Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 1.4bn, rose 0.8bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, higher tax, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 866.67x
- P/B
- 1.04x
- EPS
- 12
- BVPS
- 10,001
- ROE
- 0.1%
- ROA
- 0.1%
- Market price
- 10,400 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PXL is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Administrative expenses
- Other profit
- Tax
- 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 | 3.0 | 3.0 | 5.4 | 2.8 | 1.7 | 1.5 | 2.8 | 1.7 |
| LNST | 0.4 | 0.3 | 0.4 | 0.2 | 0.2 | 0.1 | 0.1 | 0.2 |
| Net margin | 12.54% | 11.44% | 7.82% | 9.04% | 11.67% | 6.44% | 3.14% | 14.02% |
Revenue
3bnNet income
0bnNet margin
12.54%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 85.4% year on year — not from a single spike: quarterly growth stepped up from +63% to +81%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 14bn +85.4%
- Latest quarter YoY
- +81% accelerating
What is driving the margin?
▲Net margin expanded to 9.83%, rising 1.8pp. Despite pressure from SG&A / Revenue rose 122.7pp and Gross margin fell 12.3pp, the offset came from Net financial result / Revenue rose 152.7pp (pressure remains from Other profit / Revenue fell 15.9pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 9.83% +1.8pp
- Gross Margin
- 50.60% −12.3pp
- SG&A / Revenue
- 468.80% +122.7pp
- Non-core / Revenue
- 433.63% +136.8pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 2831.3% of PBT and lifted net margin by 136.8pp — separate the operating contribution from this source.
Cash Flow
▼Is profit converting into cash?
Operating cash flow reached -640.2bn against investing cash flow of -288.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +928.6bn. Financing cash flow was positive +934.2bn.
CFO / net income was −556,33 lần.
After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of −774.8bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 2,831.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +2,821.6%, other profit at +9.8% of PBT.
- Non-core / PBT
- 2,831.3% high
- Net financial / PBT
- 2,821.6%
- Other profit / PBT
- 9.8%
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
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29913.4 days versus the same period last year. The main moves came from DIO fell 29620.3 days, DSO fell 311.3 days, and DPO fell 18.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
CCC stands at 21390.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE is broadly flat at 0.1% — the components are offsetting one another.
Is financial risk significant?
Leverage is safe but FCF is negative at 774.8bn due to capex of 1.4bn — an investment choice, not an urgent risk.
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.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- 0.01x −0.00x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Capital structure is notably light for the real estate sector — liabilities at 0.03x equity, net debt at 0.01x equity.
This park does not accumulate meaningful unearned revenue — recognition happens at land/contract handover. Large swings between periods are a property of the one-off model; read results across multiple periods rather than a single quarter.
Development inventory ended the period at 395.0bn, about 21.8% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 1.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.83% after expanding 1.8pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 2821.6% of PBT and CFO / net income currently at −556.33x.
What to verify next
Questions for the next period
Whether revenue sustains its +85,4% YoY pace or begins to slow.
Whether margins hold around the current 9.83% level or narrow again.
Whether operating cash flow holds its -640.2bn (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.