Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 10.6bn, rose 11.4bn compared with the same period last year. Key positives came from higher financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.68x
- P/B
- 8.78x
- EPS
- 609
- BVPS
- 672
- ROE
- 161.4%
- ROA
- 11.2%
- Market price
- 5,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PIV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Financial income
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 | 1.0 | 3.8 | 2.9 | — | 0.2 | 0.1 | 0.2 | 0.0 |
| LNST | 3.0 | 0.0 | 7.7 | -0.1 | -0.2 | -0.1 | -0.3 | -0.2 |
| Net margin | 309.65% | 0.65% | 261.55% | — | -64.21% | -215.16% | -155.35% | -4257.35% |
Revenue
1bnNet income
3bnNet margin
309.65%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 211.56% +291.7pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (100.0% 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 7.4bn against investing cash flow of 80.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +87.6bn. Financing cash flow was negative +62.5bn.
CFO / net income was 4,72 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 100.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +100.0% of PBT.
- Non-core / PBT
- 100.0% high
- Net financial / PBT
- 100.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.2% of debt, and total debt stands at 22.5bn.
- Net Debt / Equity
- 1.89x −102.92x
- Interest Coverage
- None
- Cash / Debt
- 2.2% +2.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.89x, increasing balance-sheet pressure.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 2.05x equity, net debt at 1.89x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is leverage pressure is easing, with net debt/equity down to 1.89x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.02x.
- Improvement: leverage pressure is easing, with net debt / equity down 102.92x to 1.89x.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.72x. Even so, net financial result still accounts for 100.0% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.02x.
What to verify next
Questions for the next period
Whether revenue sustains its +1461,3% YoY pace or begins to slow.
Whether margins hold around the current 132.75% level or narrow again.
Whether operating cash flow holds its 7.4bn (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.