Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 1.3bn, fell 0.8bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -15,588.15x
- P/B
- 57.33x
- EPS
- -45
- BVPS
- 12,211
- ROE
- -0.4%
- ROA
- -0.4%
- Market price
- 700,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, DVG is maintaining revenue, but margins are compressing slightly — margins have been compressing consistently over multiple periods. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Administrative expenses
- Gross profit
- Financial income
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 | 39.6 | 10.0 | 96.3 | 54.7 | 48.0 | 28.2 | 66.1 | 30.5 |
| LNST | -0.1 | -0.3 | -0.6 | -0.2 | -0.9 | 0.2 | 0.2 | -0.0 |
| Net margin | -0.37% | -2.84% | -0.67% | -0.34% | -1.83% | 0.77% | 0.31% | -0.11% |
Revenue
40bnNet income
-0bnNet margin
-0.37%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
●Net margin narrowed to −0.63%, falling 0.3pp. The main pressure is Gross margin fell 1.8pp, outweighing the improvement in SG&A / Revenue fell 1.2pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −0.63% −0.3pp
- Gross Margin
- 1.61% −1.8pp
- SG&A / Revenue
- 2.24% −1.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.01x equity, with a net cash position equivalent to 0.01x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 1.8pp YoY to 1.61% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 1.61% · YoY -1.8pp
Inventory 116.0bn — 33.59% of total assets, above the materials-group median (13.00%); ≈ 214 days of sales. Inventory is growing faster than revenue (84.49% vs 16.07% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 33.59% (group median 13.00%)
Days inventory outstanding: 214
Inventory ended the period at 114.9bn, roughly 33.1% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 45.9 days versus the same period last year. The main moves came from DIO rose 35.2 days, DSO rose 4.0 days, and DPO fell 6.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 219.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +4.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at −0.4% — the components are offsetting one another.
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
- −0.01x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -76.7bn in 2025, against investing cash flow of 73.7bn.
Post-investment cash flow was negative +3.0bn. Financing cash flow was positive 0.0bn.
CFO / net income was 56,56 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.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 219 days. The next watchpoint is capital structure should be read with cycle risk in mind. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.01x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: working capital remains tied up for too long, with cash cycle at 219.0 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +16,1% YoY pace.
Ability to hold margins around the current -0.63% level.
Cash-flow quality, with operating cash flow currently at -76.7bn in 2025.
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