Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 29.7bn, rose 10.7bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher tax, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.53x
- P/B
- 1.21x
- EPS
- 3,033
- BVPS
- 16,311
- ROE
- 21.7%
- ROA
- 17.3%
- Market price
- 19,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PPP has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Tax
- Administrative expenses
- Selling 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 | 42.1 | 37.4 | 41.3 | 32.5 | 31.1 | 34.9 | 36.5 | 33.4 |
| LNST | 9.1 | 10.8 | 6.4 | 3.3 | 4.3 | 4.5 | 5.4 | 4.7 |
| Net margin | 21.68% | 28.88% | 15.55% | 10.09% | 13.90% | 12.97% | 14.88% | 14.09% |
Revenue
42bnNet income
9bnNet margin
21.68%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 12.9% year on year — not from a single spike: quarterly growth stepped up from −3% to +36%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 153bn +12.9%
- Latest quarter YoY
- +36% accelerating
What is driving the margin?
▲▲Net margin expanded to 19.33%, rising 5.4pp. The main driver is Gross margin rose 2.1pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 4.0pp and Net financial result / Revenue rose 0.3pp).
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
- 19.33% +5.4pp
- Gross Margin
- 37.75% +2.1pp
- SG&A / Revenue
- 19.12% −0.2pp
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 16.8bn against investing cash flow of -9.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +7.6bn. Financing cash flow was negative +6.9bn.
CFO / net income was 1,01 lần.
After spending +1.7bn on fixed-asset investment, the business generated trailing free cash flow of +28.1bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 22.9% of pre-tax profit — worth monitoring.
Within that, net financial result at +5.7%, other profit at +17.2% of PBT.
- Non-core / PBT
- 22.9% moderate
- Net financial / PBT
- 5.7%
- Other profit / PBT
- 17.2%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 2.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 18.36%, rising 3.2pp. That translates to 18.36 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.1pp and capital turnover rose 0.06x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
●Cash conversion cycle lengthened by 2.8 days versus the same period last year. The main moves came from DIO rose 9.0 days, DSO fell 6.9 days, and DPO fell 0.7 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 141.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +9.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 14.8% to 21.7% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 16.8bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.02x and interest coverage at 160.74x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 333.9% of debt, and total debt stands at 1.3bn.
- Net Debt / Equity
- −0.02x +0.00x
- Interest Coverage
- 160.74x −137.61x
- Cash / Debt
- 333.9% +99.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 0.27x equity, with a net cash position equivalent to 0.02x equity.
Inventory ended the period at 40.1bn, roughly 22.7% of total assets.
Over the last 12 months, working capital released 1.0bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
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 operating efficiency, with net margin improving 5.4 pp. The next item to monitor is the earnings mix, when non-core contribution is 17.2%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 141 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 19.33% after expanding 5.4pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.01x. Even so, net financial result still accounts for 17.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 141.2 days.
What to verify next
Questions for the next period
Whether revenue sustains its +12,9% YoY pace or begins to slow.
Whether margins hold around the current 19.33% level or narrow again.
Whether operating cash flow holds its 16.8bn (cumulative for 2025) level in upcoming periods or weakens.
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