Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 29.8bn, rose 1.0bn compared with the same period last year. Key positives came from lower finance costs, lower administrative expenses, lower selling expenses, and better other profit. Offsetting pressure came mainly from lower gross profit, lower financial income, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.80x
- P/B
- 0.83x
- EPS
- 3,977
- BVPS
- 23,032
- ROE
- 17.8%
- ROA
- 7.3%
- Market price
- 19,100 07 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VBC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Finance costs
- Administrative expenses
- Selling expenses
- Other profit
- Gross profit
- Financial income
- 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 | 289.5 | 197.8 | 226.3 | 199.8 | 231.6 | 186.7 | 232.0 | 206.8 |
| LNST | 8.0 | 8.5 | 6.8 | 6.5 | 7.6 | 7.0 | 6.8 | 7.3 |
| Net margin | 2.76% | 4.29% | 3.03% | 3.26% | 3.30% | 3.77% | 2.94% | 3.55% |
Revenue
289bnNet income
8bnNet margin
2.76%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 grew 6.6% year on year — not from a single spike: quarterly growth stepped up from −3% to +25%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 913bn +6.6%
- Latest quarter YoY
- +25% accelerating
What is driving the margin?
●Net margin stands at 3.27%, 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
- 3.27% −0.1pp
- Gross Margin
- 8.42% −0.7pp
- SG&A / Revenue
- 4.10% −0.4pp
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 59.4bn against investing cash flow of -36.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +22.9bn. Financing cash flow was negative +25.6bn.
CFO / net income was 1,89 lần.
After spending +10.1bn on fixed-asset investment, the business generated trailing free cash flow of +46.4bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −5.9%, other profit at +0.8% of PBT.
- Non-core / PBT
- 0.8% low
- Net financial / PBT
- −5.9%
- Other profit / PBT
- 0.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 11.62%, rising 0.6pp. That translates to 11.62 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.30x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.
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 10.3 days versus the same period last year. The main moves came from DIO fell 3.2 days, DSO fell 5.0 days, and DPO rose 2.1 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE is broadly flat at 17.8% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.51x and interest coverage at 7.81x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 6.0% of debt, and total debt stands at 92.5bn.
- Net Debt / Equity
- 0.51x −0.03x
- Interest Coverage
- 7.81x +1.73x
- Cash / Debt
- 6.0% +2.1pp
- 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.
Cash / debt stands at 6.0%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is balanced — liabilities at 1.18x equity, net debt at 0.51x equity.
Inventory ended the period at 110.3bn, roughly 28.8% 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 earnings conversion is confirmed, with CFO/NI at 1.89x. The main risk still sits in leverage and liquidity, with interest coverage at 7.81x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.89x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.51x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +6,6% YoY pace or begins to slow.
Whether margins hold around the current 3.27% level or narrow again.
Whether operating cash flow holds its 59.4bn (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.
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.