Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 220.2bn, fell 81.6bn compared with the same period last year. Key positives came from lower tax and lower finance costs. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.79x
- P/B
- 0.72x
- EPS
- 1,887
- BVPS
- 20,520
- ROE
- 9.3%
- ROA
- 5.2%
- Market price
- 14,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TCM is going through a period of clear decline across multiple metrics at once — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.
Profit bridge
Vs last year · TTM
- Tax
- Finance costs
- Gross profit
- Financial income
- Administrative expenses
- Other
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 | 968.1 | 1,010.1 | 858.1 | 902.4 | 873.0 | 1,010.9 | 925.0 | 1,104.6 |
| LNST | 45.8 | 65.9 | 46.7 | 64.0 | 82.0 | 78.6 | 61.7 | 81.5 |
| Net margin | 4.74% | 6.52% | 5.45% | 7.10% | 9.39% | 7.77% | 6.67% | 7.38% |
Revenue
968bnNet income
46bnNet margin
4.74%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 declined 4.5% year on year — not from a single spike: quarterly growth stepped up from −18% to +11%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,739bn −4.5%
- Latest quarter YoY
- +11% accelerating
What is driving the margin?
▼Net margin fell to 5.95%, losing 1.8pp. The main pressure comes from Gross margin fell 1.4pp and SG&A / Revenue rose 0.8pp (with lingering pressure from Other profit / Revenue fell 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 5.95% −1.8pp
- Gross Margin
- 14.75% −1.4pp
- SG&A / Revenue
- 7.91% +0.8pp
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 235.0bn against investing cash flow of -25.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +209.5bn. Financing cash flow was positive +42.1bn.
CFO / net income was 2,10 lần.
After spending +241.3bn on fixed-asset investment, the business generated trailing free cash flow of +221.5bn.
Earnings Quality
▲How much income is non-core?
About 92% of pre-tax profit comes from core operations.
Within that, net financial result at +6.7%, other profit at +1.1% of PBT.
- Non-core / PBT
- 7.8% low
- Net financial / PBT
- 6.7%
- Other profit / PBT
- 1.1%
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 8.12%, losing 3.8pp. That translates to 8.12 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.9pp and capital turnover fell 0.15x, while invested capital rose by 152bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 11.7 days versus the same period last year. The main moves came from DIO rose 3.1 days, DSO rose 9.0 days, and DPO rose 0.4 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 128.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +9.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 13.6% to 9.4% — net margin weakened the most, though leverage still provided support.
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 0.11x and interest coverage at 4.97x.
At present, short-term debt accounts for 84.8% of total debt, cash equals 72.1% of debt, and total debt stands at 959.9bn.
- Net Debt / Equity
- 0.11x −0.04x
- Interest Coverage
- 4.97x −0.30x
- Cash / Debt
- 72.1% +7.0pp
- Short-term Debt / Total Debt
- 84.8% −1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 84.8% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.70x equity, net debt at 0.11x equity.
Inventory ended the period at 987.3bn, roughly 23.7% of total assets.
Over the last 12 months, working capital released 190.5bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
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 brighter spot is earnings conversion is confirmed, with CFO/NI at 2.10x. The main risk still sits in core profitability, with net margin down 1.8 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.10x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 5.95% after a 1.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −4,5% YoY decline or keeps falling.
Whether margins hold around the current 5.95% level or narrow again.
Whether operating cash flow holds its 235.0bn (cumulative for 2025) level in upcoming periods or weakens.
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