Analysis of business results & financial statements · Quý 4/2025
▲▲ Improving positively
Trailing net profit reached 5.6bn, rose 1.5bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- -332
- BVPS
- 7,298
- ROE
- -4.7%
- ROA
- -3.0%
- Market price
- —
The current picture
What Is Changing
On a TTM 2024Q2 basis, SPI posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2025
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | 0.1 | 0.1 | 0.7 | 0.1 |
| LNST | -0.0 | -2.0 | -1.8 | -1.8 | -2.1 | -2.2 | -2.7 | -0.0 |
| Net margin | — | — | — | — | -1459.24% | -1857.97% | -394.40% | -16.11% |
Revenue
0bnNet income
-0bnNet margin
-1459.24%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −1822.39% +377.8pp
- Gross Margin
- None
- SG&A / Revenue
- None
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.04x equity, with a net cash position equivalent to 0.00x equity.
Inventory 11.2bn — 8.72% of total assets, below the materials-group median (13.00%).
Inventory / assets: 8.72% (group median 13.00%)
None
Over the last 12 months, working capital released 0.0bn of cash.
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.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
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
- −0.00x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
Cash Flow
●Operating cash flow reached -0.8bn in 2025, against investing cash flow of 0.9bn.
Post-investment cash flow was positive +0.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was 0,14 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 brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.00x. The next item to monitor is capital structure should be read with cycle risk in mind.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −78,4% YoY decline.
Ability to hold margins around the current -513.96% level.
Cash-flow quality, with operating cash flow currently at -0.8bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
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.