Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 39.0bn, rose 23.2bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and higher financial income. Offsetting pressure came mainly from higher finance costs, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.74x
- P/B
- 0.29x
- EPS
- 452
- BVPS
- 11,913
- ROE
- 4.1%
- ROA
- 1.4%
- Market price
- 3,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PLP is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Financial income
- Finance costs
- 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 | 1,062.9 | 550.0 | 937.3 | 692.7 | 683.7 | 561.1 | 638.4 | 516.9 |
| LNST | 29.8 | 1.0 | 1.6 | 6.0 | 7.8 | 5.9 | 1.8 | 0.3 |
| Net margin | 2.81% | 0.19% | 0.17% | 0.87% | 1.14% | 1.05% | 0.29% | 0.06% |
Revenue
1,063bnNet income
30bnNet margin
2.81%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 35.1% year on year — not from a single spike: quarterly growth stepped up from +34% to +55%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,243bn +35.1%
- Latest quarter YoY
- +55% accelerating
What is driving the margin?
▲Net margin edged up to 1.19%, rising 0.5pp. Despite pressure from SG&A / Revenue rose 0.4pp and Gross margin fell 0.3pp, the offset came from Other profit / Revenue rose 1.8pp (pressure remains from Net financial result / Revenue fell 0.6pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 1.19% +0.5pp
- Gross Margin
- 7.68% −0.3pp
- SG&A / Revenue
- 2.85% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -316.7bn against investing cash flow of -159.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +475.6bn. Financing cash flow was positive +492.8bn.
CFO / net income was −10,68 lần.
After spending +112.2bn on fixed-asset investment, the business generated trailing free cash flow of −528.6bn.
Earnings Quality
▲How much income is non-core?
About 96% of pre-tax profit comes from core operations.
Within that, net financial result at −302.9%, other profit at +4.3% of PBT.
- Non-core / PBT
- 4.3% low
- Net financial / PBT
- −302.9%
- Other profit / PBT
- 4.3%
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 0.8 days versus the same period last year. The main moves came from DIO rose 0.9 days, DSO fell 0.7 days, and DPO rose 1.0 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 107.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +0.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 2.0% to 4.1% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 528.6bn due to capex of 112.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.49x and interest coverage only at 0.31x.
At present, short-term debt accounts for 76.6% of total debt, cash equals 1.0% of debt, and total debt stands at 1,612.3bn.
- Net Debt / Equity
- 1.49x −0.05x
- Interest Coverage
- 0.31x −0.49x
- Cash / Debt
- 1.0% +0.2pp
- Short-term Debt / Total Debt
- 76.6% +7.1pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.49x, increasing balance-sheet pressure.
Interest coverage is 0.31x, leaving limited room to absorb financing costs.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 1.90x equity, net debt at 1.49x equity.
Inventory ended the period at 381.6bn, roughly 12.6% of total assets.
Over the last 12 months, working capital absorbed 498.3bn of cash, mainly because of higher receivables and higher inventories.
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 leverage and liquidity remaining the main constraint, with interest coverage at 0.31x. The next watchpoint is capital efficiency.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.31x.
What to verify next
Questions for the next period
Whether revenue sustains its +35,1% YoY pace or begins to slow.
Whether margins hold around the current 1.19% level or narrow again.
Whether operating cash flow holds its -316.7bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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