Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 2.0bn, fell 19.8bn compared with the same period last year. Key positives came from lower finance costs. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 28.44x
- P/B
- 0.20x
- EPS
- 77
- BVPS
- 11,205
- ROE
- 0.7%
- ROA
- 0.5%
- Market price
- 2,190 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 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, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Finance costs
- 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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.4 | 43.6 | 22.0 | 27.2 | 244.9 | 169.3 | 132.1 | 157.2 |
| LNST | -1.3 | 0.2 | 1.6 | 1.8 | -2.0 | 3.0 | 3.2 | 17.0 |
| Net margin | -29.13% | 0.54% | 7.43% | 6.66% | -0.80% | 1.79% | 2.39% | 10.82% |
Revenue
4bnNet income
-1bnNet margin
-29.13%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 narrowed to 2.47%, falling 0.5pp. The main pressure comes from SG&A / Revenue rose 7.7pp and Gross margin fell 2.1pp (with additional support from Net financial result / Revenue rose 10.3pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 2.47% −0.5pp
- Gross Margin
- 1.79% −2.1pp
- SG&A / Revenue
- 9.18% +7.7pp
- Non-core / Revenue
- 10.74% +10.3pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 320.0% of PBT and lifted net margin by 10.3pp — separate the operating contribution from this source.
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 0.23x equity, net debt at 0.00x equity.
Inventory ended the period at 116.1bn, roughly 32.5% of total assets.
Over the last 12 months, working capital absorbed 33.5bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 473.0 days versus the same period last year. The main moves came from DIO rose 3.4 days, DSO rose 674.2 days, and DPO rose 204.7 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 515.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +674.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.5% to 0.8% — asset turnover 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 0.00x and interest coverage only at 0.60x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 477.0% of debt, and total debt stands at 0.2bn.
Interest coverage is 0.60x, 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
- 0.00x −0.01x
- Interest Coverage
- 0.60x −0.76x
- Cash / Debt
- 477.0% +453.5pp
- 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 108.2bn in 2025, against investing cash flow of -35.9bn.
Post-investment cash flow was positive +72.3bn. Financing cash flow was negative +84.2bn.
CFO / net income was −20,73 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 leverage and liquidity, with interest coverage at 0.60x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 320.0% of PBT and CFO / net income currently at −20.73x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.60x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −86,2% YoY decline.
Ability to hold margins around the current 2.47% level.
Cash-flow quality, with operating cash flow currently at 108.2bn in 2025.
From one stock to the whole portfolio
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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?
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