Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 11.4bn, fell 26.7bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit, weaker other profit, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 28.88x
- P/B
- 0.90x
- EPS
- 762
- BVPS
- 24,421
- ROE
- 3.0%
- ROA
- 1.9%
- Market price
- 22,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SSC 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
- Tax
- Gross profit
- Other profit
- Selling expenses
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 | 37.2 | 100.0 | 61.9 | 88.6 | 52.5 | 116.3 | 78.9 | 124.4 |
| LNST | 0.0 | -4.7 | 5.0 | 11.1 | 2.5 | 9.9 | 7.6 | 18.2 |
| Net margin | 0.08% | -4.68% | 8.03% | 12.52% | 4.69% | 8.53% | 9.58% | 14.62% |
Revenue
37bnNet income
0bnNet margin
0.08%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.
What is driving the margin?
▼▼Net margin fell to 3.97%, losing 6.3pp. The main pressure comes from SG&A / Revenue rose 5.3pp and Gross margin fell 0.2pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 1.7pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 3.97% −6.3pp
- Gross Margin
- 28.31% −0.2pp
- SG&A / Revenue
- 22.10% +5.3pp
- Non-core / Revenue
- −0.18% −1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 1.4pp, non-core sources still accounts for 45.9% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 3.37%, losing 4.6pp. That translates to 3.37 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 5.0pp and capital turnover fell 0.13x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 3.37% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.05x equity.
Inventory ended the period at 143.8bn, roughly 28.2% of total assets.
Over the last 12 months, working capital absorbed 37.3bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 113.3 days versus the same period last year. The main moves came from DIO rose 116.2 days, DSO fell 3.5 days, and DPO fell 0.6 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 382.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +116.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 9.8% to 3.0% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 6.51x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 30.5% of debt, and total debt stands at 26.8bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.05x −0.22x
- Interest Coverage
- 6.51x −8.50x
- Cash / Debt
- 30.5% +14.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 32.0bn in 2025, against investing cash flow of 35.0bn.
Post-investment cash flow was positive +67.0bn. Financing cash flow was negative +49.7bn.
CFO / net income was 6,44 lần.
After spending +1.0bn on fixed-asset investment, the business generated trailing free cash flow of +72.5bn.
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 brighter spot is leverage pressure is easing, with net debt/equity down to 0.05x. The next item to monitor is the earnings mix, when non-core contribution is 21.4%. The main risk still sits in core profitability, with net margin down 6.3 pp.
- Improvement: leverage pressure is easing, with net debt / equity down 0.22x to 0.05x while interest coverage holds at 6.51x.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.44x. Even so, net financial result still accounts for 21.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 3.97% after a 6.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −22,7% YoY decline.
Ability to hold margins around the current 3.97% level.
Cash-flow quality, with operating cash flow currently at 32.0bn in 2025.
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