Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 3.4bn, fell 56.3bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- -21.92x
- P/B
- 0.11x
- EPS
- -78
- BVPS
- 15,207
- ROE
- -0.5%
- ROA
- -0.4%
- Market price
- 1,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, SRA 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, 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
- Gross profit
- Administrative expenses
- Finance costs
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 | 31.1 | 0.8 | 16.3 | 36.9 | 41.1 | 23.0 | 97.7 | 0.5 |
| LNST | -3.6 | -3.9 | 0.6 | 3.6 | 1.2 | 0.0 | 39.9 | 11.8 |
| Net margin | -11.43% | -499.15% | 3.50% | 9.65% | 3.00% | 0.04% | 40.85% | 2343.33% |
Revenue
31bnNet income
-4bnNet margin
-11.43%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.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 47.6% year on year — but the quarterly pace is slowing (+7,226% → −24%).
1 of the last 4 quarters grew year on year.
- Revenue TTM
- 85bn −47.6%
- Latest quarter YoY
- −24% slowing
What is driving the margin?
▼▼Net margin fell to −3.93%, losing 36.6pp. The main pressure comes from SG&A / Revenue rose 15.9pp and Gross margin fell 7.2pp (with lingering pressure from Net financial result / Revenue fell 15.4pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −3.93% −36.6pp
- Gross Margin
- 15.17% −7.2pp
- SG&A / Revenue
- 7.44% +15.9pp
- Non-core / Revenue
- −8.18% −15.5pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 15.5pp, financial result still accounts for 207.8% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 256.2bn against investing cash flow of -265.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +9.4bn. Financing cash flow was positive +3.4bn.
CFO / net income was −15,56 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 207.8% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +206.4%, other profit at +1.4% of PBT.
- Non-core / PBT
- 207.8% high
- Net financial / PBT
- 206.4%
- Other profit / PBT
- 1.4%
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
▼▼Cash conversion cycle lengthened by 49.3 days versus the same period last year. The main moves came from DIO rose 124.2 days, DSO rose 59.5 days, and DPO rose 134.4 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC stands at 224.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +59.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 8.1% to −0.5% — 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 0.03x and interest coverage only at −0.46x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 18.4% of debt, and total debt stands at 22.2bn.
- Net Debt / Equity
- 0.03x −0.04x
- Interest Coverage
- −0.46x −9.14x
- Cash / Debt
- 18.4% +10.9pp
- Short-term Debt / Total Debt
- 100.0% +4.7pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −0.46x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.16x equity, net debt at 0.03x 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 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 36.6 pp. The next watchpoint is the earnings mix, when non-core contribution is 206.4%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 206.4% of PBT and CFO / net income currently at −15.56x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -3.93% after a 36.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −47,6% YoY decline or keeps falling.
Whether margins hold around the current -3.93% level or narrow again.
Whether operating cash flow holds its 256.2bn (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.