Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 2.4bn, rose 0.4bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, weaker other profit, higher finance costs, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.41x
- P/B
- 0.28x
- EPS
- 905
- BVPS
- 20,366
- ROE
- 4.5%
- ROA
- 2.6%
- Market price
- 5,800 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SDC is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this improvement broadens out in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Other profit
- Finance costs
- Tax
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 | 16.5 | 21.4 | 18.8 | 16.4 | 10.1 | 16.8 | 21.7 | 22.3 |
| LNST | 0.5 | 0.8 | 0.6 | 0.4 | 0.3 | 0.3 | 0.7 | 0.7 |
| Net margin | 3.10% | 3.80% | 3.19% | 2.30% | 2.79% | 1.69% | 3.06% | 3.20% |
Revenue
17bnNet income
1bnNet margin
3.10%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.
What is driving the margin?
●Net margin edged up to 3.15%, rising 0.4pp. Core operating signals are improving as Gross margin rose 2.6pp are enough to offset pressure from SG&A / Revenue rose 1.8pp (with lingering pressure from Other profit / Revenue fell 0.3pp and Net financial result / Revenue fell 0.1pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.15% +0.4pp
- Gross Margin
- 21.12% +2.6pp
- SG&A / Revenue
- 16.83% +1.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 8.8 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC edged up to 4.48%, rising 1.2pp. That translates to 4.48 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 0.12x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 4.48% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.83x equity, with a net cash position equivalent to 0.07x equity.
Inventory ended the period at 16.3bn, roughly 17.0% of total assets.
Over the last 12 months, working capital released 2.6bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 8.8 days versus the same period last year. The main moves came from DIO rose 4.6 days, DSO fell 8.9 days, and DPO fell 13.1 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 420.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +4.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 3.7% to 4.3% — 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 6.9bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.07x and interest coverage at 7.12x.
At present, short-term debt accounts for 33.0% of total debt, cash equals 251.0% of debt, and total debt stands at 2.6bn.
- Net Debt / Equity
- −0.07x −0.07x
- Interest Coverage
- 7.12x +0.65x
- Cash / Debt
- 251.0% +144.1pp
- Short-term Debt / Total Debt
- 33.0% −32.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6.9bn in 2025, against investing cash flow of -3.4bn.
Post-investment cash flow was positive +3.5bn. Financing cash flow was negative +0.9bn.
CFO / net income was 2,42 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
In summary
Research synthesis
What this reporting period is showing
The investment case still leans positive, but the improvement right now comes mainly from capital efficiency, even though margin is roughly flat. Notably, the improvement in capital efficiency has been confirmed across multiple cycles. Even so, cash generation still needs confirmation remains the area to verify in upcoming periods. The residual risk still sits in capital efficiency remains weak, with ROIC at 4.5%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.42x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +3,1% YoY pace.
Ability to hold margins around the current 3.15% level.
Cash-flow quality, with operating cash flow currently at 6.9bn in 2025.
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