Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 154.2bn, rose 30.4bn compared with the same period last year. Key positives came from lower administrative expenses, higher gross profit, better other profit, and lower finance costs. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.20x
- P/B
- 0.98x
- EPS
- 5,776
- BVPS
- 18,911
- ROE
- 33.1%
- ROA
- 14.9%
- Market price
- 18,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TV1 is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Gross profit
- Other profit
- Finance costs
- 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 | 134.0 | 144.8 | 318.0 | 149.3 | 128.9 | 112.6 | 228.1 | 148.1 |
| LNST | 31.3 | 32.2 | 63.8 | 26.8 | 32.0 | 30.6 | 33.7 | 27.5 |
| Net margin | 23.38% | 22.26% | 20.08% | 17.92% | 24.80% | 27.15% | 14.78% | 18.57% |
Revenue
134bnNet income
31bnNet margin
23.38%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 are improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 20.8% year on year — not from a single spike: quarterly growth stepped up from +1% to +4%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 746bn +20.8%
- Latest quarter YoY
- +4% accelerating
What is driving the margin?
▲Net margin edged up to 20.66%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 3.9pp are enough to offset pressure from Gross margin fell 5.6pp (with additional support from Net financial result / Revenue rose 1.7pp and Other profit / Revenue rose 1.3pp).
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
- 20.66% +0.6pp
- Gross Margin
- 33.27% −5.6pp
- SG&A / Revenue
- 5.60% −3.9pp
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 200.4bn against investing cash flow of -53.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +147.0bn. Financing cash flow was negative +149.4bn.
CFO / net income was 1,38 lần.
After spending +5.6bn on fixed-asset investment, the business generated trailing free cash flow of +206.6bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −3.5%, other profit at +1.5% of PBT.
- Non-core / PBT
- 1.5% low
- Net financial / PBT
- −3.5%
- Other profit / PBT
- 1.5%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 253.0 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 26.08%, rising 6.1pp. That translates to 26.08 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.31x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.4pp; with invested capital easing slightly by 62bn.
Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 40.5 days versus the same period last year. The main moves came from DIO fell 32.4 days, DSO fell 20.7 days, and DPO fell 12.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 253.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 31.8% to 33.1% — driven by asset turnover and net margin together, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.14x and interest coverage at 16.68x.
At present, short-term debt accounts for 99.7% of total debt, cash equals 46.1% of debt, and total debt stands at 134.0bn.
- Net Debt / Equity
- 0.14x −0.32x
- Interest Coverage
- 16.68x +7.33x
- Cash / Debt
- 46.1% +38.1pp
- Short-term Debt / Total Debt
- 99.7% +28.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 99.7% of total debt, raising near-term refinancing needs.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.99x equity, net debt at 0.14x equity.
None
Over the last 12 months, working capital released 48.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive, but the improvement right now comes mainly from capital efficiency and cash flow, even though margin is roughly flat. Notably, the improvement in capital efficiency and cash flow has been confirmed across multiple cycles. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 253 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.38x.
- Key risk: working capital remains tied up for too long, with cash cycle at 253.0 days.
What to verify next
Questions for the next period
Whether revenue sustains its +20,8% YoY pace or begins to slow.
Whether margins hold around the current 20.66% level or narrow again.
Whether operating cash flow holds its 200.4bn (cumulative for 2025) level in upcoming periods or weakens.
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