Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 131.3bn, rose 33.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.71x
- P/B
- 1.36x
- EPS
- 18,376
- BVPS
- 77,415
- ROE
- 27.4%
- ROA
- 19.6%
- Market price
- 105,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SGC has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Selling expenses
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 | 221.0 | 193.0 | 212.1 | 176.8 | 187.8 | 167.0 | 186.8 | 169.8 |
| LNST | 31.4 | 32.5 | 33.9 | 32.8 | 34.4 | 27.3 | 17.4 | 19.2 |
| Net margin | 14.23% | 16.81% | 15.97% | 18.55% | 18.29% | 16.35% | 9.33% | 11.31% |
Revenue
221bnNet income
31bnNet margin
14.23%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.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 12.9% year on year — not from a single spike: quarterly growth stepped up from +4% to +18%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 803bn +12.9%
- Latest quarter YoY
- +18% accelerating
What is driving the margin?
▲Net margin expanded to 16.26%, rising 2.4pp. The main driver is Gross margin rose 3.3pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 0.6pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 16.26% +2.4pp
- Gross Margin
- 30.09% +3.3pp
- SG&A / Revenue
- 10.93% −0.5pp
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 140.2bn against investing cash flow of -83.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +56.4bn. Financing cash flow was negative +47.4bn.
CFO / net income was 0,96 lần.
After spending +193.5bn on fixed-asset investment, the business generated trailing free cash flow of −68.0bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at +3.1%, other profit at +0.2% of PBT.
- Non-core / PBT
- 3.2% low
- Net financial / PBT
- 3.1%
- Other profit / PBT
- 0.2%
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 24.59%, losing 5.0pp. That translates to 24.59 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.62x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 192bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 4.8 days versus the same period last year. The main moves came from DIO rose 7.8 days, DSO fell 1.1 days, and DPO rose 1.9 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 102.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +7.8 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 27.3% — the components are offsetting one another.
Is financial risk significant?
Leverage is safe but FCF is negative at 68.0bn due to capex of 193.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.20x and interest coverage at 64.93x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 31.0% of debt, and total debt stands at 157.2bn.
- Net Debt / Equity
- 0.20x +0.24x
- Interest Coverage
- 64.93x +14.75x
- Cash / Debt
- 31.0% −126.3pp
- 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. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.20x equity.
Inventory ended the period at 90.4bn, roughly 14.4% of total assets.
Over the last 12 months, working capital absorbed 27.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
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 brighter spot is operating efficiency, with net margin improving 2.4 pp. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 16.26% after expanding 2.4pp versus the same period last year.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 68.0bn.
What to verify next
Questions for the next period
Whether revenue sustains its +12,9% YoY pace or begins to slow.
Whether margins hold around the current 16.26% level or narrow again.
Whether operating cash flow holds its 140.2bn (cumulative for 2025) level in upcoming periods or weakens.
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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