Trailing net profit reached 14.1bn, rose 5.8bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 53.5% year on year — but the quarterly pace is slowing (+72% → −6%).

3 of the last 4 quarters grew year on year.

Net margin stands at 0.52%, 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.

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 22.7bn against investing cash flow of 0.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +23.0bn. Financing cash flow was positive +47.0bn.

CFO / net income was −5,16 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.

How much income is non-core?

Non-core income makes up 14.4% of pre-tax profit — worth monitoring.

Within that, net financial result at +14.4% of PBT.

ROIC narrowed to 4.43%, falling 0.4pp. That translates to 4.43 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover rose 0.71x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 76bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.8 days versus the same period last year. The main moves came from DIO fell 1.5 days, DSO fell 9.6 days, and DPO rose 6.6 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Leverage looks fairly comfortable, with net debt / equity at 0.28x and interest coverage at 4.92x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 32.3% of debt, and total debt stands at 94.2bn.

Capital structure is conservative with low leverage — liabilities at 0.89x equity, net debt at 0.28x equity.

Inventory ended the period at 189.7bn, roughly 45.6% of total assets.

Over the last 12 months, working capital absorbed 92.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.