 |
| LNST | 2.8 | -24.6 | -15.0 | 181.7 | -23.0 | -43.9 | 40.6 | 205.7 |
| Net margin | 0.92% | -13.98% | -9.32% | 27.41% | -12.91% | -34.23% | 29.59% | 35.66% |
Revenue
308bnNet income
3bnNet margin
0.92%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 28.1% year on year — not from a single spike: quarterly growth stepped up from +15% to +73%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,307bn +28.1%
- Latest quarter YoY
- +73% accelerating
What is driving the margin?
▼Net margin fell to 11.09%, losing 6.5pp. SG&A / Revenue fell 1.7pp and Gross margin rose 0.3pp improved but not enough to offset the weakness in Other profit / Revenue fell 12.1pp (Net financial result / Revenue rose 3.5pp still added support).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 11.09% −6.5pp
- Gross Margin
- 48.01% +0.3pp
- SG&A / Revenue
- 29.64% −1.7pp
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 197.2bn against investing cash flow of -237.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +40.1bn. Financing cash flow was negative +37.9bn.
CFO / net income was 1,84 lần.
After spending +11.3bn on fixed-asset investment, the business generated trailing free cash flow of +189.5bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 14.0% of pre-tax profit — worth monitoring.
Within that, net financial result at −46.3%, other profit at +14.0% of PBT.
- Non-core / PBT
- 14.0% moderate
- Net financial / PBT
- −46.3%
- Other profit / PBT
- 14.0%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 70.1 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.92%, rising 2.1pp. That translates to 3.92 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.9pp and capital turnover rose 0.09x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 3.92% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 81.7 days versus the same period last year. The main moves came from DIO fell 82.1 days, DSO fell 0.7 days, and DPO fell 1.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE fell from 10.1% to 7.5% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.57x and interest coverage only at 1.44x.
At present, short-term debt accounts for 25.6% of total debt, cash equals 11.8% of debt, and total debt stands at 1,331.3bn.
- Net Debt / Equity
- 0.57x −0.14x
- Interest Coverage
- 1.44x +0.88x
- Cash / Debt
- 11.8% +0.9pp
- Short-term Debt / Total Debt
- 25.6% +8.2pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.44x, leaving limited room to absorb financing costs.
Cash / debt stands at 11.8%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is balanced — liabilities at 0.84x equity, net debt at 0.57x equity.
None
Over the last 12 months, working capital released 127.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
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 margins remain under pressure remaining the main constraint, with net margin down 6.5 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.84x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.84x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 11.09% after a 6.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +28,1% YoY pace or begins to slow.
Whether margins hold around the current 11.09% level or narrow again.
Whether operating cash flow holds its 197.2bn (cumulative for 2025) level in upcoming periods or weakens.
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