Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 63.0bn, rose 10.1bn compared with the same period last year. Key positives came from lower finance costs and higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.86x
- P/B
- 2.90x
- EPS
- 3,053
- BVPS
- 8,284
- ROE
- 44.9%
- ROA
- 11.5%
- Market price
- 24,000 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SP2 has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Finance costs
- 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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 16.5 | 37.5 | 70.7 | 51.6 | 14.6 | 32.6 | 79.6 | 46.3 |
| LNST | -6.2 | 9.6 | 38.0 | 21.6 | -9.7 | 3.9 | 43.7 | 15.0 |
| Net margin | -37.27% | 25.57% | 53.69% | 41.84% | -66.43% | 11.82% | 54.83% | 32.43% |
Revenue
17bnNet income
-6bnNet margin
-37.27%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 35.71%, rising 5.2pp. The main driver is Gross margin rose 0.4pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 4.7pp).
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
- 35.71% +5.2pp
- Gross Margin
- 47.53% +0.4pp
- SG&A / Revenue
- 2.94% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Balance Sheet
●ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 2.13x equity, net debt at 0.66x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Cash conversion cycle lengthened by 1.7 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO fell 3.7 days, and DPO fell 5.5 days.
Working capital cycle is flat — components are offsetting each other.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
CCC is up by +1.7 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE fell from 64.0% to 44.9% — leverage weakened the most, though net margin and asset turnover still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.66x and interest coverage at 4.75x.
At present, short-term debt accounts for 47.6% of total debt, cash equals 14.4% of debt, and total debt stands at 132.7bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
Cash / debt stands at 14.4%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.66x −0.49x
- Interest Coverage
- 4.75x +2.09x
- Cash / Debt
- 14.4% −17.8pp
- Short-term Debt / Total Debt
- 47.6% −52.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 56.9bn in 2025, against investing cash flow of -28.4bn.
Post-investment cash flow was positive +28.5bn. Financing cash flow was negative +63.2bn.
CFO / net income was 1,04 lần.
Track how much investment can be funded internally from operating cash flow.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 5.2 pp. The next item to monitor is capital efficiency.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 35.71% after expanding 5.2pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,8% YoY pace.
Ability to hold margins around the current 35.71% level.
Cash-flow quality, with operating cash flow currently at 56.9bn in 2025.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
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