Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 36.2bn, fell 22.7bn compared with the same period last year. Key positives came from lower administrative expenses and lower tax. Offsetting pressure came mainly from lower gross profit and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.83x
- P/B
- 0.42x
- EPS
- 3,894
- BVPS
- 35,351
- ROE
- 10.5%
- ROA
- 6.5%
- Market price
- 14,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SED is losing revenue quickly, though margins have not been hit proportionally yet — margins have been compressing consistently over multiple periods. This only holds if margins can continue to resist — if revenue stays weak, margin pressure will build.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Tax
- Gross profit
- Selling expenses
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 | 47.7 | 87.0 | 267.2 | 675.2 | 71.3 | 197.3 | 428.6 | 616.9 |
| LNST | 2.0 | 0.7 | 8.7 | 24.8 | 2.0 | 21.2 | 16.9 | 18.7 |
| Net margin | 4.16% | 0.76% | 3.25% | 3.68% | 2.85% | 10.74% | 3.94% | 3.03% |
Revenue
48bnNet income
2bnNet margin
4.16%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.
What is driving the margin?
▼Net margin narrowed to 3.36%, falling 1.1pp. The main pressure is SG&A / Revenue rose 3.1pp, outweighing the improvement in Gross margin rose 1.6pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 3.36% −1.1pp
- Gross Margin
- 24.57% +1.6pp
- SG&A / Revenue
- 20.16% +3.1pp
TTM YoY · 2025Q1 -> 2026Q1
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 10.55%, losing 7.2pp. That translates to 10.55 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.3pp and capital turnover fell 0.68x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.62x equity, with a net cash position equivalent to 0.07x 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.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 30.1 days versus the same period last year. The main moves came from DIO rose 14.8 days, DSO rose 18.9 days, and DPO rose 3.6 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 151.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +18.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 18.5% to 10.5% — all three components weakened, with net margin being the main drag.
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 −0.07x and interest coverage at 8.18x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 137.4% of debt, and total debt stands at 61.5bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.07x −0.03x
- Interest Coverage
- 8.18x −8.14x
- Cash / Debt
- 137.4% +15.5pp
- 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 64.1bn in 2025, against investing cash flow of 3.0bn.
Post-investment cash flow was positive +67.1bn. Financing cash flow was negative +6.2bn.
CFO / net income was 0,70 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.
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 earnings conversion is confirmed, with CFO/NI at 0.70x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 151 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.70x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: working capital remains tied up for too long, with cash cycle at 151.1 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −18,0% YoY decline.
Ability to hold margins around the current 3.36% level.
Cash-flow quality, with operating cash flow currently at 64.1bn in 2025.
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