Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 14.6bn, fell 5.1bn compared with the same period last year. Key positives came from lower tax and lower minority interests. Offsetting pressure came mainly from higher selling expenses and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.48x
- P/B
- 0.63x
- EPS
- 1,244
- BVPS
- 14,708
- ROE
- 8.0%
- ROA
- 3.3%
- Market price
- 9,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PSE is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Tax
- Minority interests
- Selling expenses
- Gross profit
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 | 1,277.0 | 1,094.8 | 736.6 | 734.2 | 1,368.8 | 770.7 | 718.2 | 856.6 |
| LNST | 6.7 | 4.3 | 4.7 | 3.7 | 9.2 | 4.4 | 8.0 | 4.6 |
| Net margin | 0.53% | 0.39% | 0.64% | 0.50% | 0.68% | 0.57% | 1.12% | 0.53% |
Revenue
1,277bnNet income
7bnNet margin
0.53%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 3.5% year on year — not from a single spike: quarterly growth stepped up from −14% to −7%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,843bn +3.5%
- Latest quarter YoY
- −7% accelerating
What is driving the margin?
●Net margin stands at 0.51%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.51% −0.2pp
- Gross Margin
- 2.35% −0.2pp
- SG&A / Revenue
- 1.82% +0.1pp
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 7.7bn against investing cash flow of -1.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +6.0bn. Financing cash flow was negative +2.9bn.
CFO / net income was −0,06 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 100% of pre-tax profit comes from core operations.
Within that, net financial result at +0.2% of PBT.
- Non-core / PBT
- 0.2% low
- Net financial / PBT
- 0.2%
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 lengthened by 1.0 days versus the same period last year. The main moves came from DIO fell 0.8 days, DSO rose 0.7 days, and DPO fell 1.2 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +1.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 14.8% to 10.6% — dragged by net margin and leverage together, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 7.7bn.
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
- −0.17x
- 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 0.71x equity, with a net cash position equivalent to 0.17x equity.
Inventory ended the period at 32.9bn, roughly 11.0% of total assets.
Over the last 12 months, working capital absorbed 16.4bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at −0.06x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.06x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +3,5% YoY pace or begins to slow.
Whether margins hold around the current 0.51% level or narrow again.
Whether operating cash flow holds its 7.7bn (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.