Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 1.9bn, fell 111.2bn compared with the same period last year. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 211.11x
- P/B
- 1.12x
- EPS
- 90
- BVPS
- 17,034
- ROE
- 0.5%
- ROA
- 0.3%
- Market price
- 19,000 09 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, XHC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is near a multi-period low. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Other
- Financial income
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 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 94.8 | 139.9 | 131.0 | 126.6 | 115.6 | 117.1 | 112.5 | 172.8 |
| LNST | 1.0 | 0.4 | 0.3 | 0.2 | 64.2 | 0.4 | -2.5 | 51.0 |
| Net margin | 1.02% | 0.31% | 0.20% | 0.16% | 55.53% | 0.31% | -2.18% | 29.50% |
Revenue
95bnNet income
1bnNet margin
1.02%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 declined 4.9% year on year — but the quarterly pace is slowing (+13% → −18%).
2 of the last 3 quarters grew year on year.
- Revenue TTM
- 492bn −4.9%
- Latest quarter YoY
- −18% slowing
What is driving the margin?
▼▼Net margin fell to 0.38%, losing 21.4pp. The main pressure is Gross margin fell 0.7pp, outweighing the improvement in SG&A / Revenue fell 0.5pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 21.4pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 0.38% −21.4pp
- Gross Margin
- 13.70% −0.7pp
- SG&A / Revenue
- 11.51% −0.5pp
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 9.3bn against investing cash flow of 20.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +29.5bn. Financing cash flow was negative +36.6bn.
CFO / net income was 21,57 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?
Non-core income makes up 19.1% of pre-tax profit — worth monitoring.
Within that, net financial result at −492.9%, other profit at +19.1% of PBT.
- Non-core / PBT
- 19.1% moderate
- Net financial / PBT
- −492.9%
- Other profit / PBT
- 19.1%
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
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.5 days versus the same period last year. The main moves came from DIO fell 5.7 days, DSO rose 0.5 days, and DPO rose 2.4 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 151.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 30.5% to 0.5% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.34x and interest coverage only at 0.15x.
At present, short-term debt accounts for 93.9% of total debt, cash equals 32.4% of debt, and total debt stands at 180.2bn.
- Net Debt / Equity
- 0.34x +0.12x
- Interest Coverage
- 0.15x −6.89x
- Cash / Debt
- 32.4% −16.0pp
- Short-term Debt / Total Debt
- 93.9% +9.9pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.15x, leaving limited room to absorb financing costs.
Short-term debt accounts for 93.9% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.64x equity, net debt at 0.34x equity.
Inventory ended the period at 166.7bn, roughly 25.1% 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 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 margins remain under pressure remaining the main constraint, with net margin down 21.4 pp. The next watchpoint is the earnings mix, when non-core contribution is 19.1%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 21.57x. Even so, net financial result still accounts for 19.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 38.14% after a 21.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −4,9% YoY decline or keeps falling.
Whether margins hold around the current 0.38% level or narrow again.
Whether operating cash flow holds its 9.3bn (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?
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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.