SDP

SDP ·UPCOM ·2023Q4

▼▼ Declining sharply

Margins remain under pressure Net margin −11.34%, −3.23pp YoY
Price
700,000
Latest close
29 May 2026
P/E -1,270.42x
P/B -140.77x
EPS -551
BVPS -4,973
ROE 12.0%
ROA -2.5%
Profit Margin -11.3%
Asset Turnover 0.22x
Equity Mult. -4.81x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2023Q4 basis, SDP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. 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.

TTM REVENUE
VND 54bn
+10.1%YoY
NET MARGIN
−11.34%
−3.2ppYoY
TTM NET PROFIT
−VND 6bn
−53.9%YoY
Net financial result / PBT
58.6%
affects earnings quality
Metric Q4'23 Q3'23 Q2'23 Q1'23 Q4'22 Q3'22 Q2'22 Q1'22 Q4'21 Q3'21 Q2'21 Q1'21
Revenue 10.9 6.8 37.8 -1.5 15.5 11.0 18.2 4.2 5.9 2.1 0.6 1.5
Growth +59% -82% -2563% -110% +41% -40% +336% -29% +180% +277% -62% —
Net Income -2.2 -1.1 0.0 -2.8 -0.8 -1.2 -0.6 -1.4 -28.0 -1.8 -1.0 -4.8
Net Margin -20.38% -16.23% 0.07% 183.80% -5.36% -10.95% -3.02% -33.07% -475.87% -85.83% -181.82% -327.23%

Drivers of SDP's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 7.5bn
Gross profit ↓ 8.1bn
Other profit ↓ 1.7bn
TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2022Q4 13.7% = -8.1% × 0.17 × -9.80
2023Q4 12.0% = -11.3% × 0.22 × -4.81

ROE fell from 13.7% to 12.0% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: -11.3% -3.2pp Asset turnover: 0.22x +0.05x Leverage: -4.81x +4.99x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -11.34%, losing 3.2pp. The main pressure is Gross margin fell 15.4pp, outweighing the improvement in SG&A / Revenue fell 14.6pp (in addition, Net financial result / Revenue rose 1.0pp added support while Other profit / Revenue fell 3.4pp remained a drag).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin -11.34% −3.2pp
Gross Margin -11.71% −15.4pp
SG&A / Revenue -7.86% −14.6pp
Non-core / Revenue -7.48% −2.4pp

TTM YoY · 2022Q4 -> 2023Q4

Watchpoints

Financial result share remains high

Even though contribution decreased by 2.4pp, financial result still accounts for 66.0% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 1117.4 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 25.35%, rising 121.1pp. That translates to 25.35 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover fell 11.40x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

A small uptick from the NOPAT margin side — not yet enough to call a quality shift; watch whether this momentum continues.

CAPITAL EFFICIENCY TREND

TTM YoY · 2022Q4 -> 2023Q4

ROIC 25.35% +121.1pp
NOPAT Margin -10.50% +0.1pp
Capital Turnover -2.41x −11.40x
Average Invested Capital 22.3bn −27.8bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at -3.10x equity, with a net cash position equivalent to 0.46x equity.

Inventory ended the period at 17.3bn, roughly 12.6% of total assets.

Over the last 12 months, working capital released 16.3bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

TTM YoY · 2022Q4 -> 2023Q4

Receivables increased → lower CFO: −0.6bn
Inventories decreased → higher CFO: +30.7bn
Payables decreased → lower CFO: −13.8bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 1117.4 days versus the same period last year. The main moves came from DIO rose 18.1 days, DSO rose 687.0 days, and DPO fell 412.3 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 461.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +687.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

TTM YoY · 2022Q4 -> 2023Q4

Receivables 1516.2 days +687.0 days
Inventory 199.5 days +18.1 days
Payables 1254.3 days −412.3 days
Cash Conversion Cycle 461.3 days +1117.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 1.4bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.46x and interest coverage only at -1.58x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.2% of debt, and total debt stands at 27.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is -1.58x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.46x +0.22x
Interest Coverage -1.58x −0.19x
Cash / Debt 6.2% −4.3pp
Short-term Debt / Total Debt 100.0% 0.0pp
CFO / NI -1.50x −2.20x

TTM YoY · 2022Q4 -> 2023Q4

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.4bn in 2025, against investing cash flow of 0.3bn.

Post-investment cash flow was positive +1.7bn. Financing cash flow was negative +3.4bn.

CFO / net income was -1.50x.

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.

Cash Conversion

TTM Cash Conversion · 2022Q4 -> 2023Q4

CFO TTM 9.1bn +11.9bn
Cash Capex — —
FCF TTM — —

Investment Takeaway

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 margins remain under pressure remaining the main constraint, with net margin down 3.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 58.6%. The main offsetting support comes from capital efficiency, with ROIC at 25.4%.

Improvement: capital efficiency is improving, with trailing-12M ROIC at 25.35%, up 121.1pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 58.6% of PBT and CFO / net income currently at -1.50x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -11.34% after a 3.2pp decline versus the same period last year.

Statement Data

Item 2025 2024 2023 2022 2021
Net Revenue
6.9 30.7 53.9 49.0 10.0
Cost of Goods Sold
3.5 28.9 60.9 47.2 0.0
Gross Profit
3.4 1.8 -7.0 1.8 0.5
Financial Expenses
1.5 2.5 3.6 3.8 -7.9
Selling Expenses
— 0.0 0.0 0.0 0.0
General and Administrative Expenses
2.7 32.7 -4.2 5.8 -5.3
Operating Profit
-0.8 -33.3 -6.3 -7.8 -12.3
Profit Before Tax
-0.6 -36.5 -6.8 -6.5 -35.6
Net Income
-0.6 -36.5 -6.8 -6.5 -35.6
Profit Attributable to Parent
-0.6 -36.5 -6.8 -6.5 -35.6
Earnings per Share
-55.00 -3,285.00 -607.00 -589.00 -3,206.00

Explore Other Stocks In The Same Sector

VCG, SJG, PC1, LLM, CTD, DPG, SCG, L40, HBC, CC1, DSH, L18, DC4, LHC, ICN, SJE, LCG, S55, HMS, TED, CIG, TCD, S99, PVV, FCN, C4G, DCF, HAN, TTL, HEC, SDT, C47, ACC, GTS, CCC, HVH, SC5, L10, VSI, VC6, CHS, PQN, LIG, CMS, TSA, TA9, G36, XMC, VIW, SRF, SD5, MST, PHC, BMK, DLR, VCC, ICG, HTN, VC2, DIH, DRH, LM8, CDC, ALV, PPS, PXS, HC1, V12, DC1, XLV, GH3, HFB, SD2, VC1, DC2, NDX, CT6, CH5, HU1, VE1, L12, E29, SJM, QTC, VE9, TV6, VSE, LMI, RCC, HTE, PXT, C92, PEN, PTD, CID, PVX, TA6, CDR, RCD, QCC, SCI, TL4, CDO, L63, PTO, VC9, TEL, LG9, CX8, CT3, PXI, CI5, TS3, ICI, MES, LM3, ACS, LCD, H11, VE4, VE3, CIP, MCO, PVA, S12, L35, VCE, SD7, VE2, CLG, LUT, HU3, HAS, LO5, L43, SD4, TST, VW3, E12, L45, PVH, VMC, MCG, SDD, LCS, VXB, VE8, LM7, MEC, UDC, SD6, L61, SHG, L62, VVN, TKC, DFF, C12, L44, NTB, S96, SD8, SDB, TNM, VC5

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.