Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 2.7bn, rose 1.3bn compared with the same period last year. Key positives came from lower administrative expenses, better other profit, and lower finance costs. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 18.60x
- P/B
- 0.27x
- EPS
- 172
- BVPS
- 11,997
- ROE
- 1.5%
- ROA
- 0.7%
- Market price
- 3,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DID is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually 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
- Finance costs
- 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 | 67.4 | 82.4 | 108.3 | 124.9 | 106.4 | 89.7 | 59.6 | 51.9 |
| LNST | 0.8 | 0.8 | 0.8 | 0.4 | 0.4 | 0.2 | 0.6 | 0.2 |
| Net margin | 1.12% | 0.91% | 0.78% | 0.28% | 0.38% | 0.23% | 1.02% | 0.34% |
Revenue
67bnNet income
1bnNet margin
1.12%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 stands at 0.71%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.71% +0.3pp
- Gross Margin
- 0.81% −4.1pp
- SG&A / Revenue
- 0.36% −2.4pp
- Non-core / Revenue
- 0.32% +1.8pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 187.6% of PBT and lifted net margin by 1.8pp — 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. Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.33x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 4.1pp YoY to 0.81% (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): 0.81% · YoY -4.1pp
Inventory 29.9bn — 10.30% of total assets, below the materials-group median (13.00%); ≈ 29 days of sales.
Inventory / assets: 10.30% (group median 13.00%)
Days inventory outstanding: 29
Inventory ended the period at 42.7bn, roughly 15.2% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 7.6 days versus the same period last year. The main moves came from DIO fell 7.3 days, DSO fell 17.3 days, and DPO fell 32.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +7.6 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE rose from 0.8% to 1.5% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 0.4bn due to capex of 0.3bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.33x and interest coverage only at −0.60x.
At present, short-term debt accounts for 99.4% of total debt, cash equals 1.0% of debt, and total debt stands at 62.4bn.
Interest coverage is −0.60x, leaving limited room to absorb financing costs.
Short-term debt accounts for 99.4% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.33x −0.03x
- Interest Coverage
- −0.60x −1.01x
- Cash / Debt
- 1.0% +0.3pp
- Short-term Debt / Total Debt
- 99.4% +4.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.5bn in 2025, against investing cash flow of 4.8bn.
Post-investment cash flow was positive +5.3bn. Financing cash flow was negative +5.5bn.
CFO / net income was −0,06 lần.
After spending +0.3bn on fixed-asset investment, the business generated trailing free cash flow of −0.4bn.
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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is −145.8%. The main risk still sits in leverage and liquidity, with interest coverage at −0.60x.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 9.9bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −145.8% of PBT and CFO / net income currently at −0.06x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.60x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +24,6% YoY pace.
Ability to hold margins around the current 0.71% level.
Cash-flow quality, with operating cash flow currently at 0.5bn in 2025.
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