Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 18.3bn, rose 9.3bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, lower deferred tax, and lower administrative expenses. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 39.60x
- P/B
- 1.78x
- EPS
- 452
- BVPS
- 10,047
- ROE
- 3.2%
- ROA
- 2.4%
- Market price
- 17,900 12 Aug 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DSD has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Deferred tax
- Administrative expenses
- Selling 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 | 25.3 | 11.6 | 79.2 | 76.4 | 19.5 | 12.5 | 68.4 | 68.6 |
| LNST | -16.1 | -28.6 | 30.7 | 32.4 | -15.9 | -21.1 | 22.3 | 23.7 |
| Net margin | -63.82% | -246.58% | 38.74% | 42.43% | -81.69% | -168.20% | 32.65% | 34.53% |
Revenue
25bnNet income
-16bnNet margin
-63.82%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.
What is driving the margin?
▲▲Net margin expanded to 9.51%, rising 4.2pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 2.8pp (in addition, Net financial result / Revenue rose 4.3pp added support while Other profit / Revenue fell 0.1pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 9.51% +4.2pp
- Gross Margin
- 28.73% −2.8pp
- SG&A / Revenue
- 14.80% −1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 20.9 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC edged up to 2.49%, rising 1.2pp. That translates to 2.49 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 4.2pp, with capital turnover broadly stable; while invested capital rose by 75bn.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 2.49% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.29x equity, net debt at 0.30x equity.
None
Over the last 12 months, working capital absorbed 5.3bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 20.9 days versus the same period last year. The main moves came from DIO rose 3.5 days, DSO fell 0.4 days, and DPO fell 17.8 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +20.9 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +3.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 2.0% to 3.2% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 27.9bn due to capex of 47.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.30x and interest coverage at 2.07x.
At present, short-term debt accounts for 21.7% of total debt, cash equals 0.2% of debt, and total debt stands at 175.6bn.
Cash / debt stands at 0.2%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.30x +0.07x
- Interest Coverage
- 2.07x +1.36x
- Cash / Debt
- 0.2% −1.7pp
- Short-term Debt / Total Debt
- 21.7% −4.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 22.7bn in 2025, against investing cash flow of -64.9bn.
Post-investment cash flow was negative +42.2bn. Financing cash flow was positive +28.8bn.
CFO / net income was 1,07 lần.
After spending +47.5bn on fixed-asset investment, the business generated trailing free cash flow of −27.9bn.
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 4.2 pp. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 0.2%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.5%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.51% after expanding 4.2pp versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,9% YoY pace.
Ability to hold margins around the current 9.51% level.
Cash-flow quality, with operating cash flow currently at 22.7bn in 2025.
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