Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 3.1bn, rose 1.5bn compared with the same period last year. Key positives came from lower administrative expenses and better other profit. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 16.08x
- P/B
- 0.27x
- EPS
- 199
- BVPS
- 12,045
- ROE
- 1.7%
- ROA
- 0.7%
- Market price
- 3,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DID is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — the growth momentum has held across consecutive periods. 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
- Finance costs
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 | 87.2 | 67.4 | 82.4 | 108.3 | 124.9 | 106.4 | 89.7 | 59.6 |
| LNST | 0.8 | 0.8 | 0.8 | 0.8 | 0.4 | 0.4 | 0.2 | 0.6 |
| Net margin | 0.88% | 1.12% | 0.91% | 0.78% | 0.28% | 0.38% | 0.23% | 1.02% |
Revenue
87bnNet income
1bnNet margin
0.88%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 improved (+0.5pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 9.2% year on year — but the quarterly pace is slowing (+82% → −30%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 345bn −9.2%
- Latest quarter YoY
- −30% slowing
What is driving the margin?
●Net margin edged up to 0.90%, rising 0.5pp. Core operating signals are improving as SG&A / Revenue fell 1.9pp are enough to offset pressure from Gross margin fell 2.3pp (in addition, Other profit / Revenue rose 1.1pp added support while Net financial result / Revenue fell 0.2pp 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
- 0.90% +0.5pp
- Gross Margin
- 1.31% −2.3pp
- SG&A / Revenue
- 0.29% −1.9pp
- Non-core / Revenue
- 0.04% +0.9pp
TTM YoY · 2025Q2 -> 2026Q2
Non-core sources accounts for 128.8% of PBT and lifted net margin by 0.9pp — separate the operating contribution from this source.
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 0.5bn against investing cash flow of 4.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +5.3bn. Financing cash flow was negative +5.5bn.
CFO / net income was 0,64 lần.
After spending +0.3bn on fixed-asset investment, the business generated trailing free cash flow of +1.7bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 128.8% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −124.7%, other profit at +128.8% of PBT.
- Non-core / PBT
- 128.8% high
- Net financial / PBT
- −124.7%
- Other profit / PBT
- 128.8%
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
▼▼Cash conversion cycle lengthened by 49.3 days versus the same period last year. The main moves came from DIO rose 20.8 days, DSO rose 54.8 days, and DPO rose 26.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +49.3 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +54.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 0.9% to 1.7% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.32x and interest coverage only at −0.23x.
At present, short-term debt accounts for 99.3% of total debt, cash equals 0.5% of debt, and total debt stands at 61.2bn.
- Net Debt / Equity
- 0.32x −0.02x
- Interest Coverage
- −0.23x −0.51x
- Cash / Debt
- 0.5% −1.1pp
- Short-term Debt / Total Debt
- 99.3% +4.7pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.23x, leaving limited room to absorb financing costs.
Short-term debt accounts for 99.3% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.32x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 2.3pp YoY to 1.31% (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): 1.31% · YoY -2.3pp
Inventory 44.7bn — 13.04% of total assets, above the materials-group median (13.00%); ≈ 48 days of sales.
Inventory / assets: 13.04% (group median 13.00%)
Days inventory outstanding: 48
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.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is −124.7%. The main risk still sits in leverage and liquidity, with interest coverage at −0.23x.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 18.4bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −124.7% of PBT and CFO / net income currently at 0.64x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.23x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −9,2% YoY decline or keeps falling.
Whether margins hold around the current 0.90% level or narrow again.
Whether operating cash flow holds its 0.5bn (cumulative for 2025) level in upcoming periods or weakens.
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