DDB

Thương mại và Xây dựng Đông Dương ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 97.78%, −4.02pp YoY

Price

9,200

Latest close

02 Jun 2026

P/E 29.80x

P/B 0.72x

EPS 309

BVPS 12,742

ROE 2.4%

ROA 1.2%

Profit Margin 1.0%

Asset Turnover 1.18x

Equity Mult. 2.12x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, DDB posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 379bn
	                                
−4.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
−81.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -5.13x
	                                
negative cash flow vs profit

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	49.2	106.7	99.6	123.4	72.2	110.5	84.9	127.7
Growth	-54%	+7%	-19%	+71%	-35%	+30%	-34%	—
Net Income	0.7	-0.0	1.6	1.5	1.0	2.4	1.9	14.4
Net Margin	1.36%	-0.04%	1.62%	1.19%	1.36%	2.17%	2.27%	11.30%

Drivers of DDB's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 3.7bn

Gross profit ↓ 3.8bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Finance costs ↓ 0.4bn

Selling expenses ↓ 0.1bn

Tax ↓ 0.1bn

Administrative expenses ↓ 0.0bn

Gross profit ↓ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 0.98%, losing 4.0pp. The main pressure is Gross margin fell 0.8pp, outweighing the improvement in SG&A / Revenue fell 0.0pp (with additional support from Net financial result / Revenue rose 0.1pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 0.98% −4.0pp

Gross Margin 5.24% −0.8pp

SG&A / Revenue 0.91% −0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 1.56%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 1.56% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.56% —

NOPAT Margin 1.12% −0.5pp

Capital Turnover 1.39x —

Average Invested Capital 271.8bn —

Balance Sheet

Capital structure is balanced — liabilities at 1.17x equity, net debt at 0.78x equity.

Inventory ended the period at 131.4bn, roughly 39.6% of total assets.

Over the last 12 months, working capital absorbed 32.4bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −7.5bn

Inventories increased → lower CFO: −0.5bn

Payables decreased → lower CFO: −24.4bn

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.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 206.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 50.0 days —

Inventory 169.9 days —

Payables 13.0 days —

Cash Conversion Cycle 206.9 days —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.78x and interest coverage only at 0.46x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 1.4% of debt, and total debt stands at 120.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.46x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.78x −0.03x

Interest Coverage 0.46x −0.21x

Cash / Debt 1.4% −2.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -5.13x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 2.9bn in 2024, against investing cash flow of -8.8bn.

Post-investment cash flow was negative +6.0bn. Financing cash flow was positive +7.1bn.

CFO / net income was -5.13x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 19.0bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

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 4.0 pp. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -5.13x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -5.13x.

Watchpoint: Cash generation still needs confirmation.

Key risk: profitability remains under pressure, with trailing-12M net margin at 97.78% after a 4.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023
Revenue	401.9	426.8	611.0
Revenue Deductions	—	0.0	0.0
Net Revenue	401.9	426.8	611.0
Cost of Goods Sold	381.1	401.3	552.7
Gross Profit	20.8	25.4	58.3
Financial Income	0.8	0.3	1.8
Financial Expenses	12.2	12.4	25.2
Interest Expense	10.0	9.6	11.0
Share of Associates and Joint Ventures	—	0.0	0.0
Selling Expenses	0.7	1.8	17.6
General and Administrative Expenses	3.0	3.3	4.9
Operating Profit	5.8	8.3	12.4
Other Income	0.1	0.0	0.0
Other Expenses	0.7	2.4	0.3
Other Profit	-0.6	-2.4	-0.3
Profit Before Tax	5.1	5.9	12.1
Current Income Tax Expense	1.1	1.5	2.5
Deferred Income Tax Expense	—	0.0	0.0
Net Income	4.0	4.4	9.6
Non-controlling Interest	—	0.0	0.0
Profit Attributable to Parent	4.0	4.4	9.6
Earnings per Share	334.71	363.00	798.00
Diluted EPS	334.71	363.00	798.00

Item	2025	2024	2023
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	289.1	274.8	467.4
I. Cash and cash equivalents	0.5	5.7	4.5
1. Cash	0.5	1.7	3.5
2. Cash equivalents	—	4.0	1.0
II. Short-term financial investments	—	0.0	0.0
1. Available for sale securities	—	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0
3. Held to maturity investments	—	0.0	0.0
III. Short-term receivables	156.8	64.0	275.5
1. Short-term trade accounts receivable	89.7	53.2	275.3
2. Short-term prepayments to suppliers	16.5	0.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0
5. Short-term loan receivables	30.5	10.0	0.0
6. Other short-term receivables	20.1	0.3	0.1
7. Provision for short-term doubtful debts (*)	—	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0
IV. Inventories	131.4	204.3	186.6
1. Inventories	132.5	205.3	186.6
2. Provision for decline in value of inventories	-1.1	-1.1	0.0
V. Other short-term assets	0.3	0.8	0.9
1. Short-term prepayments	0.1	0.5	0.0
2. Value added tax to be reclaimed	—	0.2	0.7
3. Taxes and other receivables from state authorities	0.2	0.2	0.1
4. Government bonds	—	0.0	0.0
5. Other short-term assets	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	42.8	47.6	54.3
I. Long-term receivables	—	0.2	0.2
1. Long-term trade receivables	—	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0
3. Capital at inter-company	—	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0
6. Other long-term receivables	—	0.2	0.2
7. Provision for long-term doubtful debts	—	0.0	0.0
II. Fixed assets	42.8	47.3	54.1
1. Tangible fixed assets	40.0	44.2	50.7
- Cost	88.0	88.6	92.5
- Accumulated depreciation	-48.1	-44.4	-41.8
2. Financial leased fixed assets	2.3	2.6	2.9
- Cost	3.5	3.5	3.5
- Accumulated depreciation	-1.2	-0.9	-0.6
3. Intangible fixed assets	0.5	0.5	0.5
- Cost	0.5	0.5	0.5
- Accumulated depreciation	—	0.0	0.0
III. Investment properties	—	0.0	0.0
- Cost	—	0.0	0.0
- Accumulated depreciation	—	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0
1. Long-term production in progress	—	0.0	0.0
2. Construction in progress	—	0.0	0.0
V. Long-term financial investments	—	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0
3. Investments in other entities	—	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0
5. Held to maturity investments	—	0.0	0.0
6. Other long-term investments	—	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.0
1. Long-term prepayments	0.0	0.1	0.0
2. Deferred income tax assets	—	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0
4. Other long-term assets	—	0.0	0.0
5. Goodwill	—	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0
TOTAL ASSETS (280=100+200)	331.9	322.4	521.8
A. LIABILITIES (300=210+330)	178.8	173.2	373.9
I. Short -term liabilities	178.8	173.2	372.8
1. Short-term trade accounts payable	22.6	22.8	234.8
2. Short-term advances from customers	21.1	17.6	17.5
3. Taxes and other payables to state authorities	8.7	6.0	2.9
4. Payable to employees	0.2	0.0	0.0
5. Short-term acrrued expenses	0.7	0.4	0.0
6. Short-term inter-company payables	—	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0
9. Other short-term payables	5.0	2.5	1.9
10. Short-term borrowings and financial leases	120.6	123.8	115.6
11. Provision for short-term liabilities	—	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0
14. Government bonds	—	0.0	0.0
II. Long-term liabilities	—	0.0	1.0
1. Long-term trade payables	—	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	1.0
9. Convertible bonds	—	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0
13. Fund for technology development	—	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	153.1	149.2	147.9
I. Owner's equity	153.1	149.2	147.9
1. Owner's capital	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1
3. Convertible bond option	—	0.0	0.0
4. Other capital of owners	—	0.0	0.0
5. Treasury shares	—	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0
11. Undistributed earnings after tax	33.2	29.3	28.0
- Accumulated retained earning at the end of the previous period	32.6	24.9	18.4
- Undistributed earnings in this period	0.6	4.4	9.6
12. Reserves for investment in construction	—	0.0	0.0
13. Minority's interest	—	0.0	0.0
14. Financial reserves	—	0.0	0.0
II. Other resources and funds	—	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	331.9	322.4	521.8

Item	2024	2023
Profit Before Tax	5.9	12.1
Depreciation of Fixed Assets and Investment Property	5.2	5.7
Provision (Increase)/Reversal	1.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.8	-14.2
Gain/Loss from Investment Activities	0.1	-0.0
Interest Expense	9.6	11.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0
Interest Income and Dividends	0.0	0.0
Amortization of Goodwill	0.0	0.0
Other Adjustments	0.0	0.0
Operating Profit Before Changes in Working Capital	19.0	14.6
Increase/(Decrease) in Receivables	222.3	-132.3
Increase/(Decrease) in Inventory	-18.8	37.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-207.4	89.3
Increase/(Decrease) in Prepaid Expenses	-0.6	0.2
Changes in Trading Securities	0.0	0.0
Interest Paid	-9.2	-10.8
Corporate Income Tax Paid	-2.5	-2.0
Other Operating Receipts	0.0	0.0
Other Operating Payments	0.0	0.0
Net Cash Flow from Operating Activities	2.9	-3.1
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	0.0
Loans and Purchases of Debt Instruments	-10.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0
Investments in Other Entities	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0
Dividends and Interest Income Received	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0
Other Investing Receipts	0.0	0.0
Other Investing Payments	0.0	0.0
Net Cash Flow from Investing Activities	-8.8	0.0
Proceeds from Equity Issuance and Capital Contributions	0.00	20,000,000,000.00
Share Repurchases	0.00	0.00
Proceeds from Borrowings	295.5	200.6
Repayment of Borrowings	-287.7	-213.9
Repayment of Finance Leases	-0.7	-0.7
Dividends Paid	0.0	0.0
Other Financing Receipts	0.0	0.0
Other Financing Payments	0.0	0.0
Net Cash Flow from Financing Activities	7.1	6.0
Net Cash Flow During the Period	1.2	2.9
Cash and Cash Equivalents at Beginning of Period	4.5	1.6
FX Difference from Revaluation	0.0	-0.0
Cash and Cash Equivalents at End of Period	5.7	4.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	49.2	106.7	99.6	123.4	72.2	110.5	84.9	127.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0
Net Revenue	49.2	106.7	99.6	123.4	72.2	110.5	84.9	127.7
Cost of Goods Sold	46.2	99.0	95.3	118.5	68.2	104.7	79.2	119.5
Gross Profit	3.0	7.7	4.2	4.9	4.0	5.8	5.7	8.2
Financial Income	0.0	0.1	0.2	0.5	0.0	0.0	0.0	0.0
Financial Expenses	1.5	6.2	1.5	2.5	2.0	2.3	2.3	5.4
Interest Expense	1.5	4.2	1.5	2.5	2.0	0.8	0.9	1.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0
Selling Expenses	0.1	0.1	0.1	0.2	0.2	0.2	0.2	0.4
General and Administrative Expenses	0.5	0.9	0.6	0.9	0.5	0.4	0.7	0.9
Operating Profit	0.9	0.6	2.1	1.8	1.2	2.8	2.5	1.5
Other Income	—	0.1	0.0	—	0.0	0.2	0.0	16.7
Other Expenses	0.0	0.6	0.1	—	0.0	0.2	0.1	0.1
Other Profit	-0.0	-0.5	-0.1	—	0.0	0.0	-0.1	16.6
Profit Before Tax	0.8	0.0	2.0	1.8	1.2	2.8	2.4	18.0
Current Income Tax Expense	0.2	0.1	0.4	0.4	0.2	0.4	0.5	3.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0
Net Income	0.7	-0.0	1.6	1.5	1.0	2.4	1.9	14.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0
Profit Attributable to Parent	0.7	-0.0	1.6	1.5	1.0	2.4	1.9	14.4
Earnings per Share	55.79	-3.66	134.53	122.08	81.75	199.69	160.86	1,202.27
Diluted EPS	55.79	-3.66	134.53	122.08	81.75	199.69	160.86	1,202.27

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	278.0	289.1	289.3	279.1	276.6	274.5	272.5	272.3
I. Cash and cash equivalents	1.7	0.5	1.0	1.3	5.4	5.8	7.0	5.9
1. Cash	1.7	0.5	1.0	1.3	1.4	1.8	3.0	1.9
2. Cash equivalents	—	—	—	—	4.0	4.0	4.0	4.0
II. Short-term financial investments	30.5	—	11.5	11.5	1.5	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0
3. Held to maturity investments	30.5	—	11.5	11.5	1.5	0.0	0.0	0.0
III. Short-term receivables	119.2	156.8	103.6	68.2	60.1	63.9	68.0	80.8
1. Short-term trade accounts receivable	62.5	89.7	67.3	60.3	41.4	53.2	56.7	80.4
2. Short-term prepayments to suppliers	37.9	16.5	3.3	3.3	18.5	0.7	1.2	0.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0
5. Short-term loan receivables	—	30.5	32.6	4.0	—	0.0	0.0	0.0
6. Other short-term receivables	21.5	20.1	0.3	0.6	0.3	10.1	10.1	0.1
7. Provision for short-term doubtful debts (*)	-2.8	—	—	—	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0
IV. Inventories	123.3	131.4	172.7	197.5	208.8	204.2	197.2	183.0
1. Inventories	124.4	132.5	173.8	198.6	209.8	204.2	197.2	183.0
2. Provision for decline in value of inventories	-1.1	-1.1	-1.1	-1.1	-1.1	0.0	0.0	0.0
V. Other short-term assets	3.3	0.3	0.5	0.5	0.8	0.6	0.3	2.6
1. Short-term prepayments	0.1	0.1	0.4	0.4	0.5	0.4	0.3	0.0
2. Value added tax to be reclaimed	3.1	—	—	—	0.1	0.1	0.0	2.1
3. Taxes and other receivables from state authorities	0.1	0.2	0.1	0.2	0.2	0.1	0.0	0.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	41.7	42.8	44.2	45.1	46.2	48.6	49.0	49.4
I. Long-term receivables	—	—	0.2	—	—	0.2	0.2	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0
6. Other long-term receivables	—	—	0.2	—	—	0.2	0.2	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0
II. Fixed assets	41.7	42.8	43.9	45.1	46.2	48.3	48.8	49.4
1. Tangible fixed assets	41.2	40.0	41.0	42.1	43.1	45.2	45.5	46.1
- Cost	91.6	—	—	—	—	89.2	89.2	89.9
- Accumulated depreciation	-50.4	—	—	—	—	-44.0	-43.7	-43.8
2. Financial leased fixed assets	—	2.3	2.4	2.5	2.6	2.7	2.8	2.8
- Cost	—	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
3. Intangible fixed assets	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
- Cost	0.5	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	—	0.1	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	—	0.1	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	319.7	331.9	333.5	324.1	322.9	323.1	321.5	321.7
A. LIABILITIES (300=210+330)	166.8	178.8	181.0	173.6	172.7	169.1	168.4	156.2
I. Short -term liabilities	166.8	178.8	181.0	173.6	172.7	168.5	167.5	154.1
1. Short-term trade accounts payable	6.9	22.6	36.3	9.3	18.6	22.9	19.6	32.1
2. Short-term advances from customers	19.7	21.1	4.8	20.1	18.2	17.6	22.9	3.0
3. Taxes and other payables to state authorities	13.4	8.7	6.1	4.5	6.3	2.0	2.2	2.9
4. Payable to employees	0.5	0.2	—	—	—	0.0	0.0	0.0
5. Short-term acrrued expenses	0.6	0.7	0.1	0.0	0.0	0.4	0.4	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.1	—	0.1	—	—	0.0	0.0	0.0
9. Other short-term payables	5.1	5.0	4.9	2.8	2.6	2.4	2.5	2.4
10. Short-term borrowings and financial leases	120.7	120.6	128.6	136.9	127.0	123.1	119.8	113.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.7	0.8	2.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.7	0.8	2.1
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	152.9	153.1	152.5	150.6	150.1	153.9	153.1	165.4
I. Owner's equity	152.9	153.1	152.5	150.6	150.1	153.9	153.1	165.4
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0
11. Undistributed earnings after tax	33.0	33.2	32.6	30.6	30.2	34.0	33.2	45.5
- Accumulated retained earning at the end of the previous period	32.3	32.6	31.0	29.3	29.3	28.0	28.0	28.0
- Undistributed earnings in this period	0.7	0.6	1.6	1.4	0.9	6.1	5.2	17.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	319.7	331.9	333.5	324.1	322.9	323.1	321.5	321.7

Item	Q1'26	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	0.9	0.6	1.2	4.1	-2.1	4.1
Depreciation of Fixed Assets and Investment Property	1.1	1.1	1.1	3.2	-1.4	2.7
Provision (Increase)/Reversal	—	0.3	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	0.0	0.7	-0.7
Gain/Loss from Investment Activities	—	-0.3	—	2.2	2.3	0.4
Interest Expense	—	4.9	—	2.9	-4.1	5.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	0.0	0.0	0.0
Other Adjustments	—	—	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2.0	6.6	2.4	12.3	-4.7	11.4
Increase/(Decrease) in Receivables	1.0	-1.4	-5.9	-1.2	-206.8	198.6
Increase/(Decrease) in Inventory	8.2	11.4	-4.7	-15.4	16.5	-10.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.2	-10.3	-3.9	-0.1	198.2	-198.1
Increase/(Decrease) in Prepaid Expenses	0.1	0.2	-0.0	-0.1	-0.2	-0.1
Changes in Trading Securities	—	—	—	0.0	0.0	0.0
Interest Paid	—	-4.5	—	-2.9	3.4	-4.3
Corporate Income Tax Paid	—	-2.4	—	-0.0	-2.5	-0.0
Other Operating Receipts	—	—	—	0.0	0.2	0.0
Other Operating Payments	—	—	—	-0.2	-0.0	0.0
Net Cash Flow from Operating Activities	1.1	-0.5	-12.1	-7.5	4.2	-3.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.0	-0.9	0.9
Loans and Purchases of Debt Instruments	—	-14.0	-1.5	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	10.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.5	—	0.0	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	0.0	0.0	0.0
Other Investing Receipts	—	—	—	0.0	0.0	0.0
Other Investing Payments	—	—	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	—	-13.5	8.5	0.0	-0.9	0.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.00	0.00	0.00
Share Repurchases	—	—	—	0.00	0.00	0.00
Proceeds from Borrowings	35.1	84.2	69.6	260.2	-166.5	201.7
Repayment of Borrowings	-35.0	-74.1	-66.3	-253.9	165.0	-198.8
Repayment of Finance Leases	—	-0.3	—	0.0	0.4	-0.4
Dividends Paid	—	—	—	0.0	0.0	0.0
Other Financing Receipts	—	—	—	0.0	0.0	0.0
Other Financing Payments	—	—	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.1	9.8	3.3	6.3	-1.1	2.6
Net Cash Flow During the Period	1.2	-4.1	-0.3	-1.2	2.2	0.2
Cash and Cash Equivalents at Beginning of Period	0.5	5.4	5.7	4.5	4.5	4.5
FX Difference from Revaluation	—	0.0	—	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	1.7	1.3	5.4	5.8	7.0	4.8

Explore Other Stocks In The Same Sector

VCS, VLB, HT1, MVC, THG, KSB, NNC, LBM, FIC, DHA, LIC, BMJ, HUB, VIT, MTA, TLD, SCL, PDB, CVT, MDG, CLH, RYG, QNC, BTS, CMD, HCC, S74, VHL, PCC, YBM, VCX, CCM, C32, BCC, GND, HOM, TRT, TLT, BTD, TNT, FCM, GMH, GMX, ACE, KHD, SCJ, VIH, CDG, CQT, BDT, YBC, AMC, SDY, KSQ, NHC, EME, TMX, TAB, XMD, TDF, DAC, MCC, HMR, TTC, NXT, DID, TCR, DIC, MIC, VIM, DXV, VTS, HPM, TXM, SCC, DCR, DKG, LMC, GKM, BHC, TTZ, X77, LQN, VHH, SPI, BTN, HLY, DGT, VTA, CMI, DTC, DND, ILA, CYC, LCC, PTE, HVX, BT6, DCT, CTA, KHL, PX1

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

DDB

What Is Changing

Drivers of DDB's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow