Analysis of business results & financial statements · Quý 4/2025
▼▼ Declining sharply
Trailing net profit reached 8.3bn, fell 44.8bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, lower selling expenses, and lower minority interests. Offsetting pressure came mainly from lower financial income, weaker other profit, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -40.00x
- P/B
- 0.32x
- EPS
- -105
- BVPS
- 13,199
- ROE
- -0.8%
- ROA
- -0.5%
- Market price
- 4,200 20 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, DGT is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive 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
- Finance costs
- Selling expenses
- Minority interests
- Financial income
- Other profit
- Gross profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2025
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 140.3 | 155.3 | 121.7 | 45.6 | 61.4 | 73.5 | 88.6 | 59.4 |
| LNST | 0.6 | 1.2 | -15.6 | -2.1 | 1.3 | 4.0 | 1.5 | 31.2 |
| Net margin | 0.39% | 0.77% | -12.85% | -4.54% | 2.18% | 5.44% | 1.68% | 52.55% |
Revenue
140bnNet income
1bnNet margin
0.39%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −3.28% −4.8pp
- Gross Margin
- 12.57% −13.5pp
- SG&A / Revenue
- 10.54% −16.9pp
Margin support from financial result remains high (165.0% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is notably light for construction contractors — liabilities at 0.68x equity, net debt at 0.28x equity.
Owner advances stand at 23.8bn (as of 2025Q4) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Up 158.13% YoY — owner funding is thickening.
Owner advances: 23.8bn · YoY +14.5bn
Advances / receivables: 7.58% — funded vs stuck
The contractor's survival axis: site receivables 313.2bn vs equity 1,042.7bn — 30.04% of the capital base is sitting on job sites.
Receivables / equity: 30.04% · receivables YoY 10.41% · equity YoY 3.84%
DSO: 247 days
Sector note: contractor gross margins are THIN (12.57% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.
Inventory ended the period at 278.4bn, roughly 16.7% of total assets.
Over the last 12 months, working capital absorbed 35.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.28x and interest coverage only at −0.34x.
At present, short-term debt accounts for 7.9% of total debt, cash equals 4.0% of debt, and total debt stands at 298.7bn.
Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.
Interest coverage is −0.34x, leaving limited room to absorb financing costs.
Cash / debt stands at 4.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.28x
- Interest Coverage
- −0.34x
- Cash / Debt
- 4.0%
- Short-term Debt / Total Debt
- 7.9%
Cash Flow
●Operating cash flow reached -1.7bn in 2025, against investing cash flow of -12.3bn.
Post-investment cash flow was negative +14.0bn. Financing cash flow was positive +23.2bn.
CFO / net income was 0,20 lần.
Track how much investment can be funded internally from operating cash flow.
For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. 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 −0.34x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 99.6% of PBT and CFO / net income currently at 0.20x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.34x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +71,2% YoY pace.
Ability to hold margins around the current -3.28% level.
Cash-flow quality, with operating cash flow currently at -1.7bn in 2025.
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