Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 245.1bn, fell 87.8bn compared with the same period last year. Key positives came from lower selling expenses and lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 1.90x
- P/B
- 0.83x
- EPS
- 9,804
- BVPS
- 22,511
- ROE
- 55.6%
- ROA
- 26.2%
- Market price
- 18,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, BTH is showing a few mildly positive signals versus the same period, though the magnitude is narrow — margins have been expanding consistently over multiple periods. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.
Profit bridge
Vs last year · TTM
- Selling expenses
- Tax
- Gross profit
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 | 45.9 | 39.7 | 249.6 | 5.0 | 5.5 | 12.0 | 384.2 | 216.2 |
| LNST | 50.7 | 29.3 | 154.3 | 10.8 | 10.3 | 10.7 | 217.8 | 94.1 |
| Net margin | 110.46% | 73.83% | 61.84% | 216.55% | 186.90% | 88.70% | 56.69% | 43.53% |
Revenue
46bnNet income
51bnNet margin
110.46%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 45.0% year on year — not from a single spike: quarterly growth stepped up from −98% to +735%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 340bn −45.0%
- Latest quarter YoY
- +735% accelerating
What is driving the margin?
▲▲Net margin expanded to 72.05%, rising 18.2pp. The main driver is Gross margin rose 12.9pp and SG&A / Revenue fell 4.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 5.4pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 72.05% +18.2pp
- Gross Margin
- 77.50% +12.9pp
- SG&A / Revenue
- −1.02% −4.4pp
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 220.9bn against investing cash flow of 549.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +770.0bn. Financing cash flow was negative +766.4bn.
CFO / net income was 0,90 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 12.8% of pre-tax profit — worth monitoring.
Within that, net financial result at +12.7%, other profit at +0.1% of PBT.
- Non-core / PBT
- 12.8% moderate
- Net financial / PBT
- 12.7%
- Other profit / PBT
- 0.1%
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
▼▼Cash conversion cycle lengthened by 438.7 days versus the same period last year. The main moves came from DIO rose 395.3 days, DSO rose 14.2 days, and DPO fell 29.2 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 536.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +14.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 68.2% to 55.6% — dragged by leverage and asset turnover together, though net margin still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 410.99x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- 0.05x
- Interest Coverage
- 410.99x +327.17x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.05x equity.
Inventory ended the period at 88.4bn, roughly 13.2% 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 18.2 pp. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 537 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 72.05% after expanding 18.2pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 536.9 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −45,0% YoY decline or keeps falling.
Whether margins hold around the current 72.05% level or narrow again.
Whether operating cash flow holds its 220.9bn (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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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.