Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 6.7bn, fell 3.4bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, and lower finance costs. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.39x
- P/B
- 0.68x
- EPS
- 1,907
- BVPS
- 23,678
- ROE
- 9.4%
- ROA
- 5.8%
- Market price
- 16,000 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SDN is going through a period of clear decline across multiple metrics at once — margins have been compressing consistently over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Finance costs
- Gross profit
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 | 28.5 | 27.1 | 31.8 | 27.2 | 27.8 | 25.6 | 36.2 | 27.7 |
| LNST | 0.4 | 4.6 | -0.1 | 1.7 | 2.7 | 2.3 | 3.0 | 2.0 |
| Net margin | 1.56% | 17.11% | -0.34% | 6.39% | 9.77% | 9.16% | 8.38% | 7.28% |
Revenue
28bnNet income
0bnNet margin
1.56%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 2.4% year on year — not from a single spike: quarterly growth stepped up from −2% to +2%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 114bn −2.4%
- Latest quarter YoY
- +2% accelerating
What is driving the margin?
▼Net margin fell to 5.86%, losing 2.8pp. The main pressure is Gross margin fell 5.6pp, outweighing the improvement in SG&A / Revenue fell 0.9pp (with additional support from Other profit / Revenue rose 1.4pp and Net financial result / Revenue rose 0.4pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 5.86% −2.8pp
- Gross Margin
- 24.52% −5.6pp
- SG&A / Revenue
- 17.51% −0.9pp
- Non-core / Revenue
- 0.89% +1.7pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 55.0% of PBT and lifted net margin by 1.7pp — separate the operating contribution from this source.
Cash Flow
▼▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 9.8bn against investing cash flow of -0.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +9.7bn. Financing cash flow was negative +8.6bn.
CFO / net income was −0,14 lần.
After spending +0.2bn on fixed-asset investment, the business generated trailing free cash flow of −1.1bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 55.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −43.7%, other profit at +55.0% of PBT.
- Non-core / PBT
- 55.0% high
- Net financial / PBT
- −43.7%
- Other profit / PBT
- 55.0%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 3.65%, losing 5.8pp. That translates to 3.65 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.7pp and capital turnover fell 0.11x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 3.65% — 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 4.8 days versus the same period last year. The main moves came from DIO rose 12.1 days, DSO rose 1.3 days, and DPO rose 18.2 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 119.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 14.8% to 9.4% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 1.1bn due to capex of 0.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.15x and interest coverage only at 1.03x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 19.5% of debt, and total debt stands at 13.5bn.
- Net Debt / Equity
- 0.15x −0.02x
- Interest Coverage
- 1.03x −1.08x
- Cash / Debt
- 19.5% −2.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.03x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.59x equity, net debt at 0.15x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 5.6pp YoY to 24.52% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 24.52% · YoY -5.6pp
Inventory 29.1bn — 24.53% of total assets, above the materials-group median (13.00%); ≈ 123 days of sales. Inventory is growing faster than revenue (26.04% vs −2.43% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 24.53% (group median 13.00%)
Days inventory outstanding: 123
Inventory ended the period at 23.3bn, roughly 21.9% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
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 next item to monitor is the earnings mix, when non-core contribution is −43.7%. The main risk still sits in core profitability, with net margin down 2.8 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −43.7% of PBT and CFO / net income currently at −0.14x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 5.86% after a 2.8pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −2,4% YoY decline or keeps falling.
Whether margins hold around the current 5.86% level or narrow again.
Whether operating cash flow holds its 9.8bn (cumulative for 2025) level in upcoming periods or weakens.
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