Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 1.9bn, rose 2.1bn compared with the previous quarter. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 71.76x
- P/B
- 0.80x
- EPS
- 131
- BVPS
- 11,795
- ROE
- 1.1%
- ROA
- 0.7%
- Market price
- 9,400 12 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, DKG 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. The key watch now is how long the business needs to stabilize its profit base.
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 |
|---|---|---|---|---|---|---|
| Revenue | 45.0 | 46.1 | 51.0 | 53.4 | 55.2 | 51.7 |
| LNST | 0.4 | 0.2 | 0.9 | 0.5 | -1.7 | 0.6 |
| Net margin | 0.80% | 0.36% | 1.73% | 0.91% | -3.07% | 1.14% |
Revenue
45bnNet income
0bnNet margin
0.80%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
- 0.97% −4.4pp
- Gross Margin
- 8.79%
- SG&A / Revenue
- 4.42%
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 39.3bn against investing cash flow of -8.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +31.2bn. Financing cash flow was negative +30.5bn.
CFO / net income was 15,30 lần.
After spending +1.5bn on fixed-asset investment, the business generated trailing free cash flow of +27.5bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 26.2% of pre-tax profit — worth monitoring.
Within that, net financial result at −252.4%, other profit at +26.2% of PBT.
- Non-core / PBT
- 26.2% moderate
- Net financial / PBT
- −252.4%
- Other profit / PBT
- 26.2%
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
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
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 0.49x and interest coverage only at 0.49x.
At present, short-term debt accounts for 97.0% of total debt, cash equals 2.2% of debt, and total debt stands at 84.7bn.
- Net Debt / Equity
- 0.49x −0.09x
- Interest Coverage
- 0.49x
- Cash / Debt
- 2.2% −0.2pp
- Short-term Debt / Total Debt
- 97.0% +2.9pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.49x, leaving limited room to absorb financing costs.
Short-term debt accounts for 97.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.51x equity, net debt at 0.49x equity.
None
Over the last 12 months, working capital released 0.7bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
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 leverage and liquidity remaining the main constraint, with interest coverage at 0.49x. The next watchpoint is the earnings mix, when non-core contribution is 26.2%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 15.30x. Even so, net financial result still accounts for 26.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.49x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −37,4% YoY decline or keeps falling.
Whether margins hold around the current 0.20% level or narrow again.
Whether operating cash flow holds its 39.3bn (cumulative for 2025) level in upcoming periods or weakens.
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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