Analysis of business results & financial statements · Quý 1/2026
Trailing net profit reached 0.1bn, rose 0.3bn compared with the same period last year.
See what is changing ↓- P/E
- 276.92x
- P/B
- 0.42x
- EPS
- 13
- BVPS
- 8,515
- ROE
- 0.2%
- ROA
- 0.1%
- Market price
- 3,600 13 Oct 2026
The current picture
What is changing?
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 | 1.0 | 1.2 | 4.5 | 3.3 | — | 0.0 | 0.0 | 0.0 |
| LNST | -0.2 | 0.1 | -0.2 | 0.4 | -0.2 | 0.2 | 0.0 | -0.2 |
| Net margin | -16.08% | 9.09% | -4.25% | 11.90% | — | — | — | — |
Revenue
1bnNet income
-0bnNet margin
-16.08%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
- 1.51% −63.4pp
- Gross Margin
- 1.64%
- SG&A / Revenue
- 7.06%
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
▲Capital structure is notably light for the real estate sector — liabilities at 0.08x equity, with a net cash position equivalent to 0.01x equity.
None
Over the last 12 months, working capital absorbed 0.6bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 0.6bn.
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
- −0.01x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.6bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +0.0bn.
CFO / net income was −0,79 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.
In summary
Research synthesis
What this reporting period is showing
The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.01x. The next item to monitor is capital structure should be read with cycle risk in mind.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Durability of revenue growth into the next cycle.
Ability to hold margins around the current 1.68% level.
Cash-flow quality, with operating cash flow currently at 0.6bn 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.