Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 36.0bn, fell 36.4bn compared with the same period last year. Key positives came from lower minority interests and lower tax. Offsetting pressure came mainly from higher finance costs, lower gross profit, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -9.56x
- P/B
- 0.14x
- EPS
- -183
- BVPS
- 12,609
- ROE
- -1.5%
- ROA
- -1.0%
- Market price
- 1,750 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TSC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Minority interests
- Tax
- Finance costs
- Gross profit
- Selling expenses
- Administrative expenses
- Other
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 | 197.3 | 156.7 | 157.1 | 200.7 | 206.0 | 183.6 | 169.1 | 161.8 |
| LNST | -7.5 | -9.9 | -37.6 | 12.7 | 12.3 | 8.4 | 11.8 | 0.7 |
| Net margin | -3.82% | -6.32% | -23.93% | 6.32% | 5.98% | 4.58% | 6.96% | 0.41% |
Revenue
197bnNet income
-8bnNet margin
-3.82%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 1.2% year on year — but the quarterly pace is slowing (+24% → −4%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 712bn −1.2%
- Latest quarter YoY
- −4% slowing
What is driving the margin?
▼▼Net margin fell to −5.95%, losing 10.6pp. The main pressure comes from SG&A / Revenue rose 2.4pp and Gross margin fell 1.8pp (with lingering pressure from Net financial result / Revenue fell 6.9pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- −5.95% −10.6pp
- Gross Margin
- 21.55% −1.8pp
- SG&A / Revenue
- 25.27% +2.4pp
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 675.3bn against investing cash flow of -1,192.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +517.6bn. Financing cash flow was positive +529.5bn.
CFO / net income was −19,30 lần.
After spending +92.7bn on fixed-asset investment, the business generated trailing free cash flow of +603.0bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 11.2% of pre-tax profit — worth monitoring.
Within that, net financial result at −13.8%, other profit at +11.2% of PBT.
- Non-core / PBT
- 11.2% moderate
- Net financial / PBT
- −13.8%
- Other profit / PBT
- 11.2%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC fell to −0.53%, losing 1.7pp. That translates to −0.53 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 6.9pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 604bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −0.53% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 16.1 days versus the same period last year. The main moves came from DIO rose 21.0 days, DSO rose 3.3 days, and DPO rose 8.1 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 94.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 1.3% to −1.7% — dragged by net margin and asset turnover.
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 0.53x and interest coverage only at −0.47x.
At present, short-term debt accounts for 78.1% of total debt, cash equals 1.0% of debt, and total debt stands at 1,334.9bn.
- Net Debt / Equity
- 0.53x +0.36x
- Interest Coverage
- −0.47x −4.18x
- Cash / Debt
- 1.0% −1.7pp
- Short-term Debt / Total Debt
- 78.1% +35.9pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.47x, leaving limited room to absorb financing costs.
Short-term debt accounts for 78.1% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 0.42x equity, net debt at 0.53x equity.
None
Over the last 12 months, working capital released 660.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 35.3%. The main risk still sits in core profitability, with net margin down 10.6 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 835.7bn versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -5.95% after a 10.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −1,2% YoY decline or keeps falling.
Whether margins hold around the current -5.95% level or narrow again.
Whether operating cash flow holds its 675.3bn (cumulative for 2025) level in upcoming periods or weakens.
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