SGH

Khách sạn Sài Gòn ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 33.47%, +1.82pp YoY

Price

23,000

Latest close

01 Jun 2026

P/E 16.90x

P/B 1.90x

EPS 1,361

BVPS 12,131

ROE 11.5%

ROA 9.7%

Profit Margin 33.5%

Asset Turnover 0.29x

Equity Mult. 1.18x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, SGH is improving on both growth and profitability, painting a notably more positive picture versus the same period — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 50bn
	                                
+7.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 17bn
	                                
+13.3%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    37.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	49.6	45.3	42.2	28.1	17.9
Growth	+9%	+7%	+50%	+57%	—
Net Income	15.7	10.6	17.4	8.9	4.4
Net Margin	31.58%	23.46%	41.25%	31.86%	24.68%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	12.9	13.7	11.3	12.4	12.2	14.1	10.3	10.3	10.6	11.3	10.5	10.6
Growth	-6%	+22%	-9%	+2%	-14%	+36%	+0%	-3%	-6%	+8%	-2%	—
Net Income	5.3	4.7	4.1	2.7	4.7	5.3	2.7	2.2	4.3	4.5	4.2	4.4
Net Margin	40.95%	34.03%	36.65%	22.14%	38.75%	37.50%	25.63%	21.30%	40.75%	39.81%	40.53%	41.33%

Drivers of SGH's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 2.3bn

Gross profit ↑ 1.5bn

Administrative expenses ↑ 1.4bn

Tax ↑ 0.5bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 0.4bn

Financial income ↑ 0.4bn

Administrative expenses ↑ 0.2bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.8% = 31.7% × 0.25 × 1.13

2026Q1 11.5% = 33.5% × 0.29 × 1.18

ROE rose from 8.8% to 11.5% — all three components improved, with leverage contributing the most.

Net margin: 33.5% +1.8pp Asset turnover: 0.29x +0.04x Leverage: 1.18x +0.05x

Is the profit sustainable?

Margins improved (+1.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 33.47%, rising 1.8pp. Despite pressure from SG&A / Revenue rose 1.4pp and Gross margin fell 0.2pp, the offset came from Net financial result / Revenue rose 3.8pp and Other profit / Revenue rose 0.0pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 33.47% +1.8pp

Gross Margin 48.14% −0.2pp

SG&A / Revenue 22.09% +1.4pp

Non-core / Revenue 15.86% +3.8pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 38.0% of PBT and lifted net margin by 3.8pp — separate the operating contribution from this source.

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.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 33.50% +1.8pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.19x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.5 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO fell 4.7 days, and DPO fell 3.5 days.

Working capital cycle is flat — components are offsetting each other.

Working Capital Efficiency

Receivables 27.4 days −4.7 days

Inventory 5.3 days −0.2 days

Payables 6.5 days −3.5 days

Cash Conversion Cycle 26.2 days −1.5 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 10.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.02x and interest coverage at 32361.07x.

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.

Leverage and liquidity trend

Net Debt / Equity -0.02x —

Interest Coverage 32361.07x −34111.09x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.42x −3.60x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.7bn in 2025, against investing cash flow of -2.8bn.

Post-investment cash flow was positive +7.9bn. Financing cash flow was negative +8.7bn.

CFO / net income was 0.42x.

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.

Cash Conversion

CFO TTM 7.1bn −52.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 1.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 33.47% after expanding 1.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 37.9% of PBT and CFO / net income currently at 0.42x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	49.6	45.3	42.2	28.1	17.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	49.6	45.3	42.2	28.1	17.9
Cost of Goods Sold	26.6	24.4	23.0	18.5	0.0
Gross Profit	23.0	21.0	19.3	9.6	2.3
Financial Income	7.6	5.9	10.9	8.9	8.7
Financial Expenses	0.0	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	11.3	13.5	8.4	7.3	-5.7
Operating Profit	19.3	13.4	21.8	11.3	5.3
Other Income	0.0	0.0	0.2	0.0	0.0
Other Expenses	0.1	0.1	0.1	0.1	0.0
Other Profit	-0.0	-0.0	0.1	-0.1	-0.1
Profit Before Tax	19.3	13.3	21.8	11.2	5.2
Current Income Tax Expense	3.6	2.7	4.4	2.3	-0.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	15.7	10.6	17.4	8.9	4.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	15.7	10.6	17.4	8.9	4.4
Earnings per Share	1,108.00	742.00	1,237.00	626.00	315.60
Diluted EPS	1,108.00	742.00	1,237.00	626.00	357.95

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	148.0	139.2	181.3	165.4	151.5
I. Cash and cash equivalents	5.9	6.7	4.1	112.6	0.7
1. Cash	3.4	6.7	4.1	8.6	0.0
2. Cash equivalents	2.5	0.0	0.0	104.0	0.0
II. Short-term financial investments	137.7	127.7	171.7	48.2	0.0
1. Available for sale securities	3.7	3.7	3.7	3.7	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	134.0	124.0	168.0	44.5	0.0
III. Short-term receivables	3.2	3.7	4.4	3.4	4.4
1. Short-term trade accounts receivable	1.8	2.6	2.2	3.2	0.0
2. Short-term prepayments to suppliers	0.0	0.1	0.1	0.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.2	1.9	2.9	0.9	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	-0.8	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.4	0.3	0.4	0.3	0.3
1. Inventories	0.4	0.3	0.4	0.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	0.8	0.8	0.8	0.8
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.7	0.7	0.7	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	24.6	26.6	28.8	31.5	33.3
I. Long-term receivables	0.8	0.8	0.8	0.8	0.0
1. Long-term trade receivables	0.9	0.9	0.9	0.9	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	-0.2	-0.2	-0.2	-0.2	0.0
II. Fixed assets	23.0	25.0	27.4	30.2	33.0
1. Tangible fixed assets	23.0	25.0	27.4	30.2	33.0
- Cost	83.6	83.6	83.4	84.3	0.0
- Accumulated depreciation	-60.6	-58.6	-56.0	-54.2	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.9	0.8	0.7	0.6	0.0
1. Long-term prepayments	0.9	0.8	0.7	0.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	172.6	165.8	210.1	196.9	184.8
A. LIABILITIES (300=210+330)	27.9	26.6	20.6	18.7	14.5
I. Short -term liabilities	26.5	24.1	18.1	16.2	12.3
1. Short-term trade accounts payable	0.4	0.6	0.5	0.6	0.1
2. Short-term advances from customers	0.3	0.3	0.2	0.2	0.1
3. Taxes and other payables to state authorities	1.0	0.8	1.2	1.1	0.0
4. Payable to employees	2.7	2.2	2.5	1.9	0.0
5. Short-term acrrued expenses	20.4	17.5	11.8	10.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.2	1.0	0.9	1.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	1.7	1.0	1.1	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.5	2.5	2.5	2.5	2.3
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.5	2.5	2.5	2.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	144.7	139.2	189.5	178.1	170.3
I. Owner's equity	144.7	139.2	189.5	178.1	0.0
1. Owner's capital	123.6	123.6	123.6	123.6	170.3
- Common stock with voting right	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.3	-0.3	-0.3	-0.3	-0.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.9	1.9	1.9	1.9	1.9
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	3.3	3.3	3.3	3.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	16.2	10.6	61.0	49.6	41.8
- Accumulated retained earning at the end of the previous period	0.5	0.0	43.6	40.7	37.3
- Undistributed earnings in this period	15.7	10.6	17.4	8.9	4.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	172.6	165.8	210.1	196.9	184.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	19.3	13.3	21.8	11.2	0.0
Depreciation of Fixed Assets and Investment Property	2.0	2.6	2.8	2.9	0.0
Provision (Increase)/Reversal	—	0.0	0.1	0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.6	-5.9	-11.1	-8.9	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	13.7	10.0	13.7	5.4	0.0
Increase/(Decrease) in Receivables	0.9	-0.4	1.0	-0.7	0.0
Increase/(Decrease) in Inventory	-0.0	0.0	-0.0	-0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.4	5.7	1.5	3.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	-0.1	-0.1	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.4	-3.2	-4.2	-1.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.8	-1.4	-0.9	-0.6	0.0
Net Cash Flow from Operating Activities	10.7	10.6	10.9	5.3	-2.6
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.2	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	-17.0	-86.0	-306.5	-188.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.0	130.0	183.0	285.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.3	7.0	8.9	9.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2.8	50.8	-114.5	106.6	0.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.7	-58.8	-4.9	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-8.7	-58.8	-4.9	0.0	0.0
Net Cash Flow During the Period	-0.7	2.6	-108.5	111.9	-3.3
Cash and Cash Equivalents at Beginning of Period	6.7	4.1	112.6	0.7	3.1
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	5.9	6.7	4.1	112.6	0.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	12.9	13.7	11.3	12.4	12.2	14.1	10.3	10.3	10.6	11.3	10.5	10.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	12.9	13.7	11.3	12.4	12.2	14.1	10.3	10.3	10.6	11.3	10.5	10.6
Cost of Goods Sold	5.6	6.8	6.3	7.3	5.4	6.4	5.9	6.5	5.1	5.9	5.6	6.1
Gross Profit	7.3	6.9	4.9	5.1	6.8	7.7	4.4	3.8	5.5	5.4	4.8	4.5
Financial Income	1.8	1.6	3.0	1.6	1.4	1.4	1.3	1.6	1.9	2.2	2.6	3.2
Financial Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.5	2.7	2.7	3.1	2.3	2.4	2.4	2.6	2.0	2.1	2.1	2.2
Operating Profit	6.6	5.8	5.2	3.5	5.9	6.6	3.3	2.8	5.4	5.5	5.3	5.5
Other Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Other Expenses	—	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0
Other Profit	0.0	0.0	-0.0	-0.0	-0.0	0.0	0.0	-0.0	-0.0	0.1	-0.0	-0.0
Profit Before Tax	6.6	5.8	5.2	3.4	5.9	6.6	3.3	2.8	5.4	5.6	5.3	5.5
Current Income Tax Expense	1.3	1.2	1.0	0.7	1.2	1.3	0.7	0.6	1.1	1.1	1.1	1.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.3	4.7	4.1	2.7	4.7	5.3	2.7	2.2	4.3	4.5	4.2	4.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.3	4.7	4.1	2.7	4.7	5.3	2.7	2.2	4.3	4.5	4.2	4.4
Earnings per Share	427.06	378.28	334.17	221.45	381.66	427.57	214.47	177.44	348.54	363.98	342.91	355.04
Diluted EPS	427.06	378.28	334.17	221.45	381.66	427.57	214.47	177.44	348.54	363.98	342.91	355.04

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	151.9	148.0	145.3	150.1	143.4	139.2	132.8	187.7	183.8	181.3	176.8	176.3
I. Cash and cash equivalents	2.3	5.9	2.9	11.3	6.5	6.7	4.0	27.9	3.4	4.1	8.3	7.7
1. Cash	2.3	3.4	2.9	11.3	6.5	6.7	4.0	1.9	3.4	4.1	4.3	2.7
2. Cash equivalents	—	2.5	—	—	—	0.0	0.0	26.0	0.0	0.0	4.0	5.0
II. Short-term financial investments	145.7	137.7	137.7	132.7	131.7	127.7	124.7	154.7	175.7	171.7	163.7	161.2
1. Available for sale securities	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	142.0	134.0	134.0	129.0	128.0	124.0	121.0	151.0	172.0	168.0	160.0	157.5
III. Short-term receivables	2.7	3.2	3.4	4.6	4.0	3.7	2.8	3.9	3.4	4.4	3.5	6.2
1. Short-term trade accounts receivable	2.1	1.8	3.0	3.4	3.6	2.6	2.6	2.3	2.8	2.2	2.3	2.5
2. Short-term prepayments to suppliers	0.1	0.0	0.1	0.1	0.0	0.1	0.1	0.2	0.0	0.1	0.1	0.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.4	2.2	1.2	2.0	1.1	1.9	1.0	2.2	1.5	2.9	2.0	4.5
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.4	0.4	0.4	0.3
1. Inventories	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.4	0.4	0.4	0.3
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.8	0.8	0.9	1.0	0.8	0.8	1.0	0.8	0.9	0.8	0.9	0.8
1. Short-term prepayments	0.1	0.1	0.2	0.3	0.1	0.1	0.2	0.1	0.2	0.1	0.2	0.1
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	24.3	24.6	25.1	25.7	26.0	26.6	27.0	27.6	28.2	28.8	29.3	30.0
I. Long-term receivables	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
1. Long-term trade receivables	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
II. Fixed assets	22.6	23.0	23.5	24.0	24.5	25.0	25.4	26.0	26.7	27.4	28.0	28.7
1. Tangible fixed assets	22.6	23.0	23.5	24.0	24.5	25.0	25.4	26.0	26.7	27.4	28.0	28.7
- Cost	83.7	—	—	—	—	83.6	83.4	83.4	83.4	83.4	84.3	84.3
- Accumulated depreciation	-61.1	—	—	—	—	-58.6	-58.0	-57.4	-56.7	-56.0	-56.3	-55.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.9	0.9	0.8	0.9	0.8	0.8	0.9	0.8	0.7	0.7	0.5	0.5
1. Long-term prepayments	0.9	0.9	0.8	0.9	0.8	0.8	0.9	0.8	0.7	0.7	0.5	0.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	176.2	172.6	170.4	175.7	169.4	165.8	159.8	215.2	211.9	210.1	206.1	206.3
A. LIABILITIES (300=210+330)	26.2	27.3	29.7	39.2	25.5	23.0	22.3	80.2	18.1	19.9	20.4	24.8
I. Short -term liabilities	24.7	25.9	28.3	36.8	23.1	20.5	20.5	78.4	16.4	17.4	17.9	22.3
1. Short-term trade accounts payable	0.3	0.4	0.4	0.8	0.6	0.6	0.5	0.5	0.7	0.5	0.4	0.3
2. Short-term advances from customers	0.3	0.3	0.2	0.3	0.4	0.3	0.3	0.4	0.2	0.2	0.1	0.2
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.7	1.5	3.1	2.8	1.3	1.7	1.3	0.9	1.4	1.4	1.3	1.4
4. Payable to employees	0.3	1.6	2.2	2.3	0.5	1.7	2.4	1.9	0.5	1.5	2.3	2.1
5. Short-term acrrued expenses	21.5	20.4	19.8	19.0	18.4	13.5	13.1	12.7	12.3	11.8	11.5	10.9
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.1	0.2	1.1	9.8	0.9	1.0	1.1	60.0	0.9	0.9	1.0	6.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	1.4	1.5	1.7	0.9	1.7	1.8	1.9	0.5	1.0	1.2	1.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.5	1.5	1.5	2.5	2.5	2.5	1.8	1.8	1.8	2.5	2.5	2.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.5	1.5	1.5	2.5	2.5	2.5	1.8	1.8	1.8	2.5	2.5	2.5
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	150.0	145.3	140.6	136.5	143.9	142.8	137.5	135.0	193.8	190.2	185.7	181.6
I. Owner's equity	150.0	145.3	140.6	136.5	143.9	142.8	137.5	135.0	193.8	190.2	185.7	181.6
1. Owner's capital	123.6	123.6	123.6	123.6	123.6	123.6	123.6	123.6	123.6	123.6	123.6	123.6
- Common stock with voting right	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00	123,641,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	21.5	16.8	12.1	8.0	15.4	14.3	9.0	6.5	65.3	61.7	57.2	53.0
- Accumulated retained earning at the end of the previous period	16.2	0.5	0.5	0.5	10.6	0.0	0.0	0.0	61.0	43.6	43.6	43.6
- Undistributed earnings in this period	5.3	16.3	11.6	7.5	4.7	14.2	9.0	6.5	4.3	18.1	13.6	9.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	176.2	172.6	170.4	175.7	169.4	165.8	159.8	215.2	211.9	210.1	206.1	206.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	9.9	—	9.4	—	0.0	-7.9	7.9	0.0	21.8	-11.8	11.8
Depreciation of Fixed Assets and Investment Property	—	1.0	—	1.0	—	0.0	-1.3	1.3	0.0	2.8	-1.4	1.4
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	—	-0.0	—	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	—	-4.6	—	-3.0	—	0.0	3.3	-3.3	0.0	-11.1	6.1	-6.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	6.3	—	7.4	—	0.0	-6.0	6.0	0.0	13.7	-7.1	7.1
Increase/(Decrease) in Receivables	—	1.6	—	-0.7	—	0.0	0.3	-0.3	0.0	1.0	-0.8	0.8
Increase/(Decrease) in Inventory	—	0.0	—	-0.1	—	0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-1.2	—	2.6	—	0.0	-0.1	0.1	0.0	1.5	-0.4	0.4
Increase/(Decrease) in Prepaid Expenses	—	0.2	—	-0.3	—	0.0	0.3	-0.3	0.0	-0.1	0.1	-0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.7	-1.8	-0.9	0.0	-0.7	-0.6	-0.6	-1.1	-1.0	-1.1	-1.1	-1.3
Other Operating Receipts	2.4	—	—	—	—	1.1	136.0	-65.1	65.1	-173.0	173.0	-11.0
Other Operating Payments	-11.1	22.8	-23.3	5.8	-7.1	-5.6	-90.2	68.1	-69.0	286.8	-287.2	123.1
Net Cash Flow from Operating Activities	-3.9	6.5	-2.8	7.3	-0.4	2.6	54.1	3.5	-1.0	111.2	-105.8	114.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	—	-0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	-5.0	—	-12.0	—	0.0	72.0	-72.0	0.0	-306.5	157.5	-157.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	—	7.0	—	0.0	-89.0	89.0	0.0	183.0	-44.5	44.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	6.8	-2.3	2.6	0.2	0.0	-3.7	4.0	0.3	8.1	-1.8	2.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.2	-3.3	2.7	-2.4	0.2	0.0	-20.7	21.0	0.3	-115.3	111.2	-110.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.2	-8.4	—	—	0.0	-57.3	0.0	0.0	-0.1	-4.8	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-0.2	-8.4	—	—	0.0	-57.3	0.0	0.0	-0.1	-4.8	0.0
Net Cash Flow During the Period	-3.7	3.1	-8.5	4.8	-0.2	2.7	-23.9	24.5	-0.7	-4.2	0.6	3.3
Cash and Cash Equivalents at Beginning of Period	5.9	2.9	11.3	6.5	6.7	4.1	4.1	4.1	4.1	112.6	112.6	112.6
FX Difference from Revaluation	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.3	5.9	2.9	11.3	6.5	6.7	4.0	27.9	3.4	4.1	8.3	7.7

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SGH

What Is Changing

Drivers of SGH's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow