Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 105.3bn, rose 7.4bn compared with the same period last year. Key positives came from lower finance costs and lower administrative expenses. Offsetting pressure came mainly from lower financial income, higher tax, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 365.62x
- P/B
- 8.66x
- EPS
- 274
- BVPS
- 11,543
- ROE
- 2.4%
- ROA
- 2.3%
- Market price
- 100,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, THD is improving on both revenue and margins, though the magnitude is still moderate — 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
- Finance costs
- Administrative expenses
- Financial income
- Tax
- Gross profit
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 | 238.5 | 208.4 | 243.8 | 307.1 | 219.2 | 233.3 | 245.2 | 251.2 |
| LNST | 30.1 | 28.2 | 23.7 | 23.4 | 26.3 | 10.9 | 25.7 | 35.0 |
| Net margin | 12.60% | 13.53% | 9.72% | 7.61% | 11.98% | 4.69% | 10.47% | 13.93% |
Revenue
238bnNet income
30bnNet margin
12.60%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
●Net margin stands at 10.55%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 10.55% +0.2pp
- Gross Margin
- 2.22% −0.2pp
- SG&A / Revenue
- 2.12% −1.0pp
- Non-core / Revenue
- 13.13% −0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 0.4pp, financial result still accounts for 101.5% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
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 0.03x equity, with a net cash position equivalent to 0.00x equity.
None
Over the last 12 months, working capital released 10.4bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.
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 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.
DuPont
What drives ROE?
ROE rose from 1.9% to 2.4% — mainly driven by asset turnover, 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 −0.00x and interest coverage at 4.29x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.
- Net Debt / Equity
- −0.00x
- Interest Coverage
- 4.29x −2.24x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -5.0bn in 2025, against investing cash flow of -44.2bn.
Post-investment cash flow was negative +49.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,06 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 a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.00x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 100.4% of PBT and CFO / net income currently at −0.06x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +5,2% YoY pace.
Ability to hold margins around the current 10.55% level.
Cash-flow quality, with operating cash flow currently at -5.0bn in 2025.
From one stock to the whole portfolio
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How much does this stock
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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.