Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 16.4bn, rose 6.8bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.28x
- P/B
- 0.49x
- EPS
- 2,954
- BVPS
- 19,728
- ROE
- 15.7%
- ROA
- 7.3%
- Market price
- 9,700 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PTS is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Administrative expenses
- Selling expenses
- 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 | 134.3 | 99.3 | 101.9 | 91.2 | 81.6 | 93.8 | 103.2 | 89.4 |
| LNST | 7.8 | 4.4 | -2.2 | 6.4 | 1.2 | 5.3 | 1.9 | 1.1 |
| Net margin | 5.78% | 4.48% | -2.16% | 7.06% | 1.53% | 5.69% | 1.88% | 1.21% |
Revenue
134bnNet income
8bnNet margin
5.78%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 16.0% year on year — not from a single spike: quarterly growth stepped up from +2% to +65%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 427bn +16.0%
- Latest quarter YoY
- +65% accelerating
What is driving the margin?
▲Net margin edged up to 3.85%, rising 1.2pp. Core operating signals are improving as Gross margin rose 1.0pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (with additional support from Net financial result / Revenue rose 0.9pp).
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
- 3.85% +1.2pp
- Gross Margin
- 14.74% +1.0pp
- SG&A / Revenue
- 9.09% +0.5pp
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 26.9bn against investing cash flow of -16.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +10.8bn. Financing cash flow was negative +7.1bn.
CFO / net income was 2,83 lần.
After spending +16.0bn on fixed-asset investment, the business generated trailing free cash flow of +30.5bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −18.3%, other profit at +1.0% of PBT.
- Non-core / PBT
- 1.0% low
- Net financial / PBT
- −18.3%
- Other profit / PBT
- 1.0%
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 14.5 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 10.72%, rising 4.9pp. That translates to 10.72 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.2pp and capital turnover rose 0.56x, 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
▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 14.5 days versus the same period last year. The main moves came from DIO fell 2.5 days, DSO rose 3.8 days, and DPO fell 13.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +14.5 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +3.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 9.9% to 15.7% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.30x and interest coverage at 5.39x.
At present, short-term debt accounts for 61.9% of total debt, cash equals 19.3% of debt, and total debt stands at 41.3bn.
- Net Debt / Equity
- 0.30x −0.30x
- Interest Coverage
- 5.39x +3.54x
- Cash / Debt
- 19.3% +12.5pp
- Short-term Debt / Total Debt
- 61.9% −6.3pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 61.9% of total debt, raising near-term refinancing needs.
Cash / debt stands at 19.3%, leaving limited liquidity buffer to monitor.
Balance Sheet
▲The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.14x equity, net debt at 0.30x equity.
None
Over the last 12 months, working capital released 2.3bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash flow.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.85% after expanding 1.2pp versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +16,0% YoY pace or begins to slow.
Whether margins hold around the current 3.85% level or narrow again.
Whether operating cash flow holds its 26.9bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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