Analysis of business results & financial statements · Quý 3/2025
- P/E
- 77.40x
- P/B
- 2.08x
- EPS
- 287
- BVPS
- 10,662
- ROE
- —
- ROA
- —
- Market price
- 22,200 19 Oct 2026
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 3/2025
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'21 |
|---|---|---|---|---|
| Revenue | 25.5 | 73.5 | 163.2 | 161.5 |
| LNST | 10.7 | 21.0 | 24.6 | 133.7 |
| Net margin | 42.15% | 28.56% | 15.10% | 82.82% |
Revenue
25bnNet income
11bnNet margin
42.15%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
Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.
2021Q4: 161.5bn
2025Q1: 163.2bn
2025Q2: 73.5bn
2025Q3: 25.5bn
- Net Margin
- 82.82%
- Gross Margin
- 48.12%
- SG&A / Revenue
- 17.19%
Margin support from financial result remains high (54.8% of PBT) — sustainability should be monitored.
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. Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.01x equity.
Customer advances 3,523.8bn (as of 2025Q3) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters.
Customer advances: 3,523.8bn · QoQ +1,558.1bn
Locked-in revenue: ~33.27x quarters of revenue (TTM)
Inventory pre-sold: 51.22%
Project inventory splits in two at 2025Q3: 6,879.2bn near-delivery stock (short-term) and 1.2bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.
Near-delivery (ST): 6,879.2bn (99.98%)
Construction-in-progress (LT): 1.2bn (0.02%)
For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2025Q3, net debt 99.6bn vs project value 6,880.3bn — ratio −1.45%; the company is in a net-cash position.
Net debt / project value: −1.45%
Inventory ended the period at 909.6bn, roughly 11.4% of total assets.
Over the last 12 months, working capital released 2,058.5bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.01x and interest coverage at 44.50x.
At present, cash equals 193.9% of debt and total debt stands at 390.0bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
- Net Debt / Equity
- −0.01x
- Interest Coverage
- 44.50x
- Cash / Debt
- 193.9%
- Short-term Debt / Total Debt
- None
Cash Flow
●Operating cash flow reached 0.0bn in 2021, against investing cash flow of 0.0bn.
Post-investment cash flow was positive 0.0bn. Financing cash flow was positive 0.0bn.
CFO / net income was 10,02 lần.
After spending +12.1bn on fixed-asset investment, the business generated trailing free cash flow of +1,892.6bn.
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 does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.01x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 10.02x. Even so, net financial result still accounts for 53.4% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Durability of revenue growth into the next cycle.
Ability to hold margins around the current 82.82% level.
Cash-flow quality, with operating cash flow currently at 0.0bn in 2021.
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.