Dmall (SEHK:2586) Swings To ¥67.5m Profit Challenging Cautious Earnings Narratives

Simply Wall St.03-19

Dmall (SEHK:2586) has posted its FY 2025 first half results with revenue of CN¥1,078.4 million and basic EPS of CN¥0.08, while the latest trailing 12 month figures show revenue of CN¥2,226.8 million ...

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Over the past reported periods, revenue has moved from CN¥939.2 million in 1H 2024 to CN¥919.8 million in 2H 2024 and then to CN¥1,078.4 million in 1H 2025. Over the same intervals, EPS shifted from a loss of CN¥0.89 per share in 1H 2024 and a larger loss of CN¥3.38 per...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"02586":"多点数智","BK1109":"应用软件"},"translate_title":"Dmall(SEHK：2586)利润增至6750万日元，挑战谨慎的盈利叙述","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02586":0.9},"content_text":"Dmall (SEHK:2586) has posted its FY 2025 first half results with revenue of CN¥1,078.4 million and basic EPS of CN¥0.08, while the latest trailing 12 month figures show revenue of CN¥2,226.8 million and basic EPS of CN¥0.15. Over the past reported periods, revenue has moved from CN¥939.2 million in 1H 2024 to CN¥919.8 million in 2H 2024 and then to CN¥1,078.4 million in 1H 2025. Over the same intervals, EPS shifted from a loss of CN¥0.89 per share in 1H 2024 and a larger loss of CN¥3.38 per share in 2H 2024 to a profit of CN¥0.08 per share in 1H 2025, highlighting how margins and underlying profitability are settling after a volatile year. See our full analysis for Dmall. With the latest numbers on the table, the next step is to see how this shift in profitability and revenue scale lines up with the most widely held narratives around Dmall and where those stories might need updating. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:2586 Revenue & Expenses Breakdown as at Mar 2026 AdvertisementProfit swings to ¥67.5 million in 1H 2025  Net income excluding extra items moved from a loss of ¥1,960.4 million in 2H 2024 to a profit of ¥67.5 million in 1H 2025, with the trailing 12 month figure at ¥133.7 million on ¥2,226.8 million of revenue. What stands out for a bullish view is that the last 12 months combine this move into profit with a reported large one off loss of ¥43.7 million, so:\n     Trailing basic EPS of ¥0.15 over the last year sits against earlier half year losses per share of ¥0.89 and ¥3.38. This shows the profit figure is coming off a period of heavy losses. The shift into positive earnings, even with the one off loss included, is part of why some optimistic investors focus on the earnings improvement story around the recent results.    Revenue base reaches ¥2.2b over the last year  Total revenue in 1H 2025 was ¥1,078.4 million, and the trailing 12 month revenue sits at ¥2,226.8 million, compared with ¥1,859.0 million in the trailing figure a year earlier in the dataset. Supporters of a growth focused narrative often point to expected trends, and these reported numbers sit alongside forecasts that earnings may grow around 51.1% per year while revenue growth is put at about 14.9% per year, so:\n     The step from half year revenue of ¥939.2 million in 1H 2024 and ¥919.8 million in 2H 2024 to ¥1,078.4 million in 1H 2025 gives a larger base for those forecast growth rates to work from. The combination of a ¥2.2b trailing revenue run rate and positive net income of ¥133.7 million is what growth focused investors are likely to compare with those double digit forecast revenue and earnings growth figures.    To see how other investors are interpreting these revenue and profit shifts, and how they turn raw numbers into bigger picture stories, check out the latest community and analyst views on Dmall through Curious how numbers become stories that shape markets? Explore Community Narratives. Premium valuation versus reported profit base  The shares trade on a trailing P/E of 46x at a price of HK$7.62, compared with the Asian Software industry average of 22x, and the current price is also above a DCF fair value estimate of HK$0.86 per share. Critics of the bullish case point out that this premium valuation is set against early stage profitability, since:\n     Trailing net income excluding extra items of ¥133.7 million includes the ¥43.7 million one off loss, so the profit base behind the 46x P/E is relatively small. The wide gap between the HK$7.62 share price and the HK$0.86 DCF fair value figure is the kind of disconnect valuation focused investors often highlight when they question how much growth is already reflected in the current price.    Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Dmall's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. With sentiment split between the recent profit recovery and the premium P/E, it makes sense to review the full picture yourself, weigh the trade off between potential upside and the issues investors worry about, and see how that balance looks using our breakdown of 2 key rewards and 1 important warning sign. See What Else Is Out There The current 46x P/E versus a DCF fair value estimate of HK$0.86 on a modest recent profit base suggests investors are paying a steep premium for Dmall. If that rich valuation makes you uneasy, compare this setup with companies trading on more modest multiples and stronger pricing support by scanning 220 high quality undervalued stocks today before opportunities move on.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: Manage All Your Stock Portfolios in One PlaceWe've created the ultimate portfolio companion for stock investors, and it's free.• Connect an unlimited number of Portfolios and see your total in one currency• Be alerted to new Warning Signs or Risks via email or mobile• Track the Fair Value of your stocksTry a Demo Portfolio for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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