Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 6.5bn, fell 5.0bn compared with the same period last year. Key positives came from lower finance costs and lower administrative expenses. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- 1.03x
- EPS
- —
- BVPS
- 3,013
- ROE
- -93.4%
- ROA
- -9.1%
- Market price
- 3,100 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, E12 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Finance costs
- Administrative expenses
- Gross profit
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 | 2.2 | 4.6 | 12.8 | 5.2 | 1.3 | 4.5 | 22.0 | 24.2 |
| LNST | -0.4 | -0.4 | -5.6 | -0.1 | -0.8 | -0.7 | 0.0 | 0.0 |
| Net margin | -18.09% | -7.70% | -43.70% | -2.55% | -64.43% | -15.75% | 0.16% | 0.17% |
Revenue
2bnNet income
-0bnNet margin
-18.09%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.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 52.3% year on year — not from a single spike: quarterly growth stepped up from −78% to +68%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 25bn −52.3%
- Latest quarter YoY
- +68% accelerating
What is driving the margin?
▼▼Net margin fell to −26.04%, losing 23.2pp. The main pressure comes from Gross margin fell 23.8pp and SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −26.04% −23.2pp
- Gross Margin
- −15.65% −23.8pp
- SG&A / Revenue
- 5.59% +0.1pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -0.0bn against investing cash flow of 0.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.0bn. Financing cash flow was positive +2.8bn.
CFO / net income was 0,16 lần.
Track how much investment can be funded internally from operating cash flow.
For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.
Earnings Quality
●How much income is non-core?
Non-core income makes up 18.3% of pre-tax profit — worth monitoring.
Within that, net financial result at +18.3% of PBT.
- Non-core / PBT
- 18.3% moderate
- Net financial / PBT
- 18.3%
Is capital being used efficiently?
Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 199.0 days versus the same period last year. The main moves came from DIO rose 93.8 days, DSO rose 184.7 days, and DPO rose 79.5 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.
CCC stands at 504.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +184.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −13.4% to −93.4% — dragged by net margin and asset turnover.
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 10.82x and interest coverage only at −3.93x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 14.7% of debt, and total debt stands at 45.9bn.
Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.
- Net Debt / Equity
- 10.82x +7.09x
- Interest Coverage
- −3.93x −3.54x
- Cash / Debt
- 14.7% +2.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 10.82x, increasing balance-sheet pressure.
Interest coverage is −3.93x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 14.55x equity, net debt at 10.82x equity.
Owner advances stand at 1.2bn (as of 2026Q2) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital. Down 49.08% YoY — settlement of billed work or fewer newly funded contracts; read together with receivables.
Owner advances: 1.2bn · YoY −1.1bn
Advances / receivables: 5.67% — funded vs stuck
The contractor's survival axis: site receivables 20.9bn vs equity 3.6bn — 577.97% of the capital base is sitting on job sites. This sits in SEVERE territory (above 250.00%) — notably, the ratio is high mainly because EQUITY IS SHRINKING (64.67% YoY — losses eating the base) while cash stays stuck on site. A different disease from swelling receivables. Double flag: owner advances cover only 5.67% of receivables — most work is being built with the contractor's own money; cash-flow pressure to watch.
Receivables / equity: 577.97% · receivables YoY −24.16% · equity YoY −64.67%
DSO: 307 days
Sector note: contractor gross margins are THIN (−15.65% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.
Inventory ended the period at 22.5bn, roughly 33.0% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
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 margins remain under pressure remaining the main constraint, with net margin down 23.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 18.3%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.3% of PBT and CFO / net income currently at 0.16x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -26.04% after a 23.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −52,3% YoY decline or keeps falling.
Whether margins hold around the current -26.04% level or narrow again.
Whether operating cash flow holds its -0.0bn (cumulative for 2025) level in upcoming periods or weakens.
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