Analysis of business results & financial statements · Quý 3/2021
▲▲ Improving positively
Trailing net profit reached 4.4bn, fell 1.6bn compared with the previous quarter. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, higher tax, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 1,620
- BVPS
- 13,157
- ROE
- 9.4%
- ROA
- 7.4%
- Market price
- —
The current picture
What Is Changing
On a Năm 2025 basis, CDG has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 3/2021
| Metric | Q3'21 | Q2'21 | Q1'21 | Q3'20 | Q2'20 | Q1'20 |
|---|---|---|---|---|---|---|
| Revenue | 4.3 | 10.3 | 4.2 | 3.3 | 14.4 | 6.5 |
| LNST | 0.4 | 2.1 | 0.8 | 1.1 | 2.0 | 0.7 |
| Net margin | 9.53% | 19.84% | 19.35% | 32.89% | 14.24% | 10.43% |
Revenue
4bnNet income
0bnNet margin
9.53%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 19.72% +30.8pp
- Gross Margin
- 45.43%
- SG&A / Revenue
- −31.00%
- Non-core / Revenue
- 9.73%
TTM YoY · 2020Q3 -> 2021Q3
Margin support from financial result remains high (43.7% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 17.2bn against investing cash flow of -16.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +3.4bn.
CFO / net income was 4,50 lần.
After spending +12.0bn on fixed-asset investment, the business generated trailing free cash flow of +7.7bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 43.7% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +33.3%, other profit at +10.5% of PBT.
- Non-core / PBT
- 43.7% high
- Net financial / PBT
- 33.3%
- Other profit / PBT
- 10.5%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 8.34%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
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 0.00x and interest coverage at 20.87x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 87.3% of debt, and total debt stands at 1.4bn.
- Net Debt / Equity
- 0.00x −0.04x
- Interest Coverage
- 20.87x
- Cash / Debt
- 87.3% +54.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2020Q3 -> 2021Q3
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.14x equity, net debt at 0.00x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Gross margin is flat around 45.43% (TTM) — the input-cost cycle is stable for now.
Gross margin (TTM): 45.43%
Inventory 14.7bn — 24.31% of total assets, above the materials-group median (13.00%).
Inventory / assets: 24.31% (group median 13.00%)
None
Over the last 12 months, working capital released 10.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Reported net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 33.3%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.50x. Even so, net financial result still accounts for 33.3% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Whether revenue sustains its +17,3% YoY pace or begins to slow.
Whether margins hold around the current 36.22% level or narrow again.
Whether operating cash flow holds its 17.2bn (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.