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iShareInvest Research

UPCOM · Quý 2/2026

DTI

Đầu tư Đức Trung

Analysis of business results & financial statements · Quý 2/2026

▼▼ Declining sharply

Trailing net profit reached 0.2bn, fell 0.0bn compared with the same period last year. Key positives came from higher financial income, lower tax, and lower administrative expenses. Offsetting pressure came mainly from higher finance costs and lower gross profit. Detailed impact is shown below:

See what is changing ↓
P/E
122.19x
P/B
0.18x
EPS
15
BVPS
10,087
ROE
0.1%
ROA
0.1%
Market price
1,800
19 Oct 2026

What Is Changing

On a TTM 2026Q2 basis, DTI posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable. 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

  1. Financial income
  2. Tax
  3. Administrative expenses
  4. Finance costs
  5. Gross profit
Unit: VND bn. Green bars support profit; red bars reduce profit.

A single data point, or a trajectory?

Latest eight quarters · Quý 2/2026

MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue128.0157.6151.1102.4171.1175.4148.6162.0
LNST0.10.00.00.00.10.00.00.0
Net margin0.06%0.03%0.03%0.03%0.06%0.03%0.03%0.02%

Revenue

128bn

Net income

0bn

Net margin

0.06%

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.

01

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

Revenue Growth

▼▼

Is growth real and durable?

Trailing-12-month revenue declined 18.0% year on year — not from a single spike: quarterly growth stepped up from −37% to −25%.

1 of the last 4 quarters grew year on year.

Revenue TTM
539bn
−18.0%
Latest quarter YoY
−25%
accelerating

What is driving the margin?

●

Net margin stands at 0.04%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is in a stable range — no factor is strong enough to shift the picture yet.

Net Margin
0.04%
+0.0pp
Gross Margin
0.11%
+0.0pp
SG&A / Revenue
0.16%
+0.0pp
Non-core / Revenue
0.10%
−0.0pp

TTM YoY · 2025Q2 -> 2026Q2

Financial result is supporting margin

Margin support from financial result remains high (210.8% of PBT) — sustainability should be monitored.

Cash Flow

●

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -35.5bn against investing cash flow of -177.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +212.6bn. Financing cash flow was positive +213.5bn.

CFO / net income was −29,37 lần.

Track how much investment can be funded internally from operating cash flow.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Earnings Quality

▼

How much income is non-core?

Non-core income reaches 210.8% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at +210.8% of PBT.

Non-core / PBT
210.8%
high
Net financial / PBT
210.8%
02

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC of 0.1% may fluctuate with business specifics.

Is capital being deployed efficiently?

●

ROIC stands at 0.07%, broadly flat versus the same period. That translates to 0.07 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.57x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Working Capital Efficiency

●

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.9 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO fell 1.2 days, and DPO rose 0.5 days.

Working capital cycle is flat — components are offsetting each other.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

DuPont

What drives ROE?

Net margin 0.0% +0.0pp
Asset turnover 1.46x -0.51x
Financial leverage 2.71x +0.26x
ROE 0.1% -0.1pp

ROE is broadly flat at 0.1% — the components are offsetting one another.

03

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

▼

Leverage warrants monitoring, with net debt / equity at 1.21x and interest coverage only at 0.01x.

At present, short-term debt accounts for 99.2% of total debt, cash equals 1.5% of debt, and total debt stands at 167.6bn.

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Net Debt / Equity
1.21x
−0.43x
Interest Coverage
0.01x
−0.02x
Cash / Debt
1.5%
+0.6pp
Short-term Debt / Total Debt
99.2%
−0.2pp

TTM YoY · 2025Q2 -> 2026Q2

Net leverage is elevated

Net debt / equity stands at 1.21x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.01x, leaving limited room to absorb financing costs.

Balance Sheet

▲

ROIC should be read with industry context. Capital structure is typical for the real estate sector — liabilities at 2.54x equity, net debt at 1.21x equity.

None

Over the last 12 months, working capital released 8.7bn of cash, mainly thanks to higher payables. Pressure from higher receivables only partly offset that benefit.

Research synthesis

What this reporting period is showing

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 0.01x.

  • Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 210.8% of PBT and CFO / net income currently at −29.37x.
  • Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.01x.

Questions for the next period

  1. Whether revenue stabilizes after a −18,0% YoY decline or keeps falling.

  2. Whether margins hold around the current 0.04% level or narrow again.

  3. Whether operating cash flow holds its -35.5bn (cumulative for 2025) level in upcoming periods or weakens.

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