Analysis of business results & financial statements · Quý 2/2023
▼▼ Declining sharply
Trailing net profit reached 56.7bn, fell 93.9bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit, higher selling expenses, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -0.47x
- P/B
- 6.31x
- EPS
- -11,465
- BVPS
- 856
- ROE
- -69.8%
- ROA
- -13.7%
- Market price
- 5,400 25 Sep 2026
The current picture
What Is Changing
On a TTM 2023Q2 basis, DNM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Other
- Gross profit
- Selling expenses
- Finance costs
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2023
| Metric | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 69.9 | 50.2 | 70.4 | 57.4 | 52.2 | 144.6 | 225.8 | 177.3 |
| LNST | -14.3 | -24.0 | -0.7 | -17.7 | -2.6 | 15.3 | 16.5 | 8.1 |
| Net margin | -20.49% | -47.76% | -1.05% | -30.76% | -5.07% | 10.54% | 7.31% | 4.59% |
Revenue
70bnNet income
-14bnNet margin
-20.49%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 58.7% year on year — not from a single spike: quarterly growth stepped up from −68% to +34%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 248bn −58.7%
- Latest quarter YoY
- +34% accelerating
What is driving the margin?
▼▼Net margin fell to −22.87%, losing 29.1pp. The main pressure comes from Gross margin fell 18.3pp and SG&A / Revenue rose 15.1pp (with lingering pressure from Net financial result / Revenue fell 7.0pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −22.87% −29.1pp
- Gross Margin
- 2.00% −18.3pp
- SG&A / Revenue
- 13.14% +15.1pp
- Non-core / Revenue
- −11.68% −12.9pp
TTM YoY · 2022Q2 -> 2023Q2
Even though contribution decreased by 12.9pp, non-core sources still accounts for 51.2% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
▲▲Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 11.8bn against investing cash flow of -0.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +11.3bn. Financing cash flow was negative +29.9bn.
CFO / net income was −1,31 lần.
After spending +3.8bn on fixed-asset investment, the business generated trailing free cash flow of +70.2bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 51.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +25.2%, other profit at +26.0% of PBT.
- Non-core / PBT
- 51.2% high
- Net financial / PBT
- 25.2%
- Other profit / PBT
- 26.0%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to −15.67%, losing 27.8pp. That translates to −15.67 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 24.4pp and capital turnover fell 0.68x, while invested capital contracted by 105bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −15.67% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 89.4 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO rose 69.0 days, and DPO fell 18.6 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 172.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +69.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 26.9% to −69.8% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 40.46x and interest coverage only at −2.64x.
At present, short-term debt accounts for 68.6% of total debt, cash equals 9.2% of debt, and total debt stands at 200.4bn.
- Net Debt / Equity
- 40.46x +39.27x
- Interest Coverage
- −2.64x −9.74x
- Cash / Debt
- 9.2% −10.6pp
- Short-term Debt / Total Debt
- 68.6% +6.8pp
TTM YoY · 2022Q2 -> 2023Q2
Net debt / equity stands at 40.46x, increasing balance-sheet pressure.
Interest coverage is −2.64x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼The balance sheet shows capital-allocation efficiency slipping. Leverage is very high, with clear pressure on the capital structure — liabilities at 15.70x equity, net debt at 40.46x equity.
Inventory ended the period at 72.8bn, roughly 30.1% of total assets.
Over the last 12 months, working capital released 128.9bn of cash, mainly thanks to lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is 25.2%. The main risk still sits in core profitability, with net margin down 29.1 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 23.2bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 25.2% of PBT and CFO / net income currently at −1.31x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -22.87% after a 29.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −58,7% YoY decline or keeps falling.
Whether margins hold around the current -22.87% level or narrow again.
Whether operating cash flow holds its 11.8bn (cumulative for 2025) level in upcoming periods or weakens.
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