Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 521.7bn, rose 120.9bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.12x
- P/B
- 0.87x
- EPS
- 6,414
- BVPS
- 30,482
- ROE
- 24.7%
- ROA
- 14.0%
- Market price
- 26,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, PPH has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Finance costs
- Other
- Selling expenses
- 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 | 717.0 | 623.7 | 620.3 | 627.9 | 611.4 | 594.1 | 560.7 | 630.1 |
| LNST | 153.4 | 132.4 | 147.2 | 95.2 | 101.8 | 113.3 | 118.1 | 73.6 |
| Net margin | 21.40% | 21.22% | 23.74% | 15.16% | 16.66% | 19.08% | 21.07% | 11.68% |
Revenue
717bnNet income
153bnNet margin
21.40%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 grew 8.0% year on year — not from a single spike: quarterly growth stepped up from −0% to +17%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,589bn +8.0%
- Latest quarter YoY
- +17% accelerating
What is driving the margin?
▲▲Net margin expanded to 20.40%, rising 3.4pp. The main driver is SG&A / Revenue fell 2.2pp and Gross margin rose 1.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.2pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 20.40% +3.4pp
- Gross Margin
- 20.63% +1.4pp
- SG&A / Revenue
- 13.66% −2.2pp
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 15.5bn against investing cash flow of 312.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +328.2bn. Financing cash flow was negative +349.0bn.
CFO / net income was 0,49 lần.
After spending +113.2bn on fixed-asset investment, the business generated trailing free cash flow of +142.8bn.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −0.9%, other profit at +1.1% of PBT.
- Non-core / PBT
- 1.1% low
- Net financial / PBT
- −0.9%
- Other profit / PBT
- 1.1%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 112.4 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 17.61%, rising 3.4pp. That translates to 17.61 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.4pp, with capital turnover broadly stable; with invested capital easing up by 140bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 22.3 days versus the same period last year. The main moves came from DIO fell 18.8 days, DSO fell 1.7 days, and DPO rose 1.8 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
CCC stands at 112.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 21.8% to 25.0% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.30x and interest coverage at 10.35x.
At present, short-term debt accounts for 65.0% of total debt, cash equals 7.3% of debt, and total debt stands at 746.9bn.
- Net Debt / Equity
- 0.30x −0.21x
- Interest Coverage
- 10.35x +5.25x
- Cash / Debt
- 7.3% −0.1pp
- Short-term Debt / Total Debt
- 65.0% +22.5pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 65.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 7.3%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.72x equity, net debt at 0.30x equity.
Inventory ended the period at 473.7bn, roughly 13.0% 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 3.4 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 3.5%. The main risk still sits in leverage and liquidity, with interest coverage at 10.35x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 20.40% after expanding 3.4pp versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.30x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +8,0% YoY pace or begins to slow.
Whether margins hold around the current 20.40% level or narrow again.
Whether operating cash flow holds its 15.5bn (cumulative for 2025) level in upcoming periods or weakens.
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