DHP

Điện cơ Hải Phòng ·HNX ·2026Q1

▼ Slightly negative

Working capital is tied up too long in the operating cycle Working capital 203 days

Price

10,700

Latest close

29 May 2026

P/E 7.97x

P/B 0.58x

EPS 1,342

BVPS 18,443

ROE 7.3%

ROA 4.4%

Profit Margin 5.6%

Asset Turnover 0.79x

Equity Mult. 1.67x

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

What Is Changing

On a TTM 2026Q1 basis, DHP posted slightly weaker revenue versus the same period, but margins are still holding — profit momentum has been slowing across consecutive periods. The point still to be proven is whether revenue stabilizes before the pressure reaches margins.

	                            
	                                TTM REVENUE
	                            
	                                    VND 229bn
	                                
−1.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
−0.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	229.8	237.8	228.9	263.2	261.8
Growth	-3%	+4%	-13%	+1%	—
Net Income	13.1	13.2	12.8	13.9	12.4
Net Margin	5.71%	5.55%	5.57%	5.28%	4.73%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	63.1	40.5	41.4	84.3	63.5	37.2	40.2	91.5	68.9	42.1	36.8	79.6
Growth	+56%	-2%	-51%	+33%	+71%	-7%	-56%	+33%	+64%	+14%	-54%	—
Net Income	2.8	2.5	2.7	4.7	3.1	2.3	2.6	4.9	3.2	3.1	2.4	3.9
Net Margin	4.48%	6.19%	6.59%	5.54%	4.82%	6.12%	6.51%	5.34%	4.68%	7.37%	6.59%	4.85%

Drivers of DHP's profit

TTM

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

Gross profit ↑ 1.2bn

Financial income ↑ 0.4bn

Selling expenses ↓ 0.1bn

Tax ↓ 0.0bn

Other profit ↓ 1.6bn

Administrative expenses ↑ 0.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 0.5bn

Tax ↓ 0.1bn

Administrative expenses ↑ 0.3bn

Finance costs ↑ 0.3bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.5% = 5.5% × 0.85 × 1.59

2026Q1 7.3% = 5.6% × 0.79 × 1.67

ROE is broadly flat at 7.3% — the components are offsetting one another.

Net margin: 5.6% +0.0pp Asset turnover: 0.79x -0.07x Leverage: 1.67x +0.08x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 5.55%, 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.

Profitability trend

Net Margin 5.55% +0.0pp

Gross Margin 14.37% +0.7pp

SG&A / Revenue 7.91% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 5.52% +0.6pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.18x equity, with a net cash position equivalent to 0.24x equity.

Inventory ended the period at 126.3bn, roughly 60.4% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 20.8 days versus the same period last year. The main moves came from DIO rose 23.1 days, DSO fell 3.4 days, and DPO fell 1.1 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 203.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +23.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 14.7 days −3.4 days

Inventory 258.6 days +23.1 days

Payables 70.0 days −1.1 days

Cash Conversion Cycle 203.3 days +20.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 5.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.24x and interest coverage at 6.34x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.24x —

Interest Coverage 6.34x +0.59x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.67x −0.43x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 5.2bn in 2025, against investing cash flow of 2.0bn.

Post-investment cash flow was positive +7.2bn. Financing cash flow was negative +4.4bn.

CFO / net income was 1.67x.

After spending +2.1bn on fixed-asset investment, the business generated trailing free cash flow of +19.2bn.

Cash Conversion

CFO TTM 21.3bn −5.7bn

Cash Capex 2.1bn +1.4bn

FCF TTM +19.2bn −7.1bn

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 working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 203 days. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.67x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.67x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: working capital remains tied up for too long, with cash cycle at 203.3 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	230.9	238.9	230.0	264.6	264.4
Revenue Deductions	1.1	1.2	1.1	1.4	0.0
Net Revenue	229.8	237.8	228.9	263.2	261.8
Cost of Goods Sold	197.3	202.7	192.1	224.2	0.0
Gross Profit	32.5	35.1	36.8	39.0	35.1
Financial Income	3.6	2.9	3.4	2.9	2.2
Financial Expenses	2.2	5.0	5.2	3.9	-3.3
Interest Expense	0.2	0.2	1.8	0.7	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	3.8	4.0	4.6	5.9	-5.0
General and Administrative Expenses	14.1	14.4	14.9	15.2	-13.8
Operating Profit	16.0	14.5	15.5	16.9	15.2
Other Income	0.1	1.7	0.2	0.4	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	1.7	0.2	0.4	0.1
Profit Before Tax	16.1	16.2	15.7	17.3	15.3
Current Income Tax Expense	3.0	3.0	2.9	3.4	-2.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	13.1	13.2	12.8	13.9	12.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.1	13.2	12.8	13.9	12.4
Earnings per Share	1,383.00	1,391.00	1,344.00	1,464.00	1,303.78
Diluted EPS	1,382.95	1,391.11	1,343.91	1,463.60	1,303.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	153.1	133.4	145.6	162.4	144.0
I. Cash and cash equivalents	15.2	12.4	5.5	17.0	17.4
1. Cash	6.2	2.4	2.2	3.0	0.0
2. Cash equivalents	9.0	10.0	3.3	14.0	0.0
II. Short-term financial investments	2.0	2.0	12.0	11.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	2.0	2.0	12.0	11.0	0.0
III. Short-term receivables	9.0	9.8	8.2	8.9	22.8
1. Short-term trade accounts receivable	3.3	6.7	6.0	8.0	0.0
2. Short-term prepayments to suppliers	4.8	2.0	1.0	0.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.3	1.5	1.6	1.0	0.0
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.5	-0.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	126.3	108.9	119.7	122.6	101.4
1. Inventories	126.3	108.9	119.7	122.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	0.4	0.3	2.8	2.4
1. Short-term prepayments	0.2	0.2	0.3	0.1	0.0
2. Value added tax to be reclaimed	0.4	0.2	0.0	2.7	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	55.9	61.0	66.4	69.1	70.5
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	35.2	40.1	44.9	47.2	49.4
1. Tangible fixed assets	35.2	40.1	44.9	47.2	49.4
- Cost	112.7	112.7	112.0	109.7	0.0
- Accumulated depreciation	-77.6	-72.6	-67.2	-62.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.2	0.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.2	0.6	0.0
V. Long-term financial investments	20.0	20.0	20.0	20.0	20.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	20.0	20.0	20.0	20.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.7	0.9	1.3	1.3	0.0
1. Long-term prepayments	0.7	0.9	1.3	1.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.1
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	209.0	194.4	212.0	231.5	214.5
A. LIABILITIES (300=210+330)	31.7	20.0	40.7	62.9	49.8
I. Short -term liabilities	31.7	20.0	40.7	62.9	49.7
1. Short-term trade accounts payable	6.6	5.5	6.9	15.1	15.6
2. Short-term advances from customers	5.5	0.6	2.0	8.4	2.8
3. Taxes and other payables to state authorities	1.7	1.1	1.8	0.8	0.0
4. Payable to employees	3.9	4.0	4.1	4.1	0.0
5. Short-term acrrued expenses	0.3	0.3	0.4	1.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	9.0	3.9	21.4	29.2	21.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.8	4.5	4.1	4.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.1
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.1
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	177.3	174.4	171.3	168.6	164.7
I. Owner's equity	177.3	174.4	171.3	168.6	0.0
1. Owner's capital	94.9	94.9	94.9	94.9	164.7
- Common stock with voting right	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	14.9	13.9	12.7	11.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	67.4	65.6	63.7	62.4	59.7
- Accumulated retained earning at the end of the previous period	54.3	52.4	50.9	48.5	47.3
- Undistributed earnings in this period	13.1	13.2	12.8	13.9	12.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	209.0	194.4	212.0	231.5	214.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.4	-3.3	-2.3	-3.1	0.0
Other Operating Receipts	1.5	1.3	3.0	1.7	0.0
Other Operating Payments	-7.7	-10.8	-7.5	-9.6	0.0
Net Cash Flow from Operating Activities	5.2	22.3	7.4	15.3	5.1
Payments for Fixed Assets and Other Long-term Assets	-0.7	-0.5	-2.5	-4.6	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.6	2.1	1.8	1.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	2.0	11.6	-1.6	-2.9	-1.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	75.9	30.2	132.6	94.9	77.5
Repayment of Borrowings	-70.9	-47.7	-140.5	-87.4	-63.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-9.5	-9.5	-9.5	-9.5	-9.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-4.4	-27.0	-17.3	-2.1	4.2
Net Cash Flow During the Period	2.8	6.9	-11.5	10.3	-1.6
Cash and Cash Equivalents at Beginning of Period	12.4	5.5	17.0	6.7	9.3
FX Difference from Revaluation	-0.0	-0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	15.2	12.4	5.5	17.0	17.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	63.9	39.2	41.9	85.4	64.3	35.8	40.7	92.7	69.8	40.7	37.2	80.8
Revenue Deductions	0.8	-1.3	0.5	1.2	0.8	-1.4	0.5	1.2	0.9	-1.3	0.4	1.1
Net Revenue	63.1	40.5	41.4	84.3	63.5	37.2	40.2	91.5	68.9	42.1	36.8	79.6
Cost of Goods Sold	53.1	36.7	33.5	73.1	54.0	34.4	32.0	80.2	56.0	36.7	28.4	69.0
Gross Profit	10.0	3.8	7.9	11.2	9.6	2.8	8.2	11.2	12.9	5.3	8.3	10.6
Financial Income	0.2	1.2	0.5	1.4	0.4	1.2	0.3	0.9	0.2	1.3	0.4	1.3
Financial Expenses	2.0	0.1	0.1	0.3	1.7	0.0	0.1	0.7	4.3	0.6	0.9	0.6
Interest Expense	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.5	0.6	0.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.4	-1.0	1.3	2.0	1.4	-1.2	1.3	2.3	1.6	-1.0	1.4	2.3
General and Administrative Expenses	3.3	3.1	3.6	4.3	3.0	2.7	3.9	4.5	3.3	3.4	3.4	4.3
Operating Profit	3.5	2.9	3.4	5.8	3.8	2.5	3.3	4.6	4.0	3.6	3.0	4.8
Other Income	0.0	0.0	0.0	0.0	0.0	0.1	0.0	1.6	0.1	0.0	0.1	0.0
Other Expenses	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	0.0	0.0	0.1	0.0	1.6	0.0	0.0	0.1	0.0
Profit Before Tax	3.5	2.9	3.4	5.8	3.8	2.6	3.3	6.1	4.0	3.6	3.0	4.8
Current Income Tax Expense	0.7	0.4	0.7	1.2	0.8	0.3	0.7	1.2	0.8	0.5	0.6	1.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.8	2.5	2.7	4.7	3.1	2.3	2.6	4.9	3.2	3.1	2.4	3.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.8	2.5	2.7	4.7	3.1	2.3	2.6	4.9	3.2	3.1	2.4	3.9
Earnings per Share	297.54	264.45	287.85	492.18	322.68	240.08	275.58	515.13	339.24	326.42	255.12	406.49
Diluted EPS	297.54	264.45	287.85	492.18	322.68	240.08	275.58	515.13	339.24	326.42	255.12	406.49

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	235.3	152.9	146.1	164.2	230.3	133.2	138.6	154.4	189.5	145.6	156.0	174.1
I. Cash and cash equivalents	50.6	15.2	16.1	7.3	34.5	12.4	17.7	13.4	41.9	5.5	4.3	3.4
1. Cash	8.9	6.2	3.1	5.3	12.0	2.4	2.7	2.8	11.9	2.2	4.3	2.8
2. Cash equivalents	41.7	9.0	13.0	2.0	22.5	10.0	15.0	10.6	30.0	3.3	0.0	0.6
II. Short-term financial investments	36.4	2.0	2.0	23.5	40.4	2.0	2.0	14.0	14.0	12.0	12.0	17.1
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	36.4	2.0	2.0	23.5	40.4	2.0	2.0	14.0	14.0	12.0	12.0	17.1
III. Short-term receivables	11.7	8.8	10.0	16.8	10.4	9.6	13.9	18.4	16.8	8.2	13.5	16.3
1. Short-term trade accounts receivable	9.6	3.3	8.8	15.9	8.8	6.7	12.4	15.5	14.2	6.0	11.7	15.1
2. Short-term prepayments to suppliers	1.2	4.8	0.2	0.1	1.6	2.0	0.1	2.6	1.4	1.0	0.3	0.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.3	1.2	1.5	1.2	0.4	1.3	1.8	0.9	1.6	1.6	1.9	1.3
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.4	-0.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	135.9	126.3	117.9	116.5	142.4	108.9	104.8	108.4	116.5	119.7	126.2	136.2
1. Inventories	135.9	126.3	117.9	116.5	142.4	108.9	104.8	108.4	116.5	119.7	126.2	136.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	0.6	0.1	0.2	2.7	0.4	0.1	0.2	0.2	0.3	0.1	1.1
1. Short-term prepayments	0.1	0.2	0.1	0.1	0.2	0.2	0.1	0.2	0.2	0.3	0.1	0.1
2. Value added tax to be reclaimed	0.6	0.4	—	—	2.4	0.2	0.0	0.0	0.0	0.0	0.0	1.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	56.6	55.9	57.0	58.4	59.8	61.0	62.0	63.5	65.0	66.4	66.9	68.1
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	35.8	35.2	36.2	37.5	38.8	40.1	41.1	42.5	43.9	44.9	44.8	45.9
1. Tangible fixed assets	35.8	35.2	36.2	37.5	38.8	40.1	41.1	42.5	43.9	44.9	44.8	45.9
- Cost	114.6	—	—	—	—	112.7	112.3	112.3	112.3	112.0	110.8	110.7
- Accumulated depreciation	-78.8	—	—	—	—	-72.6	-71.2	-69.8	-68.4	-67.2	-66.0	-64.8
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.6	0.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.6	0.6
V. Long-term financial investments	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.7	0.7	0.8	0.9	0.9	0.9	0.9	0.9	1.0	1.3	1.4	1.5
1. Long-term prepayments	0.7	0.7	0.8	0.9	0.9	0.9	0.9	0.9	1.0	1.3	1.4	1.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	291.9	208.8	203.1	222.6	290.1	194.2	200.6	217.8	254.5	212.0	222.9	242.2
A. LIABILITIES (300=210+330)	116.8	31.7	28.4	50.5	117.4	20.0	28.6	48.2	84.7	40.7	54.8	76.5
I. Short -term liabilities	116.8	31.7	28.4	50.5	117.4	20.0	28.6	48.2	84.7	40.7	54.8	76.5
1. Short-term trade accounts payable	27.4	6.6	7.1	15.7	47.9	5.5	6.4	10.5	30.3	6.9	4.3	17.0
2. Short-term advances from customers	78.6	5.5	7.3	16.5	59.0	0.6	7.2	17.9	40.4	2.0	7.4	15.5
3. Taxes and other payables to state authorities	0.7	1.7	1.7	2.0	0.8	1.1	2.3	2.1	1.8	1.8	2.6	1.6
4. Payable to employees	2.6	3.9	3.1	3.0	2.3	4.0	3.5	3.3	2.3	4.1	3.2	3.2
5. Short-term acrrued expenses	0.2	0.3	0.1	0.2	0.2	0.3	0.1	0.3	0.2	0.4	0.1	0.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.8	0.0	2.4	2.0	2.5	0.0	2.6	2.4	5.0	0.0	2.4	2.0
10. Short-term borrowings and financial leases	—	9.0	—	4.8	—	3.9	0.0	5.6	0.0	21.4	28.6	31.0
11. Provision for short-term liabilities	0.5	—	1.8	1.4	0.5	0.0	1.9	1.6	0.6	0.0	1.9	1.5
12.. Bonus and welfare fund	4.0	4.8	4.9	4.9	4.3	4.5	4.5	4.6	4.1	4.1	4.2	4.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	175.1	177.1	174.7	172.1	172.7	174.2	171.9	169.6	169.7	171.3	168.2	165.8
I. Owner's equity	175.1	177.1	174.7	172.1	172.7	174.2	171.9	169.6	169.7	171.3	168.2	165.8
1. Owner's capital	94.9	94.9	94.9	94.9	94.9	94.9	94.9	94.9	94.9	94.9	94.9	94.9
- Common stock with voting right	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00	94,922,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	14.7	14.9	15.0	15.1	13.8	13.9	13.9	13.9	12.7	12.7	12.7	12.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	65.5	67.3	64.7	62.0	63.9	65.4	63.1	60.8	62.2	63.7	60.6	58.2
- Accumulated retained earning at the end of the previous period	62.7	54.3	54.3	54.3	60.9	52.4	52.4	52.6	58.9	50.9	50.9	50.9
- Undistributed earnings in this period	2.8	13.0	10.5	7.7	3.1	13.0	10.7	8.1	3.2	12.8	9.7	7.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	291.9	208.8	203.1	222.6	290.1	194.2	200.6	217.8	254.5	212.0	222.9	242.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.7	0.0	-0.8	-0.5	-1.1	-0.4	-1.0	-0.5	-1.4	-0.6	-0.5	-0.4
Other Operating Receipts	0.1	—	—	—	—	0.3	0.6	-1.0	1.4	1.8	0.6	0.4
Other Operating Payments	-2.0	-1.7	-2.3	-2.4	-1.4	-2.1	-2.6	-4.0	-2.1	-2.6	-2.0	-1.6
Net Cash Flow from Operating Activities	84.2	-10.3	-8.2	-44.4	68.2	-9.4	-2.2	-29.5	63.4	8.7	-2.2	-34.5
Payments for Fixed Assets and Other Long-term Assets	-1.9	-0.2	0.0	0.0	-0.4	0.0	0.0	-0.3	-0.3	-0.5	-0.2	-1.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.0	0.0	0.0	0.1	0.1	-0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.2	0.7	0.2	0.4	1.4	0.2	0.3	0.2	1.3	0.1	0.7	0.5
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-35.1	0.4	21.7	17.2	-37.4	0.2	12.3	-0.0	-0.9	-0.4	5.5	7.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5.3	13.8	26.6	29.0	6.5	7.9	1.2	9.5	11.5	27.1	30.1	52.3
Repayment of Borrowings	-14.2	-4.9	-31.4	-24.2	-10.4	-4.0	-6.8	-3.9	-32.9	-34.2	-32.5	-34.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-4.7	0.0	0.0	-4.7	-4.7	0.0	-0.2	-4.5	-4.7	0.0	0.0	-4.7
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-13.7	9.0	-4.8	0.0	-8.6	3.9	-5.8	1.1	-26.1	-7.2	-2.4	12.6
Net Cash Flow During the Period	35.4	-0.9	8.8	-27.2	22.1	-5.3	4.3	-28.5	36.4	1.2	0.9	-14.1
Cash and Cash Equivalents at Beginning of Period	15.2	16.1	7.3	34.5	12.4	5.5	5.5	5.5	5.5	17.0	17.0	17.0
FX Difference from Revaluation	—	-0.0	0.0	0.0	—	-0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	50.6	15.2	16.1	7.3	34.5	12.4	17.7	13.4	41.9	5.5	4.3	3.4

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DHP

What Is Changing

Drivers of DHP's profit

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Balance Sheet ●

Working Capital Efficiency ▼

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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