Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 65.9bn, fell 71.4bn 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
- -3.63x
- P/B
- 0.26x
- EPS
- -732
- BVPS
- 10,117
- ROE
- -7.5%
- ROA
- -6.4%
- Market price
- 2,660 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 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, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
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 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.3 | 9.8 | 16.2 | 11.5 | 13.6 | 11.3 | 13.0 | 21.0 |
| LNST | 1.5 | -1.1 | -64.2 | -2.2 | -1.0 | -2.7 | 9.0 | 0.1 |
| Net margin | 11.90% | -10.93% | -396.97% | -18.97% | -7.17% | -24.37% | 69.19% | 0.58% |
Revenue
12bnNet income
1bnNet margin
11.90%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.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 15.4% year on year — not from a single spike: quarterly growth stepped up from −45% to −10%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 50bn −15.4%
- Latest quarter YoY
- −10% accelerating
What is driving the margin?
▼▼Net margin fell to −132.57%, losing 141.8pp. The main pressure is Gross margin fell 18.0pp, outweighing the improvement in SG&A / Revenue fell 7.5pp (in addition, Net financial result / Revenue rose 8.2pp added support while Other profit / Revenue fell 140.2pp 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
- −132.57% −141.8pp
- Gross Margin
- −4.90% −18.0pp
- SG&A / Revenue
- 17.03% −7.5pp
- Non-core / Revenue
- −110.64% −132.0pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 132.0pp, other income still accounts for 108.9% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 0.4bn against investing cash flow of 29.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +30.2bn. Financing cash flow was negative +22.9bn.
CFO / net income was −0,05 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 reaches 108.9% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −25.5%, other profit at +108.9% of PBT.
- Non-core / PBT
- 108.9% high
- Net financial / PBT
- −25.5%
- Other profit / PBT
- 108.9%
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
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 61.0 days versus the same period last year. The main moves came from DIO fell 2.9 days, DSO fell 60.8 days, and DPO fell 2.6 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE fell from 0.6% to −7.5% — 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 10.0% of total debt, cash equals 1.7% of debt, and total debt stands at 120.2bn.
- Net Debt / Equity
- 0.14x −0.01x
- Interest Coverage
- 0.45x −0.13x
- Cash / Debt
- 1.7% −2.4pp
- Short-term Debt / Total Debt
- 10.0% −3.8pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.45x, leaving limited room to absorb financing costs.
Cash / debt stands at 1.7%, leaving limited liquidity buffer to monitor.
Balance Sheet
●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 2.7bn of cash, mainly thanks to lower receivables and lower inventories.
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 141.8 pp. The next watchpoint is the earnings mix, when non-core contribution is −25.5%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −25.5% of PBT and CFO / net income currently at −0.05x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -132.57% after a 141.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −15,4% YoY decline or keeps falling.
Whether margins hold around the current -132.57% level or narrow again.
Whether operating cash flow holds its 0.4bn (cumulative for 2025) level in upcoming periods or weakens.
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.