CTD

Xây dựng Coteccons ·HOSE ·2026Q1

▲▲ Improving positively

Price
70,000
Latest close
02 Jun 2026
P/E 10.88x
P/B 0.78x
EPS 6,436
BVPS 89,361
ROE 7.2%
ROA 2.3%
Profit Margin 2.3%
Asset Turnover 1.01x
Equity Mult. 3.06x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, CTD is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

TTM REVENUE
VND 27,691bn
+27.7%YoY
NET MARGIN
2.33%
+0.8ppYoY
TTM NET PROFIT
VND 645bn
+98.0%YoY
CFO / Net Income
-2.49x
negative cash flow vs profit
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q2'23 Q1'23 Q4'22
Revenue 7,451.8 8,350.7 5,002.8 6,885.6 4,758.9 6,595.4 4,665.9 5,659.9 4,124.0 3,618.9 3,129.6 6,230.3
Growth -11% +67% -27% +45% -28% +41% -18% +37% +14% +16% -50% —
Net Income 294.8 186.9 57.1 106.2 92.9 58.8 104.9 69.1 66.6 30.2 22.1 18.9
Net Margin 3.96% 2.24% 1.14% 1.54% 1.95% 0.89% 2.25% 1.22% 1.62% 0.83% 0.70% 0.30%

Drivers of CTD's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 274.0bn
Other profit ↑ 128.0bn
Gross profit ↑ 77.3bn
Finance costs ↑ 103.8bn
Deferred tax ↑ 63.1bn
TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 185.8bn
Gross profit ↑ 116.4bn
Tax ↑ 50.1bn
Administrative expenses ↑ 37.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.8% = 1.5% × 0.98 × 2.60
2026Q1 7.2% = 2.3% × 1.01 × 3.06

ROE rose from 3.8% to 7.2% — all three components improved, with leverage contributing the most.

Net margin: 2.3% +0.8pp Asset turnover: 1.01x +0.03x Leverage: 3.06x +0.46x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 2.33%, rising 0.8pp. Core operating signals are improving as SG&A / Revenue fell 1.6pp are enough to offset pressure from Gross margin fell 0.5pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 0.5pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 2.33% +0.8pp
Gross Margin 3.23% −0.5pp
SG&A / Revenue 1.24% −1.6pp
Non-core / Revenue 0.91% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Contribution from other income

Profit includes a contribution from other income (31.3% of PBT), not dominant but worth monitoring across periods.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 4.6% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC edged up to 4.63%, rising 1.4pp. That translates to 4.63 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.5pp, with capital turnover broadly stable; while invested capital expanded strongly by 2,104bn.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

TTM YoY · 2025Q1 -> 2026Q1

ROIC 4.63% +1.4pp
NOPAT Margin 1.73% +0.5pp
Capital Turnover 2.67x +0.05x
Average Invested Capital 10,370.8bn +2,103.8bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 2.31x equity, net debt at 0.24x equity.

Inventory ended the period at 5,964.2bn, roughly 20.1% of total assets.

Over the last 12 months, working capital absorbed 2,085.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

TTM YoY · 2025Q1 -> 2026Q1

Receivables increased → lower CFO: −4,334.7bn
Inventories increased → lower CFO: −3,359.3bn
Payables increased → higher CFO: +5,608.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.5 days versus the same period last year. The main moves came from DIO rose 14.3 days, DSO fell 12.4 days, and DPO rose 3.5 days.

Working capital cycle is flat — components are offsetting each other.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 163.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +14.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

TTM YoY · 2025Q1 -> 2026Q1

Receivables 180.3 days −12.4 days
Inventory 72.1 days +14.3 days
Payables 89.1 days +3.5 days
Cash Conversion Cycle 163.2 days −1.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1,986.8bn due to capex of 383.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.24x and interest coverage at 2.78x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 42.3% of debt, and total debt stands at 3,801.0bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.24x +0.17x
Interest Coverage 2.78x −0.27x
Cash / Debt 42.3% −31.5pp
Short-term Debt / Total Debt 100.0% +0.9pp
CFO / NI -2.49x −0.70x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1,153.6bn in 2025, against investing cash flow of 302.9bn.

Post-investment cash flow was negative +850.7bn. Financing cash flow was positive +1,352.3bn.

CFO / net income was -2.49x.

After spending +383.0bn on fixed-asset investment, the business generated trailing free cash flow of −1,986.8bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

TTM Cash Conversion · 2025Q1 -> 2026Q1

CFO TTM 1,603.8bn −1,022.6bn
Cash Capex 383.0bn −143.9bn
FCF TTM −1,986.8bn −878.7bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is the earnings mix, when non-core contribution is 5.8%. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 5.8% of PBT and CFO / net income currently at -2.49x.

Statement Data

Item 2025 2024 2022 2021 2020
Net Revenue
24,884.5 21,045.2 14,536.9 9,107.7 14,597.0
Cost of Goods Sold
24,069.4 20,332.6 14,050.2 0.0 0.0
Gross Profit
815.1 712.5 486.7 268.5 866.2
Financial Expenses
205.3 104.9 162.6 -12.9 -0.6
Selling Expenses
1.3 0.0 0.0 -0.0 -0.0
General and Administrative Expenses
331.4 580.9 734.8 -516.3 -505.9
Operating Profit
533.2 306.5 -53.5 -14.0 561.1
Profit Before Tax
552.0 386.6 34.8 38.2 588.8
Net Income
456.2 309.6 20.8 24.3 463.5
Profit Attributable to Parent
456.2 309.6 20.7 24.2 463.3
Earnings per Share
4,560.00 3,320.00 280.00 326.00 5,830.00

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