Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 0.1bn, fell 0.5bn compared with the same period last year. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -600.00x
- P/B
- 0.42x
- EPS
- -6
- BVPS
- 8,531
- ROE
- -0.1%
- ROA
- -0.1%
- Market price
- 3,600 13 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, VTJ is holding revenue at an acceptable level, but margins are eroding visibly. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- 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 | 2.2 | 1.0 | 1.2 | 4.5 | 3.3 | — | 0.0 | 0.0 |
| LNST | 0.2 | -0.2 | 0.1 | -0.2 | 0.4 | -0.2 | 0.2 | 0.0 |
| Net margin | 8.45% | -16.08% | 9.09% | -4.25% | 11.90% | — | — | — |
Revenue
2bnNet income
0bnNet margin
8.45%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −0.65% −15.0pp
- Gross Margin
- 1.64%
- SG&A / Revenue
- 9.81%
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 0.6bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +0.0bn.
CFO / net income was 19,76 lần.
Track how much investment can be funded internally from operating cash flow.
For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 0.6bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
- Net Debt / Equity
- −0.01x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▲Capital structure is notably light for the real estate sector — liabilities at 0.08x equity, with a net cash position equivalent to 0.01x equity.
None
Over the last 12 months, working capital absorbed 0.3bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.01x. The next item to monitor is capital structure should be read with cycle risk in mind.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Whether revenue sustains its +167,2% YoY pace or begins to slow.
Whether margins hold around the current -0.65% level or narrow again.
Whether operating cash flow holds its 0.6bn (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.