Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 48.6bn, rose 43.7bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and better other profit. Offsetting pressure came mainly from higher selling expenses and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 1.64x
- P/B
- 1.61x
- EPS
- 3,588
- BVPS
- 3,661
- ROE
- 115.5%
- ROA
- 4.4%
- Market price
- 5,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TH1 is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other profit
- Selling expenses
- Finance costs
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 | 657.8 | 504.5 | 415.9 | 424.9 | 481.0 | 303.3 | 199.3 | 143.2 |
| LNST | 24.4 | 7.6 | 4.3 | 12.3 | -5.7 | 6.9 | -4.7 | 8.5 |
| Net margin | 3.71% | 1.51% | 1.03% | 2.89% | -1.20% | 2.26% | -2.37% | 5.94% |
Revenue
658bnNet income
24bnNet margin
3.71%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 77.8% year on year — but the quarterly pace is slowing (+197% → +37%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,003bn +77.8%
- Latest quarter YoY
- +37% slowing
What is driving the margin?
▲Net margin expanded to 2.43%, rising 2.0pp. Core operating signals are improving as SG&A / Revenue fell 0.9pp are enough to offset pressure from Gross margin fell 0.5pp (with additional support from Net financial result / Revenue rose 1.0pp and Other profit / Revenue rose 0.4pp).
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
- 2.43% +2.0pp
- Gross Margin
- 4.29% −0.5pp
- SG&A / Revenue
- 3.20% −0.9pp
- Non-core / Revenue
- 1.16% +1.4pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 48.0% of PBT and lifted net margin by 1.4pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -150.0bn against investing cash flow of -81.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +231.5bn. Financing cash flow was positive +240.6bn.
CFO / net income was −2,80 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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 48.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +31.7%, other profit at +16.3% of PBT.
- Non-core / PBT
- 48.0% high
- Net financial / PBT
- 31.7%
- Other profit / PBT
- 16.3%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.9 days versus the same period last year. The main moves came from DIO fell 0.7 days, DSO fell 24.5 days, and DPO fell 6.4 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 15.7% to 115.5% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 16.53x and interest coverage only at 0.67x.
At present, short-term debt accounts for 80.1% of total debt, cash equals 6.2% of debt, and total debt stands at 873.8bn.
- Net Debt / Equity
- 16.53x −8.88x
- Interest Coverage
- 0.67x +0.57x
- Cash / Debt
- 6.2% +4.9pp
- Short-term Debt / Total Debt
- 80.1% −0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 16.53x, increasing balance-sheet pressure.
Interest coverage is 0.67x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 17.59x equity, net debt at 16.53x equity.
None
Over the last 12 months, working capital absorbed 129.2bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 0.67x. The next watchpoint is the earnings mix, when non-core contribution is 31.7%. The main offsetting support comes from operating efficiency, with net margin improving 2.0 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.43% after expanding 2.0pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 31.7% of PBT and CFO / net income currently at −2.80x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.67x.
What to verify next
Questions for the next period
Whether revenue sustains its +77,8% YoY pace or begins to slow.
Whether margins hold around the current 2.43% level or narrow again.
Whether operating cash flow holds its -150.0bn (cumulative for 2025) level in upcoming periods or weakens.
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