Analysis of business results & financial statements · Quý 4/2020
▼▼ Declining sharply
See what is changing ↓- P/E
- 21.65x
- P/B
- 0.81x
- EPS
- 388
- BVPS
- 10,388
- ROE
- 5.8%
- ROA
- 0.7%
- Market price
- 8,400 15 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, E29 posted a clear revenue decline, but margins have not been hit proportionally yet — profit momentum has been slowing across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2020
| Metric | Q4'20 | Q3'20 | Q2'20 | Q1'20 |
|---|---|---|---|---|
| Revenue | 296.0 | 78.2 | 33.7 | 34.3 |
| LNST | 1.7 | 0.1 | 0.0 | 0.1 |
| Net margin | 0.57% | 0.12% | 0.13% | 0.29% |
Revenue
296bnNet income
2bnNet margin
0.57%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 are broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 0.45% +0.0pp
- Gross Margin
- 2.41%
- SG&A / Revenue
- −2.97%
Margin support from other income remains high (334.7% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 100.4bn against investing cash flow of 0.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +100.9bn. Financing cash flow was negative +16.6bn.
CFO / net income was 41,09 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 reaches 334.7% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +111.0%, other profit at +223.7% of PBT.
- Non-core / PBT
- 334.7% high
- Net financial / PBT
- 111.0%
- Other profit / PBT
- 223.7%
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
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
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.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.87x and interest coverage only at −1.71x.
At present, short-term debt accounts for 87.6% of total debt, cash equals 43.5% of debt, and total debt stands at 79.9bn.
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
- 0.87x
- Interest Coverage
- −1.71x
- Cash / Debt
- 43.5%
- Short-term Debt / Total Debt
- 87.6%
Interest coverage is −1.71x, leaving limited room to absorb financing costs.
Short-term debt accounts for 87.6% of total debt, raising near-term refinancing needs.
Balance Sheet
▼▼Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 7.59x equity, net debt at 0.87x equity.
Owner advances stand at 19.1bn (as of 2020Q4) — the contractor is funded along the contract schedule, easing the pressure to self-finance working capital.
Owner advances: 19.1bn
The contractor's survival axis: site receivables 0.0bn vs equity 51.9bn — 0.00% of the capital base is sitting on job sites.
Receivables / equity: 0.00%
DSO: 0 days
Sector note: contractor gross margins are THIN (2.41% TTM) by design — value lives in contract turnover and collection discipline, not margin. Do not compare with manufacturers.
Inventory ended the period at 103.7bn, roughly 22.4% of total assets.
Over the last 12 months, working capital released 96.6bn of cash, mainly thanks to lower receivables and lower inventories.
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 leverage and liquidity remaining the main constraint, with interest coverage at −1.71x. The next watchpoint is the earnings mix, when non-core contribution is 111.0%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 41.09x. Even so, net financial result still accounts for 111.0% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.71x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −47,7% YoY decline or keeps falling.
Whether margins hold around the current 0.45% level or narrow again.
Whether operating cash flow holds its 100.4bn (cumulative for 2025) level in upcoming periods or weakens.
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Its weight and influence across the assets held for investment.
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