Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 16.6bn, rose 7.6bn compared with the same period last year. Key positives came from lower finance costs, better other profit, lower selling expenses, and higher financial income. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.38x
- P/B
- 0.22x
- EPS
- 288
- BVPS
- 12,205
- ROE
- 2.4%
- ROA
- 1.0%
- Market price
- 2,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SCJ is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — profit momentum has been slowing across consecutive periods. What is still missing is enough revenue momentum to make this profit level more durable.
Profit bridge
Vs last year · TTM
- Finance costs
- Other profit
- Selling expenses
- Financial income
- Gross profit
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 199.6 | 316.9 | 274.7 | 283.2 | 253.5 | 373.7 | 312.5 | 300.3 |
| LNST | 1.0 | 3.6 | 6.3 | 5.8 | -3.2 | 4.9 | 5.2 | 2.1 |
| Net margin | 0.52% | 1.13% | 2.28% | 2.03% | -1.26% | 1.31% | 1.66% | 0.70% |
Revenue
200bnNet income
1bnNet margin
0.52%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲Net margin edged up to 1.55%, rising 0.8pp. Core operating signals are improving as Gross margin rose 1.2pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.55% +0.8pp
- Gross Margin
- 10.02% +1.2pp
- SG&A / Revenue
- 4.16% +0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 1.25%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 1.25% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 1.36x equity, net debt at 1.08x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 1.2pp YoY to 10.02% (TTM).
Gross margin (TTM): 10.02% · YoY +1.2pp
Inventory 182.5bn — 11.29% of total assets, below the materials-group median (13.00%); ≈ 69 days of sales. Inventory is growing faster than revenue (43.63% vs −13.35% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 11.29% (group median 13.00%)
Days inventory outstanding: 69
None
Over the last 12 months, working capital absorbed 141.7bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 5.9 days versus the same period last year. The main moves came from DIO rose 18.5 days, DSO rose 1.0 days, and DPO rose 13.5 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +5.9 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +1.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.3% to 2.4% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 27.0bn due to capex of 25.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.08x and interest coverage only at 0.49x.
At present, short-term debt accounts for 63.4% of total debt, cash equals 0.0% of debt, and total debt stands at 765.7bn.
Net debt / equity stands at 1.08x, increasing balance-sheet pressure.
Interest coverage is 0.49x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.08x +0.01x
- Interest Coverage
- 0.49x +0.14x
- Cash / Debt
- 0.0% −0.1pp
- Short-term Debt / Total Debt
- 63.4% −0.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -95.6bn in 2025, against investing cash flow of -11.4bn.
Post-investment cash flow was negative +107.0bn. Financing cash flow was positive +107.7bn.
CFO / net income was −0,09 lần.
After spending +25.5bn on fixed-asset investment, the business generated trailing free cash flow of −27.0bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at −0.09x. The main risk still sits in capital efficiency remains weak, with ROIC at 1.2%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.09x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −13,4% YoY decline.
Ability to hold margins around the current 1.55% level.
Cash-flow quality, with operating cash flow currently at -95.6bn in 2025.
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