Analysis of business results & financial statements · Năm 2025
▼ Under pressure
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- —
- BVPS
- —
- ROE
- 27.3%
- ROA
- 5.7%
- Market price
- 130,000 22 Sep 2026
The current picture
What Is Changing
On a Năm 2025 basis, TVH is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
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
- 14.82% −2.9pp
- 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 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.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Balance Sheet
●Focus on inventory, liability structure, and year-end cash balance.
Inventory ended the period at 77.0bn, roughly 16.6% 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 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 next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: Working capital needs model and cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +15,2% YoY pace or begins to slow.
Whether margins hold around the current 14.82% level or narrow again.
Whether operating cash flow holds its 29.1bn (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.