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iShareInvest Research

HNX · Quý 2/2026

SDC

Tư vấn Sông Đà

Analysis of business results & financial statements · Quý 2/2026

▲▲ Improving positively

Trailing net profit reached 2.5bn, rose 0.8bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher tax, and weaker other profit. Detailed impact is shown below:

See what is changing ↓
P/E
6.05x
P/B
0.29x
EPS
959
BVPS
19,799
ROE
4.9%
ROA
2.7%
Market price
5,800
15 Oct 2026

What Is Changing

On a TTM 2026Q2 basis, SDC is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

Profit bridge

Vs last year · TTM

  1. Gross profit
  2. Administrative expenses
  3. Tax
  4. Other profit
Unit: VND bn. Green bars support profit; red bars reduce profit.

A single data point, or a trajectory?

Latest eight quarters · Quý 2/2026

MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue18.516.521.418.816.410.116.821.7
LNST0.50.50.80.60.40.30.30.7
Net margin2.90%3.10%3.80%3.19%2.30%2.79%1.69%3.06%

Revenue

19bn

Net income

1bn

Net margin

2.90%

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.

01

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 grew 15.8% year on year — not from a single spike: quarterly growth stepped up from −13% to +13%.

3 of the last 4 quarters grew year on year.

Revenue TTM
75bn
+15.8%
Latest quarter YoY
+13%
accelerating

What is driving the margin?

▲

Net margin edged up to 3.28%, rising 0.8pp. The main driver is Gross margin rose 1.0pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 0.3pp).

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

Net Margin
3.28%
+0.8pp
Gross Margin
20.75%
+1.0pp
SG&A / Revenue
16.35%
−0.2pp

TTM YoY · 2025Q2 -> 2026Q2

Cash Flow

●

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 6.9bn against investing cash flow of -3.4bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +3.5bn. Financing cash flow was negative +0.9bn.

CFO / net income was 3,06 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.

Earnings Quality

▲

How much income is non-core?

About 98% of pre-tax profit comes from core operations.

Within that, net financial result at −7.2%, other profit at +1.6% of PBT.

Non-core / PBT
1.6%
low
Net financial / PBT
−7.2%
Other profit / PBT
1.6%
02

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 422.9 days.

Is capital being deployed efficiently?

▲▲

ROIC expanded to 4.90%, rising 2.2pp. That translates to 4.90 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.0pp and capital turnover rose 0.27x, 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 remains low

ROIC is currently 4.90% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

Working Capital Efficiency

▲▲

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 52.4 days versus the same period last year. The main moves came from DIO fell 4.5 days, DSO fell 67.3 days, and DPO fell 19.3 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Cash conversion cycle remains stretched

CCC stands at 422.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

DuPont

What drives ROE?

Net margin 3.3% +0.8pp
Asset turnover 0.81x +0.10x
Financial leverage 1.81x +0.04x
ROE 4.8% +1.7pp

ROE rose from 3.1% to 4.8% — all three components improved, with net margin contributing the most.

03

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 8.79x.

At present, short-term debt accounts for 35.4% of total debt, cash equals 241.3% of debt, and total debt stands at 2.7bn.

Net Debt / Equity
−0.07x
−0.07x
Interest Coverage
8.79x
+3.86x
Cash / Debt
241.3%
+138.5pp
Short-term Debt / Total Debt
35.4%
−30.5pp

TTM YoY · 2025Q2 -> 2026Q2

Balance Sheet

●

The asset structure shows capital being allocated increasingly efficiently. 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 4.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

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 4.9%.

  • Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.06x.
  • Watchpoint: Cash generation still needs confirmation.
  • Key risk: Capital efficiency remains weak.

Questions for the next period

  1. Whether revenue sustains its +15,8% YoY pace or begins to slow.

  2. Whether margins hold around the current 3.28% level or narrow again.

  3. Whether operating cash flow holds its 6.9bn (cumulative for 2025) level in upcoming periods or weakens.

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