Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 85.3bn, rose 33.6bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher administrative expenses and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.64x
- P/B
- 0.45x
- EPS
- 1,614
- BVPS
- 12,971
- ROE
- 20.4%
- ROA
- 4.7%
- Market price
- 5,880 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BCE is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Administrative expenses
- Finance costs
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 63.0 | 562.2 | 189.9 | 118.2 | 9.4 | 215.7 | 10.4 | 16.6 |
| LNST | -21.4 | 97.0 | 3.1 | 6.5 | -5.1 | 78.1 | -9.7 | -11.6 |
| Net margin | -33.89% | 17.26% | 1.62% | 5.51% | -54.36% | 36.18% | -93.39% | -70.11% |
Revenue
63bnNet income
-21bnNet margin
-33.89%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.
What is driving the margin?
▼▼Net margin fell to 9.13%, losing 11.4pp. The main pressure is Gross margin fell 17.4pp, outweighing the improvement in SG&A / Revenue fell 7.4pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.4pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 9.13% −11.4pp
- Gross Margin
- 17.83% −17.4pp
- SG&A / Revenue
- 4.77% −7.4pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.
Balance Sheet
●ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 4.40x equity, net debt at 1.97x equity.
Development inventory ended the period at 1,488.5bn, about 58.0% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital absorbed 930.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
DuPont
What drives ROE?
ROE rose from 14.5% to 20.4% — driven by leverage and asset turnover together, despite net margin moving in the opposite direction.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.97x and interest coverage only at 6.01x.
At present, short-term debt accounts for 17.0% of total debt, cash equals 4.7% of debt, and total debt stands at 936.8bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
Net debt / equity stands at 1.97x, increasing balance-sheet pressure.
Cash / debt stands at 4.7%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 1.97x +1.92x
- Interest Coverage
- 6.01x −8.77x
- Cash / Debt
- 4.7% −44.0pp
- Short-term Debt / Total Debt
- 17.0% −83.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -294.8bn in 2025, against investing cash flow of 3.8bn.
Post-investment cash flow was negative +291.0bn. Financing cash flow was positive +522.3bn.
CFO / net income was −9,56 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.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 11.4 pp.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 9.13% after a 11.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +270,3% YoY pace.
Ability to hold margins around the current 9.13% level.
Cash-flow quality, with operating cash flow currently at -294.8bn in 2025.
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.