Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 48.0bn, rose 4.1bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- —
- EPS
- 3,238
- BVPS
- 20,109
- ROE
- 17.5%
- ROA
- 8.8%
- Market price
- —
The current picture
What Is Changing
On a TTM 2026Q2 basis, SVH posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Tax
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 | 13.8 | 24.6 | 29.8 | 15.7 | 18.8 | 25.3 | 24.4 | 8.1 |
| LNST | 5.5 | 14.2 | 20.1 | 8.1 | 10.5 | 17.4 | 14.6 | 1.4 |
| Net margin | 39.98% | 57.56% | 67.54% | 51.91% | 55.61% | 68.96% | 59.81% | 17.43% |
Revenue
14bnNet income
6bnNet margin
39.98%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 grew 9.6% year on year — but the quarterly pace is slowing (+93% → −27%).
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 84bn +9.6%
- Latest quarter YoY
- −27% slowing
What is driving the margin?
●Net margin stands at 57.15%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 57.15% −0.1pp
- Gross Margin
- 75.98% +0.1pp
- SG&A / Revenue
- 3.18% −0.3pp
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 94.2bn against investing cash flow of -78.4bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +15.8bn. Financing cash flow was negative +15.2bn.
CFO / net income was 1,73 lần.
After spending +67.6bn on fixed-asset investment, the business generated trailing free cash flow of +15.3bn.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
▲How much income is non-core?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −8.6%, other profit at +0.6% of PBT.
- Non-core / PBT
- 0.6% low
- Net financial / PBT
- −8.6%
- Other profit / PBT
- 0.6%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 9.8% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▼ROIC narrowed to 9.79%, falling 0.4pp. That translates to 9.79 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin rose 0.2pp, outweighing the movement in capital turnover; while invested capital rose by 63bn.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
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.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
DuPont
What drives ROE?
ROE fell from 19.3% to 17.5% — all three components weakened, with leverage 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 0.72x and interest coverage at 10.06x.
At present, short-term debt accounts for 25.1% of total debt, cash equals 4.4% of debt, and total debt stands at 223.8bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 0.72x −0.18x
- Interest Coverage
- 10.06x +2.19x
- Cash / Debt
- 4.4% −1.7pp
- Short-term Debt / Total Debt
- 25.1% +5.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 4.4%, leaving limited liquidity buffer to monitor.
Balance Sheet
●ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Capital structure is balanced — liabilities at 1.06x equity, net debt at 0.72x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.73x. The next item to monitor is capital efficiency, with ROIC at 9.8%. The main risk still sits in leverage and liquidity, with interest coverage at 10.06x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.73x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.72x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +9,6% YoY pace or begins to slow.
Whether margins hold around the current 57.15% level or narrow again.
Whether operating cash flow holds its 94.2bn (cumulative for 2025) level in upcoming periods or weakens.
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.