Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 44.1bn, rose 2.0bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.90x
- P/B
- 1.18x
- EPS
- 2,739
- BVPS
- 15,982
- ROE
- 17.5%
- ROA
- 12.2%
- Market price
- 18,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PNP shows mild improvement in both revenue and margins, but the magnitude of change is narrow — profit is at an all-time high. This signal only becomes convincing if the improvement widens in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Finance costs
- Administrative expenses
- Other profit
- Tax
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 | 85.9 | 87.9 | 95.7 | 86.5 | 90.1 | 80.4 | 87.3 | 91.5 |
| LNST | 10.8 | 11.4 | 11.4 | 10.5 | 11.7 | 10.0 | 9.0 | 11.4 |
| Net margin | 12.59% | 13.01% | 11.89% | 12.11% | 12.95% | 12.47% | 10.31% | 12.43% |
Revenue
86bnNet income
11bnNet margin
12.59%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 1.9% year on year, with the quarterly pace steady around −5%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 356bn +1.9%
- Latest quarter YoY
- −5% steady
What is driving the margin?
●Net margin edged up to 12.39%, rising 0.3pp. Core operating signals are improving as Gross margin rose 2.1pp are enough to offset pressure from SG&A / Revenue rose 2.1pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.1pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 12.39% +0.3pp
- Gross Margin
- 26.28% +2.1pp
- SG&A / Revenue
- 10.78% +2.1pp
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 176.7bn against investing cash flow of -36.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +140.5bn. Financing cash flow was negative +40.2bn.
CFO / net income was 1,93 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 98% of pre-tax profit comes from core operations.
Within that, net financial result at +0.8%, other profit at +0.9% of PBT.
- Non-core / PBT
- 1.7% low
- Net financial / PBT
- 0.8%
- Other profit / PBT
- 0.9%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 25.34%, rising 0.4pp. That translates to 25.34 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.4pp, with capital turnover broadly stable; with invested capital holding roughly steady.
A small uptick from the NOPAT margin side — not yet enough to call a quality shift; watch whether this momentum continues.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 30.2 days versus the same period last year. The main moves came from DIO rose 0.4 days, DSO rose 48.0 days, and DPO rose 18.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +30.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +48.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 18.1% to 17.5% — asset turnover weakened the most, though net margin still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 176.7bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.29x and interest coverage at 11.63x.
At present, short-term debt accounts for 24.1% of total debt, cash equals 224.1% of debt, and total debt stands at 60.0bn.
- Net Debt / Equity
- −0.29x +0.03x
- Interest Coverage
- 11.63x +1.28x
- Cash / Debt
- 224.1% −34.7pp
- Short-term Debt / Total Debt
- 24.1% −5.3pp
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.54x equity, with a net cash position equivalent to 0.29x 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 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 earnings conversion is confirmed, with CFO/NI at 1.93x. The next item to monitor is cash generation still needs confirmation.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.93x.
- Watchpoint: Cash generation still needs confirmation.
What to verify next
Questions for the next period
Whether revenue sustains its +1,9% YoY pace or begins to slow.
Whether margins hold around the current 12.39% level or narrow again.
Whether operating cash flow holds its 176.7bn (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.