Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 1.2bn, rose 0.1bn compared with the same period last year. Key positives came from lower selling expenses and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.89x
- P/B
- 0.24x
- EPS
- 166
- BVPS
- 15,929
- ROE
- 1.1%
- ROA
- 0.8%
- Market price
- 3,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, TXM has not moved the needle on revenue, but profitability has edged up slightly — margins have been expanding consistently over multiple periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Gross profit
- Other profit
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 | 84.4 | 50.3 | 42.6 | 48.3 | 77.9 | 41.1 | 69.8 | 70.0 |
| LNST | 0.7 | 0.1 | 0.2 | 0.1 | 0.1 | 0.1 | 0.5 | 0.4 |
| Net margin | 0.83% | 0.26% | 0.47% | 0.29% | 0.17% | 0.20% | 0.68% | 0.50% |
Revenue
84bnNet income
1bnNet margin
0.83%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 declined 12.8% year on year — not from a single spike: quarterly growth stepped up from −31% to +8%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 226bn −12.8%
- Latest quarter YoY
- +8% accelerating
What is driving the margin?
●Net margin stands at 0.52%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.52% +0.1pp
- Gross Margin
- 7.34% −1.9pp
- SG&A / Revenue
- 6.84% −2.9pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -6.7bn against investing cash flow of -0.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +7.4bn. Financing cash flow was positive +7.0bn.
CFO / net income was 6,76 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 −23.1%, other profit at +0.8% of PBT.
- Non-core / PBT
- 0.8% low
- Net financial / PBT
- −23.1%
- 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.
DSO increased by +24.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 1.1% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.06x and interest coverage at 4.36x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 444.7% of debt, and total debt stands at 2.0bn.
- Net Debt / Equity
- −0.06x −0.08x
- Interest Coverage
- 4.36x
- Cash / Debt
- 444.7% +389.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Balance sheet is exceptionally sound — liabilities at 0.26x equity, with a net cash position equivalent to 0.06x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 1.9pp YoY to 7.34% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 7.34% · YoY -1.9pp
Inventory 0.0bn — 0.00% of total assets, below the materials-group median (13.00%); ≈ 0 days of sales.
Inventory / assets: 0.00% (group median 13.00%)
Days inventory outstanding: 0
None
Over the last 12 months, working capital released 7.4bn of cash, mainly thanks to lower receivables and higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.06x. The next item to monitor is capital efficiency.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.06x of equity.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −12,8% YoY decline or keeps falling.
Whether margins hold around the current 0.52% level or narrow again.
Whether operating cash flow holds its -6.7bn (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.