Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 217.0bn, rose 57.4bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.12x
- P/B
- 1.66x
- EPS
- 4,340
- BVPS
- 18,570
- ROE
- 24.6%
- ROA
- 15.7%
- Market price
- 30,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ND2 has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
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 | 41.3 | 104.3 | 153.0 | 112.2 | 39.1 | 82.5 | 151.9 | 86.7 |
| LNST | -0.4 | 53.4 | 102.4 | 61.6 | -3.1 | 24.2 | 102.0 | 36.5 |
| Net margin | -0.97% | 51.15% | 66.94% | 54.84% | -8.01% | 29.31% | 67.14% | 42.12% |
Revenue
41bnNet income
-0bnNet margin
-0.97%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 52.80%, rising 8.5pp. The main driver is Gross margin rose 4.1pp and SG&A / Revenue fell 0.8pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 4.0pp added support while Other profit / Revenue fell 0.0pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 52.80% +8.5pp
- Gross Margin
- 68.85% +4.1pp
- SG&A / Revenue
- 4.17% −0.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 15.9% fluctuates with handover cycles.
Is capital being deployed efficiently?
▲ROIC expanded to 15.89%, rising 4.8pp. That translates to 15.89 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 8.5pp, with capital turnover broadly stable; with invested capital easing slightly by 66bn.
For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.
Balance Sheet
▲ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.60x equity, net debt at 0.44x equity.
None
Over the last 12 months, working capital released 55.8bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.0 days versus the same period last year. The main moves came from DIO fell 1.7 days, DSO fell 2.9 days, and DPO rose 0.4 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
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 93.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 19.8% to 24.6% — driven by asset turnover and net margin together, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.44x and interest coverage at 5.92x.
At present, short-term debt accounts for 0.0% of total debt, cash equals 1.4% of debt, and total debt stands at 415.7bn.
Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.
Cash / debt stands at 1.4%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.44x −0.22x
- Interest Coverage
- 5.92x +2.39x
- Cash / Debt
- 1.4% −0.8pp
- Short-term Debt / Total Debt
- 0.0% −34.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 320.8bn in 2025, against investing cash flow of 0.7bn.
Post-investment cash flow was positive +321.5bn. Financing cash flow was negative +262.8bn.
CFO / net income was 1,62 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.
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. The brighter spot is operating efficiency, with net margin improving 8.5 pp. The next item to monitor is capital efficiency, with ROIC at 15.9%. The main risk still sits in leverage and liquidity, with interest coverage at 5.92x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 52.80% after expanding 8.5pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.44x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +14,1% YoY pace.
Ability to hold margins around the current 52.80% level.
Cash-flow quality, with operating cash flow currently at 320.8bn in 2025.
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Its weight and influence across the assets held for investment.
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