Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 2.4bn, fell 1.4bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, higher financial income, and lower tax. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 10.47x
- P/B
- 0.62x
- EPS
- 1,242
- BVPS
- 20,962
- ROE
- 5.9%
- ROA
- 4.5%
- Market price
- 13,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DAE is losing revenue quickly, though margins have not been hit proportionally yet — profit is at an all-time high. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Financial income
- Tax
- Gross profit
- Finance costs
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 | 9.0 | 1.7 | 19.5 | 23.9 | 12.8 | 7.1 | 29.1 | 27.4 |
| LNST | 0.4 | -0.1 | 0.5 | 1.6 | 0.7 | -0.3 | 1.3 | 2.0 |
| Net margin | 4.42% | -5.95% | 2.77% | 6.50% | 5.46% | -4.68% | 4.61% | 7.47% |
Revenue
9bnNet income
0bnNet margin
4.42%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
●Net margin narrowed to 4.42%, falling 0.5pp. The main pressure comes from SG&A / Revenue rose 1.8pp and Gross margin fell 0.3pp (with additional support from Net financial result / Revenue rose 1.1pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 4.42% −0.5pp
- Gross Margin
- 27.16% −0.3pp
- SG&A / Revenue
- 24.55% +1.8pp
- Non-core / Revenue
- 2.65% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 47.2% of PBT and lifted net margin by 1.1pp — separate the operating contribution from this source.
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.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.02x 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.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 40.8 days versus the same period last year. The main moves came from DIO rose 32.4 days, DSO rose 30.9 days, and DPO rose 22.6 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 175.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +30.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 9.1% to 5.9% — 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 −0.02x and interest coverage at 13.42x.
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
- −0.02x
- Interest Coverage
- 13.42x +5.40x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.4bn in 2025, against investing cash flow of -5.9bn.
Post-investment cash flow was positive +5.5bn. Financing cash flow was negative +2.3bn.
CFO / net income was 2,68 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.
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 175 days. The next watchpoint is the earnings mix, when non-core contribution is 47.2%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.02x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.68x. Even so, net financial result still accounts for 47.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: working capital remains tied up for too long, with cash cycle at 175.0 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −29,2% YoY decline.
Ability to hold margins around the current 4.42% level.
Cash-flow quality, with operating cash flow currently at 11.4bn in 2025.
From one stock to the whole portfolio
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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.