Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 22.9bn, rose 7.4bn compared with the same period last year. Key positives came from higher gross profit, better other profit, lower finance costs, and higher financial income. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.58x
- P/B
- 0.53x
- EPS
- 957
- BVPS
- 11,805
- ROE
- 8.1%
- ROA
- 3.3%
- Market price
- 6,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TDT is improving on both revenue and margins, though the magnitude is still moderate — earnings have been recovering gradually over multiple periods. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Finance costs
- Financial income
- 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 | 188.4 | 188.9 | 150.5 | 192.2 | 187.2 | 98.3 | 156.5 | 194.1 |
| LNST | 3.6 | 3.9 | 6.0 | 9.4 | 2.1 | 0.4 | 8.0 | 4.9 |
| Net margin | 1.91% | 2.05% | 3.96% | 4.91% | 1.10% | 0.46% | 5.11% | 2.54% |
Revenue
188bnNet income
4bnNet margin
1.91%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 grew 13.2% year on year, with the quarterly pace steady around +1%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 720bn +13.2%
- Latest quarter YoY
- +1% steady
What is driving the margin?
▲Net margin edged up to 3.18%, rising 0.7pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 1.2pp (with additional support from Net financial result / Revenue rose 1.0pp and Other profit / Revenue rose 0.3pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 3.18% +0.7pp
- Gross Margin
- 23.45% +0.6pp
- SG&A / Revenue
- 17.46% +1.2pp
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 10.4bn against investing cash flow of -24.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +14.4bn. Financing cash flow was positive +16.9bn.
CFO / net income was 1,44 lần.
After spending +15.7bn on fixed-asset investment, the business generated trailing free cash flow of +17.2bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 11.8% of pre-tax profit — worth monitoring.
Within that, net financial result at −76.4%, other profit at +11.8% of PBT.
- Non-core / PBT
- 11.8% moderate
- Net financial / PBT
- −76.4%
- Other profit / PBT
- 11.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 3.45%, rising 0.8pp. That translates to 3.45 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.11x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 3.45% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.0 days versus the same period last year. The main moves came from DIO fell 31.5 days, DSO rose 8.6 days, and DPO fell 3.9 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 257.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +8.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 5.6% to 8.1% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.07x and interest coverage only at 0.87x.
At present, short-term debt accounts for 96.0% of total debt, cash equals 19.4% of debt, and total debt stands at 374.7bn.
- Net Debt / Equity
- 1.07x +0.00x
- Interest Coverage
- 0.87x +0.26x
- Cash / Debt
- 19.4% +5.5pp
- Short-term Debt / Total Debt
- 96.0% +0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.07x, increasing balance-sheet pressure.
Interest coverage is 0.87x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 1.34x equity, net debt at 1.07x equity.
Inventory ended the period at 347.0bn, roughly 52.2% 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 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 1.44x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.5%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.44x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +13,2% YoY pace or begins to slow.
Whether margins hold around the current 3.18% level or narrow again.
Whether operating cash flow holds its 10.4bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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