DSE

Listed Company · HOSE

Price

23,000

Latest close

03 Apr 2026

P/E 28.5x

EPS (TTM) 806

ROE (TTM) —

P/B 1.8x

BVPS (Latest) 12,558

ROA (TTM) —

What Is Changing

DSE is entering a phase where earnings quality matters more than pure top-line recovery. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 93.2% QoQ to VND 9.3bn in 2025Q4.

Metric	2025
Revenue	1,457.9
Growth	—
Net Income	272.5
Net Margin	18.69%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	434.8	489.5	290.2	243.4
Growth	-11%	+69%	+19%	—
Net Income	9.3	136.8	73.4	53.1
Net Margin	2.13%	27.95%	25.27%	21.81%

Financial Statements

Profitability

Net margin reached 18.69% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 10,836.9bn, and equity at 4,302.3bn.

Cash Flow

Compare operating cash flow against investment needs to judge growth quality.

None

Item	2025
Revenue	1,457.9
Revenue Deductions	0.0
Net Revenue	1,457.9
Cost of Goods Sold	0.0
Gross Profit	580.7
Financial Income	7.5
Financial Expenses	67.6
Interest Expense	66.8
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	181.4
Operating Profit	339.3
Other Income	1.8
Other Expenses	0.8
Other Profit	1.0
Profit Before Tax	340.2
Current Income Tax Expense	67.6
Deferred Income Tax Expense	0.1
Net Income	272.5
Non-controlling Interest	0.0
Profit Attributable to Parent	272.5
Earnings per Share	748.00
Diluted EPS	795.47

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	13,285.8
I. Cash and cash equivalents	510.6
1. Cash	510.6
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	4,561.8
III. Short-term receivables	310.0
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	17.1
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	5,832.2
6. Other short-term receivables	5.2
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	0.0
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	10.3
1. Short-term prepayments	6.7
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,853.4
I. Long-term receivables	0.0
1. Long-term trade receivables	0.0
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	105.8
1. Tangible fixed assets	12.3
- Cost	28.9
- Accumulated depreciation	-16.6
2. Financial leased fixed assets	68.6
- Cost	89.9
- Accumulated depreciation	-21.3
3. Intangible fixed assets	24.9
- Cost	78.6
- Accumulated depreciation	-53.7
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	0.0
V. Long-term financial investments	1,704.7
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	0.0
5. Held to maturity investments	1,704.7
6. Other long-term investments	0.0
VI. Other long-term assets	42.9
1. Long-term prepayments	6.1
2. Deferred income tax assets	0.0
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	0.0
5. Goodwill	10.1
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	15,139.2
A. LIABILITIES (300=210+330)	10,836.9
I. Short -term liabilities	9,511.9
1. Short-term trade accounts payable	4.0
2. Short-term advances from customers	0.0
3. Taxes and other payables to state authorities	34.3
4. Payable to employees	39.2
5. Short-term acrrued expenses	88.4
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	0.7
10. Short-term borrowings and financial leases	9,321.8
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	1,325.0
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.0
7. Other long-term liabilities	0.0
8. Long-term borrowings and financial leases	27.0
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	0.1
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	4,302.3
I. Owner's equity	4,302.3
1. Owner's capital	3,426.0
- Common stock with voting right	3,426.0
- Preferred stock	0.0
2. Share premium	446.7
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	427.0
- Accumulated retained earning at the end of the previous period	451.9
- Undistributed earnings in this period	-24.9
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	0.0
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	15,139.2

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	434.8	489.5	290.2	243.4
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	434.8	489.5	290.2	243.4
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	101.6	222.6	148.9	107.5
Financial Income	2.3	2.2	1.7	1.3
Financial Expenses	29.0	14.0	14.3	10.3
Interest Expense	28.7	13.8	14.1	10.2
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0
General and Administrative Expenses	63.1	39.6	45.2	33.4
Operating Profit	11.7	171.3	91.1	65.2
Other Income	0.1	0.0	0.0	1.6
Other Expenses	0.2	0.2	0.1	0.3
Other Profit	-0.0	-0.2	-0.1	1.3
Profit Before Tax	11.7	171.1	91.0	66.5
Current Income Tax Expense	8.2	32.2	15.5	11.7
Deferred Income Tax Expense	-5.8	2.0	2.2	1.6
Net Income	9.3	136.8	73.4	53.1
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.3	136.8	73.4	53.1
Earnings per Share	27.06	402.49	215.81	160.90
Diluted EPS	27.06	402.49	215.81	160.90

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	12,270.8	11,280.4	9,561.4	9,137.3
I. Cash and cash equivalents	510.6	742.2	66.6	535.0
1. Cash	510.6	742.2	66.6	535.0
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	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	3,546.8	3,496.8	3,478.2	3,242.2
III. Short-term receivables	310.0	307.1	243.9	557.9
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	17.1	1.4	10.9	0.8
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	5,832.2	5,750.1	5,052.6	4,275.7
6. Other short-term receivables	5.2	8.2	9.2	7.4
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	10.3	9.5	7.6	8.9
1. Short-term prepayments	6.7	5.2	4.5	5.8
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	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)	2,868.4	2,728.9	2,358.6	2,018.9
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	105.8	111.5	89.8	97.1
1. Tangible fixed assets	12.3	9.6	9.8	10.8
- Cost	28.9	24.9	23.9	23.6
- Accumulated depreciation	-16.6	-15.3	-14.1	-12.8
2. Financial leased fixed assets	68.6	73.1	47.7	50.7
- Cost	89.9	89.9	60.5	60.5
- Accumulated depreciation	-21.3	-16.8	-12.9	-9.8
3. Intangible fixed assets	24.9	28.8	32.3	35.6
- Cost	78.6	78.5	78.0	77.3
- Accumulated depreciation	-53.7	-49.8	-45.7	-41.6
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	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.5
V. Long-term financial investments	2,719.7	2,576.0	2,229.5	1,879.5
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	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	2,719.7	2,576.0	2,229.5	1,879.5
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	42.9	41.4	39.4	41.8
1. Long-term prepayments	6.1	5.4	6.4	8.7
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	0.0
5. Goodwill	10.1	10.0	10.0	10.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	15,139.2	14,009.4	11,920.0	11,156.2
A. LIABILITIES (300=210+330)	10,836.9	9,716.3	7,763.8	7,073.3
I. Short -term liabilities	9,511.9	9,379.4	7,445.8	6,753.2
1. Short-term trade accounts payable	4.0	5.2	7.2	3.2
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	34.3	60.8	32.6	31.5
4. Payable to employees	39.2	27.1	13.5	10.1
5. Short-term acrrued expenses	88.4	39.9	37.4	31.7
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	0.7	0.9	1.6	0.5
10. Short-term borrowings and financial leases	9,321.8	9,218.2	7,339.2	6,665.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	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	1,325.0	337.0	317.9	320.1
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	27.0	31.7	14.9	18.4
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.1	5.9	3.9	1.7
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)	4,302.3	4,293.1	4,156.3	4,082.9
I. Owner's equity	4,302.3	4,293.1	4,156.3	4,082.9
1. Owner's capital	3,426.0	3,399.0	3,399.0	3,300.0
- Common stock with voting right	3,426.0	3,399.0	3,399.0	3,300.0
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	446.7	473.7	473.7	572.7
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	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	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	427.0	417.7	283.5	204.3
- Accumulated retained earning at the end of the previous period	451.9	395.2	271.6	226.6
- Undistributed earnings in this period	-24.9	22.6	11.9	-22.3
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	3.2
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)	15,139.2	14,009.4	11,920.0	11,156.2

Item	Q4'25	Q3'25	Q2'25	Q1'25
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)	114.9	98.6	69.7	67.3
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	-32.2	-15.5	-11.7	-8.5
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	-2.9	-0.0	-1.9
Net Cash Flow from Operating Activities	-1,312.6	-1,200.5	-1,130.6	-1,009.6
Payments for Fixed Assets and Other Long-term Assets	-18.8	4.3	-9.4	-2.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	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	2.3	2.2	1.7	1.3
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	-16.5	6.6	-7.7	-0.7
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	11,629.5	14,397.9	13,041.9	10,642.2
Repayment of Borrowings	-10,526.8	-12,524.2	-12,368.2	-10,186.6
Repayment of Finance Leases	-16.6	0.0	-3.8	-3.4
Dividends Paid	0.0	-11.4	0.0	0.0
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	1,097.5	1,869.5	669.9	452.2
Net Cash Flow During the Period	-231.6	675.5	-468.4	-558.1
Cash and Cash Equivalents at Beginning of Period	742.2	66.6	535.0	1,093.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	510.6	742.2	66.6	535.0

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