Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 0.2bn, rose 0.0bn compared with the same period last year. Key positives came from higher financial income, lower administrative expenses, and lower tax. Offsetting pressure came mainly from higher finance costs and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 112.62x
- P/B
- 0.18x
- EPS
- 16
- BVPS
- 10,081
- ROE
- 0.2%
- ROA
- 0.1%
- Market price
- 1,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DTI has not moved the needle on revenue, but profitability has edged up slightly — earnings have been recovering gradually over multiple 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
- Financial income
- Administrative expenses
- Tax
- Finance costs
- Gross profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 157.6 | 151.1 | 102.4 | 171.1 | 175.4 | 148.6 | 162.0 | 144.3 |
| LNST | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 |
| Net margin | 0.03% | 0.03% | 0.03% | 0.06% | 0.03% | 0.03% | 0.02% | 0.04% |
Revenue
158bnNet income
0bnNet margin
0.03%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
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 nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.04% +0.0pp
- Gross Margin
- 0.08% −0.1pp
- SG&A / Revenue
- 0.14% −0.0pp
- Non-core / Revenue
- 0.12% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (242.8% of PBT) — sustainability should be monitored.
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 0.79x, while invested capital expanded strongly by 99bn — 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.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 2.54x equity, net debt at 2.20x equity.
None
Over the last 12 months, working capital absorbed 38.3bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.9 days versus the same period last year. The main moves came from DIO fell 0.3 days, DSO fell 6.1 days, and DPO fell 3.6 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
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?
ROE is broadly flat at 0.2% — the components are offsetting one another.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 2.20x and interest coverage only at 0.02x.
At present, short-term debt accounts for 99.5% of total debt, cash equals 0.7% of debt, and total debt stands at 300.7bn.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
Net debt / equity stands at 2.20x, increasing balance-sheet pressure.
Interest coverage is 0.02x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.20x +1.08x
- Interest Coverage
- 0.02x −0.02x
- Cash / Debt
- 0.7% −0.5pp
- Short-term Debt / Total Debt
- 99.5% +0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -35.5bn in 2025, against investing cash flow of -177.1bn.
Post-investment cash flow was negative +212.6bn. Financing cash flow was positive +213.5bn.
CFO / net income was −299,13 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.
In summary
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 0.02x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 242.8% of PBT and CFO / net income currently at −299.13x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.02x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −7,6% YoY decline.
Ability to hold margins around the current 0.04% level.
Cash-flow quality, with operating cash flow currently at -35.5bn in 2025.
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.