Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 16.6bn, rose 3.5bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, and lower finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.47x
- P/B
- 1.28x
- EPS
- 5,118
- BVPS
- 17,870
- ROE
- 30.8%
- ROA
- 12.1%
- Market price
- 22,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, QST has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Finance costs
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 | 25.9 | 33.8 | 56.1 | 39.0 | 68.5 | 24.5 | 52.8 | 63.9 |
| LNST | 3.0 | 9.2 | 7.3 | -3.0 | 2.2 | 5.5 | 8.1 | -2.7 |
| Net margin | 11.75% | 27.24% | 13.07% | -7.72% | 3.22% | 22.26% | 15.35% | -4.28% |
Revenue
26bnNet income
3bnNet margin
11.75%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 declined 26.2% year on year — but the quarterly pace is slowing (−39% → −62%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 155bn −26.2%
- Latest quarter YoY
- −62% slowing
What is driving the margin?
▲▲Net margin expanded to 10.71%, rising 4.5pp. Core operating signals are improving as Gross margin rose 6.6pp are enough to offset pressure from SG&A / Revenue rose 1.6pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 10.71% +4.5pp
- Gross Margin
- 24.58% +6.6pp
- SG&A / Revenue
- 11.69% +1.6pp
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 26.3bn against investing cash flow of -14.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +12.1bn. Financing cash flow was negative +10.7bn.
CFO / net income was 1,56 lần.
After spending +7.9bn on fixed-asset investment, the business generated trailing free cash flow of +17.9bn.
Earnings Quality
▲How much income is non-core?
About 98% of pre-tax profit comes from core operations.
Within that, net financial result at −10.1%, other profit at +1.9% of PBT.
- Non-core / PBT
- 1.9% low
- Net financial / PBT
- −10.1%
- Other profit / PBT
- 1.9%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to -2.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 20.75%, rising 4.2pp. That translates to 20.75 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 4.5pp was enough to offset the decline from capital turnover fell 0.76x, with invested capital holding roughly steady.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.6 days versus the same period last year. The main moves came from DIO rose 30.0 days, DSO fell 11.6 days, and DPO rose 20.0 days.
Working capital cycle is flat — components are offsetting each other.
DIO increased by +30.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 27.7% to 30.8% — mainly driven by net margin, despite asset turnover and 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 0.32x and interest coverage at 9.56x.
At present, short-term debt accounts for 70.3% of total debt, cash equals 25.7% of debt, and total debt stands at 25.3bn.
- Net Debt / Equity
- 0.32x −0.28x
- Interest Coverage
- 9.56x +3.33x
- Cash / Debt
- 25.7% +18.5pp
- Short-term Debt / Total Debt
- 70.3% −16.5pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 70.3% of total debt, raising near-term refinancing needs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 1.13x equity, net debt at 0.32x equity.
None
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 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 10.71% after expanding 4.5pp versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −26,2% YoY decline or keeps falling.
Whether margins hold around the current 10.71% level or narrow again.
Whether operating cash flow holds its 26.3bn (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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