Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 23.0bn, rose 10.0bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and better other profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, higher administrative expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.68x
- P/B
- 0.58x
- EPS
- 768
- BVPS
- 10,193
- ROE
- 5.6%
- ROA
- 1.2%
- Market price
- 5,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SHE is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other profit
- Finance costs
- Selling expenses
- Administrative 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 | 1,449.2 | 535.1 | 101.9 | 73.5 | 131.9 | 65.5 | 70.5 | 48.4 |
| LNST | 9.0 | 13.3 | 3.6 | 4.5 | 3.1 | 2.3 | 5.2 | 2.4 |
| Net margin | 0.62% | 2.49% | 3.49% | 6.11% | 2.32% | 3.57% | 7.42% | 4.92% |
Revenue
1,449bnNet income
9bnNet margin
0.62%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 582.7% year on year — not from a single spike: quarterly growth stepped up from +52% to +999%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,160bn +582.7%
- Latest quarter YoY
- +999% accelerating
What is driving the margin?
▼Net margin fell to 1.41%, losing 2.7pp. The main pressure comes from Gross margin fell 1.4pp (with lingering pressure from Net financial result / Revenue fell 0.9pp and Other profit / Revenue fell 0.7pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 1.41% −2.7pp
- Gross Margin
- 7.26% −1.4pp
- SG&A / Revenue
- 3.78% +0.5pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -21.5bn against investing cash flow of -2.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +24.2bn. Financing cash flow was positive +22.5bn.
CFO / net income was −8,54 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 makes up 28.1% of pre-tax profit — worth monitoring.
Within that, net financial result at −134.7%, other profit at +28.1% of PBT.
- Non-core / PBT
- 28.1% moderate
- Net financial / PBT
- −134.7%
- Other profit / PBT
- 28.1%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 1.49%, losing 3.2pp. That translates to 1.49 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.2pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 1,252bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 1.49% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 58.7 days versus the same period last year. The main moves came from DIO fell 10.3 days, DSO fell 43.8 days, and DPO rose 4.5 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 161.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 8.7% to 7.4% — net margin weakened the most, though leverage still provided support.
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 3.09x and interest coverage only at 0.40x.
At present, short-term debt accounts for 98.4% of total debt, cash equals 1.6% of debt, and total debt stands at 2,079.0bn.
- Net Debt / Equity
- 3.09x +2.60x
- Interest Coverage
- 0.40x −2.45x
- Cash / Debt
- 1.6% −1.3pp
- Short-term Debt / Total Debt
- 98.4% +2.2pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 3.09x, increasing balance-sheet pressure.
Interest coverage is 0.40x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼The balance sheet shows capital-allocation efficiency slipping. Leverage is very high, with clear pressure on the capital structure — liabilities at 0.86x equity, net debt at 3.09x equity.
Inventory ended the period at 59.3bn, roughly 19.5% of total assets.
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 a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 28.1%. The main risk still sits in core profitability, with net margin down 2.7 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 28.1% of PBT and CFO / net income currently at −8.54x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.41% after a 2.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +582,7% YoY pace or begins to slow.
Whether margins hold around the current 1.41% level or narrow again.
Whether operating cash flow holds its -21.5bn (cumulative for 2025) level in upcoming periods or weakens.
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