Analysis of business results & financial statements · Quý 2/2025
▲ Showing improvement
Trailing net profit reached 732.0bn, rose 218.6bn compared with the same period last year. Key positives came from higher associates income, better other profit, higher financial income, and lower finance costs. Offsetting pressure came mainly from lower gross profit, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 30.00x
- P/B
- 1.59x
- EPS
- 755
- BVPS
- 14,290
- ROE
- 6.4%
- ROA
- 2.2%
- Market price
- 22,650 16 Oct 2026
The current picture
What Is Changing
On a Năm 2023 basis, SBT is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Associates income
- Other profit
- Financial income
- Finance costs
- Other
- Gross profit
- Selling expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2025
| Metric | Q2'25 | Q1'25 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,733.6 | 5,371.7 | 6,159.2 | 7,020.0 | 6,366.5 | 6,800.5 | 5,710.2 | 6,971.7 |
| LNST | 191.8 | 198.1 | 187.6 | 169.0 | 216.9 | 76.9 | 143.9 | 122.1 |
| Net margin | 2.85% | 3.69% | 3.05% | 2.41% | 3.41% | 1.13% | 2.52% | 1.75% |
Revenue
6,734bnNet income
192bnNet margin
2.85%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 2.78% +0.3pp
- Gross Margin
- 10.10% −0.5pp
- SG&A / Revenue
- 5.74% +0.7pp
Cash Flow
▼Is profit converting into cash?
Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 62.9bn against investing cash flow of -2,955.4bn (annual cash-flow figures for 2023).
Post-investment cash flow was negative +2,892.5bn. Financing cash flow was positive +4,377.2bn.
CFO / net income was −2,01 lần.
After spending +783.9bn on fixed-asset investment, the business generated trailing free cash flow of −2,255.7bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 16.0% of pre-tax profit — worth monitoring.
Within that, net financial result at −68.6%, other profit at +16.0% of PBT.
- Non-core / PBT
- 16.0% moderate
- Net financial / PBT
- −68.6%
- Other profit / PBT
- 16.0%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
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.
Is financial risk significant?
Leverage is safe but FCF is negative at 2,255.7bn due to capex of 783.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.26x and interest coverage only at 0.36x.
At present, short-term debt accounts for 71.4% of total debt, cash equals 16.5% of debt, and total debt stands at 18,481.2bn.
- Net Debt / Equity
- 1.26x
- Interest Coverage
- 0.36x
- Cash / Debt
- 16.5%
- Short-term Debt / Total Debt
- 71.4%
Net debt / equity stands at 1.26x, increasing balance-sheet pressure.
Interest coverage is 0.36x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 2.06x equity, net debt at 1.26x equity.
Inventory ended the period at 3,953.2bn, roughly 11.6% of total assets.
Over the last 12 months, working capital absorbed 2,093.2bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
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 next item to monitor is the earnings mix, when non-core contribution is 16.0%. The main risk still sits in leverage and liquidity, with interest coverage at 0.36x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 16.0% of PBT and CFO / net income currently at −2.01x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.36x.
What to verify next
Questions for the next period
Whether revenue sustains its +17,3% YoY pace or begins to slow.
Whether margins hold around the current 2.78% level or narrow again.
Whether operating cash flow holds its 62.9bn (cumulative for 2023) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
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