Analysis of business results & financial statements · Quý 4/2022
▲ Showing improvement
See what is changing ↓- P/E
- 85.67x
- P/B
- 0.79x
- EPS
- 141
- BVPS
- 15,250
- ROE
- 30.3%
- ROA
- 20.6%
- Market price
- 12,100 19 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, KHD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, 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 4/2022
| Metric | Q4'22 | Q3'22 | Q2'22 | Q1'22 |
|---|---|---|---|---|
| Revenue | 1.8 | 2.8 | 2.4 | 3.3 |
| LNST | 0.5 | -0.0 | 0.2 | -0.2 |
| Net margin | 28.63% | -1.65% | 8.97% | -6.78% |
Revenue
2bnNet income
1bnNet margin
28.63%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
- 30.01% +13.0pp
- Gross Margin
- −2.30%
- SG&A / Revenue
- 24.58%
Margin support from financial result remains high (577.4% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 20.3bn against investing cash flow of -0.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +20.2bn. Financing cash flow was negative +1.6bn.
CFO / net income was 40,53 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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 577.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +395.9%, other profit at +181.5% of PBT.
- Non-core / PBT
- 577.4% high
- Net financial / PBT
- 395.9%
- Other profit / PBT
- 181.5%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
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.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 20.3bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.09x and interest coverage only at −0.42x.
At present, total debt stands at 0.0bn.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.09x
- Interest Coverage
- −0.42x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
Interest coverage is −0.42x, leaving limited room to absorb financing costs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.49x equity, with a net cash position equivalent to 0.09x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Gross margin is flat around −2.30% (TTM) — the input-cost cycle is stable for now.
Gross margin (TTM): −2.30%
Inventory 0.4bn — 0.58% of total assets, below the materials-group median (13.00%); ≈ 12 days of sales.
Inventory / assets: 0.58% (group median 13.00%)
Days inventory outstanding: 12
None
Over the last 12 months, working capital released 3.8bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. 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 −0.42x.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 40.53x. Even so, net financial result still accounts for 395.9% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.42x.
What to verify next
Questions for the next period
Whether revenue sustains its +45,3% YoY pace or begins to slow.
Whether margins hold around the current 30.01% level or narrow again.
Whether operating cash flow holds its 20.3bn (cumulative for 2025) level in upcoming periods or weakens.
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.