Thu Duc Housing Development Corp

Thu Duc Housing Development Corp has a current ratio of 0.93, indicating that its current assets are slightly less than its current liabilities, which suggests potential liquidity constraints. The company's liquidity_fpt is not available, but the negative operating cash flow of -922,250,020 VND and free cash flow of -1,635,814,940 VND highlight a cash outflow situation, which could pressure its short-term obligations. The debt-to-equity ratio is 0.0, indicating no long-term debt, but the company's total liabilities of 988,556,105,640 VND are significantly higher than its total equity of 373,824,841,190 VND, suggesting a high leverage position.

The company's profitability is underperforming, with a return on equity (ROE) of -0.0037 and a return on assets (ROA) of -0.001, both of which are negative and below the industry median for real estate development firms. The operating income is negative at -615,014,510 VND, and the net income is also negative at -1,377,198,130 VND, indicating a loss-making position. The gross profit of 4,419,067,300 VND is insufficient to cover operating expenses, which is a concern for long-term sustainability.

The company's revenue is concentrated in a single business segment, as disclosed in its financials, with no material geographic diversification reported. This lack of diversification increases exposure to regional economic downturns or regulatory changes in Vietnam. The company's total assets of 1,362,380,946,830 VND are primarily financed through liabilities, which could limit its ability to invest in new projects or respond to market opportunities.

Looking ahead, the company's revenue is projected to increase to 1,362,256,000,000 VND, according to analyst estimates, but this would still represent a modest growth from the current revenue of 10,138,006,440 VND. The mean EBIT estimate of 170,930,000,000 VND suggests a potential improvement in operating performance, but the company must address its current losses to achieve this. The mean EPS estimate of 1.31 VND is positive but must be evaluated in the context of the company's current negative net income.

The company's risk profile is characterized by low liquidity and low dilution risk, with no immediate filing-based flags detected. However, the negative operating and free cash flows indicate a need for careful monitoring of liquidity management. The absence of long-term debt is a positive factor, but the high leverage ratio of liabilities to equity could pose a risk if the company's financial performance does not improve.

Recent filings and transcripts do not indicate any major events that would significantly impact the company's operations or financial position. The company's financial performance and strategic direction appear to be under review by analysts, but no material changes in business strategy or capital structure have been disclosed.

Revenue surged 150.6% year-over-year to 122.8 billion VND, demonstrating significant top-line growth momentum in the latest fiscal period.

Net income jumped 135.6% to 108.4 billion VND, marking a substantial turnaround from the previous year's significant net loss.

Free cash flow turned positive at 104.8 billion VND, reversing a prior deficit and indicating improved operational cash generation capabilities.

The company maintains a zero debt-to-equity ratio, placing it in the top quartile for leverage safety within its real estate cohort.

Cash conversion ratio of 0.67 exceeds the cohort median of 0.29, suggesting superior efficiency in converting earnings into actual cash.

Return on equity is negative at -0.37%, falling below the cohort median and reflecting poor capital efficiency for shareholders.

Return on assets is negative at -0.1%, indicating that the company's asset base is not generating positive returns for investors.

Revenue VND 172.75B, −64,5% YoY; Operating income +128,7% YoY.

• ▍Revenue VND 172.75B, −64,5% YoY
• ▍Operating income +128,7% YoY
• ▍Net income +100,5% YoY
• ▍Free cash flow +97,2% YoY
• ▍Net margin 2.9%

Revenue VND 487.22B; Operating income -VND 167.52B.

• ▍Revenue VND 487.22B
• ▍Operating income -VND 167.52B
• ▍Net margin -193.4%