Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 9.0bn, fell 0.5bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.35x
- P/B
- 0.68x
- EPS
- 2,520
- BVPS
- 23,532
- ROE
- 12.9%
- ROA
- 8.1%
- Market price
- 16,000 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SDN is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Administrative expenses
- Finance costs
- Gross profit
- 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 | 27.1 | 31.8 | 27.2 | 27.8 | 25.6 | 36.2 | 27.7 | 29.6 |
| LNST | 4.6 | -0.1 | 1.7 | 2.7 | 2.3 | 3.0 | 2.0 | 2.1 |
| Net margin | 17.11% | -0.34% | 6.39% | 9.77% | 9.16% | 8.38% | 7.28% | 6.95% |
Revenue
27bnNet income
5bnNet margin
17.11%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.
What is driving the margin?
●Net margin stands at 7.89%, 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
- 7.89% −0.0pp
- Gross Margin
- 26.01% −3.8pp
- SG&A / Revenue
- 17.05% −2.0pp
- Non-core / Revenue
- 1.47% +2.3pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 48.2% of PBT and lifted net margin by 2.3pp — separate the operating contribution from this source.
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 5.95%, losing 2.7pp. That translates to 5.95 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.5pp 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.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.59x equity, net debt at 0.13x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 3.8pp YoY to 26.01% (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): 26.01% · YoY -3.8pp
Inventory 26.1bn — 23.00% of total assets, above the materials-group median (13.00%); ≈ 113 days of sales. Inventory is growing faster than revenue (7.34% vs −4.50% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 23.00% (group median 13.00%)
Days inventory outstanding: 113
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.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.8 days versus the same period last year. The main moves came from DIO rose 6.4 days, DSO rose 0.5 days, and DPO rose 6.1 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 104.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 14.3% to 12.9% — asset turnover weakened the most.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.13x and interest coverage only at 1.52x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 27.1% of debt, and total debt stands at 12.7bn.
Interest coverage is 1.52x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.13x −0.02x
- Interest Coverage
- 1.52x −0.36x
- Cash / Debt
- 27.1% −0.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 9.8bn in 2025, against investing cash flow of -0.1bn.
Post-investment cash flow was positive +9.7bn. Financing cash flow was negative +8.6bn.
CFO / net income was 0,10 lần.
After spending +0.1bn on fixed-asset investment, the business generated trailing free cash flow of +0.7bn.
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 −34.1%. The main risk still sits in leverage and liquidity, with interest coverage at 1.52x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −34.1% of PBT and CFO / net income currently at 0.10x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.52x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −4,5% YoY decline.
Ability to hold margins around the current 7.89% level.
Cash-flow quality, with operating cash flow currently at 9.8bn in 2025.
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