Analysis of business results & financial statements · Quý 4/2025
▲ Showing improvement
Trailing net profit reached 0.0bn, fell 0.8bn compared with the same period last year. Key positives came from lower selling expenses and better other profit. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 315,888.24x
- P/B
- 245.53x
- EPS
- 2
- BVPS
- 2,036
- ROE
- 0.1%
- ROA
- 0.0%
- Market price
- 500,000 16 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, PXA is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Gross profit
- Administrative expenses
- Finance costs
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2025
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.2 | 4.0 | 2.9 | 25.8 | 6.0 | 13.3 | 1.4 | 5.3 |
| LNST | 2.5 | -1.5 | -1.7 | 0.7 | 1.1 | 1.2 | -2.5 | 1.0 |
| Net margin | 11.44% | -38.43% | -58.61% | 2.73% | 18.06% | 9.11% | -180.34% | 18.49% |
Revenue
22bnNet income
3bnNet margin
11.44%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
- 0.78% +4.3pp
- Gross Margin
- 20.84% −52.3pp
- SG&A / Revenue
- 15.10% −32.1pp
Margin support from financial result remains high (13451.2% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 4.88x equity, net debt at 1.49x equity.
This park does not accumulate meaningful unearned revenue — recognition happens at land/contract handover. Large swings between periods are a property of the one-off model; read results across multiple periods rather than a single quarter.
Development inventory ended the period at 76.2bn, about 42.4% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital released 0.0bn of cash.
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.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.49x and interest coverage only at −0.50x.
At present, short-term debt accounts for 97.9% of total debt, cash equals 3.3% of debt, and total debt stands at 47.0bn.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
Net debt / equity stands at 1.49x, increasing balance-sheet pressure.
Interest coverage is −0.50x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.49x
- Interest Coverage
- −0.50x
- Cash / Debt
- 3.3%
- Short-term Debt / Total Debt
- 97.9%
Cash Flow
●High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -1.5bn in 2025, against investing cash flow of -0.1bn.
Post-investment cash flow was negative +1.5bn. Financing cash flow was positive +2.1bn.
CFO / net income was −61,69 lần.
Track how much investment can be funded internally from operating cash flow.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
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 next item to monitor is the earnings mix, when non-core contribution is −26626.6%. The main risk still sits in leverage and liquidity, with interest coverage at −0.50x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −26626.6% of PBT and CFO / net income currently at −61.69x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.50x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +135,3% YoY pace.
Ability to hold margins around the current 0.78% level.
Cash-flow quality, with operating cash flow currently at -1.5bn in 2025.
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.