Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 0.9bn, fell 9.6bn compared with the same period last year. Key positives came from lower selling expenses and lower administrative expenses. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -16.77x
- P/B
- 0.33x
- EPS
- -328
- BVPS
- 16,539
- ROE
- 1.2%
- ROA
- 0.8%
- Market price
- 5,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SMN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Gross profit
- Financial income
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 | 10.1 | 27.4 | 120.5 | 166.8 | 18.7 | 37.2 | 196.0 | 224.1 |
| LNST | -2.5 | -2.3 | 2.6 | 3.1 | 0.1 | 0.6 | 5.4 | 4.4 |
| Net margin | -24.43% | -8.30% | 2.14% | 1.87% | 0.29% | 1.62% | 2.78% | 1.99% |
Revenue
10bnNet income
-2bnNet margin
-24.43%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 are under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin fell to 0.29%, losing 1.9pp. The main pressure comes from Gross margin fell 1.3pp and SG&A / Revenue rose 0.4pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 0.29% −1.9pp
- Gross Margin
- 12.63% −1.3pp
- SG&A / Revenue
- 12.29% +0.4pp
- Non-core / Revenue
- 0.31% −0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 0.6pp, financial result still accounts for 63.8% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.88x equity, with a net cash position equivalent to 0.06x equity.
Inventory ended the period at 90.5bn, roughly 63.9% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 24.8 days versus the same period last year. The main moves came from DIO rose 54.2 days, DSO rose 8.3 days, and DPO rose 37.7 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +24.8 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +8.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 13.4% to 1.2% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 1.2bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.06x −0.02x
- Interest Coverage
- None
- 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 1.2bn in 2025, against investing cash flow of 0.7bn.
Post-investment cash flow was positive +1.9bn. Financing cash flow was negative +4.8bn.
CFO / net income was 6,20 lần.
After spending +0.4bn on fixed-asset investment, the business generated trailing free cash flow of +5.4bn.
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 1.9 pp. The next watchpoint is the earnings mix, when non-core contribution is 46.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.06x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.06x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.20x. Even so, net financial result still accounts for 46.8% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 29.13% after a 1.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −31,8% YoY decline.
Ability to hold margins around the current 0.29% level.
Cash-flow quality, with operating cash flow currently at 1.2bn in 2025.
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.