Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
See what is changing ↓- P/E
- —
- P/B
- 0.35x
- EPS
- —
- BVPS
- 35,224
- ROE
- 31.2%
- ROA
- 11.0%
- Market price
- 12,200 15 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, DSH posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 |
|---|---|---|
| Revenue | 252.7 | 224.6 |
| LNST | 54.0 | 54.9 |
| Net margin | 21.39% | 24.46% |
Revenue
253bnNet income
54bnNet margin
21.39%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
- 50.69% +42.3pp
- Gross Margin
- None
- SG&A / Revenue
- None
Cash Flow
●Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 110.8bn against investing cash flow of -226.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +115.6bn. Financing cash flow was positive +189.2bn.
None
After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of +283.5bn.
For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
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.
For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 7.3% of total debt, cash equals 8.5% of debt, and total debt stands at 1,391.2bn.
Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.
- Net Debt / Equity
- 1.03x
- Interest Coverage
- None
- Cash / Debt
- 8.5%
- Short-term Debt / Total Debt
- 7.3%
Net debt / equity stands at 1.03x, increasing balance-sheet pressure.
Cash / debt stands at 8.5%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 1.80x equity, net debt at 1.03x equity.
Owner advances stand at 226.7bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.
Owner advances: 226.7bn
Advances / receivables: 301.79% — funded vs stuck
The contractor's survival axis: site receivables 75.1bn vs equity 1,232.8bn — 6.09% of the capital base is sitting on job sites.
Receivables / equity: 6.09%
None
Over the last 12 months, working capital released 199.8bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in leverage and liquidity, with interest coverage at 0.08x.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.08x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −32,9% YoY decline or keeps falling.
Whether margins hold around the current 50.69% level or narrow again.
Whether operating cash flow holds its 110.8bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.