Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 10.2bn, fell 11.6bn compared with the same period last year. Key positives came from lower selling expenses, lower tax, and higher financial income. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 54.57x
- P/B
- 1.24x
- EPS
- 332
- BVPS
- 14,544
- ROE
- 2.3%
- ROA
- 1.7%
- Market price
- 18,100 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, L14 posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Sector note: developer revenue is recognised at handover — large quarter-to-quarter swings are normal; read on a trailing-12-month basis and against the delivery schedule.
Profit bridge
Vs last year · TTM
- Selling expenses
- Tax
- Financial income
- Gross profit
- Finance costs
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 | 14.3 | 28.2 | 46.0 | 1.1 | 15.9 | 31.7 | 71.5 | 20.8 |
| LNST | 0.1 | 1.5 | 1.1 | 7.5 | 5.0 | 8.5 | 1.1 | 7.2 |
| Net margin | 0.78% | 5.35% | 2.43% | 689.70% | 31.66% | 26.76% | 1.56% | 34.65% |
Revenue
14bnNet income
0bnNet margin
0.78%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 36.0% year on year — not from a single spike: quarterly growth stepped up from −95% to −10%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 90bn −36.0%
- Latest quarter YoY
- −10% accelerating
What is driving the margin?
▼▼Net margin fell to 11.43%, losing 4.2pp. The main pressure is Gross margin fell 7.5pp, outweighing the improvement in SG&A / Revenue fell 2.6pp (with lingering pressure from Net financial result / Revenue fell 1.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.
2025Q1: 31.7bn
2025Q2: 15.9bn
2025Q3: 1.1bn
2025Q4: 46.0bn
2026Q1: 28.2bn
2026Q2: 14.3bn
- Net Margin
- 11.43% −4.2pp
- Gross Margin
- 34.53% −7.5pp
- SG&A / Revenue
- 16.76% −2.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 0.5bn against investing cash flow of -18.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +17.5bn. Financing cash flow was negative +3.0bn.
CFO / net income was −2,38 lần.
Track how much investment can be funded internally from operating cash flow.
For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −20.7% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −20.7%
Is capital being used efficiently?
Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 2.5% fluctuates with handover cycles.
Is capital being deployed efficiently?
▼ROIC fell to 2.52%, losing 3.2pp. That translates to 2.52 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 4.1pp and capital turnover fell 0.15x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.
DuPont
What drives ROE?
ROE fell from 5.0% to 2.3% — all three components weakened, with asset turnover being the main drag.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 0.5bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.06x and interest coverage only at 0.95x.
At present, short-term debt accounts for 79.9% of total debt, cash equals 279.3% of debt, and total debt stands at 15.5bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
- Net Debt / Equity
- −0.06x +0.02x
- Interest Coverage
- 0.95x −1.56x
- Cash / Debt
- 279.3% −165.9pp
- Short-term Debt / Total Debt
- 79.9% +19.8pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 0.95x, leaving limited room to absorb financing costs.
Short-term debt accounts for 79.9% of total debt, raising near-term refinancing needs.
Balance Sheet
●ROIC for residential developers swings with project cycles and handover timing. Capital structure is notably light for the real estate sector — liabilities at 0.43x equity, with a net cash position equivalent to 0.06x equity.
Customer advances 38.1bn (as of 2026Q2) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters. Advances fell 41.74% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 15.93% of current inventory — most of the pipeline is not yet pre-sold.
Customer advances: 38.1bn · YoY −27.3bn · QoQ −7.8bn
Locked-in revenue: ~1.70x quarters of revenue (TTM)
Inventory pre-sold: 15.93%
Project inventory splits in two at 2026Q2: 239.4bn near-delivery stock (short-term) and 6.8bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.
Near-delivery (ST): 239.4bn (97.24%)
Construction-in-progress (LT): 6.8bn (2.76%)
For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 27.8bn vs project value 246.2bn — ratio −11.29%; the company is in a net-cash position.
Net debt / project value: −11.29%
Development inventory ended the period at 199.3bn, about 31.2% of total assets — reflecting projects in progress awaiting handover.
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 4.2 pp. The next watchpoint is capital efficiency, with ROIC at 2.5%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −2.38x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −2.38x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 11.43% after a 4.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −36,0% YoY decline or keeps falling.
Whether margins hold around the current 11.43% level or narrow again.
Whether operating cash flow holds its 0.5bn (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.