Analysis of business results & financial statements · Quý 2/2026
▼ Slightly negative
Trailing net profit reached 29.4bn, fell 6.2bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher finance costs, higher tax, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 25.44x
- P/B
- 1.18x
- EPS
- 676
- BVPS
- 14,557
- ROE
- 4.6%
- ROA
- 1.6%
- Market price
- 17,200 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SJ1 posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Finance costs
- Tax
- Selling expenses
- Administrative expenses
- Other
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 | 663.5 | 532.0 | 616.4 | 610.8 | 494.3 | 693.0 | 401.9 | 382.7 |
| LNST | -2.9 | 10.8 | 14.1 | 9.4 | 5.0 | 6.9 | 13.9 | 9.7 |
| Net margin | -0.43% | 2.03% | 2.29% | 1.54% | 1.01% | 1.00% | 3.46% | 2.53% |
Revenue
663bnNet income
-3bnNet margin
-0.43%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 22.9% year on year — but the quarterly pace is slowing (+60% → +34%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 2,423bn +22.9%
- Latest quarter YoY
- +34% slowing
What is driving the margin?
▼Net margin narrowed to 1.30%, falling 0.5pp. Gross margin rose 0.3pp improved but not enough to offset the weakness in Other profit / Revenue fell 0.3pp.
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 1.30% −0.5pp
- Gross Margin
- 7.22% +0.3pp
- SG&A / Revenue
- 3.54% −0.0pp
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 -209.8bn against investing cash flow of -253.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +463.3bn. Financing cash flow was positive +454.2bn.
CFO / net income was −7,55 lần.
After spending +52.5bn on fixed-asset investment, the business generated trailing free cash flow of −274.5bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 10.7% of pre-tax profit — worth monitoring.
Within that, net financial result at −49.4%, other profit at +10.7% of PBT.
- Non-core / PBT
- 10.7% moderate
- Net financial / PBT
- −49.4%
- Other profit / PBT
- 10.7%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 2.04%, falling 0.5pp. That translates to 2.04 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.4pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 319bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 2.04% — 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 2.9 days versus the same period last year. The main moves came from DIO fell 10.9 days, DSO rose 15.8 days, and DPO rose 2.0 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 97.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +15.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.2% to 5.0% — net margin weakened the most, though asset turnover 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 1.82x and interest coverage only at 0.79x.
At present, short-term debt accounts for 86.5% of total debt, cash equals 3.2% of debt, and total debt stands at 1,189.7bn.
- Net Debt / Equity
- 1.82x +0.25x
- Interest Coverage
- 0.79x −0.02x
- Cash / Debt
- 3.2% +0.2pp
- Short-term Debt / Total Debt
- 86.5% +3.5pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.82x, increasing balance-sheet pressure.
Interest coverage is 0.79x, leaving limited room to absorb financing costs.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 2.18x equity, net debt at 1.82x equity.
Inventory ended the period at 413.8bn, roughly 20.8% of total assets.
Over the last 12 months, working capital absorbed 250.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 next item to monitor is effective tax rate looks unusual, with effective tax rate at 43.5%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.0%.
- 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 +22,9% YoY pace or begins to slow.
Whether margins hold around the current 1.30% level or narrow again.
Whether operating cash flow holds its -209.8bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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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.