DSN

Công viên nước Đầm Sen ·HOSE ·2026Q1

▼▼ Declining sharply

Financial result is supporting part of pre-tax profit Net financial result/PBT 21.00%

Price

37,500

Latest close

03 Jun 2026

P/E 6.57x

P/B 1.35x

EPS 5,704

BVPS 27,728

ROE 23.2%

ROA 20.4%

Profit Margin 40.3%

Asset Turnover 0.51x

Equity Mult. 1.14x

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

What Is Changing

On a TTM 2026Q1 basis, DSN is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 180bn
	                                
−12.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 72bn
	                                
−14.7%YoY

Metric	2025	2024	2023	2022	2021
Revenue	181.5	217.6	248.9	232.2	25.2
Growth	-17%	-13%	+7%	+820%	—
Net Income	72.4	92.6	112.5	107.7	23.9
Net Margin	39.88%	42.54%	45.20%	46.40%	94.55%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	36.5	15.8	60.2	67.7	37.8	16.8	64.8	85.4	50.7	25.1	72.2	97.6
Growth	+131%	-74%	-11%	+79%	+124%	-74%	-24%	+69%	+102%	-65%	-26%	—
Net Income	8.7	9.5	26.6	27.7	8.6	8.0	29.2	39.2	16.2	12.7	32.7	47.5
Net Margin	23.76%	60.26%	44.19%	40.86%	22.71%	47.38%	45.09%	45.90%	32.03%	50.64%	45.27%	48.65%

Drivers of DSN's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 3.4bn

Financial income ↑ 1.5bn

Gross profit ↓ 18.8bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 0.7bn

Tax ↓ 0.4bn

Financial income ↑ 0.1bn

Gross profit ↓ 0.7bn

Other profit ↓ 0.4bn

Administrative expenses ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 29.3% = 41.5% × 0.60 × 1.17

2026Q1 23.1% = 40.2% × 0.51 × 1.14

ROE fell from 29.3% to 23.1% — all three components weakened, with asset turnover being the main drag.

Net margin: 40.2% -1.3pp Asset turnover: 0.51x -0.10x Leverage: 1.14x -0.03x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 40.21%, falling 1.3pp. The main pressure comes from Gross margin fell 2.4pp and SG&A / Revenue rose 1.0pp (in addition, Net financial result / Revenue rose 2.0pp added support while Other profit / Revenue fell 0.3pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 40.21% −1.3pp

Gross Margin 56.89% −2.4pp

SG&A / Revenue 16.64% +1.0pp

TTM YoY · 2025Q1 -> 2026Q1

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.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 40.46% −1.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.08x equity, with a net cash position equivalent to 0.03x equity.

Over the last 12 months, working capital absorbed 1.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +0.7bn

Inventories decreased → higher CFO: +0.8bn

Payables decreased → lower CFO: −2.6bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 4.5 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO fell 0.0 days, and DPO fell 2.6 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +4.5 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +1.9 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 0.1 days −0.0 days

Inventory 9.4 days +1.9 days

Payables 10.7 days −2.6 days

Cash Conversion Cycle -1.2 days +4.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 43.8bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.03x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.58x −0.17x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 43.8bn in 2025, against investing cash flow of -50.3bn.

Post-investment cash flow was negative +6.5bn. Financing cash flow was negative +48.4bn.

CFO / net income was 0.58x.

After spending +5.3bn on fixed-asset investment, the business generated trailing free cash flow of +36.9bn.

Cash Conversion

CFO TTM 42.2bn −21.8bn

Cash Capex 5.3bn −0.6bn

FCF TTM +36.9bn −21.2bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 21.0%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.03x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.03x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.0% of PBT and CFO / net income currently at 0.58x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	181.5	217.6	248.9	232.2	25.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	181.5	217.6	248.9	232.2	25.2
Cost of Goods Sold	78.3	85.6	93.3	80.4	0.0
Gross Profit	103.2	132.0	155.7	151.8	-1.6
Financial Income	19.1	17.7	23.3	14.7	40.9
Financial Expenses	0.0	0.0	1.6	1.7	0.0
Interest Expense	—	0.0	0.0	0.0	-0.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	12.6	13.6	12.5	8.4	-2.2
General and Administrative Expenses	18.1	19.8	23.4	21.0	-8.7
Operating Profit	91.7	116.3	141.5	135.3	28.4
Other Income	0.0	0.1	0.2	0.4	0.0
Other Expenses	—	0.0	0.0	0.0	0.0
Other Profit	0.0	0.1	0.2	0.4	0.2
Profit Before Tax	91.7	116.4	141.8	135.7	28.6
Current Income Tax Expense	19.1	23.6	29.1	27.8	-4.8
Deferred Income Tax Expense	0.2	0.2	0.2	0.2	0.0
Net Income	72.4	92.6	112.5	107.7	23.9
Non-controlling Interest	-0.1	-0.1	-0.1	-0.1	-0.6
Profit Attributable to Parent	72.5	92.7	112.6	107.9	24.5
Earnings per Share	5,697.00	6,520.00	7,922.00	7,587.00	1,882.00
Diluted EPS	5,997.18	7,670.56	9,319.55	7,587.00	2,023.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	358.9	348.9	327.4	263.0	184.8
I. Cash and cash equivalents	16.8	71.7	38.8	90.6	72.5
1. Cash	5.3	5.4	5.8	51.9	0.0
2. Cash equivalents	11.5	66.3	33.0	38.7	0.0
II. Short-term financial investments	328.1	266.7	273.1	163.0	0.0
1. Available for sale securities	42.1	42.1	42.1	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	286.0	224.6	231.1	163.0	0.0
III. Short-term receivables	10.8	7.5	12.7	6.9	4.2
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.1	0.0
2. Short-term prepayments to suppliers	1.3	0.7	5.3	0.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	9.4	6.8	7.4	6.5	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.8	1.3	1.2	1.0	0.7
1. Inventories	1.8	1.3	1.2	1.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	1.9	1.6	1.6	1.7
1. Short-term prepayments	0.2	0.6	0.3	0.2	0.0
2. Value added tax to be reclaimed	1.3	1.3	1.3	1.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	24.0	25.2	19.1	20.3	15.9
I. Long-term receivables	—	0.3	0.3	0.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.3
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.3	0.3	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	17.6	21.5	15.4	8.9	3.1
1. Tangible fixed assets	17.6	21.5	15.3	8.8	2.9
- Cost	105.9	106.1	95.1	86.3	0.0
- Accumulated depreciation	-88.3	-84.6	-79.8	-77.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.1	0.1	0.2
- Cost	20.5	20.5	20.5	20.5	0.0
- Accumulated depreciation	-20.5	-20.5	-20.4	-20.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	3.2	0.0	0.0	2.5	9.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	3.2	0.0	0.0	2.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.2	3.4	3.4	8.6	0.0
1. Long-term prepayments	3.2	3.4	3.4	8.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	3.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	382.9	374.2	346.5	283.3	200.7
A. LIABILITIES (300=210+330)	27.5	57.9	29.6	32.5	17.8
I. Short -term liabilities	26.4	56.8	28.7	31.8	17.2
1. Short-term trade accounts payable	1.1	0.7	0.7	2.9	0.3
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.5	3.9	5.6	3.9	0.0
4. Payable to employees	8.6	9.0	8.0	10.3	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.9	29.7	1.0	1.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	8.0	8.0	8.0	8.0	0.0
12.. Bonus and welfare fund	4.3	5.6	5.5	5.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.1	1.1	0.9	0.7	0.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	1.1	0.9	0.8	0.6	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	355.4	316.2	316.9	250.8	183.0
I. Owner's equity	355.4	316.2	316.9	250.8	0.0
1. Owner's capital	120.8	120.8	120.8	120.8	183.0
- Common stock with voting right	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	8.4	8.4	8.4	8.4	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	225.4	186.5	187.0	120.8	52.9
- Accumulated retained earning at the end of the previous period	153.0	122.8	74.4	31.1	28.8
- Undistributed earnings in this period	72.5	63.7	112.6	89.7	24.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.7	0.5	0.6	0.7	0.8
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	382.9	374.2	346.5	283.3	200.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	91.7	116.4	141.8	135.7	28.6
Depreciation of Fixed Assets and Investment Property	4.9	4.8	2.8	1.5	1.6
Provision (Increase)/Reversal	—	0.0	0.0	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-19.1	-17.7	-20.0	-12.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.2	0.0
Operating Profit Before Changes in Working Capital	77.5	103.5	124.6	125.5	20.1
Increase/(Decrease) in Receivables	0.9	-0.3	-0.1	-0.4	0.0
Increase/(Decrease) in Inventory	-0.5	-0.0	-0.2	-0.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.5	0.6	-3.3	12.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.6	-0.3	0.0	-4.9	0.0
Changes in Trading Securities	—	0.0	-42.1	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-18.9	-24.9	-27.8	-26.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-15.2	-15.9	-15.9	-3.8	0.0
Net Cash Flow from Operating Activities	43.8	62.6	35.2	102.6	14.5
Payments for Fixed Assets and Other Long-term Assets	-5.2	-6.2	-7.7	-1.0	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-345.6	-333.2	-438.1	-314.4	-169.6
Receipts from Loan Repayments and Sale of Debt Instruments	284.2	339.6	370.0	257.2	216.8
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	16.3	18.6	19.1	9.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-50.3	18.8	-56.4	-48.6	55.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	1.5
Repayment of Borrowings	—	0.0	0.0	0.0	-6.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-48.4	-48.5	-30.6	-35.8	-29.9
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-48.4	-48.5	-30.6	-35.8	-35.0
Net Cash Flow During the Period	-54.9	32.9	-51.8	18.1	27.9
Cash and Cash Equivalents at Beginning of Period	71.7	38.8	90.6	72.5	37.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	16.8	71.7	38.8	90.6	72.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	36.5	15.8	60.2	67.7	37.8	16.8	64.8	85.4	50.7	25.1	72.2	97.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	36.5	15.8	60.2	67.7	37.8	16.8	64.8	85.4	50.7	25.1	72.2	97.6
Cost of Goods Sold	18.3	10.4	23.5	25.5	18.9	11.8	23.2	29.5	21.1	16.2	24.3	31.5
Gross Profit	18.2	5.4	36.7	42.2	18.9	5.0	41.6	55.9	29.5	8.8	47.8	66.1
Financial Income	0.4	11.5	5.5	1.9	0.3	10.9	4.0	2.4	0.4	13.9	3.9	4.6
Financial Expenses	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.6	0.9
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.1	1.7	3.7	3.4	3.8	1.6	3.9	3.7	4.5	1.5	3.9	3.3
General and Administrative Expenses	4.7	2.4	5.3	5.7	4.6	2.5	5.6	6.4	5.3	4.4	6.4	7.2
Operating Profit	10.9	12.7	33.1	35.0	10.8	11.8	36.1	48.3	20.2	16.8	40.9	59.3
Other Income	0.0	0.0	0.0	-0.3	0.4	-0.8	0.2	0.5	0.2	0.2	0.0	0.0
Other Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	-0.3	0.4	-0.8	0.2	0.5	0.2	0.2	0.0	0.0
Profit Before Tax	10.9	12.7	33.1	34.7	11.2	10.9	36.3	48.8	20.3	17.0	40.9	59.3
Current Income Tax Expense	2.2	3.1	6.5	6.9	2.6	2.9	7.1	9.6	4.1	4.2	8.2	11.7
Deferred Income Tax Expense	—	0.1	—	0.1	—	0.1	0.0	0.1	0.0	0.1	0.0	0.1
Net Income	8.7	9.5	26.6	27.7	8.6	8.0	29.2	39.2	16.2	12.7	32.7	47.5
Non-controlling Interest	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Profit Attributable to Parent	8.7	9.5	26.6	27.7	8.6	8.0	29.2	39.2	16.2	12.7	32.7	47.5
Earnings per Share	683.00	751.00	2,092.00	2,178.00	676.00	563.00	2,419.00	2,758.00	1,143.00	896.00	2,706.00	3,343.00
Diluted EPS	718.59	790.12	2,202.62	2,292.58	711.86	661.93	2,419.04	3,245.03	1,344.56	1,053.65	2,706.00	3,343.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	334.2	358.9	348.3	339.1	328.7	348.9	374.0	333.2	302.7	327.4	361.7	321.1
I. Cash and cash equivalents	9.0	16.8	13.7	2.9	34.3	71.7	24.8	17.0	53.5	38.8	75.5	82.1
1. Cash	7.0	5.3	11.7	2.9	27.3	5.4	4.3	11.7	31.5	5.8	53.0	77.1
2. Cash equivalents	2.0	11.5	2.0	—	7.0	66.3	20.5	5.3	22.0	33.0	22.5	5.0
II. Short-term financial investments	314.0	328.1	328.2	326.7	282.3	266.7	342.9	307.4	237.6	273.1	277.6	229.0
1. Available for sale securities	42.1	42.1	42.1	42.1	42.1	42.1	42.1	42.1	42.1	42.1	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	271.9	286.0	286.1	284.6	240.2	224.6	300.8	265.3	195.5	231.1	277.6	229.0
III. Short-term receivables	7.7	10.8	3.1	5.8	7.7	7.5	2.9	4.5	6.8	12.7	3.9	2.4
1. Short-term trade accounts receivable	0.0	0.0	0.1	0.3	0.1	0.0	0.2	1.3	0.1	0.0	0.0	0.1
2. Short-term prepayments to suppliers	0.2	1.3	1.2	1.2	1.4	0.7	0.3	0.3	2.1	5.3	1.7	0.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.4	9.4	1.8	4.3	6.2	6.8	2.4	2.9	4.5	7.4	2.2	2.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.6	1.8	1.7	1.9	2.4	1.3	1.1	1.1	1.0	1.2	0.8	1.2
1. Inventories	1.6	1.8	1.7	1.9	2.4	1.3	1.1	1.1	1.0	1.2	0.8	1.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.9	1.5	1.6	1.8	2.1	1.9	2.3	3.1	3.9	1.6	3.9	6.4
1. Short-term prepayments	0.6	0.2	0.4	0.6	0.8	0.6	1.1	1.8	2.6	0.3	2.7	5.2
2. Value added tax to be reclaimed	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	25.0	24.0	52.5	23.4	24.3	25.2	26.4	27.6	23.0	19.1	18.4	18.8
I. Long-term receivables	—	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	21.9	17.6	18.6	19.5	20.6	21.5	22.8	23.7	15.8	15.4	14.6	15.3
1. Tangible fixed assets	21.9	17.6	18.5	19.4	20.5	21.5	22.7	23.7	15.7	15.3	14.5	15.2
- Cost	111.6	—	—	—	—	106.1	106.1	105.8	96.3	95.1	94.0	94.0
- Accumulated depreciation	-89.7	—	—	—	—	-84.6	-83.4	-82.1	-80.6	-79.8	-79.5	-78.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	20.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-20.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	3.2	3.2	0.2	0.1	0.0	0.0	0.3	3.5	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	3.2	3.2	0.2	0.1	0.0	0.0	0.3	3.5	0.0	0.0	0.0
V. Long-term financial investments	—	—	27.2	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	27.2	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.1	3.2	3.2	3.2	3.3	3.4	3.3	3.3	3.4	3.4	3.5	3.4
1. Long-term prepayments	3.1	3.2	3.2	3.2	3.3	3.4	3.3	3.3	3.4	3.4	3.5	3.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	359.1	382.9	400.8	362.5	353.0	374.2	400.4	360.7	325.7	346.5	380.1	340.0
A. LIABILITIES (300=210+330)	24.1	27.5	55.0	43.3	61.4	57.9	63.1	52.7	37.5	29.6	75.9	68.5
I. Short -term liabilities	23.0	26.4	53.8	42.1	60.4	56.8	62.1	51.7	36.6	28.7	75.1	67.6
1. Short-term trade accounts payable	1.7	1.1	1.6	2.0	2.9	0.7	2.0	2.5	3.2	0.7	2.9	2.5
2. Short-term advances from customers	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	5.9	3.5	22.5	15.5	6.5	3.9	27.3	13.0	7.4	5.6	40.2	31.9
4. Payable to employees	1.9	8.6	14.4	9.9	3.2	9.0	16.5	16.7	6.3	8.0	17.2	17.8
5. Short-term acrrued expenses	—	—	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.9	1.6	1.0	20.3	29.7	0.9	0.8	1.0	1.0	1.3	1.8
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
12.. Bonus and welfare fund	4.2	4.3	5.6	5.6	19.5	5.6	7.5	10.7	10.7	5.5	5.5	5.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.1	1.1	1.1	1.1	1.1	1.1	1.0	1.0	0.9	0.9	0.8	0.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	1.1	1.1	1.0	1.0	0.9	0.9	0.8	0.8	0.8	0.8	0.7	0.7
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	335.0	355.4	345.8	319.2	291.6	316.2	337.3	308.1	288.2	316.9	304.2	271.5
I. Owner's equity	335.0	355.4	345.8	319.2	291.6	316.2	337.3	308.1	288.2	316.9	304.2	271.5
1. Owner's capital	120.8	120.8	120.8	120.8	120.8	120.8	120.8	120.8	120.8	120.8	120.8	120.8
- Common stock with voting right	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00	120,830,090,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4	8.4
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	205.1	225.4	216.1	189.5	161.8	186.5	207.5	178.2	158.4	187.0	174.3	141.6
- Accumulated retained earning at the end of the previous period	196.4	153.0	153.2	153.2	153.2	122.8	122.8	122.8	142.1	74.4	74.4	74.4
- Undistributed earnings in this period	8.7	72.5	62.9	36.3	8.6	63.7	84.7	55.5	16.2	112.6	99.9	67.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.6	0.7	0.4	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	359.1	382.9	400.8	362.5	353.0	374.2	400.4	360.7	325.7	346.5	380.1	340.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	10.9	12.7	33.1	34.7	11.2	10.9	36.3	48.8	20.3	17.0	40.9	59.3
Depreciation of Fixed Assets and Investment Property	1.5	1.2	1.2	1.2	1.3	1.3	1.3	1.6	0.8	0.8	0.7	1.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-11.5	-5.5	-1.9	-0.3	-10.9	-4.0	-2.4	-0.4	-14.0	-3.9	-1.3
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	12.0	2.5	28.8	34.0	12.1	1.3	33.5	48.0	20.7	3.8	37.7	59.0
Increase/(Decrease) in Receivables	0.1	0.5	0.2	-0.1	0.2	0.2	0.8	-1.2	-0.2	1.2	-1.6	-0.1
Increase/(Decrease) in Inventory	0.1	-0.0	0.2	0.4	-1.1	-0.1	0.0	-0.1	0.2	-0.4	0.5	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.8	-16.0	8.1	8.1	-0.7	-18.5	6.5	9.9	2.7	-30.6	5.0	22.6
Increase/(Decrease) in Prepaid Expenses	-0.3	0.2	0.2	0.3	-0.2	0.4	0.7	0.9	-2.3	2.4	2.4	-4.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	-42.1	0.0	34.7
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.1	-13.2	-2.8	0.0	-2.9	-16.6	0.0	-4.1	-4.2	-19.9	-5.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-1.4	-0.0	-13.8	-0.0	-2.0	-3.1	-0.0	-10.8	-0.0	-0.0	-5.7
Net Cash Flow from Operating Activities	5.8	-27.4	34.8	29.0	7.5	-35.4	38.5	53.3	6.1	-85.6	38.9	105.9
Payments for Fixed Assets and Other Long-term Assets	-1.5	-0.2	-3.3	-0.2	-1.4	0.0	-0.0	-4.4	-1.8	-6.4	-0.0	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-43.2	-65.2	-135.4	-112.9	-32.1	-61.4	-115.0	-105.8	-51.0	-140.0	-115.0	-113.5
Receipts from Loan Repayments and Sale of Debt Instruments	57.3	92.5	106.9	68.3	16.5	137.6	79.5	36.0	86.5	186.5	66.5	43.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.4	3.6	7.9	3.8	0.9	6.0	4.8	4.0	3.7	8.6	3.9	1.8
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	15.0	30.6	-23.9	-41.0	-16.1	82.2	-30.7	-70.2	37.5	48.9	-44.7	-69.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-28.6	-0.1	-0.1	-19.4	-28.7	-0.0	-0.1	-19.6	-28.9	-0.1	-0.8	-29.5
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-28.6	-0.1	-0.1	-19.4	-28.7	-0.0	-0.1	-19.6	-28.9	-0.1	-0.8	-29.5
Net Cash Flow During the Period	-7.8	3.1	10.8	-31.4	-37.4	46.9	7.8	-36.4	14.7	-36.7	-6.6	6.5
Cash and Cash Equivalents at Beginning of Period	16.8	13.7	2.9	34.3	71.7	38.8	38.8	38.8	38.8	90.6	90.6	90.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.0	16.8	13.7	2.9	34.3	71.7	24.8	17.0	53.5	38.8	75.5	82.1

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DSN

What Is Changing

Drivers of DSN's profit

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Balance Sheet ▲

Working Capital Efficiency ▼

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Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow