Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 5.2bn, rose 1.4bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.07x
- P/B
- 0.71x
- EPS
- 344
- BVPS
- 9,765
- ROE
- 3.5%
- ROA
- 2.1%
- Market price
- 6,900 08 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PDC has not accelerated revenue sharply, but profitability is improving visibly. 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
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 | 12.0 | 11.0 | 12.8 | 8.7 | 11.3 | 11.6 | 10.8 | 10.8 |
| LNST | 1.0 | 1.0 | 0.8 | 2.3 | 0.9 | 1.9 | -1.3 | 2.2 |
| Net margin | 8.26% | 9.40% | 6.47% | 26.49% | 8.22% | 16.30% | -12.09% | 20.34% |
Revenue
12bnNet income
1bnNet margin
8.26%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 0.1% year on year — not from a single spike: quarterly growth stepped up from −20% to +6%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 45bn +0.1%
- Latest quarter YoY
- +6% accelerating
What is driving the margin?
▲▲Net margin expanded to 11.58%, rising 3.2pp. The main driver is Gross margin rose 4.4pp and SG&A / Revenue fell 1.1pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 11.58% +3.2pp
- Gross Margin
- 41.31% +4.4pp
- SG&A / Revenue
- 27.41% −1.1pp
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 1.1bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +1.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was 0,14 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 +0.1%, other profit at +0.7% of PBT.
- Non-core / PBT
- 0.8% low
- Net financial / PBT
- 0.1%
- Other profit / PBT
- 0.7%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 121.2 days versus the same period last year. The main moves came from DIO fell 0.0 days, DSO rose 15.8 days, and DPO fell 105.4 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +121.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +15.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 2.6% to 3.5% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 1.1bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.02x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.67x equity, with a net cash position equivalent to 0.02x equity.
None
Over the last 12 months, working capital absorbed 17.6bn of cash, mainly because of higher receivables and higher inventories.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 3.2 pp. The next item to monitor is capital structure should be read with cycle risk in mind.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.58% after expanding 3.2pp versus the same period last year.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Whether revenue sustains its +0,1% YoY pace or begins to slow.
Whether margins hold around the current 11.58% level or narrow again.
Whether operating cash flow holds its 1.1bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.