Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 2.7bn, rose 0.9bn compared with the same period last year. Key positives came from lower administrative expenses and lower tax. Offsetting pressure came mainly from weaker other profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 81.71x
- P/B
- 0.54x
- EPS
- 82
- BVPS
- 12,457
- ROE
- 0.7%
- ROA
- 0.7%
- Market price
- 6,700 16 Oct 2026
The current picture
What Is Changing
On a Năm 2024 basis, DST is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Tax
- Other profit
- Financial income
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 | — | — | — | — | — | — | 31.2 | 8.8 |
| LNST | 1.8 | 0.1 | -0.4 | 1.2 | 1.6 | 0.0 | -0.0 | 0.2 |
| Net margin | — | — | — | — | — | — | -0.13% | 2.24% |
Revenue
31bnNet income
2bnNet margin
-0.13%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
- 2.91% +1.1pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (163.3% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -1.6bn against investing cash flow of 3.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +1.8bn. Financing cash flow was negative +12.6bn.
CFO / net income was −1,00 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 163.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +127.1%, other profit at +36.2% of PBT.
- Non-core / PBT
- 163.3% high
- Net financial / PBT
- 127.1%
- Other profit / PBT
- 36.2%
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.
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.
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 0.00x equity, with a net cash position equivalent to 0.00x equity.
None
Over the last 12 months, working capital absorbed 2.9bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.
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 brighter spot is balance-sheet flexibility, with net cash/equity at about −0.00x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 127.1% of PBT and CFO / net income currently at −1.00x.
What to verify next
Questions for the next period
Whether revenue sustains its +13,5% YoY pace or begins to slow.
Whether margins hold around the current 4.37% level or narrow again.
Whether operating cash flow holds its -1.6bn (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.