Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 53.6bn, rose 5.4bn compared with the same period last year. Key positives came from lower administrative expenses and higher financial income. Offsetting pressure came mainly from lower gross profit and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -28.78x
- P/B
- 1.80x
- EPS
- -452
- BVPS
- 7,202
- ROE
- -6.1%
- ROA
- -5.6%
- Market price
- 13,000 22 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, DSP has not accelerated revenue, but profitability is improving more visibly. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
- Gross profit
- Selling expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46.6 | 50.3 | 35.7 | 45.2 | 44.2 | 46.6 | 32.6 | 50.1 |
| LNST | -6.0 | -6.8 | 14.5 | -55.4 | -9.2 | -5.1 | -30.7 | -14.0 |
| Net margin | -12.80% | -13.58% | 40.77% | -122.61% | -20.90% | -10.88% | -94.06% | -27.94% |
Revenue
47bnNet income
-6bnNet margin
-12.80%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.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 2.4% year on year — not from a single spike: quarterly growth stepped up from −10% to +5%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 178bn +2.4%
- Latest quarter YoY
- +5% accelerating
What is driving the margin?
▲▲Net margin expanded to −30.17%, rising 3.8pp. Core operating signals are improving as SG&A / Revenue fell 4.9pp are enough to offset pressure from Gross margin fell 4.2pp (in addition, Net financial result / Revenue rose 3.3pp 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
- −30.17% +3.8pp
- Gross Margin
- −45.87% −4.2pp
- SG&A / Revenue
- 11.27% −4.9pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
Operating cash flow reached -96.2bn against investing cash flow of 56.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +39.4bn. Financing cash flow was negative +0.0bn.
CFO / net income was 1,11 lần.
After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of −60.7bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −89.4%, other profit at +0.4% of PBT.
- Non-core / PBT
- 0.4% low
- Net financial / PBT
- −89.4%
- Other profit / PBT
- 0.4%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.9 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO rose 1.8 days, and DPO rose 0.6 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.9 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at −6.1% — the components are offsetting one another.
Is financial risk significant?
Leverage is safe but FCF is negative at 60.7bn due to capex of 1.3bn — an investment choice, not an urgent risk.
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.
- Net Debt / Equity
- −0.00x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.06x equity, with a net cash position equivalent to 0.00x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
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 3.8 pp. The next item to monitor is capital structure should be read with cycle risk in mind.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -30.17% after expanding 3.8pp versus the same period last year.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Whether revenue sustains its +2,4% YoY pace or begins to slow.
Whether margins hold around the current -30.17% level or narrow again.
Whether operating cash flow holds its -96.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.