Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 0.2bn, fell 0.4bn compared with the previous quarter. Key positives came from lower finance costs and lower selling expenses. Offsetting pressure came mainly from lower gross profit, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -783.33x
- P/B
- 0.80x
- EPS
- -12
- BVPS
- 11,769
- ROE
- -0.1%
- ROA
- -0.1%
- 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. 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.
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 |
|---|---|---|---|---|---|
| Revenue | 46.1 | 51.0 | 53.4 | 55.2 | 51.7 |
| LNST | 0.2 | 0.9 | 0.5 | -1.7 | 0.6 |
| Net margin | 0.36% | 1.73% | 0.91% | -3.07% | 1.14% |
Revenue
46bnNet income
0bnNet margin
0.36%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
- −0.08% −4.4pp
- Gross Margin
- 7.41%
- SG&A / Revenue
- 4.33%
- Non-core / Revenue
- −3.05%
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (287.6% of PBT) — sustainability should be monitored.
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 0.51x equity, net debt at 0.34x equity.
None
Over the last 12 months, working capital released 21.1bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
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 0.34x and interest coverage only at 0.04x.
At present, short-term debt accounts for 94.8% of total debt, cash equals 12.2% of debt, and total debt stands at 65.7bn.
Interest coverage is 0.04x, leaving limited room to absorb financing costs.
Short-term debt accounts for 94.8% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.34x −0.27x
- Interest Coverage
- 0.04x
- Cash / Debt
- 12.2% +9.0pp
- Short-term Debt / Total Debt
- 94.8% +1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 39.3bn in 2025, against investing cash flow of -8.1bn.
Post-investment cash flow was positive +31.2bn. Financing cash flow was negative +30.5bn.
CFO / net income was −304,08 lần.
After spending +3.6bn on fixed-asset investment, the business generated trailing free cash flow of +45.8bn.
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 0.04x. The next watchpoint is the earnings mix, when non-core contribution is −10407.8%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −10407.8% of PBT and CFO / net income currently at −304.08x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.04x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −37,4% YoY decline.
Ability to hold margins around the current 0.20% level.
Cash-flow quality, with operating cash flow currently at 39.3bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.