TD6

Than Đèo Nai - Cọc Sáu - TKV ·HNX ·2026Q1

Price

7,000

Latest close

02 Jun 2026

P/E 7.42x

P/B 0.57x

EPS 944

BVPS 12,296

ROE 7.8%

ROA 2.0%

Profit Margin 1.2%

Asset Turnover 1.68x

Equity Mult. 3.96x

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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,421.1	1,199.1	793.6	1,583.2	1,688.3
Growth	+19%	+51%	-50%	-6%	—
Net Income	6.0	38.3	8.3	5.8	6.1
Net Margin	0.42%	3.20%	1.05%	0.37%	0.36%

Drivers of TD6's profit

TTM

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

Tax ↓ 2.2bn

Other profit ↑ 1.2bn

Financial income ↑ 0.0bn

Finance costs ↑ 1.6bn

Gross profit ↓ 1.2bn

Administrative expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 1.17% —

Gross Margin 7.03% —

SG&A / Revenue 4.97% —

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 2.99%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 2.99% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.99% —

NOPAT Margin 1.05% —

Capital Turnover 2.86x —

Average Invested Capital 1,747.5bn —

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.64x equity, net debt at 1.27x equity.

Inventory ended the period at 947.5bn, roughly 34.5% of total assets.

Over the last 12 months, working capital released 810.9bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +340.9bn

Inventories decreased → higher CFO: +269.9bn

Payables increased → higher CFO: +200.2bn

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.27x and interest coverage only at 0.92x.

At present, short-term debt accounts for 56.8% of total debt, cash equals 0.9% of debt, and total debt stands at 975.6bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.27x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.92x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.27x −0.13x

Interest Coverage 0.92x —

Cash / Debt 0.9% +0.2pp

Short-term Debt / Total Debt 56.8% +3.5pp

CFO / NI 4.13x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 207.5bn in 2025, against investing cash flow of -285.5bn.

Post-investment cash flow was negative +78.0bn. Financing cash flow was positive +77.6bn.

CFO / net income was 4.13x.

After spending +168.0bn on fixed-asset investment, the business generated trailing free cash flow of +73.4bn.

Cash Conversion

CFO TTM 241.4bn —

Cash Capex 168.0bn —

FCF TTM +73.4bn —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is 27.9%. The main risk still sits in capital efficiency remains weak, with ROIC at 3.0%.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.13x. Even so, net financial result still accounts for 27.9% of PBT, so the earnings mix still needs monitoring.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025
Revenue	5,241.3
Net Revenue	5,241.3
Cost of Goods Sold	4,890.8
Gross Profit	350.5
Financial Income	7.8
Financial Expenses	56.1
Interest Expense	56.1
Selling Expenses	5.4
General and Administrative Expenses	239.8
Operating Profit	57.1
Other Income	25.0
Other Expenses	6.9
Other Profit	18.1
Profit Before Tax	75.2
Current Income Tax Expense	1.4
Deferred Income Tax Expense	16.1
Net Income	57.7
Profit Attributable to Parent	57.7
Earnings per Share	931.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,490.1
I. Cash and cash equivalents	9.1
1. Cash	9.1
III. Short-term receivables	373.5
1. Short-term trade accounts receivable	370.7
2. Short-term prepayments to suppliers	1.2
6. Other short-term receivables	1.6
IV. Inventories	947.5
1. Inventories	947.5
2. Provision for decline in value of inventories	-0.0
V. Other short-term assets	160.1
1. Short-term prepayments	67.3
3. Taxes and other receivables from state authorities	92.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,256.6
I. Long-term receivables	287.0
6. Other long-term receivables	287.0
II. Fixed assets	858.3
1. Tangible fixed assets	858.1
- Cost	5,563.7
- Accumulated depreciation	-4,705.5
3. Intangible fixed assets	0.2
- Cost	3.4
- Accumulated depreciation	-3.2
IV. Long-term assets in progress	26.1
2. Construction in progress	26.1
VI. Other long-term assets	85.2
1. Long-term prepayments	61.1
2. Deferred income tax assets	24.1
TOTAL ASSETS (280=100+200)	2,746.8
A. LIABILITIES (300=210+330)	1,991.2
I. Short -term liabilities	1,529.4
1. Short-term trade accounts payable	735.0
3. Taxes and other payables to state authorities	74.7
4. Payable to employees	108.8
5. Short-term acrrued expenses	4.8
9. Other short-term payables	15.1
10. Short-term borrowings and financial leases	584.9
12.. Bonus and welfare fund	6.1
II. Long-term liabilities	461.8
8. Long-term borrowings and financial leases	461.4
12. Provision for long-term liabilities	0.4
B. OWNER'S EQUITY (400=410+430)	755.5
I. Owner's equity	755.5
1. Owner's capital	619.4
- Common stock with voting right	619,352,020,000.00
2. Share premium	-0.1
8. Investment and development fund	28.7
11. Undistributed earnings after tax	107.5
- Accumulated retained earning at the end of the previous period	49.8
- Undistributed earnings in this period	57.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,746.8

Item	2025
Profit Before Tax	75.2
Depreciation of Fixed Assets and Investment Property	279.6
Provision (Increase)/Reversal	-0.2
Gain/Loss from Investment Activities	-6.9
Interest Expense	56.1
Other Adjustments	-9.3
Operating Profit Before Changes in Working Capital	394.5
Increase/(Decrease) in Receivables	-26.1
Increase/(Decrease) in Inventory	-337.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	299.7
Increase/(Decrease) in Prepaid Expenses	-29.1
Interest Paid	-56.1
Corporate Income Tax Paid	-10.0
Other Operating Receipts	1.3
Other Operating Payments	-29.7
Net Cash Flow from Operating Activities	207.5
Payments for Fixed Assets and Other Long-term Assets	-292.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.8
Dividends and Interest Income Received	0.1
Net Cash Flow from Investing Activities	-285.5
Proceeds from Borrowings	1,142.6
Repayment of Borrowings	-1,047.8
Dividends Paid	-17.2
Net Cash Flow from Financing Activities	77.6
Net Cash Flow During the Period	-0.3
Cash and Cash Equivalents at Beginning of Period	9.4
Cash and Cash Equivalents at End of Period	9.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,421.1	1,199.1	793.6	1,583.2	1,688.3
Net Revenue	1,421.1	1,199.1	793.6	1,583.2	1,688.3
Cost of Goods Sold	1,356.7	1,121.1	697.6	1,470.3	1,622.7
Gross Profit	64.3	78.0	96.0	112.9	65.6
Financial Income	0.0	4.1	0.0	3.6	0.0
Financial Expenses	17.5	14.7	12.7	12.8	15.8
Interest Expense	17.5	14.7	12.7	12.8	15.8
Selling Expenses	1.0	2.2	0.8	1.5	0.9
General and Administrative Expenses	38.7	27.7	75.0	101.5	38.2
Operating Profit	7.2	37.5	7.5	0.6	10.6
Other Income	0.4	15.1	3.2	8.2	0.4
Other Expenses	0.1	4.3	0.5	1.5	1.3
Other Profit	0.3	10.7	2.7	6.8	-0.9
Profit Before Tax	7.5	48.2	10.2	7.4	9.8
Current Income Tax Expense	1.5	-5.9	1.9	1.6	3.7
Deferred Income Tax Expense	—	15.8	—	—	—
Net Income	6.0	38.3	8.3	5.8	6.1
Profit Attributable to Parent	6.0	38.3	8.3	5.8	6.1
Earnings per Share	97.00	619.00	135.00	93.00	98.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,413.8	1,518.1	1,449.4	1,656.6	2,046.6
I. Cash and cash equivalents	8.4	9.1	10.5	5.5	6.7
1. Cash	8.4	9.1	10.5	5.5	6.7
III. Short-term receivables	292.5	398.6	253.3	494.1	695.9
1. Short-term trade accounts receivable	281.6	395.4	248.9	483.5	694.2
2. Short-term prepayments to suppliers	5.2	1.2	3.9	10.2	0.6
6. Other short-term receivables	5.7	2.0	0.6	0.4	1.2
IV. Inventories	991.1	951.8	1,099.2	1,076.5	1,260.9
1. Inventories	991.1	951.8	1,099.2	1,076.5	1,261.0
2. Provision for decline in value of inventories	-0.0	-0.0	—	—	-0.2
V. Other short-term assets	121.8	158.6	86.4	80.6	83.0
1. Short-term prepayments	69.5	67.3	54.8	53.9	52.3
3. Taxes and other receivables from state authorities	52.3	91.4	31.6	26.6	30.7
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,211.1	1,232.7	1,285.9	1,299.2	1,262.6
I. Long-term receivables	296.2	287.0	279.6	279.6	245.5
6. Other long-term receivables	296.2	287.0	279.6	279.6	245.5
II. Fixed assets	808.1	846.2	881.4	878.2	930.7
1. Tangible fixed assets	808.0	846.0	881.2	878.0	930.5
- Cost	5,559.6	—	—	—	—
- Accumulated depreciation	-4,751.6	—	—	—	—
3. Intangible fixed assets	0.2	0.2	0.2	0.2	0.3
- Cost	3.4	—	—	—	—
- Accumulated depreciation	-3.2	—	—	—	—
IV. Long-term assets in progress	26.4	26.1	21.7	21.1	21.0
2. Construction in progress	26.4	26.1	21.7	21.1	21.0
VI. Other long-term assets	80.4	73.4	103.3	120.3	65.3
1. Long-term prepayments	56.3	49.0	63.0	80.1	25.1
2. Deferred income tax assets	24.1	24.4	40.2	40.2	40.2
TOTAL ASSETS (280=100+200)	2,624.9	2,750.8	2,735.4	2,955.7	3,309.1
A. LIABILITIES (300=210+330)	1,863.3	1,994.5	2,017.3	2,246.1	2,573.2
I. Short -term liabilities	1,442.2	1,532.7	1,573.3	1,800.7	2,087.5
1. Short-term trade accounts payable	509.7	735.0	299.2	201.0	409.8
2. Short-term advances from customers	0.2	—	1.5	—	—
3. Dividends and profits payable	1.8	—	—	—	—
3. Taxes and other payables to state authorities	86.3	75.8	20.3	46.9	35.7
4. Payable to employees	76.2	111.4	51.8	70.1	35.2
5. Short-term acrrued expenses	0.1	4.7	0.0	110.2	4.0
9. Other short-term payables	13.9	14.7	10.1	28.6	10.7
10. Short-term borrowings and financial leases	554.5	584.9	415.0	333.1	552.7
11. Provision for short-term liabilities	198.2	—	760.0	988.3	1,024.3
12.. Bonus and welfare fund	1.2	6.1	15.3	22.5	15.1
II. Long-term liabilities	421.2	461.8	444.0	445.4	485.6
8. Long-term borrowings and financial leases	421.1	461.4	443.3	444.3	484.3
12. Provision for long-term liabilities	0.1	0.4	0.7	1.0	1.3
B. OWNER'S EQUITY (400=410+430)	761.6	756.3	718.0	709.7	736.0
I. Owner's equity	761.6	756.3	718.0	709.7	736.0
1. Owner's capital	619.4	619.4	619.4	619.4	619.4
- Common stock with voting right	619,352,020,000.00	619,352,020,000.00	619,352,020,000.00	619,352,020,000.00	619,352,020,000.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
8. Investment and development fund	28.7	28.7	28.7	28.7	28.7
11. Undistributed earnings after tax	113.5	108.3	70.0	61.7	87.9
- Accumulated retained earning at the end of the previous period	107.5	49.8	49.8	49.8	81.9
- Undistributed earnings in this period	6.0	58.5	20.2	11.8	6.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,624.9	2,750.8	2,735.4	2,955.7	3,309.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	7.5	47.8	10.2	7.4	9.8
Depreciation of Fixed Assets and Investment Property	54.4	117.3	55.2	53.7	53.4
Provision (Increase)/Reversal	198.2	-760.0	-228.3	-36.2	1,024.3
Gain/Loss from Investment Activities	0.0	-0.0	0.0	-6.9	0.0
Interest Expense	17.5	14.7	12.7	12.8	15.8
Operating Profit Before Changes in Working Capital	277.6	-589.5	-150.1	30.9	1,103.3
Increase/(Decrease) in Receivables	112.3	-193.7	240.7	181.5	-254.6
Increase/(Decrease) in Inventory	-43.6	151.7	-22.7	184.6	-650.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-236.7	570.8	-69.9	-64.0	-137.3
Increase/(Decrease) in Prepaid Expenses	2.7	-10.5	16.1	-56.6	21.9
Interest Paid	-17.7	-14.4	-12.8	-12.8	-16.1
Corporate Income Tax Paid	—	0.0	0.0	0.0	-10.0
Other Operating Receipts	0.2	—	—	—	—
Other Operating Payments	-10.4	-9.2	-7.7	-6.2	-6.6
Net Cash Flow from Operating Activities	84.4	-94.8	-5.8	257.6	50.5
Payments for Fixed Assets and Other Long-term Assets	-14.2	-96.1	-51.4	-6.3	-138.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.1	-0.0	-0.0	6.9	-0.1
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-14.3	-96.0	-51.4	0.7	-138.6
Proceeds from Borrowings	165.8	321.5	200.4	186.0	434.8
Repayment of Borrowings	-236.4	-9.3	-119.5	-445.5	-349.3
Dividends Paid	-0.1	1.5	-18.7	0.0	-0.0
Net Cash Flow from Financing Activities	-70.7	189.4	62.3	-259.6	85.5
Net Cash Flow During the Period	-0.6	-1.4	5.0	-1.3	-2.7
Cash and Cash Equivalents at Beginning of Period	9.1	10.5	5.5	6.7	9.4
Cash and Cash Equivalents at End of Period	8.4	9.1	10.5	5.5	6.7

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TD6

Drivers of TD6'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