Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 17.4bn, rose 6.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.55x
- P/B
- 0.70x
- EPS
- 962
- BVPS
- 14,418
- ROE
- 6.3%
- ROA
- 3.6%
- Market price
- 10,150 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TPC is improving on both growth and profitability, painting a notably more positive picture versus the same period — 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
- Administrative expenses
- Finance costs
- Selling 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 | 134.0 | 110.1 | 119.7 | 126.2 | 120.4 | 110.0 | 118.6 | 114.4 |
| LNST | 9.7 | 1.9 | 0.6 | 5.2 | 2.1 | 4.0 | 5.1 | -0.3 |
| Net margin | 7.20% | 1.74% | 0.54% | 4.09% | 1.71% | 3.65% | 4.30% | -0.24% |
Revenue
134bnNet income
10bnNet margin
7.20%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 5.8% year on year, with the quarterly pace steady around +11%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 490bn +5.8%
- Latest quarter YoY
- +11% steady
What is driving the margin?
▲Net margin edged up to 3.55%, rising 1.2pp. Core operating signals are improving as Gross margin rose 1.7pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (with additional support from Net financial result / Revenue rose 0.6pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 3.55% +1.2pp
- Gross Margin
- 9.38% +1.7pp
- SG&A / Revenue
- 7.29% +1.1pp
- Non-core / Revenue
- 1.45% +0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 41.0% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 20.2bn against investing cash flow of 29.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +49.8bn. Financing cash flow was negative +29.5bn.
CFO / net income was −0,12 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 41.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +39.2%, other profit at +1.8% of PBT.
- Non-core / PBT
- 41.0% high
- Net financial / PBT
- 39.2%
- Other profit / PBT
- 1.8%
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
▼Cash conversion cycle lengthened by 15.8 days versus the same period last year. The main moves came from DIO rose 9.7 days, DSO rose 1.8 days, and DPO fell 4.3 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 107.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 3.6% to 6.3% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.70x and interest coverage only at 1.99x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 9.3% of debt, and total debt stands at 188.0bn.
- Net Debt / Equity
- 0.70x +0.23x
- Interest Coverage
- 1.99x +0.13x
- Cash / Debt
- 9.3% +3.5pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.99x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼Capital structure is balanced — liabilities at 0.76x equity, net debt at 0.70x equity.
Inventory ended the period at 55.8bn, roughly 12.2% of total assets.
Over the last 12 months, working capital absorbed 3.4bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 1.99x. The next watchpoint is the earnings mix, when non-core contribution is 39.2%. The main offsetting support comes from operating efficiency, with net margin improving 1.2 pp.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.55% after expanding 1.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 39.2% of PBT and CFO / net income currently at −0.12x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.99x.
What to verify next
Questions for the next period
Whether revenue sustains its +5,8% YoY pace or begins to slow.
Whether margins hold around the current 3.55% level or narrow again.
Whether operating cash flow holds its 20.2bn (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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