Analysis of business results & financial statements · Quý 2/2026
Trailing net profit reached 58.3bn, fell 0.2bn compared with the previous quarter. Key positives came from lower administrative expenses and higher financial income. Offsetting pressure came mainly from lower gross profit, weaker other profit, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.69x
- P/B
- 0.56x
- EPS
- 942
- BVPS
- 11,195
- ROE
- 8.3%
- ROA
- 2.2%
- Market price
- 6,300 16 Oct 2026
The current picture
What is changing?
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 |
|---|---|---|---|---|---|---|
| Revenue | 1,843.7 | 1,421.1 | 1,199.1 | 793.6 | 1,583.2 | 1,688.3 |
| LNST | 5.6 | 6.0 | 38.3 | 8.3 | 5.8 | 6.1 |
| Net margin | 0.30% | 0.42% | 3.20% | 1.05% | 0.37% | 0.36% |
Revenue
1,844bnNet income
6bnNet margin
0.30%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 1.11%
- Gross Margin
- 5.90%
- SG&A / Revenue
- 3.54%
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 207.5bn against investing cash flow of -285.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +78.0bn. Financing cash flow was positive +77.6bn.
CFO / net income was 1,47 lần.
After spending +298.7bn on fixed-asset investment, the business generated trailing free cash flow of −212.8bn.
Earnings Quality
▲How much income is non-core?
About 92% of pre-tax profit comes from core operations.
Within that, net financial result at −73.8%, other profit at +8.4% of PBT.
- Non-core / PBT
- 8.4% low
- Net financial / PBT
- −73.8%
- Other profit / PBT
- 8.4%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 4.27%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 4.27% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Leverage is safe but FCF is negative at 212.8bn due to capex of 298.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.45x and interest coverage only at 1.08x.
At present, short-term debt accounts for 53.7% of total debt, cash equals 1.1% of debt, and total debt stands at 1,013.2bn.
- Net Debt / Equity
- 1.45x +0.36x
- Interest Coverage
- 1.08x
- Cash / Debt
- 1.1% +0.4pp
- Short-term Debt / Total Debt
- 53.7% +10.8pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.45x, increasing balance-sheet pressure.
Interest coverage is 1.08x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 2.64x equity, net debt at 1.45x equity.
Inventory ended the period at 947.5bn, roughly 34.5% of total assets.
Over the last 12 months, working capital released 803.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 1.2%. The main risk still sits in capital efficiency remains weak, with ROIC at 4.3%.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue growth holds into the next cycle or stalls.
Whether margins hold around the current 1.10% level or narrow again.
Whether operating cash flow holds its 207.5bn (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.