SBG

Tập đoàn Cơ khí Công nghệ cao Siba ·HOSE ·2026Q1

▼ Slightly negative

Capital efficiency remains weak ROE 3.04%, −1.54pp YoY

Price

13,450

Latest close

12 Jun 2026

P/E 21.70x

P/B 1.08x

EPS 620

BVPS 12,404

ROE 5.1%

ROA 2.1%

Profit Margin 2.8%

Asset Turnover 0.78x

Equity Mult. 2.40x

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

What Is Changing

On a TTM 2026Q1 basis, SBG is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,125bn
	                                
−61.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
−34.2%YoY

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	167.7	293.2	231.2	433.2	660.5	785.6	483.7	1,016.5	860.9	569.5	803.0	1,338.3
Growth	-43%	+27%	-47%	-34%	-16%	+62%	-52%	+18%	+51%	-29%	-40%	—
Net Income	2.0	18.8	4.3	6.3	9.2	13.3	17.5	7.7	2.8	1.1	12.9	10.0
Net Margin	1.19%	6.41%	1.87%	1.46%	1.40%	1.69%	3.62%	0.76%	0.32%	0.20%	1.60%	0.75%

Drivers of SBG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:

Gross profit ↑ 14.6bn

Financial income ↑ 11.6bn

Finance costs ↓ 2.7bn

Other profit ↓ 20.5bn

Administrative expenses ↑ 16.3bn

Selling expenses ↑ 8.0bn

TTM

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

Financial income ↑ 9.1bn

Gross profit ↑ 1.7bn

Administrative expenses ↑ 10.6bn

Tax ↑ 2.6bn

Selling expenses ↑ 2.6bn

Finance costs ↑ 2.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.4% = 1.6% × 2.03 × 2.85

2026Q1 5.2% = 2.8% × 0.78 × 2.40

ROE fell from 9.4% to 5.2% — asset turnover weakened the most, though net margin still provided support.

Net margin: 2.8% +1.2pp Asset turnover: 0.78x -1.25x Leverage: 2.40x -0.45x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 2.79%, rising 1.2pp. Core operating signals are improving as Gross margin rose 7.1pp are enough to offset pressure from SG&A / Revenue rose 4.8pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.7pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 2.79% +1.2pp

Gross Margin 10.74% +7.1pp

SG&A / Revenue 6.40% +4.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 3.04%, losing 1.5pp. That translates to 3.04 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 1.7pp, capital turnover fell 3.28x still pulled ROIC lower, while invested capital expanded strongly by 353bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

Watchpoints

ROIC remains low

ROIC is currently 3.04% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.04% −1.5pp

NOPAT Margin 2.77% +1.7pp

Capital Turnover 1.10x −3.28x

Average Invested Capital 1,025.8bn +352.9bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Leverage is elevated, requiring monitoring — liabilities at 1.51x equity, net debt at 1.02x equity.

Over the last 12 months, working capital absorbed 8.6bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +228.2bn

Inventories decreased → higher CFO: +64.6bn

Payables decreased → lower CFO: −301.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 33.1 days versus the same period last year. The main moves came from DIO rose 26.7 days, DSO rose 37.8 days, and DPO rose 31.4 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +33.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +37.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 97.8 days +37.8 days

Inventory 73.8 days +26.7 days

Payables 111.5 days +31.4 days

Cash Conversion Cycle 60.1 days +33.1 days

Is financial risk significant?

Leverage is safe but FCF is negative at 298.9bn due to capex of 332.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.02x and interest coverage only at 1.88x.

At present, short-term debt accounts for 38.9% of total debt, cash equals 3.7% of debt, and total debt stands at 655.1bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.02x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.88x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.02x +0.65x

Interest Coverage 1.88x +0.38x

Cash / Debt 3.7% −5.5pp

Short-term Debt / Total Debt 38.9% −22.7pp

CFO / NI 1.07x +4.03x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -11.2bn in 2025, against investing cash flow of -235.6bn.

Post-investment cash flow was negative +246.9bn. Financing cash flow was positive +245.1bn.

CFO / net income was 1.07x.

After spending +332.0bn on fixed-asset investment, the business generated trailing free cash flow of −298.9bn.

Cash Conversion

CFO TTM 33.2bn +174.5bn

Cash Capex 332.0bn +248.0bn

FCF TTM −298.9bn −73.5bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at 3.0%. The main offsetting support comes from operating efficiency, with net margin improving 1.2 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 2.79% after expanding 1.2pp versus the same period last year.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,618.1	3,146.7	3,662.2	4,010.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	1,618.1	3,146.7	3,662.2	4,010.8
Cost of Goods Sold	1,499.0	3,054.4	3,569.4	3,929.2
Gross Profit	119.1	92.3	92.8	81.6
Financial Income	7.2	4.7	0.9	4.4
Financial Expenses	20.4	22.3	16.7	16.1
Interest Expense	16.4	15.7	16.5	15.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	22.6	14.9	12.6	14.3
General and Administrative Expenses	36.2	29.5	24.2	15.8
Operating Profit	47.1	30.3	40.2	39.9
Other Income	2.7	23.6	0.2	0.2
Other Expenses	2.4	2.4	0.1	0.4
Other Profit	0.4	21.2	0.0	-0.2
Profit Before Tax	47.4	51.5	40.2	39.6
Current Income Tax Expense	9.4	7.8	7.6	2.0
Deferred Income Tax Expense	-0.6	0.0	0.0	0.0
Net Income	38.6	43.7	32.5	37.6
Non-controlling Interest	0.3	0.2	0.3	0.2
Profit Attributable to Parent	38.3	43.5	32.3	37.4
Earnings per Share	767.00	1,079.00	1,291.00	2,455.00
Diluted EPS	767.00	1,079.00	1,291.00	2,455.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	746.5	742.7	936.0	1,846.4
I. Cash and cash equivalents	36.8	38.6	43.5	81.4
1. Cash	36.8	38.6	43.5	81.4
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	155.1	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	155.1	0.0	0.0	0.0
III. Short-term receivables	370.3	484.4	616.6	1,302.8
1. Short-term trade accounts receivable	244.5	321.3	467.5	1,250.7
2. Short-term prepayments to suppliers	41.5	59.4	64.6	27.5
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	74.0	0.0	0.0	0.0
6. Other short-term receivables	11.1	105.2	84.4	24.7
7. Provision for short-term doubtful debts (*)	-0.9	-1.5	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	143.7	198.8	243.9	423.9
1. Inventories	146.6	201.7	243.9	423.9
2. Provision for decline in value of inventories	-2.9	-2.9	0.0	0.0
V. Other short-term assets	40.6	20.8	32.0	38.2
1. Short-term prepayments	1.8	1.2	0.7	1.3
2. Value added tax to be reclaimed	38.8	19.7	31.3	36.9
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	805.2	279.7	261.3	258.9
I. Long-term receivables	51.2	9.3	0.7	0.1
1. Long-term trade receivables	36.7	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	14.5	9.3	0.7	0.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	232.3	184.6	190.7	188.7
1. Tangible fixed assets	162.0	173.5	178.8	187.7
- Cost	213.0	211.2	200.3	197.1
- Accumulated depreciation	-50.9	-37.7	-21.4	-9.4
2. Financial leased fixed assets	61.5	1.2	0.8	1.0
- Cost	64.3	1.6	1.0	1.0
- Accumulated depreciation	-2.8	-0.4	-0.2	0.0
3. Intangible fixed assets	8.8	9.9	11.1	0.0
- Cost	11.7	11.7	11.7	0.0
- Accumulated depreciation	-2.9	-1.8	-0.6	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	507.6	72.3	62.9	63.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	507.6	72.3	62.9	63.2
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	14.2	13.5	7.0	6.9
1. Long-term prepayments	5.8	4.3	6.1	6.0
2. Deferred income tax assets	1.4	0.8	0.8	0.9
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	7.0	8.4	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,551.8	1,022.4	1,197.3	2,105.3
A. LIABILITIES (300=210+330)	933.5	445.7	766.4	1,707.0
I. Short -term liabilities	674.4	396.2	704.3	1,623.6
1. Short-term trade accounts payable	358.1	175.2	509.7	1,462.8
2. Short-term advances from customers	8.8	69.6	93.1	79.1
3. Taxes and other payables to state authorities	9.2	7.5	2.7	1.9
4. Payable to employees	7.8	6.4	3.3	3.9
5. Short-term acrrued expenses	74.0	15.2	27.5	8.3
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	6.3	0.1	0.5	0.7
10. Short-term borrowings and financial leases	210.2	122.2	67.5	66.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	259.1	49.5	62.1	83.4
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	244.2	41.3	62.1	83.4
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	14.9	8.2	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	618.2	576.7	430.9	398.3
I. Owner's equity	618.2	576.7	430.9	398.3
1. Owner's capital	500.0	500.0	250.0	250.0
- Common stock with voting right	499,999,630,000.00	499,999,630,000.00	250,000,000,000.00	250,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	79.8	79.8
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	115.2	76.9	88.6	56.3
- Accumulated retained earning at the end of the previous period	76.9	33.4	56.3	18.9
- Undistributed earnings in this period	38.3	43.5	32.3	37.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	3.2	0.0	12.5	12.2
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,551.8	1,022.4	1,197.3	2,105.3

Item	2025	2024	2023	2022
Profit Before Tax	47.4	51.5	40.2	39.6
Depreciation of Fixed Assets and Investment Property	18.2	13.6	12.8	8.1
Provision (Increase)/Reversal	6.1	12.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.3	2.5	0.1	0.0
Gain/Loss from Investment Activities	-6.9	-25.3	-0.9	-0.5
Interest Expense	16.4	15.7	16.5	15.7
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	81.6	70.5	68.7	62.9
Increase/(Decrease) in Receivables	-78.0	216.0	691.3	-189.6
Increase/(Decrease) in Inventory	55.1	42.2	180.0	-239.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-43.4	-389.9	-896.4	283.6
Increase/(Decrease) in Prepaid Expenses	-2.2	1.4	0.5	-3.7
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-16.8	-16.1	-16.6	-14.2
Corporate Income Tax Paid	-7.7	-2.6	-7.0	-5.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-11.2	-78.6	20.5	-106.0
Payments for Fixed Assets and Other Long-term Assets	-217.4	-33.0	-38.7	-81.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	20.7	20.0	0.0	0.0
Loans and Purchases of Debt Instruments	-156.4	-103.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	111.5	91.2	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	6.0	3.6	0.9	0.9
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-235.6	-21.2	-37.8	-80.5
Proceeds from Equity Issuance and Capital Contributions	2,952,000,000.00	114,778,100,000.00	0.00	149,824,500,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	536.2	323.1	93.6	92.2
Repayment of Borrowings	-289.6	-342.9	-114.1	-43.8
Repayment of Finance Leases	-4.5	-0.2	-0.2	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	245.1	94.9	-20.6	198.2
Net Cash Flow During the Period	-1.8	-5.0	-37.9	11.7
Cash and Cash Equivalents at Beginning of Period	38.6	43.5	81.4	69.7
FX Difference from Revaluation	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	36.8	38.6	43.5	81.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	167.7	293.2	231.2	433.2	660.5	785.6	483.7	1,016.5	860.9	569.5	803.0	1,338.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	167.7	293.2	231.2	433.2	660.5	785.6	483.7	1,016.5	860.9	569.5	803.0	1,338.3
Cost of Goods Sold	138.0	256.8	207.4	402.3	632.5	761.2	458.2	988.1	846.9	551.6	777.1	1,309.0
Gross Profit	29.7	36.4	23.8	30.9	28.0	24.4	25.5	28.3	14.1	17.9	25.9	29.3
Financial Income	9.3	6.2	0.5	0.3	0.2	4.0	0.3	0.1	0.4	0.1	0.2	-0.8
Financial Expenses	6.5	3.8	4.7	7.5	4.3	6.8	5.9	8.3	2.1	5.1	2.2	6.3
Interest Expense	5.1	4.1	4.5	5.0	3.2	4.2	4.6	5.0	1.9	5.0	2.2	6.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	6.5	5.8	6.3	6.6	3.8	5.7	3.5	4.1	3.0	2.8	2.3	3.8
General and Administrative Expenses	18.9	11.0	7.6	9.3	8.3	8.7	6.3	7.1	5.9	8.3	5.9	6.0
Operating Profit	7.1	22.0	5.7	7.8	11.7	7.2	10.1	8.9	3.4	1.8	15.7	12.4
Other Income	1.6	0.9	0.5	0.4	0.9	11.8	11.7	0.0	0.1	0.1	0.1	0.0
Other Expenses	2.0	0.9	0.0	0.1	1.3	1.5	0.7	0.0	0.2	0.1	0.0	0.0
Other Profit	-0.4	-0.0	0.5	0.3	-0.4	10.4	11.0	0.0	-0.2	-0.0	0.1	0.0
Profit Before Tax	6.7	21.9	6.2	8.1	11.3	17.5	21.1	8.9	3.2	1.8	15.7	12.5
Current Income Tax Expense	4.7	3.5	2.2	1.8	2.0	4.2	3.6	1.2	0.4	0.6	2.9	2.4
Deferred Income Tax Expense	0.0	-0.3	-0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.0	18.8	4.3	6.3	9.2	13.3	17.5	7.7	2.8	1.1	12.9	10.0
Non-controlling Interest	0.1	0.3	-0.0	0.0	-0.0	-0.0	0.0	0.0	0.1	0.0	0.2	0.1
Profit Attributable to Parent	1.9	18.5	4.3	6.3	9.2	13.3	17.5	7.7	2.7	1.1	12.7	10.0
Earnings per Share	37.15	369.47	86.70	126.62	184.85	266.12	700.01	308.17	106.24	45.37	506.76	398.06
Diluted EPS	37.15	369.47	86.70	126.62	184.85	266.12	700.01	308.17	106.24	45.37	506.76	398.06

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	699.7	746.5	816.1	962.0	959.2	748.5	813.8	1,221.6	1,298.6	936.0	923.3	732.1
I. Cash and cash equivalents	24.1	36.8	74.2	72.5	21.7	38.6	16.1	59.6	32.5	43.5	9.8	8.5
1. Cash	24.1	36.8	74.2	72.5	21.7	38.6	16.1	59.6	32.5	43.5	9.8	8.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	275.5	155.1	136.4	134.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
3. Held to maturity investments	275.5	155.1	136.4	134.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	196.8	370.3	386.9	535.3	680.0	484.4	503.0	817.9	729.2	616.6	719.5	511.7
1. Short-term trade accounts receivable	167.2	244.5	248.6	382.5	399.4	321.3	298.4	635.5	569.9	467.5	635.5	284.1
2. Short-term prepayments to suppliers	22.8	41.5	130.9	149.1	185.6	59.4	107.3	79.7	57.1	64.6	67.5	198.8
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	74.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.8	11.1	8.9	5.3	96.5	105.2	97.9	103.2	102.3	84.4	16.4	28.9
7. Provision for short-term doubtful debts (*)	-3.9	-0.9	-1.5	-1.5	-1.5	-1.5	-0.6	-0.6	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	167.8	143.7	185.1	190.5	232.4	204.7	255.3	303.7	497.0	243.9	162.7	176.3
1. Inventories	170.7	146.6	188.0	193.3	235.3	204.7	255.3	303.7	497.0	243.9	162.7	176.3
2. Provision for decline in value of inventories	-2.9	-2.9	-2.9	-2.9	-2.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	35.5	40.6	33.4	29.2	25.1	20.8	39.4	40.5	40.0	32.0	31.3	35.7
1. Short-term prepayments	4.1	1.8	2.3	2.4	3.6	1.2	1.7	1.8	2.4	0.7	1.3	2.2
2. Value added tax to be reclaimed	31.5	38.8	31.1	26.8	21.6	19.7	37.7	38.7	37.6	31.3	30.0	32.1
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.3
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	843.7	805.3	553.8	458.5	386.2	279.7	245.6	253.7	257.3	261.3	254.3	257.2
I. Long-term receivables	51.2	51.2	13.6	9.4	9.3	9.3	0.8	0.7	0.7	0.7	0.6	0.3
1. Long-term trade receivables	36.7	36.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	14.5	14.5	13.6	9.4	9.3	9.3	0.8	0.7	0.7	0.7	0.6	0.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	253.5	232.3	223.5	227.8	181.2	184.6	180.7	184.0	187.4	190.7	194.1	196.9
1. Tangible fixed assets	160.2	162.0	164.4	167.5	170.5	173.5	169.8	172.8	175.8	178.8	181.8	184.3
- Cost	214.5	—	—	—	—	211.2	200.3	200.3	200.3	200.3	200.3	199.7
- Accumulated depreciation	-54.3	—	—	—	—	-37.7	-30.5	-27.5	-24.5	-21.4	-18.4	-15.4
2. Financial leased fixed assets	84.8	61.5	50.0	50.9	1.1	1.2	0.7	0.7	0.8	0.8	0.9	0.9
- Cost	89.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	8.5	8.8	9.0	9.3	9.6	9.9	10.2	10.5	10.8	11.1	11.4	11.7
- Cost	11.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	525.4	507.6	303.4	207.8	182.8	72.3	58.4	62.9	62.9	62.9	53.5	53.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	525.4	507.6	303.4	207.8	182.8	72.3	58.4	62.9	62.9	62.9	53.5	53.5
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	13.7	14.2	13.3	13.4	13.0	13.5	5.7	6.1	6.4	7.0	6.1	6.5
1. Long-term prepayments	5.6	5.8	4.8	4.9	4.1	4.3	4.9	5.3	5.6	6.1	5.2	5.7
2. Deferred income tax assets	1.4	1.4	1.1	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	6.7	7.0	7.4	7.7	8.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	8.4	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,543.4	1,551.8	1,369.9	1,420.4	1,345.4	1,028.2	1,059.4	1,475.4	1,556.0	1,197.3	1,177.6	989.4
A. LIABILITIES (300=210+330)	923.2	933.5	770.4	825.2	759.5	452.9	612.2	1,046.0	1,122.3	766.4	747.8	572.5
I. Short -term liabilities	508.3	674.4	555.2	654.1	661.2	411.5	512.8	941.3	1,065.5	704.3	680.4	499.7
1. Short-term trade accounts payable	190.8	358.1	218.5	383.6	423.0	175.2	286.8	733.0	823.1	509.7	551.4	341.4
2. Short-term advances from customers	11.4	8.8	80.6	96.6	38.9	69.6	42.9	67.0	108.7	93.1	82.8	103.5
3. Taxes and other payables to state authorities	0.9	9.2	6.1	4.0	2.1	8.9	4.7	1.4	2.0	2.7	2.2	0.6
4. Payable to employees	5.1	7.8	6.5	4.5	4.0	6.4	3.1	2.9	3.3	3.3	3.3	2.9
5. Short-term acrrued expenses	38.6	74.0	57.0	14.1	35.7	13.3	40.9	29.4	37.6	27.5	7.1	2.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	6.6	6.3	12.7	12.3	11.8	0.1	0.5	1.4	3.3	0.5	0.8	0.7
10. Short-term borrowings and financial leases	254.9	210.2	173.8	139.1	145.6	122.2	133.9	106.2	87.5	67.5	32.9	48.3
11. Provision for short-term liabilities	—	—	—	—	—	15.9	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	414.9	259.1	215.2	171.1	98.3	41.3	99.4	104.7	56.8	62.1	67.4	72.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	400.2	244.2	201.4	163.1	90.6	41.3	99.4	104.7	56.8	62.1	67.4	72.8
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	14.8	14.9	13.7	8.0	7.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	620.2	618.3	599.5	595.2	585.9	575.3	447.2	429.4	433.6	430.9	429.7	416.8
I. Owner's equity	620.2	618.3	599.5	595.2	585.9	575.3	447.2	429.4	433.6	430.9	429.7	416.8
1. Owner's capital	500.0	500.0	500.0	500.0	500.0	500.0	250.0	250.0	250.0	250.0	250.0	250.0
- Common stock with voting right	499,999,630,000.00	499,999,630,000.00	499,999,630,000.00	499,999,630,000.00	499,999,630,000.00	499,999,630,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00	250,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	79.8	79.8	79.8	79.8	79.8	79.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	117.1	115.3	96.8	92.5	86.1	75.5	117.4	99.6	91.2	88.6	87.3	74.6
- Accumulated retained earning at the end of the previous period	115.2	76.9	76.9	76.9	76.9	33.4	88.6	88.6	88.6	56.3	56.3	56.3
- Undistributed earnings in this period	1.9	38.4	19.9	15.6	9.2	42.1	28.8	11.0	2.7	32.3	31.0	18.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.4	3.3	2.9	2.9	0.0	0.0	0.0	0.0	12.6	12.5	12.6	12.4
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,543.4	1,551.8	1,369.9	1,420.4	1,345.4	1,028.2	1,059.4	1,475.4	1,556.0	1,197.3	1,177.6	989.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	6.7	21.8	6.2	8.1	11.3	17.5	21.1	9.6	3.2	1.8	15.7	12.7
Depreciation of Fixed Assets and Investment Property	5.5	5.2	4.9	4.2	4.0	7.5	3.4	3.4	3.4	3.4	3.3	3.1
Provision (Increase)/Reversal	3.0	0.6	5.7	-0.1	—	16.8	0.0	0.6	0.0	0.0	0.0	-3.0
FX Gain/Loss from Revaluation of Monetary Items	-4.6	-1.8	-0.4	2.1	0.4	2.5	0.0	0.0	0.0	0.1	-0.1	0.1
Gain/Loss from Investment Activities	-3.3	-6.2	-0.5	-0.2	-0.1	-26.0	-1.4	2.4	-0.2	-0.1	-0.2	-0.3
Interest Expense	5.1	3.7	4.5	5.0	3.2	4.2	4.6	5.0	1.9	5.0	2.2	6.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	12.3	23.4	20.4	19.0	18.8	22.5	27.7	20.9	8.3	10.2	21.0	21.6
Increase/(Decrease) in Receivables	100.4	-60.2	155.7	32.2	-205.8	-19.7	328.3	-40.4	-118.9	61.7	-164.9	80.4
Increase/(Decrease) in Inventory	-24.1	41.4	5.3	42.0	-33.6	50.6	57.5	183.1	-253.1	-81.2	13.6	420.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-58.4	-65.4	-184.9	7.3	199.6	-108.7	-463.1	-145.4	343.3	18.0	188.4	-551.5
Increase/(Decrease) in Prepaid Expenses	-2.1	-0.5	0.2	0.3	-2.2	-7.3	0.5	0.8	-1.1	-0.3	1.4	0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.1	-4.6	-3.7	-5.1	-3.3	-5.4	-3.5	-3.8	-3.4	-3.6	-3.9	-4.5
Corporate Income Tax Paid	-12.7	-0.5	-0.0	0.0	-7.2	-0.7	-0.0	-1.2	-1.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	-0.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	10.3	-66.5	-6.9	96.2	-34.1	-68.7	-52.6	14.1	-26.0	4.8	55.6	-33.2
Payments for Fixed Assets and Other Long-term Assets	-155.2	-41.3	-63.2	-72.4	-40.6	-28.4	-14.7	-0.4	0.0	-0.5	-33.7	33.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.7	0.0	5.0	15.0	20.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-61.4	-43.0	-25.0	-66.8	-21.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	15.0	39.4	23.1	23.5	25.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.1	4.5	0.6	0.2	0.7	1.9	1.4	0.1	0.2	0.1	0.2	0.3
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-200.5	-39.7	-64.5	-110.5	-20.9	-6.5	-13.3	-0.2	0.2	-0.4	-33.5	34.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	114,778,100,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	271.7	157.6	135.5	148.4	94.7	125.9	74.1	80.7	95.7	66.5	0.0	12.5
Repayment of Borrowings	-92.4	-90.3	-61.0	-81.7	-56.6	-142.9	-51.7	-67.3	-81.0	-37.1	-20.7	-27.2
Repayment of Finance Leases	-1.9	-1.6	-1.4	-1.4	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	177.4	68.7	73.1	65.2	38.0	97.7	22.4	13.3	14.7	29.3	-20.7	-14.7
Net Cash Flow During the Period	-12.8	-37.4	1.7	50.9	-16.9	22.5	-43.5	27.2	-11.1	33.7	1.3	-14.0
Cash and Cash Equivalents at Beginning of Period	36.8	74.2	72.5	21.7	38.6	43.5	43.5	43.5	43.5	81.4	81.4	81.4
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	24.1	36.8	74.2	72.5	21.7	38.6	16.1	59.6	32.5	43.5	9.8	8.5

Explore Other Stocks In The Same Sector

VEA, SHI, CKA, AMS, CTB, PVM, QHD, HLO, MIE, CTT, SHA, SHE, EMG, TCK, CMC, IME, CJC, UEM, CMK, DZM

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

SBG

What Is Changing

Drivers of SBG'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