Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 2.2bn, fell 1.1bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, lower tax, and lower finance costs. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.43x
- P/B
- 0.61x
- EPS
- 1,137
- BVPS
- 21,170
- ROE
- 5.3%
- ROA
- 3.7%
- Market price
- 13,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DAE is losing revenue quickly, though margins have not been hit proportionally yet — profit is near a multi-period low. This only holds if margins can continue to resist — if revenue stays weak, margin pressure will build.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Tax
- Finance costs
- Gross profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.1 | 9.0 | 1.7 | 19.5 | 23.9 | 12.8 | 7.1 | 29.1 |
| LNST | 1.4 | 0.4 | -0.1 | 0.5 | 1.6 | 0.7 | -0.3 | 1.3 |
| Net margin | 5.61% | 4.42% | -5.95% | 2.77% | 6.50% | 5.46% | -4.68% | 4.61% |
Revenue
24bnNet income
1bnNet margin
5.61%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.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 25.5% year on year — not from a single spike: quarterly growth stepped up from −33% to +1%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 54bn −25.5%
- Latest quarter YoY
- +1% accelerating
What is driving the margin?
●Net margin narrowed to 4.03%, falling 0.4pp. The main pressure comes from SG&A / Revenue rose 2.4pp and Gross margin fell 1.1pp (with additional support from Net financial result / Revenue rose 0.7pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 4.03% −0.4pp
- Gross Margin
- 26.93% −1.1pp
- SG&A / Revenue
- 24.63% +2.4pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 11.4bn against investing cash flow of -5.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +5.5bn. Financing cash flow was negative +2.3bn.
CFO / net income was 2,19 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
●How much income is non-core?
Non-core income makes up 26.2% of pre-tax profit — worth monitoring.
Within that, net financial result at +26.2% of PBT.
- Non-core / PBT
- 26.2% moderate
- Net financial / PBT
- 26.2%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 28.2 days versus the same period last year. The main moves came from DIO rose 39.6 days, DSO rose 25.2 days, and DPO rose 36.5 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 178.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +25.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.9% to 5.3% — asset turnover weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 11.4bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.08x and interest coverage at 4.85x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.08x
- Interest Coverage
- 4.85x −3.16x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.08x equity.
Inventory ended the period at 12.3bn, roughly 25.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 178 days. The next watchpoint is the earnings mix, when non-core contribution is 26.2%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.08x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.08x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.19x. Even so, net financial result still accounts for 26.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 178.5 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −25,5% YoY decline or keeps falling.
Whether margins hold around the current 4.03% level or narrow again.
Whether operating cash flow holds its 11.4bn (cumulative for 2025) level in upcoming periods or weakens.
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among the rest of your investments?
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Its weight and influence across the assets held for investment.
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