Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 61.0bn, rose 10.6bn 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 tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.64x
- P/B
- 1.19x
- EPS
- 3,956
- BVPS
- 18,773
- ROE
- 21.5%
- ROA
- 16.2%
- Market price
- 22,300 06 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DM7 has not accelerated revenue, but profitability is improving more visibly — profit momentum has been slowing across consecutive periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
- Gross profit
- Tax
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 | 184.2 | 101.2 | 345.7 | 105.8 | 90.7 | 198.9 | 291.2 | 359.9 |
| LNST | 13.8 | 6.0 | 40.4 | 0.8 | 1.8 | 12.0 | 9.6 | 27.0 |
| Net margin | 7.47% | 5.90% | 11.69% | 0.78% | 1.97% | 6.01% | 3.31% | 7.52% |
Revenue
184bnNet income
14bnNet margin
7.47%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 21.7% year on year — not from a single spike: quarterly growth stepped up from −71% to +103%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 737bn −21.7%
- Latest quarter YoY
- +103% accelerating
What is driving the margin?
▲Net margin expanded to 8.27%, rising 2.9pp. Core operating signals are improving as Gross margin rose 3.3pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (with additional support from Other profit / Revenue rose 0.5pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.27% +2.9pp
- Gross Margin
- 16.71% +3.3pp
- SG&A / Revenue
- 6.29% +0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
Operating cash flow reached -12.4bn against investing cash flow of -7.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +19.6bn. Financing cash flow was negative +20.8bn.
CFO / net income was 1,54 lần.
After spending +3.2bn on fixed-asset investment, the business generated trailing free cash flow of +90.9bn.
Earnings Quality
▲How much income is non-core?
About 94% of pre-tax profit comes from core operations.
Within that, net financial result at +2.5%, other profit at +3.2% of PBT.
- Non-core / PBT
- 5.8% low
- Net financial / PBT
- 2.5%
- Other profit / PBT
- 3.2%
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
▼Cash conversion cycle lengthened by 23.9 days versus the same period last year. The main moves came from DIO rose 7.3 days, DSO rose 13.6 days, and DPO fell 3.0 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +23.9 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +13.6 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 18.6% to 21.5% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.31x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.80x equity, with a net cash position equivalent to 0.31x equity.
Inventory ended the period at 87.6bn, roughly 16.0% 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 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 operating efficiency, with net margin improving 2.9 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.27% after expanding 2.9pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −21,7% YoY decline or keeps falling.
Whether margins hold around the current 8.27% level or narrow again.
Whether operating cash flow holds its -12.4bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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