Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 33.4bn, rose 33.3bn compared with the same period last year. Key positives came from better other profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 0.43x
- P/B
- 0.63x
- EPS
- 22,882
- BVPS
- 15,606
- ROE
- 39.2%
- ROA
- 26.0%
- Market price
- 9,900 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SMT posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. 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
- Other profit
- Financial income
- Administrative expenses
- Gross profit
- Finance costs
- 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 | 1.7 | 1.6 | 5.4 | 5.0 | 6.8 | 7.6 | 39.3 | 5.4 |
| LNST | -1.6 | 45.7 | -10.1 | -0.6 | 0.5 | -1.7 | 3.5 | -2.1 |
| Net margin | -91.81% | 2872.58% | -187.83% | -11.64% | 7.48% | -22.49% | 8.83% | -39.19% |
Revenue
2bnNet income
-2bnNet margin
-91.81%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 76.9% year on year — but the quarterly pace is slowing (−7% → −75%).
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 14bn −76.9%
- Latest quarter YoY
- −75% slowing
What is driving the margin?
▲▲Net margin expanded to 244.53%, rising 244.3pp. Core operating signals are improving as Gross margin rose 6.4pp are enough to offset pressure from SG&A / Revenue rose 113.0pp (in addition, Other profit / Revenue rose 446.4pp added support while Net financial result / Revenue fell 2.8pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 244.53% +244.3pp
- Gross Margin
- 26.69% +6.4pp
- SG&A / Revenue
- 123.06% +113.0pp
- Non-core / Revenue
- 435.44% +443.6pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 130.4% of PBT and lifted net margin by 443.6pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -47.1bn against investing cash flow of 69.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +22.6bn. Financing cash flow was negative +14.6bn.
CFO / net income was −2,36 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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 130.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −2.0%, other profit at +130.4% of PBT.
- Non-core / PBT
- 130.4% high
- Net financial / PBT
- −2.0%
- Other profit / PBT
- 130.4%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DSO increased by +369.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 0.2% to 39.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.08x and interest coverage only at −1.79x.
At present, short-term debt accounts for 81.0% of total debt, cash equals 41.3% of debt, and total debt stands at 13.2bn.
- Net Debt / Equity
- 0.08x −0.11x
- Interest Coverage
- −1.79x −3.43x
- Cash / Debt
- 41.3% −11.5pp
- Short-term Debt / Total Debt
- 81.0% −3.4pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.79x, leaving limited room to absorb financing costs.
Short-term debt accounts for 81.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 1.67x equity, net debt at 0.08x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 244.3 pp. The next item to monitor is the earnings mix, when non-core contribution is −2.0%. The main risk still sits in leverage and liquidity, with interest coverage at −1.79x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 244.53% after expanding 244.3pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −2.0% of PBT and CFO / net income currently at −2.36x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.79x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −76,9% YoY decline or keeps falling.
Whether margins hold around the current 244.53% level or narrow again.
Whether operating cash flow holds its -47.1bn (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?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.