Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 14.7bn, fell 15.3bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower gross profit, lower financial income, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.05x
- P/B
- 1.06x
- EPS
- -969
- BVPS
- 6,441
- ROE
- -14.0%
- ROA
- -4.2%
- Market price
- 6,830 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PIT posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Financial income
- Selling expenses
- 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 | 113.1 | 151.5 | 188.6 | 184.7 | 197.9 | 120.8 | 160.4 | 147.5 |
| LNST | -11.6 | -0.6 | -2.0 | -0.5 | 3.5 | -3.1 | 0.2 | -0.1 |
| Net margin | -10.25% | -0.41% | -1.07% | -0.27% | 1.75% | -2.54% | 0.12% | -0.05% |
Revenue
113bnNet income
-12bnNet margin
-10.25%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 1.8% year on year — but the quarterly pace is slowing (+25% → −43%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 638bn +1.8%
- Latest quarter YoY
- −43% slowing
What is driving the margin?
▼Net margin fell to −2.31%, losing 2.4pp. The main pressure comes from Gross margin fell 1.6pp and SG&A / Revenue rose 0.6pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −2.31% −2.4pp
- Gross Margin
- 7.13% −1.6pp
- SG&A / Revenue
- 7.15% +0.6pp
- Non-core / Revenue
- −2.30% −0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (99.3% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 12.0bn against investing cash flow of -1.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +10.3bn. Financing cash flow was negative +13.0bn.
CFO / net income was −5,28 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?
Non-core income reaches 99.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +94.2%, other profit at +5.1% of PBT.
- Non-core / PBT
- 99.3% high
- Net financial / PBT
- 94.2%
- Other profit / PBT
- 5.1%
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
▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 8.6 days versus the same period last year. The main moves came from DIO fell 6.6 days, DSO rose 5.4 days, and DPO fell 9.9 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 141.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +5.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 0.5% to −14.0% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.89x and interest coverage only at −0.76x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 4.2% of debt, and total debt stands at 192.7bn.
- Net Debt / Equity
- 1.89x −0.43x
- Interest Coverage
- −0.76x −0.80x
- Cash / Debt
- 4.2% +1.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.89x, increasing balance-sheet pressure.
Interest coverage is −0.76x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 1.88x equity, net debt at 1.89x equity.
Inventory ended the period at 105.5bn, roughly 33.2% of total assets.
Over the last 12 months, working capital released 85.7bn of cash, mainly thanks to lower inventories. Pressure from higher receivables 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 2.4 pp. The next watchpoint is the earnings mix, when non-core contribution is 94.2%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 94.2% of PBT and CFO / net income currently at −5.28x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -2.31% after a 2.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +1,8% YoY pace or begins to slow.
Whether margins hold around the current -2.31% level or narrow again.
Whether operating cash flow holds its 12.0bn (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?
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.
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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.
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or risks may be present?
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