Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 1.7bn, fell 7.9bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, and lower selling expenses. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 68.86x
- P/B
- 0.91x
- EPS
- 138
- BVPS
- 10,389
- ROE
- 1.3%
- ROA
- 1.0%
- Market price
- 9,500 15 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, THM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Finance costs
- Selling expenses
- Gross profit
- Financial income
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 | 35.2 | 10.9 | 23.9 | 52.0 | 39.9 | 10.5 | 33.6 | 54.5 |
| LNST | 1.0 | -2.4 | -4.5 | 7.7 | 2.5 | -1.8 | 1.6 | 7.3 |
| Net margin | 2.71% | -22.25% | -18.80% | 14.73% | 6.21% | -17.46% | 4.85% | 13.35% |
Revenue
35bnNet income
1bnNet margin
2.71%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?
Margins narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 11.9% year on year — but the quarterly pace is slowing (−5% → −12%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 122bn −11.9%
- Latest quarter YoY
- −12% slowing
What is driving the margin?
▼▼Net margin fell to 1.38%, losing 5.5pp. The main pressure is Gross margin fell 5.5pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 1.38% −5.5pp
- Gross Margin
- 20.98% −5.5pp
- SG&A / Revenue
- 16.65% −0.1pp
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 10.7bn against investing cash flow of -30.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +19.8bn. Financing cash flow was negative +11.7bn.
CFO / net income was 38,10 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?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −64.9%, other profit at +0.8% of PBT.
- Non-core / PBT
- 0.8% low
- Net financial / PBT
- −64.9%
- Other profit / PBT
- 0.8%
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
●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?
Financial risk is low — the company has net cash and CFO reached 10.7bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.04x and interest coverage only at 1.25x.
At present, short-term debt accounts for 91.6% of total debt, cash equals 117.0% of debt, and total debt stands at 30.8bn.
- Net Debt / Equity
- −0.04x −0.27x
- Interest Coverage
- 1.25x −1.86x
- Cash / Debt
- 117.0% +87.5pp
- Short-term Debt / Total Debt
- 91.6% −8.4pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.25x, leaving limited room to absorb financing costs.
Short-term debt accounts for 91.6% of total debt, raising near-term refinancing needs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.27x equity, with a net cash position equivalent to 0.04x equity.
None
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 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 margins remain under pressure remaining the main constraint, with net margin down 5.5 pp. The next watchpoint is capital efficiency.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.38% after a 5.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −11,9% YoY decline or keeps falling.
Whether margins hold around the current 1.38% level or narrow again.
Whether operating cash flow holds its 10.7bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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