Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 0.9bn, fell 2.6bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -70.64x
- P/B
- 0.58x
- EPS
- -109
- BVPS
- 13,391
- ROE
- -0.4%
- ROA
- -0.2%
- Market price
- 7,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, UDJ posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple 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.
Sector note: developer revenue is recognised at handover — large quarter-to-quarter swings are normal; read on a trailing-12-month basis and against the delivery schedule.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
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 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0 | 0.0 | 17.3 | 17.0 | 22.2 | 4.2 | 22.9 | 4.8 |
| LNST | -5.2 | -1.1 | 3.6 | 1.9 | 0.7 | -1.2 | 0.9 | 1.3 |
| Net margin | -173626.53% | -36727.15% | 20.67% | 11.03% | 3.06% | -27.97% | 4.13% | 26.14% |
Revenue
0bnNet income
-5bnNet margin
-173626.53%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 36.8% year on year — but the quarterly pace is slowing (+252% → −100%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 34bn −36.8%
- Latest quarter YoY
- −100% slowing
What is driving the margin?
▼Net margin fell to −2.54%, losing 5.7pp. The main pressure is SG&A / Revenue rose 5.3pp, outweighing the improvement in Gross margin rose 12.7pp (with additional support from Net financial result / Revenue rose 2.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.
2025Q1: 4.2bn
2025Q2: 22.2bn
2025Q3: 17.0bn
2025Q4: 17.3bn
2026Q1: 0.0bn
2026Q2: 0.0bn
- Net Margin
- −2.54% −5.7pp
- Gross Margin
- 27.72% +12.7pp
- SG&A / Revenue
- 14.14% +5.3pp
- Non-core / Revenue
- 1.43% +2.2pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 92.4% of PBT and lifted net margin by 2.2pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 38.6bn against investing cash flow of -11.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +26.9bn. Financing cash flow was negative +13.4bn.
CFO / net income was −21,39 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 92.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +92.4% of PBT.
- Non-core / PBT
- 92.4% high
- Net financial / PBT
- 92.4%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
DuPont
What drives ROE?
ROE fell from 0.7% to −0.4% — dragged by net margin and asset turnover.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 38.6bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
- Net Debt / Equity
- −0.04x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▲Capital structure is notably light for the real estate sector — liabilities at 0.80x equity, with a net cash position equivalent to 0.04x equity.
Customer advances 10.4bn (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. Advances fell 64.04% without a matching rise in TTM revenue — sales pace to watch. Advances cover only 9.56% of current inventory — most of the pipeline is not yet pre-sold.
Customer advances: 10.4bn · YoY −18.4bn · QoQ 0.0bn
Locked-in revenue: ~1.21x quarters of revenue (TTM)
Inventory pre-sold: 9.56%
Project inventory splits in two at 2026Q2: 108.3bn near-delivery stock (short-term) and 0.0bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.
Near-delivery (ST): 108.3bn (100.00%)
Construction-in-progress (LT): 0.0bn (0.00%)
For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2026Q2, net debt 8.5bn vs project value 108.3bn — ratio −7.86%; the company is in a net-cash position.
Net debt / project value: −7.86%
Development inventory ended the period at 108.3bn, about 26.5% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital released 43.3bn of cash, mainly thanks to lower receivables and higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 5.7 pp. The next watchpoint is the earnings mix, when non-core contribution is 92.4%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.04x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.04x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 92.4% of PBT and CFO / net income currently at −21.39x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -2.54% after a 5.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −36,8% YoY decline or keeps falling.
Whether margins hold around the current -2.54% level or narrow again.
Whether operating cash flow holds its 38.6bn (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.