Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 133.9bn, rose 34.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.61x
- P/B
- 1.43x
- EPS
- 18,728
- BVPS
- 73,547
- ROE
- 29.8%
- ROA
- 21.6%
- Market price
- 105,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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
- Selling expenses
- Tax
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 | 193.0 | 212.1 | 176.8 | 187.8 | 167.0 | 186.8 | 169.8 | 188.9 |
| LNST | 32.5 | 33.9 | 32.8 | 34.4 | 27.3 | 17.4 | 19.2 | 35.2 |
| Net margin | 16.81% | 15.97% | 18.55% | 18.29% | 16.35% | 9.33% | 11.31% | 18.65% |
Revenue
193bnNet income
32bnNet margin
16.81%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 expanded to 17.34%, rising 3.4pp. The main driver is Gross margin rose 3.7pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.0pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 17.34% +3.4pp
- Gross Margin
- 30.39% +3.7pp
- SG&A / Revenue
- 10.60% −0.3pp
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 28.27%, losing 2.3pp. That translates to 28.27 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 3.3pp, capital turnover fell 0.56x still pulled ROIC lower, while invested capital expanded strongly by 145bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.10x equity.
Inventory ended the period at 90.4bn, roughly 14.4% of total assets.
Over the last 12 months, working capital absorbed 15.2bn 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 3.2 days versus the same period last year. The main moves came from DIO rose 1.5 days, DSO fell 0.1 days, and DPO fell 1.8 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 95.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +1.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 30.3% to 29.7% — asset turnover weakened the most, though net margin and leverage still provided support.
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 0.10x and interest coverage at 75.66x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 58.3% of debt, and total debt stands at 120.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.10x +0.13x
- Interest Coverage
- 75.66x +19.72x
- Cash / Debt
- 58.3% −69.2pp
- 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 140.2bn in 2025, against investing cash flow of -83.8bn.
Post-investment cash flow was positive +56.4bn. Financing cash flow was negative +47.4bn.
CFO / net income was 1,11 lần.
After spending +125.4bn on fixed-asset investment, the business generated trailing free cash flow of +23.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 17.34% after expanding 3.4pp versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +8,0% YoY pace.
Ability to hold margins around the current 17.34% level.
Cash-flow quality, with operating cash flow currently at 140.2bn in 2025.
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