Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 248.7bn, rose 42.1bn compared with the same period last year. Key positives came from higher gross profit and lower selling expenses. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.28x
- P/B
- 1.61x
- EPS
- 4,531
- BVPS
- 20,474
- ROE
- 23.8%
- ROA
- 5.4%
- Market price
- 33,000 02 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, SZG 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
- Selling expenses
- Other
- Tax
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 | 133.1 | 288.1 | 113.0 | 141.2 | 107.4 | 106.3 | 140.1 | 101.3 |
| LNST | 67.9 | 50.8 | 71.1 | 58.9 | 55.8 | 53.5 | 67.3 | 30.0 |
| Net margin | 51.06% | 17.61% | 62.95% | 41.74% | 51.99% | 50.37% | 48.01% | 29.60% |
Revenue
133bnNet income
68bnNet margin
51.06%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.
What is driving the margin?
▼▼Net margin fell to 36.83%, losing 8.6pp. The main pressure is Gross margin fell 15.2pp, outweighing the improvement in SG&A / Revenue fell 5.7pp (in addition, Other profit / Revenue rose 0.5pp added support while Net financial result / Revenue fell 1.6pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 36.83% −8.6pp
- Gross Margin
- 46.52% −15.2pp
- SG&A / Revenue
- 6.36% −5.7pp
TTM YoY · 2025Q1 -> 2026Q1
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. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 3.54x equity, with a net cash position equivalent to 0.74x equity.
Unearned revenue 3,646.6bn (as of 2026Q1, 72.64% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 5.4 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 867.4bn vs net profit 248.7bn — 3.49x. Up 21.90% YoY — the future-amortisation reserve is thickening.
Unearned revenue (ST + LT): 3,646.6bn
Share of total assets: 72.64%
Years of revenue banked: 5.4
CFO / NPAT (TTM): 3.49x
None
Over the last 12 months, working capital released 1,223.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 148.7 days versus the same period last year. The main moves came from DIO fell 124.8 days, DSO rose 7.9 days, and DPO rose 31.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
CCC stands at 105.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 23.1% to 23.8% — supported by asset turnover and leverage.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.74x and interest coverage at 2112.66x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- −0.74x
- Interest Coverage
- 2112.66x +285.60x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲Operating cash flow reached -242.3bn in 2025, against investing cash flow of 379.9bn.
Post-investment cash flow was positive +137.6bn. Financing cash flow was negative +82.3bn.
CFO / net income was 3,49 lần.
After spending +10.6bn on fixed-asset investment, the business generated trailing free cash flow of +856.7bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 3.49x. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 8.6 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.49x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 36.83% after a 8.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +48,4% YoY pace.
Ability to hold margins around the current 36.83% level.
Cash-flow quality, with operating cash flow currently at -242.3bn 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.