Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 0.9bn, fell 30.1bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 358.17x
- P/B
- 0.93x
- EPS
- 61
- BVPS
- 23,542
- ROE
- 0.3%
- ROA
- 0.2%
- Market price
- 22,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 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. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Tax
- Gross profit
- Other profit
- Other
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 | 69.6 | 37.2 | 100.0 | 61.9 | 88.6 | 52.5 | 116.3 | 78.9 |
| LNST | 0.6 | 0.0 | -4.7 | 5.0 | 11.1 | 2.5 | 9.9 | 7.6 |
| Net margin | 0.86% | 0.08% | -4.68% | 8.03% | 12.52% | 4.69% | 8.53% | 9.58% |
Revenue
70bnNet income
1bnNet margin
0.86%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 20.1% year on year, with the quarterly pace steady around −21%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 269bn −20.1%
- Latest quarter YoY
- −21% steady
What is driving the margin?
▼▼Net margin fell to 0.34%, losing 8.9pp. The main pressure comes from SG&A / Revenue rose 6.0pp and Gross margin fell 2.8pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 1.8pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 0.34% −8.9pp
- Gross Margin
- 25.88% −2.8pp
- SG&A / Revenue
- 23.82% +6.0pp
- Non-core / Revenue
- −0.25% −1.2pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 1.2pp, non-core sources still accounts for 186.2% 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 32.0bn against investing cash flow of 35.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +67.0bn. Financing cash flow was negative +49.7bn.
CFO / net income was 32,04 lần.
After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of +28.1bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 186.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +86.1%, other profit at +100.1% of PBT.
- Non-core / PBT
- 186.2% high
- Net financial / PBT
- 86.1%
- Other profit / PBT
- 100.1%
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 1.71%, losing 5.6pp. That translates to 1.71 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 6.5pp and capital turnover fell 0.17x, 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 1.71% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Rising inventory is showing up in a longer cash cycle. Cash conversion cycle lengthened by 104.5 days versus the same period last year. The main moves came from DIO rose 98.9 days, DSO fell 5.6 days, and DPO fell 11.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 444.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +98.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 8.6% to 0.3% — 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 is balanced for now, with net debt / equity at 0.17x and interest coverage at 3.29x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 19.1% of debt, and total debt stands at 72.3bn.
- Net Debt / Equity
- 0.17x −0.11x
- Interest Coverage
- 3.29x −7.52x
- Cash / Debt
- 19.1% −13.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 19.1%, leaving limited liquidity buffer to monitor.
Balance Sheet
●The balance sheet shows capital-allocation efficiency slipping. Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.17x equity.
Inventory ended the period at 143.8bn, roughly 28.2% of total assets.
Over the last 12 months, working capital released 36.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
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 0.17x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 8.9 pp.
- Improvement: leverage pressure is easing, with net debt / equity down 0.11x to 0.17x while interest coverage holds at 3.29x.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 32.04x. Even so, net financial result still accounts for 86.1% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 34.26% after a 8.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −20,1% YoY decline or keeps falling.
Whether margins hold around the current 0.34% level or narrow again.
Whether operating cash flow holds its 32.0bn (cumulative for 2025) level in upcoming periods or weakens.
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