Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 20.5bn, rose 38.8bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and better other profit. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.18x
- P/B
- 0.53x
- EPS
- 543
- BVPS
- 14,434
- ROE
- 3.8%
- ROA
- 1.9%
- Market price
- 7,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BDT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Other profit
- Financial income
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 | 54.2 | 78.6 | 68.7 | 47.8 | 31.8 | 46.2 | 48.5 | 53.3 |
| LNST | 2.9 | 2.8 | 9.3 | 6.7 | -8.8 | -4.5 | -2.5 | -1.9 |
| Net margin | 5.27% | 3.57% | 13.50% | 14.06% | -27.53% | -9.83% | -5.23% | -3.51% |
Revenue
54bnNet income
3bnNet margin
5.27%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 improved (+18.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 8.69%, rising 18.5pp. The main driver is SG&A / Revenue fell 10.2pp and Gross margin rose 2.5pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 5.0pp).
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
- 8.69% +18.5pp
- Gross Margin
- 29.22% +2.5pp
- SG&A / Revenue
- 22.14% −10.2pp
- Non-core / Revenue
- 2.64% +6.7pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 36.6% of PBT and lifted net margin by 6.7pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 113.8 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 2.11%, rising 4.4pp. That translates to 2.11 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 16.6pp and capital turnover rose 0.18x, while invested capital contracted by 219bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 2.11% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.96x equity, net debt at 0.15x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 2.5pp YoY to 29.22% (TTM).
Gross margin (TTM): 29.22% · YoY +2.5pp
Inventory 48.0bn — 4.45% of total assets, below the materials-group median (13.00%); ≈ 99 days of sales.
Inventory / assets: 4.45% (group median 13.00%)
Days inventory outstanding: 99
None
Over the last 12 months, working capital absorbed 4.4bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 46.0 days versus the same period last year. The main moves came from DIO fell 55.4 days, DSO fell 6.8 days, and DPO fell 16.1 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 113.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −3.2% to 4.0% — supported by net margin and asset turnover.
Is financial risk significant?
Leverage is safe but FCF is negative at 2.3bn due to capex of 9.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.15x and interest coverage at 3.59x.
At present, short-term debt accounts for 78.0% of total debt, cash equals 6.1% of debt, and total debt stands at 88.7bn.
Short-term debt accounts for 78.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 6.1%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.15x −0.08x
- Interest Coverage
- 3.59x +4.69x
- Cash / Debt
- 6.1% −3.3pp
- Short-term Debt / Total Debt
- 78.0% −7.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 177.5bn in 2025, against investing cash flow of 19.2bn.
Post-investment cash flow was positive +196.7bn. Financing cash flow was negative +196.0bn.
CFO / net income was 0,32 lần.
After spending +9.0bn on fixed-asset investment, the business generated trailing free cash flow of −2.3bn.
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 18.5 pp. The next item to monitor is the earnings mix, when non-core contribution is −9.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.1%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.69% after expanding 18.5pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −9.5% of PBT and CFO / net income currently at 0.32x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +38,6% YoY pace.
Ability to hold margins around the current 8.69% level.
Cash-flow quality, with operating cash flow currently at 177.5bn in 2025.
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