Analysis of business results & financial statements · Quý 2/2026
▼ Slightly negative
Trailing net profit reached 14.1bn, fell 4.6bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, and lower finance costs. Offsetting pressure came mainly from lower gross profit, higher tax, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.60x
- P/B
- 0.15x
- EPS
- 1,024
- BVPS
- 57,659
- ROE
- 1.7%
- ROA
- 1.5%
- Market price
- 8,810 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SPM is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — margins have been compressing consistently over multiple periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Finance costs
- Gross profit
- Tax
- Administrative 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 | 56.7 | 46.0 | 48.1 | 57.7 | 65.6 | 82.5 | 73.2 | 73.7 |
| LNST | 8.8 | 3.2 | -3.0 | 5.1 | 4.1 | 3.1 | 10.2 | 1.2 |
| Net margin | 15.59% | 6.99% | -6.29% | 8.79% | 6.27% | 3.82% | 13.90% | 1.66% |
Revenue
57bnNet income
9bnNet margin
15.59%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 29.3% year on year — not from a single spike: quarterly growth stepped up from −22% to −14%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 208bn −29.3%
- Latest quarter YoY
- −14% accelerating
What is driving the margin?
●Net margin edged up to 6.76%, rising 0.4pp. Core operating signals are improving as Gross margin rose 6.1pp are enough to offset pressure from SG&A / Revenue rose 4.4pp (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 0.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 6.76% +0.4pp
- Gross Margin
- 28.40% +6.1pp
- SG&A / Revenue
- 16.88% +4.4pp
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 62.0bn against investing cash flow of -12.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +50.0bn. Financing cash flow was negative +77.4bn.
CFO / net income was 3,98 lần.
After spending +9.4bn on fixed-asset investment, the business generated trailing free cash flow of +46.7bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −30.3%, other profit at +0.6% of PBT.
- Non-core / PBT
- 0.6% low
- Net financial / PBT
- −30.3%
- Other profit / PBT
- 0.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 1.60%, falling 0.5pp. That translates to 1.60 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.08x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 1.60% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 420.1 days versus the same period last year. The main moves came from DIO rose 54.3 days, DSO rose 382.2 days, and DPO rose 16.4 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 1421.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +382.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 2.3% to 1.7% — asset turnover weakened the most, though net margin still provided support.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.07x and interest coverage at 3.06x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.7% of debt, and total debt stands at 56.3bn.
- Net Debt / Equity
- 0.07x −0.05x
- Interest Coverage
- 3.06x −0.14x
- Cash / Debt
- 0.7% −9.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 0.7%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.17x equity, net debt at 0.07x equity.
None
Over the last 12 months, working capital released 12.7bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at 3.98x. The main risk still sits in capital efficiency remains weak, with ROIC at 1.6%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.98x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −29,3% YoY decline or keeps falling.
Whether margins hold around the current 6.76% level or narrow again.
Whether operating cash flow holds its 62.0bn (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.