Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 63.8bn, rose 5.1bn compared with the same period last year. Key positives came from better other profit. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -170.69x
- P/B
- -18.89x
- EPS
- -2,343
- BVPS
- -21,176
- ROE
- 11.7%
- ROA
- -8.3%
- Market price
- 400,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DCT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive 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
- Other profit
- Gross profit
- Administrative expenses
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 | 130.7 | 63.6 | 68.3 | 84.0 | 34.0 | 37.5 | 20.5 | 28.4 |
| LNST | -18.0 | -10.6 | -20.7 | -14.5 | -16.3 | -15.5 | -17.2 | -19.9 |
| Net margin | -13.81% | -16.62% | -30.30% | -17.24% | -47.81% | -41.32% | -84.02% | -70.02% |
Revenue
131bnNet income
-18bnNet margin
-13.81%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to −18.41%, rising 38.8pp. Core operating signals are improving as SG&A / Revenue fell 2.9pp are enough to offset pressure from Gross margin fell 10.8pp (in addition, Net financial result / Revenue rose 47.4pp added support while Other profit / Revenue fell 0.7pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- −18.41% +38.8pp
- Gross Margin
- −7.35% −10.8pp
- SG&A / Revenue
- 2.04% −2.9pp
- Non-core / Revenue
- −9.02% +46.7pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 225.5% of PBT and lifted net margin by 46.7pp — 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 -2.43x equity, with a net cash position equivalent to 0.75x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 10.8pp YoY to −7.35% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): −7.35% · YoY -10.8pp
Inventory 4.8bn — 0.61% of total assets, below the materials-group median (13.00%); ≈ 5 days of sales.
Inventory / assets: 0.61% (group median 13.00%)
Days inventory outstanding: 5
None
Over the last 12 months, working capital absorbed 38.9bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 526.0 days versus the same period last year. The main moves came from DIO fell 39.1 days, DSO fell 592.8 days, and DPO fell 105.9 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 292.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 14.5% to 11.7% — the components are broadly offsetting.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 6.6bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.75x and interest coverage only at −1.37x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 6.4% of debt, and total debt stands at 460.7bn.
Interest coverage is −1.37x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.75x +0.12x
- Interest Coverage
- −1.37x −0.35x
- Cash / Debt
- 6.4% +3.5pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6.6bn in 2025, against investing cash flow of -2.8bn.
Post-investment cash flow was positive +3.8bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,29 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 heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 38.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −1.37x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -18.41% after expanding 38.8pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 137.2% of PBT and CFO / net income currently at −0.29x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.37x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +187,7% YoY pace.
Ability to hold margins around the current -18.41% level.
Cash-flow quality, with operating cash flow currently at 6.6bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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What becomes visible only when investments are viewed together rather than one ticker at a time.