Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 39.4bn, rose 31.5bn compared with the same period last year. Key positives came from lower finance costs, higher gross profit, and lower administrative expenses. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.20x
- P/B
- 0.96x
- EPS
- 1,536
- BVPS
- 13,131
- ROE
- 11.6%
- ROA
- 6.1%
- Market price
- 12,600 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SAV has not accelerated revenue sharply, but profitability is improving visibly. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Finance costs
- Gross profit
- Administrative expenses
- Other profit
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 304.2 | 299.3 | 297.2 | 251.8 | 237.7 | 275.3 | 309.3 | 290.4 |
| LNST | 2.2 | 21.8 | -1.8 | 17.2 | -22.6 | 16.8 | 2.9 | 10.7 |
| Net margin | 0.74% | 7.28% | -0.60% | 6.82% | -9.49% | 6.09% | 0.95% | 3.70% |
Revenue
304bnNet income
2bnNet margin
0.74%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 3.6% year on year — not from a single spike: quarterly growth stepped up from −13% to +28%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,153bn +3.6%
- Latest quarter YoY
- +28% accelerating
What is driving the margin?
▲Net margin expanded to 3.42%, rising 2.7pp. The main driver is Gross margin rose 1.2pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.8pp added support while Other profit / Revenue fell 0.7pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 3.42% +2.7pp
- Gross Margin
- 17.28% +1.2pp
- SG&A / Revenue
- 9.66% −0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 94.3bn against investing cash flow of 4.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +98.3bn. Financing cash flow was negative +26.1bn.
CFO / net income was 2,91 lần.
After spending +22.2bn on fixed-asset investment, the business generated trailing free cash flow of +92.4bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 20.8% of pre-tax profit — worth monitoring.
Within that, net financial result at −51.5%, other profit at +20.8% of PBT.
- Non-core / PBT
- 20.8% moderate
- Net financial / PBT
- −51.5%
- Other profit / PBT
- 20.8%
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 25.6 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 16.68%, rising 14.1pp. That translates to 16.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 3.3pp and capital turnover rose 0.83x, while invested capital contracted by 62bn — capital-return quality improved from both sides.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.3 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO rose 2.2 days, and DPO rose 9.6 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +2.2 days, pointing to slower receivables turnover.
DIO increased by +1.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 2.3% to 11.6% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 94.3bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.28x and interest coverage only at 1.53x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 636.0% of debt, and total debt stands at 17.9bn.
- Net Debt / Equity
- −0.28x −0.23x
- Interest Coverage
- 1.53x +1.22x
- Cash / Debt
- 636.0% +507.9pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.53x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The asset structure shows capital being allocated increasingly efficiently. Balance sheet is exceptionally sound — liabilities at 1.07x equity, with a net cash position equivalent to 0.28x equity.
Inventory ended the period at 150.3bn, roughly 20.7% of total assets.
Over the last 12 months, working capital released 24.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.7 pp. The next item to monitor is the earnings mix, when non-core contribution is 20.8%. The main risk still sits in leverage and liquidity, with interest coverage at 1.53x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.42% after expanding 2.7pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.91x. Even so, net financial result still accounts for 20.8% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.53x.
What to verify next
Questions for the next period
Whether revenue sustains its +3,6% YoY pace or begins to slow.
Whether margins hold around the current 3.42% level or narrow again.
Whether operating cash flow holds its 94.3bn (cumulative for 2025) level in upcoming periods or weakens.
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