Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 49.0bn, rose 19.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher tax, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.49x
- P/B
- 1.39x
- EPS
- 6,688
- BVPS
- 21,510
- ROE
- 32.7%
- ROA
- 18.4%
- Market price
- 30,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PJC is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Tax
- Other 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 | 526.9 | 403.3 | 367.6 | 326.5 | 306.3 | 289.7 | 305.3 | 285.4 |
| LNST | 13.2 | 15.1 | 13.4 | 7.3 | 8.4 | 7.3 | 9.2 | 4.9 |
| Net margin | 2.50% | 3.74% | 3.64% | 2.25% | 2.75% | 2.51% | 3.03% | 1.70% |
Revenue
527bnNet income
13bnNet margin
2.50%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 36.9% year on year — not from a single spike: quarterly growth stepped up from +14% to +72%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,624bn +36.9%
- Latest quarter YoY
- +72% accelerating
What is driving the margin?
▲Net margin edged up to 3.02%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 1.0pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.02% +0.5pp
- Gross Margin
- 10.56% −1.0pp
- SG&A / Revenue
- 6.84% −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 53.1bn against investing cash flow of -5.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +47.9bn. Financing cash flow was negative +20.6bn.
CFO / net income was 1,05 lần.
After spending +8.1bn on fixed-asset investment, the business generated trailing free cash flow of +43.2bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at +1.2%, other profit at +0.5% of PBT.
- Non-core / PBT
- 1.8% low
- Net financial / PBT
- 1.2%
- Other profit / PBT
- 0.5%
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
●Cash conversion cycle improved by 0.3 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 1.1 days, and DPO fell 1.4 days.
Working capital cycle is flat — components are offsetting each other.
DuPont
What drives ROE?
ROE rose from 21.1% to 32.7% — all three components improved, with asset turnover contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 53.1bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.34x and interest coverage at 1355.72x.
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
- −0.34x
- Interest Coverage
- 1355.72x +1317.09x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.68x equity, with a net cash position equivalent to 0.34x equity.
None
Over the last 12 months, working capital absorbed 11.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive as other financial axes hold their base, even though margin is roughly flat. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.05x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +36,9% YoY pace or begins to slow.
Whether margins hold around the current 3.02% level or narrow again.
Whether operating cash flow holds its 53.1bn (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.