Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 3.9bn, rose 50.3bn compared with the same period last year. Key positives came from better other profit, lower selling expenses, and lower finance costs. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.81x
- P/B
- -0.46x
- EPS
- 111
- BVPS
- -2,609
- ROE
- -4.2%
- ROA
- 0.5%
- Market price
- 1,200 11 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, UXC posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Other profit
- Selling expenses
- Finance costs
- Administrative 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 | 93.1 | 75.1 | 102.7 | 98.9 | 117.2 | 71.2 | 69.8 | 275.0 |
| LNST | -1.0 | -1.0 | 13.8 | -7.9 | 1.1 | -8.4 | -23.5 | -15.5 |
| Net margin | -1.10% | -1.29% | 13.47% | -8.00% | 0.91% | -11.85% | -33.68% | -5.63% |
Revenue
93bnNet income
-1bnNet margin
-1.10%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 improved (+9.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 30.6% year on year — not from a single spike: quarterly growth stepped up from −64% to −21%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 370bn −30.6%
- Latest quarter YoY
- −21% accelerating
What is driving the margin?
▲▲Net margin expanded to 1.06%, rising 9.8pp. Core operating signals are improving as Gross margin rose 5.3pp are enough to offset pressure from SG&A / Revenue rose 5.5pp (with additional support from Other profit / Revenue rose 9.7pp and Net financial result / Revenue rose 0.2pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 1.06% +9.8pp
- Gross Margin
- 15.62% +5.3pp
- SG&A / Revenue
- 14.74% +5.5pp
- Non-core / Revenue
- 0.18% +9.9pp
TTM YoY · 2025Q2 -> 2026Q2
Non-core sources accounts for 718.9% of PBT and lifted net margin by 9.9pp — 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 13.6bn against investing cash flow of -1.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +12.5bn. Financing cash flow was negative +11.6bn.
CFO / net income was 1,24 lần.
After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of +3.5bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 718.9% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −701.8%, other profit at +718.9% of PBT.
- Non-core / PBT
- 718.9% high
- Net financial / PBT
- −701.8%
- Other profit / PBT
- 718.9%
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 273.2 days versus the same period last year. The main moves came from DIO rose 197.7 days, DSO rose 73.8 days, and DPO fell 1.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 768.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +73.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 63.7% to −4.2% — dragged by asset turnover.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 13.6bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −5.46x and interest coverage only at −0.80x.
At present, short-term debt accounts for 48.1% of total debt, cash equals 0.0% of debt, and total debt stands at 504.1bn.
- Net Debt / Equity
- −5.46x −1.63x
- Interest Coverage
- −0.80x −0.02x
- Cash / Debt
- 0.0% −0.1pp
- Short-term Debt / Total Debt
- 48.1% −49.5pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.80x, leaving limited room to absorb financing costs.
Cash / debt stands at 0.0%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at -10.23x equity, with a net cash position equivalent to 5.46x equity.
Inventory ended the period at 556.2bn, roughly 66.7% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
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 operating efficiency, with net margin improving 9.8 pp. The next item to monitor is the earnings mix, when non-core contribution is −701.8%. The main risk still sits in leverage and liquidity, with interest coverage at −0.80x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.06% after expanding 9.8pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.24x. Even so, net financial result still accounts for −701.8% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.80x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −30,6% YoY decline or keeps falling.
Whether margins hold around the current 1.06% level or narrow again.
Whether operating cash flow holds its 13.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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Its weight and influence across the assets held for investment.
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well balanced?
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