Analysis of business results & financial statements · Quý 3/2024
▲ Showing improvement
See what is changing ↓- P/E
- —
- P/B
- 2.12x
- EPS
- —
- BVPS
- 18,428
- ROE
- 39.3%
- ROA
- 31.6%
- Market price
- 39,000 20 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, TDB is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 3/2024
| Metric | Q3'24 |
|---|---|
| Revenue | 325.1 |
| LNST | 22.5 |
| Net margin | 6.91% |
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
- 48.54% +0.1pp
- Gross Margin
- None
- SG&A / Revenue
- None
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
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.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 94.6% of total debt, cash equals 5.2% of debt, and total debt stands at 665.4bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 1.05x
- Interest Coverage
- None
- Cash / Debt
- 5.2%
- Short-term Debt / Total Debt
- 94.6%
Net debt / equity stands at 1.05x, increasing balance-sheet pressure.
Short-term debt accounts for 94.6% of total debt, raising near-term refinancing needs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 0.27x equity, net debt at 1.05x equity.
None
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 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 capital structure should be read with cycle risk in mind. The main risk still sits in leverage and liquidity, with interest coverage at 0.05x.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.05x.
What to verify next
Questions for the next period
Whether revenue sustains its +11,9% YoY pace or begins to slow.
Whether margins hold around the current 48.54% level or narrow again.
Whether operating cash flow holds its 32.9bn (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.