Analysis of business results & financial statements · Quý 2/2026
▲ Showing improvement
Trailing net profit reached 17.8bn, rose 2.4bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.45x
- P/B
- 1.60x
- EPS
- 1,438
- BVPS
- 11,171
- ROE
- 12.9%
- ROA
- 9.9%
- Market price
- 17,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SGH has not accelerated revenue sharply, but profitability is improving visibly — 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.
Profit bridge
Vs last year · TTM
- Financial income
- Tax
- Administrative 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 | 12.7 | 12.9 | 13.7 | 11.3 | 12.4 | 12.2 | 14.1 | 10.3 |
| LNST | 3.7 | 5.3 | 4.7 | 4.1 | 2.7 | 4.7 | 5.3 | 2.7 |
| Net margin | 29.00% | 40.95% | 34.03% | 36.65% | 22.14% | 38.75% | 37.50% | 25.63% |
Revenue
13bnNet income
4bnNet margin
29.00%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 improved (+3.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue grew 3.4% year on year — but the quarterly pace is slowing (+9% → +3%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 51bn +3.4%
- Latest quarter YoY
- +3% slowing
What is driving the margin?
▲▲Net margin expanded to 35.11%, rising 3.7pp. Despite pressure from Gross margin fell 1.2pp, the offset came from Net financial result / Revenue rose 5.6pp and Other profit / Revenue rose 0.1pp.
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 35.11% +3.7pp
- Gross Margin
- 47.77% −1.2pp
- SG&A / Revenue
- 20.96% −0.0pp
- Non-core / Revenue
- 17.11% +5.7pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 39.0% of PBT and lifted net margin by 5.7pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 10.7bn against investing cash flow of -2.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +7.9bn. Financing cash flow was negative +8.7bn.
CFO / net income was 0,19 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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 39.0% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +38.9%, other profit at +0.0% of PBT.
- Non-core / PBT
- 39.0% high
- Net financial / PBT
- 38.9%
- Other profit / PBT
- 0.0%
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.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.7 days versus the same period last year. The main moves came from DIO rose 0.3 days, DSO fell 5.4 days, and DPO fell 2.4 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +0.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 11.3% to 12.9% — driven by asset turnover and net margin together, despite leverage moving in the opposite direction.
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 −0.04x and interest coverage at 57048.47x.
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
- −0.04x
- Interest Coverage
- 57048.47x +17841.83x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.19x equity, with a net cash position equivalent to 0.04x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
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 3.7 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 35.11% after expanding 3.7pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 38.9% of PBT and CFO / net income currently at 0.19x.
What to verify next
Questions for the next period
Whether revenue sustains its +3,4% YoY pace or begins to slow.
Whether margins hold around the current 35.11% level or narrow again.
Whether operating cash flow holds its 10.7bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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How much does this stock
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.