Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 5.0bn, rose 1.7bn compared with the same period last year. Key positives came from lower administrative expenses, higher financial income, and higher gross profit. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 19.86x
- P/B
- 0.94x
- EPS
- 579
- BVPS
- 12,224
- ROE
- 3.5%
- ROA
- 3.5%
- Market price
- 11,500 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TJC has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
- Gross profit
- Tax
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 | 1.1 | 0.9 | 0.9 | 1.0 | 1.0 | 0.9 | 0.9 | 0.9 |
| LNST | 1.0 | 1.4 | 1.5 | 1.0 | 1.0 | 0.9 | 0.7 | 0.7 |
| Net margin | 97.07% | 151.41% | 160.26% | 101.45% | 99.10% | 96.14% | 76.24% | 81.65% |
Revenue
1bnNet income
1bnNet margin
97.07%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 6.0% year on year — but the quarterly pace is slowing (+13% → +6%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 4bn +6.0%
- Latest quarter YoY
- +6% slowing
What is driving the margin?
▲▲Net margin expanded to 126.02%, rising 37.3pp. The main driver is SG&A / Revenue fell 40.2pp and Gross margin rose 1.7pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.3pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 126.02% +37.3pp
- Gross Margin
- 49.14% +1.7pp
- SG&A / Revenue
- 76.34% −40.2pp
- Non-core / Revenue
- 180.35% −0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 0.3pp, financial result still accounts for 114.1% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -1.8bn against investing cash flow of 1.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +0.4bn. Financing cash flow was negative +7.7bn.
CFO / net income was −0,16 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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 114.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +114.1% of PBT.
- Non-core / PBT
- 114.1% high
- Net financial / PBT
- 114.1%
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 10.8 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO fell 40.9 days, and DPO fell 30.5 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 96.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 1.9% to 3.5% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.06x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.01x equity, with a net cash position equivalent to 0.06x equity.
None
Over the last 12 months, working capital released 0.6bn of cash, mainly thanks to lower receivables and higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 37.3 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 114.1%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 126.02% after expanding 37.3pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 114.1% of PBT and CFO / net income currently at −0.16x.
What to verify next
Questions for the next period
Whether revenue sustains its +6,0% YoY pace or begins to slow.
Whether margins hold around the current 126.02% level or narrow again.
Whether operating cash flow holds its -1.8bn (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.