Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 8.4bn, fell 0.5bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, and better other profit. Offsetting pressure came mainly from higher administrative expenses, lower financial income, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.14x
- P/B
- 0.59x
- EPS
- 700
- BVPS
- 11,995
- ROE
- 6.1%
- ROA
- 1.9%
- Market price
- 7,100 15 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SPD is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Other profit
- Administrative expenses
- Financial income
- 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 | 200.6 | 190.4 | 209.3 | 222.1 | 203.6 | 190.4 | 211.2 | 179.4 |
| LNST | 2.8 | -0.9 | 3.2 | 3.3 | 1.9 | -0.9 | 4.8 | 3.1 |
| Net margin | 1.37% | -0.45% | 1.51% | 1.51% | 0.92% | -0.45% | 2.28% | 1.71% |
Revenue
201bnNet income
3bnNet margin
1.37%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 4.8% year on year — but the quarterly pace is slowing (+24% → −1%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 822bn +4.8%
- Latest quarter YoY
- −1% slowing
What is driving the margin?
●Net margin stands at 1.02%, 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
- 1.02% −0.1pp
- Gross Margin
- 8.72% −0.1pp
- SG&A / Revenue
- 6.93% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼▼Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 37.4bn against investing cash flow of -5.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +31.9bn. Financing cash flow was negative +44.0bn.
CFO / net income was −5,01 lần.
After spending +10.0bn on fixed-asset investment, the business generated trailing free cash flow of −52.1bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 13.8% of pre-tax profit — worth monitoring.
Within that, net financial result at −46.5%, other profit at +13.8% of PBT.
- Non-core / PBT
- 13.8% moderate
- Net financial / PBT
- −46.5%
- Other profit / PBT
- 13.8%
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
●Cash conversion cycle improved by 0.1 days versus the same period last year. The main moves came from DIO rose 3.9 days, DSO rose 0.6 days, and DPO rose 4.5 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 160.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 6.9% to 6.1% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.63x and interest coverage only at 0.73x.
At present, short-term debt accounts for 99.2% of total debt, cash equals 9.3% of debt, and total debt stands at 258.8bn.
- Net Debt / Equity
- 1.63x +0.24x
- Interest Coverage
- 0.73x +0.16x
- Cash / Debt
- 9.3% −15.1pp
- Short-term Debt / Total Debt
- 99.2% +1.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.63x, increasing balance-sheet pressure.
Interest coverage is 0.73x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 1.73x equity, net debt at 1.63x equity.
Inventory ended the period at 209.1bn, roughly 54.9% 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 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 0.73x. The next watchpoint is capital efficiency.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.73x.
What to verify next
Questions for the next period
Whether revenue sustains its +4,8% YoY pace or begins to slow.
Whether margins hold around the current 1.02% level or narrow again.
Whether operating cash flow holds its 37.4bn (cumulative for 2025) level in upcoming periods or weakens.
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