Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 30.5bn, fell 34.4bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, and lower tax. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.54x
- P/B
- 0.41x
- EPS
- 3,285
- BVPS
- 36,654
- ROE
- 8.6%
- ROA
- 2.9%
- Market price
- 14,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SED posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Tax
- Other
- 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 | 810.2 | 47.7 | 87.0 | 267.2 | 675.2 | 71.3 | 197.3 | 428.6 |
| LNST | 19.2 | 2.0 | 0.7 | 8.7 | 24.8 | 2.0 | 21.2 | 16.9 |
| Net margin | 2.37% | 4.16% | 0.76% | 3.25% | 3.68% | 2.85% | 10.74% | 3.94% |
Revenue
810bnNet income
19bnNet margin
2.37%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▼Is growth real and durable?
Trailing-12-month revenue declined 11.7% year on year — not from a single spike: quarterly growth stepped up from −38% to +20%.
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 1,212bn −11.7%
- Latest quarter YoY
- +20% accelerating
What is driving the margin?
▼Net margin fell to 2.52%, losing 2.2pp. The main pressure is Gross margin fell 7.7pp, outweighing the improvement in SG&A / Revenue fell 4.3pp (with lingering pressure from Net financial result / Revenue fell 0.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.52% −2.2pp
- Gross Margin
- 17.13% −7.7pp
- SG&A / Revenue
- 14.37% −4.3pp
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 64.1bn against investing cash flow of 3.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +67.1bn. Financing cash flow was negative +6.2bn.
CFO / net income was −0,65 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?
Non-core income makes up 20.4% of pre-tax profit — worth monitoring.
Within that, net financial result at +0.1%, other profit at +20.3% of PBT.
- Non-core / PBT
- 20.4% moderate
- Net financial / PBT
- 0.1%
- Other profit / PBT
- 20.3%
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 7.29%, losing 12.5pp. That translates to 7.29 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 2.7pp and capital turnover fell 0.55x, 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.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 21.1 days versus the same period last year. The main moves came from DIO rose 0.0 days, DSO rose 62.2 days, and DPO rose 41.1 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 133.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +62.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 20.0% to 8.6% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 64.1bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.03x and interest coverage at 8.98x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 118.9% of debt, and total debt stands at 65.0bn.
- Net Debt / Equity
- −0.03x +0.05x
- Interest Coverage
- 8.98x −10.24x
- Cash / Debt
- 118.9% −18.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
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. Balance sheet is exceptionally sound — liabilities at 0.62x equity, with a net cash position equivalent to 0.03x equity.
Inventory ended the period at 189.9bn, roughly 33.4% 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 brighter spot is balance-sheet flexibility, with net cash/equity at about −0.03x. The next item to monitor is the earnings mix, when non-core contribution is 20.3%. The main risk still sits in core profitability, with net margin down 2.2 pp.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.03x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.3% of PBT and CFO / net income currently at −0.65x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 2.52% after a 2.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −11,7% YoY decline or keeps falling.
Whether margins hold around the current 2.52% level or narrow again.
Whether operating cash flow holds its 64.1bn (cumulative for 2025) level in upcoming periods or weakens.
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