Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 23.4bn, fell 25.1bn compared with the same period last year. Offsetting pressure came mainly from higher finance costs, lower financial income, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- -295
- BVPS
- 6,057
- ROE
- -4.7%
- ROA
- -2.8%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q1 basis, SJF posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Finance costs
- Financial income
- Gross profit
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.7 | 6.8 | 4.4 | 6.3 | 14.6 | 44.0 | 18.3 | 16.2 |
| LNST | -3.5 | 7.9 | -21.0 | -7.5 | -2.0 | 11.7 | -4.6 | -3.6 |
| Net margin | -32.40% | 115.76% | -481.27% | -118.39% | -13.47% | 26.61% | -24.98% | -22.37% |
Revenue
11bnNet income
-3bnNet margin
-32.40%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 −85.48%, losing 87.1pp. The main pressure comes from SG&A / Revenue rose 12.4pp and Gross margin fell 0.7pp (with lingering pressure from Net financial result / Revenue fell 69.6pp).
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
- −85.48% −87.1pp
- Gross Margin
- 4.48% −0.7pp
- SG&A / Revenue
- 19.24% +12.4pp
- Non-core / Revenue
- −64.64% −69.6pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 69.6pp, financial result still accounts for 81.6% 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 −3.11%, losing 3.4pp. That translates to −3.11 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 74.9pp and capital turnover fell 0.11x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −3.11% — 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 conservative with low leverage — liabilities at 0.75x equity, net debt at 0.35x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 999.4 days versus the same period last year. The main moves came from DIO rose 465.0 days, DSO rose 663.7 days, and DPO rose 129.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 1352.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +663.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 0.2% to −4.8% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.35x and interest coverage only at −1.01x.
At present, short-term debt accounts for 43.4% of total debt, cash equals 4.9% of debt, and total debt stands at 178.6bn.
Interest coverage is −1.01x, leaving limited room to absorb financing costs.
Cash / debt stands at 4.9%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.35x +0.05x
- Interest Coverage
- −1.01x −1.35x
- Cash / Debt
- 4.9% +1.6pp
- Short-term Debt / Total Debt
- 43.4% −3.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.0bn in 2025, against investing cash flow of -35.9bn.
Post-investment cash flow was negative +35.9bn. Financing cash flow was positive +0.1bn.
CFO / net income was −0,48 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 a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 87.1 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 81.6% of PBT and CFO / net income currently at −0.48x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -85.48% after a 87.1pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −69,8% YoY decline.
Ability to hold margins around the current -85.48% level.
Cash-flow quality, with operating cash flow currently at 0.0bn in 2025.
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