Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 23.2bn, rose 2.3bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and lower selling expenses. Offsetting pressure came mainly from higher administrative expenses, higher tax, weaker other profit, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.76x
- P/B
- 1.22x
- EPS
- 1,864
- BVPS
- 14,908
- ROE
- 13.8%
- ROA
- 9.2%
- Market price
- 18,200 01 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SFC has not moved the needle on revenue, but profitability has edged up slightly — earnings have been recovering gradually over multiple periods. What remains unclear is whether this improvement can widen without revenue momentum to back it.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Selling expenses
- Administrative expenses
- Tax
- Other profit
- Finance costs
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 | 374.7 | 358.8 | 342.5 | 355.8 | 378.2 | 386.5 | 417.3 | 411.9 |
| LNST | 5.2 | 6.7 | 5.8 | 5.5 | 5.5 | 4.3 | 5.1 | 6.0 |
| Net margin | 1.38% | 1.86% | 1.70% | 1.55% | 1.47% | 1.11% | 1.22% | 1.45% |
Revenue
375bnNet income
5bnNet margin
1.38%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
●Net margin edged up to 1.62%, rising 0.3pp. Core operating signals are improving as Gross margin rose 0.8pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.0pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 1.62% +0.3pp
- Gross Margin
- 6.35% +0.8pp
- SG&A / Revenue
- 4.65% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▼ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.52x equity, net debt at 0.07x equity.
None
Over the last 12 months, working capital absorbed 6.8bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
●Cash conversion cycle lengthened by 0.8 days versus the same period last year. The main moves came from DIO rose 0.8 days, DSO fell 0.2 days, and DPO fell 0.2 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +0.8 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +0.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 12.5% to 13.8% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.07x and interest coverage at 23.00x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- 0.07x +0.54x
- Interest Coverage
- 23.00x −2.74x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 21.6bn in 2025, against investing cash flow of -67.9bn.
Post-investment cash flow was negative +46.4bn. Financing cash flow was negative +17.2bn.
CFO / net income was 0,47 lần.
After spending +3.1bn on fixed-asset investment, the business generated trailing free cash flow of +7.6bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The next item to monitor is the earnings mix, when non-core contribution is 17.0%. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.0% of PBT and CFO / net income currently at 0.47x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −10,2% YoY decline.
Ability to hold margins around the current 1.62% level.
Cash-flow quality, with operating cash flow currently at 21.6bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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