Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 9.6bn, fell 13.3bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -2.41x
- P/B
- 0.47x
- EPS
- -1,910
- BVPS
- 9,697
- ROE
- -16.4%
- ROA
- -6.3%
- Market price
- 4,600 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SSM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit is at an all-time high. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.3 | 85.3 | 78.4 | 46.4 | 13.0 | 48.4 | 234.2 | 71.0 |
| LNST | -1.1 | -5.9 | -1.4 | -1.0 | -1.1 | -3.3 | 6.7 | 1.4 |
| Net margin | -3.86% | -6.95% | -1.85% | -2.25% | -8.48% | -6.87% | 2.86% | 2.03% |
Revenue
29bnNet income
-1bnNet margin
-3.86%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.
What is driving the margin?
▼▼Net margin fell to −3.99%, losing 5.0pp. The main pressure comes from Gross margin fell 3.5pp and SG&A / Revenue rose 0.9pp (with lingering pressure from Net financial result / Revenue fell 0.7pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −3.99% −5.0pp
- Gross Margin
- 3.21% −3.5pp
- SG&A / Revenue
- 5.92% +0.9pp
- Non-core / Revenue
- −1.40% −0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 0.7pp, financial result still accounts for 35.0% of PBT — earnings durability should be monitored in coming periods.
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 balanced — liabilities at 0.99x equity, net debt at 0.79x equity.
Inventory ended the period at 38.1bn, roughly 35.2% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 43.0 days versus the same period last year. The main moves came from DIO rose 23.7 days, DSO rose 11.0 days, and DPO fell 8.3 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 133.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +11.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 6.0% to −16.4% — 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 0.79x and interest coverage only at −2.93x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 6.7% of debt, and total debt stands at 45.4bn.
Interest coverage is −2.93x, 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
- 0.79x +0.06x
- Interest Coverage
- −2.93x −4.44x
- Cash / Debt
- 6.7% −7.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -6.5bn in 2025, against investing cash flow of -2.3bn.
Post-investment cash flow was negative +8.8bn. Financing cash flow was positive +8.8bn.
CFO / net income was −0,63 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. 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 5.0 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 35.0% of PBT and CFO / net income currently at −0.63x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -3.99% after a 5.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −34,7% YoY decline.
Ability to hold margins around the current -3.99% level.
Cash-flow quality, with operating cash flow currently at -6.5bn 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.