Analysis of business results & financial statements · Quý 2/2026
▼ Slightly negative
Trailing net profit reached 12.6bn, fell 0.1bn compared with the same period last year. Key positives came from better other profit, lower selling expenses, and higher financial income. Offsetting pressure came mainly from lower gross profit, higher finance costs, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.39x
- P/B
- 0.22x
- EPS
- 218
- BVPS
- 12,234
- ROE
- 1.8%
- ROA
- 0.8%
- Market price
- 2,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SCJ posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether this is a temporary adjustment or an early sign of a weaker trend.
Profit bridge
Vs last year · TTM
- Other profit
- Selling expenses
- Financial income
- Gross profit
- Finance costs
- Administrative expenses
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 | 221.5 | 199.6 | 316.9 | 274.7 | 283.2 | 253.5 | 373.7 | 312.5 |
| LNST | 1.7 | 1.0 | 3.6 | 6.3 | 5.8 | -3.2 | 4.9 | 5.2 |
| Net margin | 0.77% | 0.52% | 1.13% | 2.28% | 2.03% | -1.26% | 1.31% | 1.66% |
Revenue
222bnNet income
2bnNet margin
0.77%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 declined 17.2% year on year — but the quarterly pace is slowing (−12% → −22%).
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,013bn −17.2%
- Latest quarter YoY
- −22% slowing
What is driving the margin?
●Net margin stands at 1.24%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.24% +0.2pp
- Gross Margin
- 10.05% +1.0pp
- SG&A / Revenue
- 4.33% +0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▼Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -95.6bn against investing cash flow of -11.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +107.0bn. Financing cash flow was positive +107.7bn.
CFO / net income was 2,71 lần.
After spending +11.6bn on fixed-asset investment, the business generated trailing free cash flow of +22.5bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at −298.7%, other profit at +3.3% of PBT.
- Non-core / PBT
- 3.3% low
- Net financial / PBT
- −298.7%
- Other profit / PBT
- 3.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 0.90%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 0.90% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 29.0 days versus the same period last year. The main moves came from DIO rose 25.1 days, DSO rose 8.7 days, and DPO rose 4.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +29.0 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +8.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 1.8% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.03x and interest coverage only at 0.34x.
At present, short-term debt accounts for 66.4% of total debt, cash equals 0.0% of debt, and total debt stands at 725.8bn.
- Net Debt / Equity
- 1.03x −0.05x
- Interest Coverage
- 0.34x −0.18x
- Cash / Debt
- 0.0% −0.1pp
- Short-term Debt / Total Debt
- 66.4% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.03x, increasing balance-sheet pressure.
Interest coverage is 0.34x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 1.36x equity, net debt at 1.03x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 1.0pp YoY to 10.05% (TTM).
Gross margin (TTM): 10.05% · YoY +1.0pp
Inventory 181.1bn — 11.63% of total assets, below the materials-group median (13.00%); ≈ 73 days of sales. Inventory is growing faster than revenue (5.69% vs −17.18% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 11.63% (group median 13.00%)
Days inventory outstanding: 73
None
Over the last 12 months, working capital released 59.6bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
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 0.9%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.71x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.71x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −17,2% YoY decline or keeps falling.
Whether margins hold around the current 1.24% level or narrow again.
Whether operating cash flow holds its -95.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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Its weight and influence across the assets held for investment.
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