Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 8.2bn, rose 5.3bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.78x
- P/B
- 2.07x
- EPS
- 2,324
- BVPS
- 9,839
- ROE
- 32.9%
- ROA
- 31.0%
- Market price
- 20,400 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PPE is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, a significant portion of profit is supported by non-core sources, affecting earnings quality.
Profit bridge
Vs last year · TTM
- Financial income
- 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 | — | 114.4 | 141.5 | 67.8 | — | 0.0 | 0.0 | 3.7 |
| LNST | 5.1 | 2.2 | 1.5 | 0.2 | -0.0 | 0.1 | 2.2 | 0.5 |
| Net margin | — | 1.93% | 1.07% | 0.27% | — | — | — | 13.95% |
Revenue
114bnNet income
5bnNet margin
1.93%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
- 0.89% −55.2pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (57.0% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1.5bn against investing cash flow of -16.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +14.8bn. Financing cash flow was positive +15.7bn.
CFO / net income was 0,02 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 57.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +57.0% of PBT.
- Non-core / PBT
- 57.0% high
- Net financial / PBT
- 57.0%
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?
Financial risk is low — the company has net cash and CFO reached 1.5bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.13x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.26x equity, with a net cash position equivalent to 0.13x equity.
None
Over the last 12 months, working capital absorbed 1.7bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.
In summary
Research synthesis
What this reporting period is showing
The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.13x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.13x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 57.0% of PBT and CFO / net income currently at 0.02x.
What to verify next
Questions for the next period
Whether revenue sustains its +6462,8% YoY pace or begins to slow.
Whether margins hold around the current 2.80% level or narrow again.
Whether operating cash flow holds its 1.5bn (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.