DSH

Đầu tư Hạ tầng Đông Sơn ·UPCOM ·2026Q1

▲▲ Improving positively

Price

14,800

Latest close

03 Jun 2026

P/E —

P/B 0.43x

EPS —

BVPS 34,114

ROE 31.2%

ROA 11.0%

Profit Margin 50.7%

Asset Turnover 0.22x

Equity Mult. 2.83x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

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.

	                            
	                                TTM REVENUE
	                            
	                                    VND 422bn
	                                
−32.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 214bn
	                                
+303.4%YoY

Metric	Q1'26
Revenue	224.6
Growth	—
Net Income	54.9
Net Margin	24.46%

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 50.69% +42.3pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.80x equity, net debt at 1.13x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

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.

At present, short-term debt accounts for 8.5% of total debt, cash equals 10.2% of debt, and total debt stands at 1,500.2bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.13x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 10.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 1.13x —

Interest Coverage — —

Cash / Debt 10.2% —

Short-term Debt / Total Debt 8.5% —

TTM YoY · Prior -> 2026Q1

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The main risk still sits in leverage and liquidity, with interest coverage at 0.10x. Warning and risk signals are not yet decisive enough to shift the picture.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.10x.

Statement Data

Item	2025	2024	2023
Revenue	422.0	629.2	400.5
Revenue Deductions	—	0.0	0.0
Net Revenue	422.0	629.2	400.5
Cost of Goods Sold	404.5	593.2	367.7
Gross Profit	17.5	36.0	32.7
Financial Income	1.0	1.8	1.0
Financial Expenses	62.8	6.2	5.5
Interest Expense	8.2	6.2	5.5
Share of Associates and Joint Ventures	54.2	42.8	23.9
Selling Expenses	—	0.0	0.0
General and Administrative Expenses	19.8	16.6	12.4
Operating Profit	-9.8	57.8	39.7
Other Income	224.1	1.1	0.0
Other Expenses	0.3	1.6	0.3
Other Profit	223.8	-0.5	-0.3
Profit Before Tax	214.0	57.3	39.4
Current Income Tax Expense	0.1	4.3	1.6
Deferred Income Tax Expense	0.0	-0.1	0.0
Net Income	213.9	53.0	37.8
Non-controlling Interest	0.0	0.0	-0.0
Profit Attributable to Parent	213.9	53.0	37.8
Earnings per Share	17,061.00	5,299.00	3,783.00
Diluted EPS	17,061.00	5,299.00	3,783.00

Item	2025	2024	2023
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	567.2	435.9	494.2
I. Cash and cash equivalents	110.2	36.5	122.2
1. Cash	94.7	34.5	122.2
2. Cash equivalents	15.5	2.0	0.0
II. Short-term financial investments	92.0	39.0	0.0
1. Available for sale securities	—	28.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0
3. Held to maturity investments	92.0	11.0	0.0
III. Short-term receivables	310.0	302.8	224.3
1. Short-term trade accounts receivable	113.0	194.7	88.3
2. Short-term prepayments to suppliers	184.3	85.5	87.6
3. Short-term inter-company receivables	—	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0
5. Short-term loan receivables	—	5.0	14.0
6. Other short-term receivables	19.4	17.7	34.4
7. Provision for short-term doubtful debts (*)	-6.6	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0
IV. Inventories	43.0	49.2	134.3
1. Inventories	43.0	49.2	134.3
2. Provision for decline in value of inventories	—	0.0	0.0
V. Other short-term assets	12.0	8.3	13.5
1. Short-term prepayments	0.4	0.7	0.4
2. Value added tax to be reclaimed	11.0	7.7	13.0
3. Taxes and other receivables from state authorities	0.5	0.0	0.0
4. Government bonds	—	0.0	0.0
5. Other short-term assets	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,617.7	259.6	219.6
I. Long-term receivables	—	0.0	3.2
1. Long-term trade receivables	—	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0
3. Capital at inter-company	—	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0
5. Long-term loan receivables	—	0.0	3.2
6. Other long-term receivables	—	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0
II. Fixed assets	2,507.0	11.8	11.2
1. Tangible fixed assets	2,505.8	11.8	11.2
- Cost	3,748.8	21.7	22.3
- Accumulated depreciation	-1,243.0	-9.9	-11.1
2. Financial leased fixed assets	—	0.0	0.0
- Cost	—	0.0	0.0
- Accumulated depreciation	—	0.0	0.0
3. Intangible fixed assets	1.2	0.0	0.0
- Cost	1.9	0.1	0.1
- Accumulated depreciation	-0.7	-0.1	-0.1
III. Investment properties	—	0.0	0.0
- Cost	—	0.0	0.0
- Accumulated depreciation	—	0.0	0.0
IV. Long-term assets in progress	110.7	0.0	0.0
1. Long-term production in progress	—	0.0	0.0
2. Construction in progress	110.7	0.0	0.0
V. Long-term financial investments	—	247.8	205.0
1. Investments in subsidiaries	—	0.0	0.0
2. Investments in associates, joint-ventures	—	247.8	205.0
3. Investments in other entities	—	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0
5. Held to maturity investments	—	0.0	0.0
6. Other long-term investments	—	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.3
1. Long-term prepayments	0.0	0.0	0.3
2. Deferred income tax assets	0.0	0.1	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0
4. Other long-term assets	—	0.0	0.0
5. Goodwill	—	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0
TOTAL ASSETS (280=100+200)	3,184.9	695.4	713.8
A. LIABILITIES (300=210+330)	2,045.7	464.6	536.0
I. Short -term liabilities	564.0	380.1	367.2
1. Short-term trade accounts payable	185.7	131.1	143.5
2. Short-term advances from customers	175.5	83.7	94.5
3. Taxes and other payables to state authorities	6.2	3.3	1.9
4. Payable to employees	3.1	1.6	1.3
5. Short-term acrrued expenses	8.2	6.0	5.3
6. Short-term inter-company payables	—	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0
8. Short-term unearned revenue	7.5	0.0	0.0
9. Other short-term payables	23.8	33.9	34.7
10. Short-term borrowings and financial leases	153.2	119.9	85.4
11. Provision for short-term liabilities	—	0.0	0.0
12.. Bonus and welfare fund	0.8	0.6	0.6
13. Price stabilization fund	—	0.0	0.0
14. Government bonds	—	0.0	0.0
II. Long-term liabilities	1,481.7	84.5	168.8
1. Long-term trade payables	—	0.0	0.0
2. Long-term advances from customers	26.4	79.9	168.7
3. Long-term acrrued expenses	—	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0
7. Other long-term liabilities	0.1	0.1	0.1
8. Long-term borrowings and financial leases	1,455.1	4.5	0.0
9. Convertible bonds	—	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0
13. Fund for technology development	—	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,139.1	230.8	177.8
I. Owner's equity	1,139.1	230.8	177.8
1. Owner's capital	350.0	100.0	100.0
- Common stock with voting right	350,000,000,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	0.00	0.00
2. Share premium	-1.2	0.0	0.0
3. Convertible bond option	—	0.0	0.0
4. Other capital of owners	—	0.0	0.0
5. Treasury shares	—	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0
8. Investment and development fund	0.4	0.4	0.4
9. Fund to support corporate restructuring	—	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0
11. Undistributed earnings after tax	339.3	125.5	72.5
- Accumulated retained earning at the end of the previous period	125.4	72.5	34.7
- Undistributed earnings in this period	213.9	53.0	37.8
12. Reserves for investment in construction	—	0.0	0.0
13. Minority's interest	450.7	4.9	4.9
14. Financial reserves	—	0.0	0.0
II. Other resources and funds	—	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,184.9	695.4	713.8

Item	2025	2024	2023
Profit Before Tax	214.0	57.3	39.4
Depreciation of Fixed Assets and Investment Property	1.1	0.9	1.0
Provision (Increase)/Reversal	6.6	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0
Gain/Loss from Investment Activities	53.9	-45.6	-24.9
Interest Expense	8.2	6.2	5.5
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0
Interest Income and Dividends	—	0.0	0.0
Amortization of Goodwill	—	0.0	0.0
Other Adjustments	-223.9	0.0	0.0
Operating Profit Before Changes in Working Capital	59.8	18.7	21.0
Increase/(Decrease) in Receivables	-7.5	-68.1	-15.2
Increase/(Decrease) in Inventory	6.2	85.1	-104.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	35.4	-126.1	202.2
Increase/(Decrease) in Prepaid Expenses	0.3	0.0	-0.7
Changes in Trading Securities	28.0	-28.0	0.0
Interest Paid	-8.2	-6.1	-5.5
Corporate Income Tax Paid	-3.2	-2.5	0.0
Other Operating Receipts	—	0.0	0.0
Other Operating Payments	—	0.0	0.0
Net Cash Flow from Operating Activities	110.8	-127.0	97.5
Payments for Fixed Assets and Other Long-term Assets	-0.9	-1.4	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	1.1	0.0
Loans and Purchases of Debt Instruments	-108.0	-73.0	-14.0
Receipts from Loan Repayments and Sale of Debt Instruments	27.0	74.2	0.0
Investments in Other Entities	-189.5	0.0	-4.5
Proceeds from Investments in Other Entities	9.8	0.0	0.0
Dividends and Interest Income Received	35.0	1.6	0.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0
Other Investing Receipts	—	0.0	0.0
Other Investing Payments	—	0.0	0.0
Net Cash Flow from Investing Activities	-226.4	2.3	-18.4
Proceeds from Equity Issuance and Capital Contributions	248,820,400,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00
Proceeds from Borrowings	255.6	193.7	157.6
Repayment of Borrowings	-314.5	-154.7	-126.5
Repayment of Finance Leases	—	0.0	0.0
Dividends Paid	-0.6	0.0	0.0
Other Financing Receipts	—	0.0	0.0
Other Financing Payments	—	0.0	0.0
Net Cash Flow from Financing Activities	189.2	39.0	31.1
Net Cash Flow During the Period	73.7	-85.6	110.1
Cash and Cash Equivalents at Beginning of Period	36.5	122.2	12.0
FX Difference from Revaluation	—	0.0	0.0
Cash and Cash Equivalents at End of Period	110.2	36.5	122.2

Item	Q1'26
Revenue	224.6
Net Revenue	224.6
Cost of Goods Sold	123.3
Gross Profit	101.2
Financial Income	0.5
Financial Expenses	38.9
Interest Expense	38.9
General and Administrative Expenses	4.9
Operating Profit	58.0
Other Income	0.2
Other Expenses	0.1
Other Profit	0.1
Profit Before Tax	58.1
Current Income Tax Expense	3.2
Net Income	54.9
Non-controlling Interest	23.1
Profit Attributable to Parent	31.9
Earnings per Share	910.00
Diluted EPS	910.00

Item	Q1'26
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	566.3
I. Cash and cash equivalents	152.8
1. Cash	105.5
2. Cash equivalents	47.3
II. Short-term financial investments	16.0
3. Held to maturity investments	16.0
III. Short-term receivables	303.5
1. Short-term trade accounts receivable	76.4
2. Short-term prepayments to suppliers	208.8
6. Other short-term receivables	25.0
7. Provision for short-term doubtful debts (*)	-6.6
IV. Inventories	79.9
1. Inventories	79.9
V. Other short-term assets	14.0
1. Short-term prepayments	0.4
2. Value added tax to be reclaimed	13.6
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	2,577.1
II. Fixed assets	2,453.8
1. Tangible fixed assets	2,452.6
- Cost	3,748.5
- Accumulated depreciation	-1,295.9
3. Intangible fixed assets	1.2
- Cost	1.9
- Accumulated depreciation	-0.7
IV. Long-term assets in progress	123.3
2. Construction in progress	123.3
VI. Other long-term assets	0.0
1. Long-term prepayments	0.0
2. Deferred income tax assets	0.0
TOTAL ASSETS (280=100+200)	3,143.4
A. LIABILITIES (300=210+330)	1,949.4
I. Short -term liabilities	494.2
1. Short-term trade accounts payable	145.7
2. Short-term advances from customers	161.8
3. Taxes and other payables to state authorities	7.4
4. Payable to employees	1.6
5. Short-term acrrued expenses	17.5
8. Short-term unearned revenue	7.4
9. Other short-term payables	23.9
10. Short-term borrowings and financial leases	128.0
12.. Bonus and welfare fund	0.8
II. Long-term liabilities	1,455.3
2. Long-term advances from customers	82.9
7. Other long-term liabilities	0.1
8. Long-term borrowings and financial leases	1,372.3
B. OWNER'S EQUITY (400=410+430)	1,194.0
I. Owner's equity	1,194.0
1. Owner's capital	350.0
- Common stock with voting right	350,000,000,000.00
2. Share premium	-1.2
8. Investment and development fund	0.4
11. Undistributed earnings after tax	371.1
- Accumulated retained earning at the end of the previous period	339.3
- Undistributed earnings in this period	31.9
13. Minority's interest	473.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	3,143.4

Item	Q1'26	Q4'25	Q2'25
Profit Before Tax	58.1	186.2	27.8
Depreciation of Fixed Assets and Investment Property	53.5	0.5	0.5
Provision (Increase)/Reversal	—	6.6	—
Gain/Loss from Investment Activities	-0.5	80.8	-26.9
Interest Expense	38.9	4.2	3.9
Operating Profit Before Changes in Working Capital	149.9	54.4	5.4
Increase/(Decrease) in Receivables	4.4	-36.6	29.1
Increase/(Decrease) in Inventory	-37.0	18.7	-12.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.3	64.5	-29.1
Increase/(Decrease) in Prepaid Expenses	0.0	-0.1	0.3
Interest Paid	-36.5	-4.1	-4.1
Corporate Income Tax Paid	-6.1	0.0	-3.2
Net Cash Flow from Operating Activities	87.1	96.9	13.9
Payments for Fixed Assets and Other Long-term Assets	-12.9	0.0	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.0	0.2
Loans and Purchases of Debt Instruments	—	-92.0	-16.0
Receipts from Loan Repayments and Sale of Debt Instruments	76.0	16.0	11.0
Proceeds from Investments in Other Entities	—	9.8	—
Dividends and Interest Income Received	0.5	33.9	1.1
Net Cash Flow from Investing Activities	63.6	-221.8	-4.6
Proceeds from Equity Issuance and Capital Contributions	-60,000,000.00	—	—
Proceeds from Borrowings	30.5	108.8	146.8
Repayment of Borrowings	-138.6	-223.9	-143.9
Dividends Paid	—	0.0	-0.6
Net Cash Flow from Financing Activities	-108.1	187.0	2.2
Net Cash Flow During the Period	42.6	62.2	11.5
Cash and Cash Equivalents at Beginning of Period	110.2	36.5	36.5
Cash and Cash Equivalents at End of Period	152.8	110.2	48.0

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DSH

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity