Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 16.8bn, rose 2.0bn compared with the same period last year. Key positives came from higher financial income and higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.15x
- P/B
- 1.48x
- EPS
- 1,361
- BVPS
- 12,131
- ROE
- 11.5%
- ROA
- 9.7%
- Market price
- 17,900 16 Oct 2026
The current picture
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.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Administrative 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 | 12.9 | 13.7 | 11.3 | 12.4 | 12.2 | 14.1 | 10.3 | 10.3 |
| LNST | 5.3 | 4.7 | 4.1 | 2.7 | 4.7 | 5.3 | 2.7 | 2.2 |
| Net margin | 40.95% | 34.03% | 36.65% | 22.14% | 38.75% | 37.50% | 25.63% | 21.30% |
Revenue
13bnNet income
5bnNet margin
40.95%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 (+1.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
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.
- 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
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.
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.
None
Over the last 12 months, working capital released 0.0bn of cash.
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.
DuPont
What drives ROE?
ROE rose from 8.8% to 11.5% — all three components improved, with asset turnover contributing the most.
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.
- Net Debt / Equity
- −0.02x
- Interest Coverage
- 32361.07x −34111.09x
- 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 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 0,42 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.
In summary
Research synthesis
What this reporting period is showing
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.
What to verify next
Questions for the next period
Durability of revenue growth after the current +7,2% YoY pace.
Ability to hold margins around the current 33.47% level.
Cash-flow quality, with operating cash flow currently at 10.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
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How much does this stock
contribute to the portfolio?
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.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.