Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 11.6bn, fell 2.1bn compared with the same period last year. Key positives came from higher gross profit, lower selling expenses, and lower tax. Offsetting pressure came mainly from higher finance costs, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.98x
- P/B
- 0.24x
- EPS
- 351
- BVPS
- 11,572
- ROE
- 3.1%
- ROA
- 1.9%
- Market price
- 2,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VHE is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit is near a multi-period low. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Tax
- Finance costs
- Other profit
- 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 | 128.3 | 157.6 | 116.0 | 48.9 | 212.8 | 157.0 | 62.3 | 144.2 |
| LNST | 1.4 | 5.2 | 2.5 | 2.6 | 11.4 | 1.2 | 0.5 | 0.8 |
| Net margin | 1.09% | 3.27% | 2.18% | 5.28% | 5.35% | 0.74% | 0.77% | 0.52% |
Revenue
128bnNet income
1bnNet margin
1.09%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 21.8% year on year — not from a single spike: quarterly growth stepped up from −66% to −40%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 451bn −21.8%
- Latest quarter YoY
- −40% accelerating
What is driving the margin?
●Net margin stands at 2.59%, 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
- 2.59% +0.2pp
- Gross Margin
- 8.98% +3.2pp
- SG&A / Revenue
- 1.53% +0.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -109.6bn against investing cash flow of 16.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +93.0bn. Financing cash flow was positive +97.5bn.
CFO / net income was −4,19 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 97% of pre-tax profit comes from core operations.
Within that, net financial result at −125.1%, other profit at +2.8% of PBT.
- Non-core / PBT
- 2.8% low
- Net financial / PBT
- −125.1%
- Other profit / PBT
- 2.8%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 2.02%, falling 0.6pp. That translates to 2.02 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.37x — capital is being absorbed faster than revenue is being generated; while invested capital rose by 82bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 2.02% — 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 140.8 days versus the same period last year. The main moves came from DIO rose 117.1 days, DSO rose 18.7 days, and DPO fell 5.0 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 302.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +18.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 3.8% to 3.1% — asset turnover weakened the most, though net margin and leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.61x and interest coverage only at 0.82x.
At present, short-term debt accounts for 99.8% of total debt, cash equals 2.1% of debt, and total debt stands at 237.1bn.
- Net Debt / Equity
- 0.61x +0.06x
- Interest Coverage
- 0.82x −0.81x
- Cash / Debt
- 2.1% +1.6pp
- Short-term Debt / Total Debt
- 99.8% +0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.82x, leaving limited room to absorb financing costs.
Short-term debt accounts for 99.8% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is balanced — liabilities at 0.65x equity, net debt at 0.61x equity.
Inventory ended the period at 320.3bn, roughly 51.6% of total assets.
Over the last 12 months, working capital absorbed 64.6bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 2.0%. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −4.19x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −4.19x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −21,8% YoY decline or keeps falling.
Whether margins hold around the current 2.59% level or narrow again.
Whether operating cash flow holds its -109.6bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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