Analysis of business results & financial statements · Quý 2/2026
▼ Under pressure
Trailing net profit reached 34.9bn, fell 67.8bn compared with the same period last year. Key positives came from higher gross profit, lower selling expenses, and lower tax. Offsetting pressure came mainly from weaker other profit, higher finance costs, lower financial income, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 23.22x
- P/B
- 1.09x
- EPS
- 605
- BVPS
- 12,911
- ROE
- 1.6%
- ROA
- 0.4%
- Market price
- 14,050 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SHI posted a sharp profit decline versus the same period — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether this drop reflects current operating pressure or an unusually high comparison base from the prior period.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Tax
- Other profit
- Finance costs
- Financial income
- 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 | 3,490.5 | 1,850.5 | 4,822.5 | 2,162.1 | 2,903.3 | 1,896.1 | 3,922.2 | 2,567.7 |
| LNST | 12.2 | 18.6 | 26.2 | 12.7 | 20.7 | 21.7 | 31.1 | 57.8 |
| Net margin | 0.35% | 1.01% | 0.54% | 0.59% | 0.71% | 1.14% | 0.79% | 2.25% |
Revenue
3,491bnNet income
12bnNet margin
0.35%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 narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 9.2% year on year — not from a single spike: quarterly growth stepped up from −16% to +20%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 12,326bn +9.2%
- Latest quarter YoY
- +20% accelerating
What is driving the margin?
▼Net margin narrowed to 0.57%, falling 0.6pp. The main pressure is Gross margin fell 0.5pp, outweighing the improvement in SG&A / Revenue fell 0.6pp (with lingering pressure from Other profit / Revenue fell 0.5pp and Net financial result / Revenue fell 0.4pp).
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
- 0.57% −0.6pp
- Gross Margin
- 8.46% −0.5pp
- SG&A / Revenue
- 4.56% −0.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -130.3bn against investing cash flow of -79.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +209.4bn. Financing cash flow was positive +289.4bn.
CFO / net income was 4,89 lần.
After spending +315.5bn on fixed-asset investment, the business generated trailing free cash flow of −144.7bn.
Earnings Quality
▲How much income is non-core?
About 94% of pre-tax profit comes from core operations.
Within that, net financial result at −316.3%, other profit at +5.6% of PBT.
- Non-core / PBT
- 5.6% low
- Net financial / PBT
- −316.3%
- Other profit / PBT
- 5.6%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 0.98%, falling 0.4pp. That translates to 0.98 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.3pp, outweighing the movement in capital turnover; while invested capital rose by 542bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 0.98% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 5.7 days versus the same period last year. The main moves came from DIO rose 3.6 days, DSO rose 7.9 days, and DPO rose 5.8 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 140.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 6.3% to 3.2% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.50x and interest coverage only at 0.29x.
At present, short-term debt accounts for 88.9% of total debt, cash equals 2.5% of debt, and total debt stands at 5,633.4bn.
- Net Debt / Equity
- 2.50x +0.06x
- Interest Coverage
- 0.29x −0.10x
- Cash / Debt
- 2.5% +0.3pp
- Short-term Debt / Total Debt
- 88.9% +0.7pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 2.50x, increasing balance-sheet pressure.
Interest coverage is 0.29x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 3.73x equity, net debt at 2.50x equity.
Inventory ended the period at 1,257.9bn, roughly 12.2% of total assets.
Over the last 12 months, working capital released 30.3bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is effective tax rate looks unusual, with effective tax rate at 39.0%. The main risk still sits in capital efficiency remains weak, with ROIC at 1.0%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 685.2bn versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +9,2% YoY pace or begins to slow.
Whether margins hold around the current 0.57% level or narrow again.
Whether operating cash flow holds its -130.3bn (cumulative for 2025) level in upcoming periods or weakens.
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