DTG

Dược phẩm Tipharco ·HNX ·2026Q1

▼ Slightly negative

Working capital is tied up too long in the operating cycle Working capital 175 days

Price

15,500

Latest close

01 Jun 2026

P/E 8.04x

P/B 0.73x

EPS 1,929

BVPS 21,331

ROE 9.4%

ROA 6.2%

Profit Margin 5.6%

Asset Turnover 1.11x

Equity Mult. 1.52x

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

What Is Changing

On a TTM 2026Q1 basis, DTG posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — margins have been compressing consistently over multiple periods. What still needs to be determined is whether this is a temporary adjustment or an early sign of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 329bn
	                                
−7.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 18bn
	                                
−3.6%YoY

Metric	2025	2024	2023	2022
Revenue	317.0	364.1	372.6	297.1
Growth	-13%	-2%	+25%	—
Net Income	12.8	23.1	30.6	18.2
Net Margin	4.04%	6.35%	8.22%	6.11%

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	70.7	124.1	68.7	65.9	58.3	148.4	66.0	82.9	66.7	131.0	73.6	78.3
Growth	-43%	+81%	+4%	+13%	-61%	+125%	-20%	+24%	-49%	+78%	-6%	—
Net Income	6.0	11.3	0.9	0.3	0.3	10.1	3.0	5.7	4.3	13.6	3.9	3.9
Net Margin	8.52%	9.08%	1.33%	0.44%	0.60%	6.84%	4.53%	6.86%	6.46%	10.39%	5.29%	5.02%

Drivers of DTG's profit

TTM

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

Finance costs ↓ 2.1bn

Tax ↓ 0.6bn

Gross profit ↓ 1.9bn

Selling expenses ↑ 1.8bn

Financial income ↓ 0.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 6.4bn

Administrative expenses ↓ 1.2bn

Finance costs ↓ 0.8bn

Tax ↑ 1.4bn

Selling expenses ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.7% = 5.4% × 1.12 × 1.78

2026Q1 9.4% = 5.6% × 1.11 × 1.52

ROE fell from 10.7% to 9.4% — leverage weakened the most, though net margin still provided support.

Net margin: 5.6% +0.2pp Asset turnover: 1.11x -0.01x Leverage: 1.52x -0.27x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 5.61%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 5.61% +0.2pp

Gross Margin 22.11% +1.1pp

SG&A / Revenue 14.41% +1.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC edged up to 8.33%, rising 0.7pp. That translates to 8.33 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.12x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 8.33% +0.7pp

NOPAT Margin 5.50% +0.0pp

Capital Turnover 1.51x +0.12x

Average Invested Capital 217.6bn −37.8bn

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.41x equity, with a net cash position equivalent to 0.17x equity.

Inventory ended the period at 80.4bn, roughly 28.8% of total assets.

Over the last 12 months, working capital released 79.9bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +43.2bn

Inventories decreased → higher CFO: +39.9bn

Payables decreased → lower CFO: −3.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.9 days versus the same period last year. The main moves came from DIO fell 34.4 days, DSO rose 9.4 days, and DPO fell 8.1 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 174.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +9.4 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 68.3 days +9.4 days

Inventory 135.4 days −34.4 days

Payables 29.1 days −8.1 days

Cash Conversion Cycle 174.7 days −16.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 99.8bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.17x and interest coverage at 6.16x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 210.5% of debt, and total debt stands at 30.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.17x −0.58x

Interest Coverage 6.16x +1.95x

Cash / Debt 210.5% +192.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 6.09x +5.71x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 99.8bn in 2025, against investing cash flow of -0.6bn.

Post-investment cash flow was positive +99.2bn. Financing cash flow was negative +73.3bn.

CFO / net income was 6.09x.

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.

Cash Conversion

CFO TTM 112.7bn +105.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, cash generation still needs confirmation remains the area to verify in upcoming periods. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 175 days.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 6.09x.

Watchpoint: Cash generation still needs confirmation.

Key risk: working capital remains tied up for too long, with cash cycle at 174.7 days.

Statement Data

Item	2025	2024	2023	2022
Revenue	324.8	367.5	377.6	301.3
Revenue Deductions	7.9	3.4	5.1	4.2
Net Revenue	317.0	364.1	372.6	297.1
Cost of Goods Sold	250.5	286.2	284.9	227.9
Gross Profit	66.4	77.9	87.7	69.2
Financial Income	0.3	0.3	0.1	0.3
Financial Expenses	4.3	6.0	8.0	6.7
Interest Expense	4.1	6.8	6.5	4.9
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	12.8	12.3	14.2	16.4
General and Administrative Expenses	34.7	31.2	28.5	25.7
Operating Profit	15.0	28.6	37.0	20.6
Other Income	0.3	0.5	0.8	0.8
Other Expenses	0.0	0.0	0.1	0.0
Other Profit	0.3	0.4	0.6	0.8
Profit Before Tax	15.2	29.0	37.7	21.4
Current Income Tax Expense	2.5	5.3	7.3	3.8
Deferred Income Tax Expense	-0.1	0.6	-0.3	-0.6
Net Income	12.8	23.1	30.6	18.2
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	12.8	23.1	30.6	18.2
Earnings per Share	1,334.00	2,770.00	4,219.00	2,874.00
Diluted EPS	1,334.29	2,770.00	4,219.00	2,874.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	183.3	229.5	199.1	162.7
I. Cash and cash equivalents	42.2	16.4	14.4	18.4
1. Cash	42.2	16.4	14.4	18.4
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	60.1	108.5	53.6	13.5
1. Short-term trade accounts receivable	60.0	107.9	54.2	13.5
2. Short-term prepayments to suppliers	1.7	1.5	0.2	1.9
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.1	0.1	0.0	0.0
7. Provision for short-term doubtful debts (*)	-1.7	-1.0	-0.9	-1.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	80.4	104.5	130.6	130.3
1. Inventories	80.8	105.2	134.3	131.4
2. Provision for decline in value of inventories	-0.4	-0.8	-3.7	-1.1
V. Other short-term assets	0.6	0.2	0.5	0.6
1. Short-term prepayments	0.2	0.2	0.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.0	0.0	0.6
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	96.3	107.3	107.5	100.2
I. Long-term receivables	0.2	0.3	0.4	0.2
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.3	0.4	0.2
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	87.3	97.5	88.5	92.2
1. Tangible fixed assets	86.7	97.0	88.0	91.6
- Cost	202.8	202.2	185.5	178.3
- Accumulated depreciation	-116.0	-105.2	-97.6	-86.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.6	0.6	0.6
- Cost	0.6	0.6	0.6	0.6
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	9.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	9.5	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	8.8	9.5	9.1	7.9
1. Long-term prepayments	8.1	8.9	7.9	7.2
2. Deferred income tax assets	0.7	0.6	1.2	0.7
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	279.6	336.8	306.6	262.9
A. LIABILITIES (300=210+330)	80.7	150.8	143.9	127.4
I. Short -term liabilities	79.9	150.0	142.9	124.6
1. Short-term trade accounts payable	18.6	19.0	24.4	22.6
2. Short-term advances from customers	7.8	5.4	6.1	12.8
3. Taxes and other payables to state authorities	3.4	4.8	2.3	1.8
4. Payable to employees	6.1	5.5	6.2	7.9
5. Short-term acrrued expenses	2.3	0.9	1.2	0.6
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	3.5	2.8	2.1	2.3
10. Short-term borrowings and financial leases	38.0	111.3	100.4	76.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	0.3	0.3
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.7	1.0	2.8
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	1.6
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.3	0.0
12. Provision for long-term liabilities	0.8	0.7	0.7	1.2
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	198.9	186.1	162.7	135.5
I. Owner's equity	198.9	186.1	162.7	135.5
1. Owner's capital	96.1	83.5	72.6	63.2
- Common stock with voting right	96,053,180,000.00	83,525,730,000.00	72,632,100,000.00	63,159,280,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	33.6	33.6	33.6	33.6
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	19.3	19.3	19.3	19.3
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	49.9	49.6	37.1	19.1
- Accumulated retained earning at the end of the previous period	37.1	26.4	6.4	0.9
- Undistributed earnings in this period	12.8	23.1	30.6	18.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.4
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	279.6	336.8	306.6	262.9

Item	2025	2024	2023	2022
Profit Before Tax	15.2	29.0	37.7	21.4
Depreciation of Fixed Assets and Investment Property	10.8	11.1	10.8	10.7
Provision (Increase)/Reversal	0.4	-4.1	1.1	2.9
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.1	-0.0	-0.1
Interest Expense	4.1	6.8	6.5	4.9
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	30.6	42.7	56.1	39.7
Increase/(Decrease) in Receivables	47.3	-55.0	-38.7	17.5
Increase/(Decrease) in Inventory	24.4	29.1	-2.9	-49.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.2	3.3	-5.8	13.6
Increase/(Decrease) in Prepaid Expenses	0.8	-0.9	-1.2	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-4.2	-6.8	-6.5	-4.9
Corporate Income Tax Paid	-3.3	-3.7	-7.6	-2.2
Other Operating Receipts	—	0.0	0.1	0.0
Other Operating Payments	—	0.0	-0.5	-0.4
Net Cash Flow from Operating Activities	99.8	8.7	-6.9	13.9
Payments for Fixed Assets and Other Long-term Assets	-0.6	-20.3	-16.5	-7.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.1
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	6.5	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.6	-13.7	-16.5	-6.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	164.3	254.5	270.3	172.1
Repayment of Borrowings	-237.6	-243.6	-247.8	-178.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-3.0	-0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-73.3	10.9	19.5	-6.5
Net Cash Flow During the Period	25.9	5.8	-4.0	0.5
Cash and Cash Equivalents at Beginning of Period	16.4	10.5	18.4	17.9
FX Difference from Revaluation	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	42.2	16.4	14.4	18.4

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	70.8	127.8	69.5	69.0	58.6	151.0	66.0	83.6	66.9	132.9	74.2	80.6
Revenue Deductions	0.1	3.8	0.8	3.0	0.3	2.6	0.0	0.6	0.2	1.9	0.6	2.4
Net Revenue	70.7	124.1	68.7	65.9	58.3	148.4	66.0	82.9	66.7	131.0	73.6	78.3
Cost of Goods Sold	51.8	94.4	56.1	54.3	45.8	117.9	53.4	63.8	51.1	104.2	54.7	59.3
Gross Profit	18.8	29.7	12.6	11.7	12.5	30.5	12.6	19.2	15.6	26.8	18.8	19.0
Financial Income	0.0	0.1	0.0	0.0	0.1	0.1	0.2	0.0	0.0	0.1	0.0	0.0
Financial Expenses	0.6	0.7	0.7	1.5	1.4	1.9	1.7	0.7	1.6	2.4	1.8	2.1
Interest Expense	0.6	0.7	0.7	1.4	1.4	1.8	1.7	1.8	1.5	1.7	1.7	1.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.7	4.2	3.1	3.0	2.5	3.7	2.7	3.1	2.7	-0.2	5.2	5.7
General and Administrative Expenses	7.1	11.6	7.8	7.0	8.3	11.7	4.8	8.7	6.2	7.6	7.2	7.0
Operating Profit	7.4	13.3	1.1	0.2	0.4	13.2	3.6	6.7	5.1	17.1	4.7	4.2
Other Income	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.2	0.1	0.1	0.1	0.5
Other Expenses	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Other Profit	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.2	0.1	-0.1	0.1	0.5
Profit Before Tax	7.5	13.3	1.1	0.3	0.4	13.3	3.6	6.9	5.2	17.1	4.7	4.7
Current Income Tax Expense	1.5	2.2	0.2	-0.0	0.1	3.0	0.7	0.8	0.9	3.8	0.8	0.9
Deferred Income Tax Expense	—	-0.1	—	0.0	—	0.2	0.0	0.4	0.0	-0.4	0.0	-0.2
Net Income	6.0	11.3	0.9	0.3	0.3	10.1	3.0	5.7	4.3	13.6	3.9	3.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	-0.1	0.0	0.0	0.0
Profit Attributable to Parent	6.0	11.3	0.9	0.3	0.3	10.1	3.0	5.7	4.4	13.6	3.9	3.9
Earnings per Share	627.00	1,173.00	95.00	34.00	42.00	1,215.00	358.00	784.00	601.00	2,057.00	615.00	623.00
Diluted EPS	627.00	1,173.00	95.00	34.00	42.00	2,770.00	358.00	783.51	601.08	1,874.42	536.27	622.60

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)	180.1	183.3	177.4	173.8	216.1	229.5	246.2	262.8	210.5	199.1	188.9	198.4
I. Cash and cash equivalents	65.1	42.2	29.0	13.1	16.7	16.4	5.0	6.4	20.3	14.4	23.4	14.1
1. Cash	65.1	42.2	29.0	13.1	16.7	16.4	5.0	6.4	20.3	14.4	23.4	14.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	40.1	60.1	52.8	62.0	83.9	108.5	69.4	60.2	44.3	53.6	28.6	26.7
1. Short-term trade accounts receivable	41.1	60.0	53.1	62.5	82.3	107.9	62.9	57.5	32.6	54.2	23.5	21.3
2. Short-term prepayments to suppliers	0.7	1.7	0.6	0.4	0.8	1.5	4.1	3.0	9.8	0.2	5.4	6.7
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	0.4	0.1	0.4	0.5	1.8	0.1	2.3	1.4	2.7	0.0	1.1	0.2
7. Provision for short-term doubtful debts (*)	-2.0	-1.7	-1.4	-1.4	-1.0	-1.0	0.0	-1.7	-0.9	-0.9	-1.5	-1.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	74.5	80.4	95.2	98.2	114.7	104.5	170.1	192.6	144.5	130.6	136.8	156.4
1. Inventories	75.2	80.8	95.4	98.4	115.2	105.2	170.1	193.9	146.4	134.3	138.5	158.2
2. Provision for decline in value of inventories	-0.7	-0.4	-0.2	-0.2	-0.4	-0.8	0.0	-1.3	-1.8	-3.7	-1.7	-1.7
V. Other short-term assets	0.4	0.6	0.4	0.5	0.8	0.2	1.8	3.7	1.3	0.5	0.2	1.2
1. Short-term prepayments	0.3	0.2	0.3	0.5	0.3	0.2	0.4	0.4	0.7	0.5	0.2	0.3
2. Value added tax to be reclaimed	—	—	—	—	0.4	0.0	1.4	3.3	0.6	0.0	0.0	1.0
3. Taxes and other receivables from state authorities	0.1	0.4	0.1	0.0	—	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)	93.3	96.3	99.2	102.0	105.0	107.3	106.7	105.7	105.2	107.5	100.1	99.9
I. Long-term receivables	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4
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	0.2	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	84.6	87.3	90.0	92.6	95.4	97.5	87.2	87.7	87.3	88.5	91.0	90.9
1. Tangible fixed assets	84.1	86.7	89.4	92.1	94.8	97.0	86.6	87.2	86.7	88.0	90.4	90.3
- Cost	202.8	—	—	—	—	202.2	189.0	186.8	187.0	185.5	185.2	182.4
- Accumulated depreciation	-118.7	—	—	—	—	-105.2	-102.3	-99.6	-100.3	-97.6	-94.8	-92.0
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
- Cost	0.6	—	—	—	—	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
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	—	—	—	—	—	0.0	9.6	7.9	8.3	9.5	0.2	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	—	—	—	—	—	0.0	9.6	7.9	8.3	9.5	0.2	0.0
V. Long-term financial investments	—	—	—	—	—	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	—	—	—	—	—	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	8.5	8.8	9.0	9.0	9.3	9.5	9.6	9.7	9.2	9.1	8.5	8.7
1. Long-term prepayments	7.8	8.1	8.4	8.5	8.7	8.9	8.9	9.0	8.0	7.9	7.7	7.8
2. Deferred income tax assets	0.7	0.7	0.6	0.6	0.6	0.6	0.8	0.8	1.2	1.2	0.8	0.8
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)	273.4	279.6	276.6	275.7	321.1	336.8	352.9	368.6	315.7	306.6	289.0	298.3
A. LIABILITIES (300=210+330)	68.5	80.7	89.0	89.0	134.7	150.8	177.0	195.6	145.2	143.7	139.7	150.5
I. Short -term liabilities	67.7	79.9	88.3	88.4	134.0	150.0	176.2	194.9	144.2	142.9	139.0	149.8
1. Short-term trade accounts payable	17.0	18.6	25.7	24.0	23.9	19.0	34.4	60.9	33.4	24.4	23.0	18.5
2. Short-term advances from customers	9.7	7.8	8.1	4.2	7.2	5.4	10.2	6.6	5.4	6.1	6.1	12.6
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.9	3.4	0.7	1.0	0.1	4.8	1.5	0.9	1.0	2.3	2.9	2.7
4. Payable to employees	3.3	6.1	2.9	2.6	2.7	5.5	2.8	2.8	3.1	6.2	3.0	3.1
5. Short-term acrrued expenses	1.9	2.3	1.1	0.6	1.3	0.9	4.0	2.9	2.0	1.2	7.0	9.5
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
9. Other short-term payables	2.8	3.5	4.7	4.0	4.0	2.8	2.8	3.2	2.9	2.1	2.0	2.1
10. Short-term borrowings and financial leases	30.9	38.0	45.0	51.8	94.6	111.3	120.4	117.3	96.2	100.4	94.7	101.1
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	0.8	0.8	0.7	0.7	0.7	0.7	0.7	0.7	1.0	0.7	0.7	0.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.3	0.0	0.0	0.0
12. Provision for long-term liabilities	0.8	0.8	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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)	204.9	198.9	187.6	186.7	186.4	186.1	175.9	172.9	170.5	162.9	149.3	147.8
I. Owner's equity	204.9	198.9	187.6	186.7	186.4	186.1	175.9	172.9	170.5	162.9	149.3	147.8
1. Owner's capital	96.1	96.1	96.1	83.5	83.5	83.5	83.5	72.6	72.6	72.6	72.6	63.2
- Common stock with voting right	96,053,180,000.00	96,053,180,000.00	96,053,180,000.00	83,525,730,000.00	83,525,730,000.00	83,525,730,000.00	83,525,730,000.00	72,632,100,000.00	72,632,100,000.00	72,632,100,000.00	72,632,100,000.00	63,159,280,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6	33.6
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	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3	19.3
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	55.9	49.9	38.6	50.2	49.9	49.6	39.4	47.3	41.5	37.3	23.7	31.7
- Accumulated retained earning at the end of the previous period	49.9	37.1	37.1	49.6	49.6	26.4	26.4	37.3	37.1	6.4	6.4	19.1
- Undistributed earnings in this period	6.0	12.8	1.5	0.6	0.3	23.1	13.0	10.0	4.4	30.9	17.3	12.6
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	3.4	0.0	0.0	0.0
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)	273.4	279.6	276.6	275.7	321.1	336.8	352.9	368.6	315.7	306.6	289.0	298.3

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	7.5	13.3	1.1	0.3	0.4	13.3	3.6	6.9	5.2	17.1	4.7	15.9
Depreciation of Fixed Assets and Investment Property	2.6	2.7	2.7	2.8	2.7	2.9	2.7	2.7	2.7	2.8	2.8	5.3
Provision (Increase)/Reversal	0.6	0.6	0.0	0.2	-0.4	1.7	-3.0	-1.0	-1.9	0.9	0.0	0.2
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	0.6	0.7	0.7	1.4	1.4	1.8	1.7	1.8	1.5	1.6	1.8	3.1
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	11.3	17.3	4.5	4.6	4.2	19.7	5.1	10.4	7.6	22.3	9.3	24.5
Increase/(Decrease) in Receivables	20.0	-7.9	9.2	21.9	24.1	-38.7	-5.7	-19.3	8.7	-29.0	-1.0	-8.8
Increase/(Decrease) in Inventory	5.6	14.6	3.0	16.8	-9.9	64.8	23.8	-47.5	-12.1	4.2	18.5	-25.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.4	-3.1	6.8	-2.4	2.9	-19.1	-24.5	29.5	17.4	-0.1	-0.6	-5.1
Increase/(Decrease) in Prepaid Expenses	0.2	0.4	0.2	0.1	0.0	0.1	0.2	-0.8	-0.4	-0.6	0.3	-0.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.6	-0.8	-0.7	-1.4	-1.4	-1.8	-1.7	-1.8	-1.5	-1.6	-1.8	-3.1
Corporate Income Tax Paid	-2.1	-0.3	0.0	-0.1	-3.0	-1.4	-0.1	-0.9	-1.4	-4.5	-1.4	-1.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.5
Net Cash Flow from Operating Activities	29.9	20.2	23.0	39.6	17.0	23.7	-2.9	-30.4	18.3	-9.2	23.2	-20.9
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.2	-0.3	-0.1	-3.3	-1.6	-3.7	-11.8	-5.6	-4.4	-6.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	6.5	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	-0.2	-0.3	-0.1	-3.2	-1.6	2.8	-11.8	-5.6	-4.4	-6.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	-3,500,000,000.00	3,500,000,000.00	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	27.3	70.8	45.0	0.0	48.5	64.6	60.3	76.6	53.0	92.0	30.2	148.1
Repayment of Borrowings	-34.4	-77.7	-51.8	-42.9	-65.2	-73.7	-57.2	-55.6	-57.2	-86.2	-36.6	-125.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	—	—	—	0.0	0.0	-0.0	0.0	-0.0	-3.0	-0.0
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	-7.1	-7.0	-6.8	-42.9	-16.7	-9.1	3.1	17.5	-0.7	5.7	-9.4	23.1
Net Cash Flow During the Period	22.8	13.2	15.9	-3.6	0.3	11.4	-1.4	-10.0	5.9	-9.0	9.4	-4.3
Cash and Cash Equivalents at Beginning of Period	42.2	29.0	13.1	16.7	16.4	10.5	10.5	10.5	14.4	18.4	18.4	18.4
FX Difference from Revaluation	—	-0.0	—	0.0	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	65.1	42.2	29.0	13.1	16.7	16.4	5.0	6.4	20.3	14.4	23.4	14.1

Explore Other Stocks In The Same Sector

DHG, DVN, IMP, DBD, DTP, TRA, DMC, DP3, OPC, NDC, DAN, PMC, VDP, DHT, FIT, DHD, AGP, DVM, CNC, PBC, LDP, DPH, VMD, NDP, HDP, DCL, PPP, VET, MTP, MKV, DHN, MED, DBT, DPP, BIO, VNY, DBM, MKP, TW3, DTH, NTF, BCP, UPH, SPM, DP2, VXP

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

DTG

What Is Changing

Drivers of DTG's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ▲

Balance Sheet ▲

Working Capital Efficiency ▲

Is financial risk significant?

Leverage & Liquidity ▲

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