Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 13.7bn, fell 6.5bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.14x
- P/B
- 1.55x
- EPS
- -687
- BVPS
- 3,164
- ROE
- -19.5%
- ROA
- -3.3%
- Market price
- 4,900 03 Jul 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DP2 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. 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.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Other profit
- Administrative expenses
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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.4 | 45.0 | 49.9 | 62.7 | 41.5 | 51.8 | 43.8 | 59.7 |
| LNST | -6.9 | -4.9 | -2.4 | 0.5 | -3.5 | 2.4 | -5.8 | -0.3 |
| Net margin | -23.46% | -10.92% | -4.81% | 0.74% | -8.32% | 4.55% | -13.28% | -0.55% |
Revenue
29bnNet income
-7bnNet margin
-23.46%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.
What is driving the margin?
▼▼Net margin fell to −7.35%, losing 3.7pp. The main pressure is SG&A / Revenue rose 0.7pp, outweighing the improvement in Gross margin rose 3.3pp (with lingering pressure from Net financial result / Revenue fell 4.4pp and Other profit / Revenue fell 1.9pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- −7.35% −3.7pp
- Gross Margin
- 11.81% +3.3pp
- SG&A / Revenue
- 9.99% +0.7pp
- Non-core / Revenue
- −9.17% −6.3pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 6.3pp, financial result still accounts for 124.7% of PBT — earnings durability should be monitored in coming periods.
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. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.85x equity, with a net cash position equivalent to 0.03x equity.
Inventory ended the period at 41.6bn, roughly 10.1% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 24.3 days versus the same period last year. The main moves came from DIO rose 15.3 days, DSO fell 2.8 days, and DPO fell 11.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 112.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +15.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from −8.9% to −19.5% — dragged by net margin.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 21.7bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.03x and interest coverage only at −0.74x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 113.8% of debt, and total debt stands at 95.1bn.
Interest coverage is −0.74x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.03x −1.31x
- Interest Coverage
- −0.74x +0.54x
- Cash / Debt
- 113.8% +111.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 21.7bn in 2025, against investing cash flow of -0.6bn.
Post-investment cash flow was positive +21.0bn. Financing cash flow was negative +4.7bn.
CFO / net income was −1,39 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 3.7 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 95.5% of PBT and CFO / net income currently at −1.39x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -7.35% after a 3.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −5,1% YoY decline.
Ability to hold margins around the current -7.35% level.
Cash-flow quality, with operating cash flow currently at 21.7bn in 2025.
From one stock to the whole portfolio
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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.