Analysis of business results & financial statements · Quý 2/2026
Trailing net profit reached 1.5bn, fell 1.9bn compared with the same period last year. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -36.56x
- P/B
- 0.12x
- EPS
- -27
- BVPS
- 8,594
- ROE
- -0.3%
- ROA
- -0.1%
- Market price
- 1,000 16 Oct 2026
The current picture
What is changing?
Profit bridge
Vs last year · TTM
- Administrative expenses
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 | Q2'21 | Q2'20 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | 7.1 | 0.4 |
| LNST | -0.4 | -0.4 | -0.4 | -0.3 | -0.4 | -0.4 | 1.2 | -0.1 |
| Net margin | — | — | — | — | — | — | 17.16% | -14.18% |
Revenue
7bnNet income
-0bnNet margin
17.16%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
- 32.38%
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (91.0% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -0.1bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +0.1bn. Financing cash flow was positive +0.1bn.
CFO / net income was 0,11 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?
Non-core income reaches 91.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +91.0% of PBT.
- Non-core / PBT
- 91.0% high
- Net financial / PBT
- 91.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.03x and interest coverage only at −1.10x.
At present, cash equals 0.6% of debt and total debt stands at 14.9bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
- Net Debt / Equity
- 0.03x +0.00x
- Interest Coverage
- −1.10x −1.47x
- Cash / Debt
- 0.6% −0.0pp
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.10x, leaving limited room to absorb financing costs.
Cash / debt stands at 0.6%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 1.14x equity, net debt at 0.03x equity.
Customer advances 256.6bn (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.
Customer advances: 256.6bn · YoY 0.0bn · QoQ 0.0bn
Inventory pre-sold: 37.04%
Project inventory splits in two at 2026Q2: 692.9bn near-delivery stock (short-term) and 24.9bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.
Near-delivery (ST): 692.9bn (96.53%)
Construction-in-progress (LT): 24.9bn (3.47%)
For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 15.0bn vs project value 717.8bn — ratio 2.09%; the project pipeline backs net debt 47.90x over.
Net debt / project value: 2.09%
Inventory ended the period at 692.9bn, roughly 71.0% 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 does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. 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 −1.10x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 91.0% of PBT and CFO / net income currently at 0.11x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.10x.
What to verify next
Questions for the next period
Whether revenue growth holds into the next cycle or stalls.
Whether margins hold around the current 32.38% level or narrow again.
Whether operating cash flow holds its -0.1bn (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.