Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 19.3bn, fell 27.5bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -2.92x
- P/B
- 0.21x
- EPS
- -750
- BVPS
- 10,399
- ROE
- -6.8%
- ROA
- -5.4%
- Market price
- 2,190 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, ST8 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, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Finance costs
- Administrative expenses
- Gross profit
- Financial income
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 | 15.2 | 4.4 | 43.6 | 22.0 | 27.2 | 244.9 | 169.3 | 132.1 |
| LNST | -20.7 | -1.3 | 0.2 | 1.6 | 1.8 | -2.0 | 3.0 | 3.2 |
| Net margin | -136.45% | -29.13% | 0.54% | 7.43% | 6.66% | -0.80% | 1.79% | 2.39% |
Revenue
15bnNet income
-21bnNet margin
-136.45%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.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 85.1% year on year — not from a single spike: quarterly growth stepped up from −83% to −44%.
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 85bn −85.1%
- Latest quarter YoY
- −44% accelerating
What is driving the margin?
▼Net margin fell to −23.65%, losing 24.7pp. The main pressure is SG&A / Revenue rose 37.2pp, outweighing the improvement in Gross margin rose 0.4pp (with additional support from Net financial result / Revenue rose 12.4pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −23.65% −24.7pp
- Gross Margin
- 2.90% +0.4pp
- SG&A / Revenue
- 38.66% +37.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 108.2bn against investing cash flow of -35.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +72.3bn. Financing cash flow was negative +84.2bn.
CFO / net income was −6,28 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?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −54.9% of PBT.
- Non-core / PBT
- 0.0% low
- Net financial / PBT
- −54.9%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DSO increased by +555.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 2.0% to −7.1% — all three components weakened.
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 −4.19x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 7.5% of debt, and total debt stands at 6.8bn.
- Net Debt / Equity
- 0.03x
- Interest Coverage
- −4.19x −4.60x
- Cash / Debt
- 7.5%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −4.19x, 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 0.23x equity, net debt at 0.03x equity.
Inventory ended the period at 116.1bn, roughly 32.5% of total assets.
Over the last 12 months, working capital released 123.7bn of cash, mainly thanks to lower receivables. Pressure from lower payables only partly offset that benefit.
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 24.7 pp. The next watchpoint is cash generation still needs confirmation.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -23.65% after a 24.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −85,1% YoY decline or keeps falling.
Whether margins hold around the current -23.65% level or narrow again.
Whether operating cash flow holds its 108.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
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.