Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 68.4bn, fell 74.9bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from weaker other profit and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -3.50x
- P/B
- 0.26x
- EPS
- -761
- BVPS
- 10,099
- ROE
- -7.7%
- ROA
- -6.6%
- Market price
- 2,660 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DAH posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
- Gross profit
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 | 9.8 | 16.2 | 11.5 | 13.6 | 11.3 | 13.0 | 21.0 | 20.4 |
| LNST | -1.1 | -64.2 | -2.2 | -1.0 | -2.7 | 9.0 | 0.1 | 0.1 |
| Net margin | -10.93% | -396.97% | -18.97% | -7.17% | -24.37% | 69.19% | 0.58% | 0.32% |
Revenue
10bnNet income
-1bnNet margin
-10.93%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 fell to −133.96%, losing 143.8pp. The main pressure is Gross margin fell 20.8pp, outweighing the improvement in SG&A / Revenue fell 9.4pp (in addition, Net financial result / Revenue rose 12.2pp added support while Other profit / Revenue fell 147.1pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- −133.96% −143.8pp
- Gross Margin
- 3.73% −20.8pp
- SG&A / Revenue
- 17.05% −9.4pp
- Non-core / Revenue
- −120.64% −134.8pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 134.8pp, other income still accounts for 108.6% of PBT — earnings durability should be monitored in coming periods.
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. Capital structure is conservative with low leverage — liabilities at 0.17x equity, net debt at 0.14x equity.
None
Over the last 12 months, working capital released 8.0bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 35.9 days versus the same period last year. The main moves came from DIO fell 2.4 days, DSO fell 34.2 days, and DPO fell 0.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE fell from 0.7% to −7.7% — all three components weakened.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.14x and interest coverage only at 0.45x.
At present, short-term debt accounts for 15.7% of total debt, cash equals 5.0% of debt, and total debt stands at 128.4bn.
Interest coverage is 0.45x, leaving limited room to absorb financing costs.
Cash / debt stands at 5.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.14x −0.02x
- Interest Coverage
- 0.45x −0.04x
- Cash / Debt
- 5.0% +2.1pp
- Short-term Debt / Total Debt
- 15.7% +13.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.4bn in 2025, against investing cash flow of 29.8bn.
Post-investment cash flow was positive +30.2bn. Financing cash flow was negative +22.9bn.
CFO / net income was 0,20 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 margins remain under pressure remaining the main constraint, with net margin down 143.8 pp. The next watchpoint is the earnings mix, when non-core contribution is −18.6%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −18.6% of PBT and CFO / net income currently at 0.20x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -133.96% after a 143.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −22,2% YoY decline.
Ability to hold margins around the current -133.96% level.
Cash-flow quality, with operating cash flow currently at 0.4bn in 2025.
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.