Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 1.0bn, rose 0.2bn compared with the same period last year. Key positives came from higher gross profit, lower minority interests, higher financial income, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 90.00x
- P/B
- 0.40x
- EPS
- 50
- BVPS
- 11,182
- ROE
- 0.4%
- ROA
- 0.2%
- Market price
- 4,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PTV is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Minority interests
- Financial income
- Finance costs
- 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 | 561.5 | 61.1 | 38.7 | 34.3 | 21.7 | 25.8 | 725.2 | 29.7 |
| LNST | 4.3 | -1.5 | 0.8 | -1.2 | 0.2 | -1.0 | 3.5 | 0.3 |
| Net margin | 0.77% | -2.42% | 2.17% | -3.39% | 1.13% | -4.03% | 0.49% | 0.97% |
Revenue
561bnNet income
4bnNet margin
0.77%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 13.3% year on year — not from a single spike: quarterly growth stepped up from +15% to +2,485%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 696bn −13.3%
- Latest quarter YoY
- +2,485% accelerating
What is driving the margin?
●Net margin stands at 0.36%, 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
- 0.36% −0.0pp
- Gross Margin
- 4.76% +0.9pp
- SG&A / Revenue
- 4.97% +1.1pp
- Non-core / Revenue
- 0.71% +0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (147.2% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -318.7bn against investing cash flow of 6.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +312.6bn. Financing cash flow was positive +330.5bn.
CFO / net income was 344,76 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 147.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +147.2% of PBT.
- Non-core / PBT
- 147.2% high
- Net financial / PBT
- 147.2%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 109.0 days versus the same period last year. The main moves came from DIO fell 121.8 days, DSO rose 3.0 days, and DPO fell 9.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 130.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 1.1% — the components are offsetting one another.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 2.94x and interest coverage only at 5.27x.
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
- 2.94x +1.61x
- Interest Coverage
- 5.27x +0.40x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.94x, increasing balance-sheet pressure.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 2.56x equity, net debt at 2.94x equity.
Inventory ended the period at 484.3bn, roughly 60.6% of total assets.
Over the last 12 months, working capital released 340.0bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 5.27x. The next watchpoint is the earnings mix, when non-core contribution is 147.2%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 344.76x. Even so, net financial result still accounts for 147.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 2.94x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −13,3% YoY decline or keeps falling.
Whether margins hold around the current 0.36% level or narrow again.
Whether operating cash flow holds its -318.7bn (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.