Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 1.4bn, fell 67.2bn 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
- 51.53x
- P/B
- 0.11x
- EPS
- 33
- BVPS
- 15,282
- ROE
- 0.2%
- ROA
- 0.2%
- Market price
- 1,700 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Other
- Gross profit
- Administrative expenses
- Finance costs
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 | 0.8 | 16.3 | 36.9 | 41.1 | 23.0 | 97.7 | 0.5 | 42.7 |
| LNST | -3.9 | 0.6 | 3.6 | 1.2 | 0.0 | 39.9 | 11.8 | 16.9 |
| Net margin | -499.15% | 3.50% | 9.65% | 3.00% | 0.04% | 40.85% | 2343.33% | 39.52% |
Revenue
1bnNet income
-4bnNet margin
-499.15%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼▼Net margin fell to 1.52%, losing 40.3pp. The main pressure comes from SG&A / Revenue rose 16.7pp and Gross margin fell 15.3pp (with lingering pressure from Net financial result / Revenue fell 9.2pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 1.52% −40.3pp
- Gross Margin
- 16.29% −15.3pp
- SG&A / Revenue
- 7.78% +16.7pp
TTM YoY · 2025Q1 -> 2026Q1
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.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.16x equity, net debt at 0.07x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 66.2 days versus the same period last year. The main moves came from DIO rose 65.7 days, DSO rose 37.3 days, and DPO rose 36.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 226.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +37.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 10.6% to 0.2% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.07x and interest coverage only at 0.20x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 7.7% of debt, and total debt stands at 47.4bn.
Interest coverage is 0.20x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.07x −0.03x
- Interest Coverage
- 0.20x −7.67x
- Cash / Debt
- 7.7% −4.1pp
- Short-term Debt / Total Debt
- 100.0% +3.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 256.2bn in 2025, against investing cash flow of -265.6bn.
Post-investment cash flow was negative +9.4bn. Financing cash flow was positive +3.4bn.
CFO / net income was 37,62 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 a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 40.3 pp.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 1.52% after a 40.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −42,0% YoY decline.
Ability to hold margins around the current 1.52% level.
Cash-flow quality, with operating cash flow currently at 256.2bn 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.