Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 84.6bn, fell 173.8bn compared with the same period last year. Key positives came from higher financial income, higher gross profit, and lower tax. Offsetting pressure came mainly from higher selling expenses, higher finance costs, higher minority interests, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -8.21x
- P/B
- 0.25x
- EPS
- -1,121
- BVPS
- 36,713
- ROE
- -3.0%
- ROA
- -1.4%
- Market price
- 9,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SGI is holding revenue at an acceptable level, but margins are eroding visibly — the growth momentum has held across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Tax
- Selling expenses
- Finance costs
- Minority interests
- Administrative expenses
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 | 517.7 | 777.9 | 577.0 | 546.1 | 490.0 | 601.6 | 367.1 | 307.6 |
| LNST | -55.0 | 5.7 | 37.8 | -15.6 | 48.9 | 26.3 | 23.8 | 13.3 |
| Net margin | -10.62% | 0.74% | 6.55% | -2.86% | 9.97% | 4.37% | 6.49% | 4.32% |
Revenue
518bnNet income
-55bnNet margin
-10.62%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼▼Net margin fell to −1.12%, losing 7.5pp. The main pressure is Gross margin fell 3.7pp, outweighing the improvement in SG&A / Revenue fell 0.9pp (with lingering pressure from Net financial result / Revenue fell 4.2pp and Other profit / Revenue fell 1.2pp).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- −1.12% −7.5pp
- Gross Margin
- 14.10% −3.7pp
- SG&A / Revenue
- 19.67% −0.9pp
- Non-core / Revenue
- 6.00% −5.4pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 5.4pp, financial result still accounts for 1663.1% of PBT — earnings durability should be monitored in coming periods.
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 −1.39%, losing 4.0pp. That translates to −1.39 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 8.6pp, outweighing the movement in capital turnover; while invested capital rose by 577bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −1.39% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is balanced — liabilities at 1.23x equity, net debt at 0.72x equity.
None
Over the last 12 months, working capital released 114.8bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 19.3 days versus the same period last year. The main moves came from DIO fell 4.8 days, DSO fell 2.1 days, and DPO rose 12.4 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE fell from 4.0% to −1.0% — dragged by net margin.
Is financial risk significant?
Leverage is safe but FCF is negative at 177.0bn due to capex of 79.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 0.08x.
At present, short-term debt accounts for 99.0% of total debt, cash equals 16.7% of debt, and total debt stands at 2,382.1bn.
Interest coverage is 0.08x, leaving limited room to absorb financing costs.
Short-term debt accounts for 99.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.72x +0.11x
- Interest Coverage
- 0.08x −0.57x
- Cash / Debt
- 16.7% −12.8pp
- Short-term Debt / Total Debt
- 99.0% +5.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 50.9bn in 2025, against investing cash flow of -205.6bn.
Post-investment cash flow was negative +154.6bn. Financing cash flow was positive +287.7bn.
CFO / net income was 1,16 lần.
After spending +79.1bn on fixed-asset investment, the business generated trailing free cash flow of −177.0bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 7.5 pp. The next watchpoint is the earnings mix, when non-core contribution is 1524.7%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.16x. Even so, net financial result still accounts for 1524.7% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -1.12% after a 7.5pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +36,9% YoY pace.
Ability to hold margins around the current -1.12% level.
Cash-flow quality, with operating cash flow currently at 50.9bn in 2025.
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