SLD

Địa ốc Sacom ·UPCOM ·2026Q1

Price

10,500

Latest close

20 May 2026

P/E 140.00x

P/B 1.11x

EPS 75

BVPS 9,423

ROE 0.8%

ROA 0.7%

Profit Margin —

Asset Turnover —

Equity Mult. —

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

Metric	2025
Revenue	—
Growth	—
Net Income	0.8
Net Margin	—

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	—	—	—	—	—
Growth	—	—	—	—	—
Net Income	0.2	0.2	0.2	5.2	-4.8
Net Margin	—	—	—	—	—

Drivers of SLD's profit

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 3.9bn

Finance costs ↓ 0.6bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin — —

Gross Margin — —

SG&A / Revenue — —

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (321.3% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.13x equity, net debt at 0.10x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.10x and interest coverage at 4.48x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 7.2% of debt, and total debt stands at 81.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 7.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.10x +0.07x

Interest Coverage 4.48x —

Cash / Debt 7.2% −40.7pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -10.70x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -35.9bn in 2025, against investing cash flow of 8.6bn.

Post-investment cash flow was negative +27.4bn. Financing cash flow was positive +31.6bn.

CFO / net income was -10.70x.

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.

Cash Conversion

CFO TTM 62.2bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. 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 4.48x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 284.4% of PBT and CFO / net income currently at -10.70x.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.10x and a thin cash buffer.

Statement Data

Item	2025
Cost of Goods Sold	-0.0
Gross Profit	0.0
Financial Income	14.4
Financial Expenses	2.4
Interest Expense	3.4
Selling Expenses	0.0
General and Administrative Expenses	8.7
Operating Profit	3.3
Other Income	0.1
Other Expenses	2.6
Other Profit	-2.5
Profit Before Tax	0.8
Net Income	0.8
Profit Attributable to Parent	0.8
Earnings per Share	10.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	95.7
I. Cash and cash equivalents	10.3
1. Cash	1.3
2. Cash equivalents	9.0
II. Short-term financial investments	20.4
1. Available for sale securities	22.4
2. Provision for diminution in value of available for sale securities (*)	-2.0
III. Short-term receivables	54.0
1. Short-term trade accounts receivable	5.5
2. Short-term prepayments to suppliers	1.6
6. Other short-term receivables	47.3
7. Provision for short-term doubtful debts (*)	-0.4
IV. Inventories	0.0
1. Inventories	0.0
V. Other short-term assets	11.0
1. Short-term prepayments	0.0
2. Value added tax to be reclaimed	10.9
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	743.3
I. Long-term receivables	11.9
1. Long-term trade receivables	7.3
6. Other long-term receivables	4.6
II. Fixed assets	2.0
1. Tangible fixed assets	0.2
- Cost	2.7
- Accumulated depreciation	-2.6
3. Intangible fixed assets	1.8
- Cost	2.2
- Accumulated depreciation	-0.4
IV. Long-term assets in progress	720.8
1. Long-term production in progress	710.0
2. Construction in progress	10.8
VI. Other long-term assets	8.7
1. Long-term prepayments	8.7
TOTAL ASSETS (280=100+200)	839.0
A. LIABILITIES (300=210+330)	98.9
I. Short -term liabilities	98.9
1. Short-term trade accounts payable	1.7
2. Short-term advances from customers	1.2
3. Taxes and other payables to state authorities	0.1
4. Payable to employees	1.0
5. Short-term acrrued expenses	0.7
9. Other short-term payables	11.4
10. Short-term borrowings and financial leases	81.6
12.. Bonus and welfare fund	1.2
B. OWNER'S EQUITY (400=410+430)	740.2
I. Owner's equity	740.2
1. Owner's capital	785.7
- Common stock with voting right	785,730,950,000.00
2. Share premium	-0.3
8. Investment and development fund	0.6
11. Undistributed earnings after tax	-45.8
- Accumulated retained earning at the end of the previous period	-46.6
- Undistributed earnings in this period	0.8
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	839.0

Item	2025
Profit Before Tax	0.8
Depreciation of Fixed Assets and Investment Property	0.2
Provision (Increase)/Reversal	-0.9
Gain/Loss from Investment Activities	-14.4
Interest Expense	3.4
Operating Profit Before Changes in Working Capital	-10.9
Increase/(Decrease) in Receivables	20.0
Increase/(Decrease) in Inventory	-41.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.1
Increase/(Decrease) in Prepaid Expenses	0.1
Interest Paid	-0.0
Other Operating Payments	-0.1
Net Cash Flow from Operating Activities	-35.9
Payments for Fixed Assets and Other Long-term Assets	-5.8
Loans and Purchases of Debt Instruments	-12.5
Receipts from Loan Repayments and Sale of Debt Instruments	12.5
Dividends and Interest Income Received	14.3
Net Cash Flow from Investing Activities	8.6
Proceeds from Borrowings	74.5
Repayment of Borrowings	-42.9
Net Cash Flow from Financing Activities	31.6
Net Cash Flow During the Period	4.2
Cash and Cash Equivalents at Beginning of Period	6.1
Cash and Cash Equivalents at End of Period	10.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Cost of Goods Sold	0.1	—	—	-0.0	—
Gross Profit	-0.1	—	—	0.0	—
Financial Income	4.2	3.8	5.1	5.2	0.3
Financial Expenses	1.7	0.3	1.8	-2.1	2.3
Interest Expense	1.2	0.8	0.9	0.8	0.8
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.0	2.3	2.1	2.2	2.2
Operating Profit	0.4	1.2	1.2	5.1	-4.3
Other Income	—	0.0	0.0	0.1	0.0
Other Expenses	0.2	1.0	1.0	0.0	0.5
Other Profit	-0.2	-1.0	-1.0	0.0	-0.5
Profit Before Tax	0.2	0.2	0.2	5.2	-4.8
Net Income	0.2	0.2	0.2	5.2	-4.8
Profit Attributable to Parent	0.2	0.2	0.2	5.2	-4.8
Earnings per Share	3.00	3.00	3.00	66.00	-61.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	92.3	95.7	111.2	114.0	117.2
I. Cash and cash equivalents	5.9	10.3	5.8	2.9	24.0
1. Cash	1.9	1.3	5.8	2.9	2.0
2. Cash equivalents	4.0	9.0	—	—	22.0
II. Short-term financial investments	19.8	20.4	19.8	20.8	17.8
1. Available for sale securities	22.4	22.4	22.4	22.4	22.4
2. Provision for diminution in value of available for sale securities (*)	-2.5	-2.0	-2.5	-1.6	-4.5
III. Short-term receivables	55.2	54.0	65.4	70.4	58.1
1. Short-term trade accounts receivable	5.3	5.5	4.8	5.1	4.6
2. Short-term prepayments to suppliers	1.7	1.6	0.5	0.8	0.5
5. Short-term loan receivables	—	—	5.5	6.5	—
6. Other short-term receivables	48.7	47.3	55.0	58.4	53.3
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.4	-0.3	-0.3
IV. Inventories	0.0	0.0	9.3	9.3	7.0
1. Inventories	0.0	0.0	9.3	9.3	7.0
V. Other short-term assets	11.3	11.0	10.8	10.6	10.3
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	11.3	10.9	10.7	10.5	10.3
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	763.7	743.3	732.4	731.0	720.0
I. Long-term receivables	11.9	11.9	12.8	12.8	13.4
1. Long-term trade receivables	7.3	7.3	8.2	8.2	8.9
6. Other long-term receivables	4.6	4.6	4.6	4.6	4.5
II. Fixed assets	15.2	2.0	2.0	2.1	2.1
1. Tangible fixed assets	13.4	0.2	0.2	0.3	0.3
- Cost	16.1	—	—	—	—
- Accumulated depreciation	-2.7	—	—	—	—
3. Intangible fixed assets	1.8	1.8	1.8	1.8	1.8
- Cost	2.2	—	—	—	—
- Accumulated depreciation	-0.4	—	—	—	—
IV. Long-term assets in progress	727.9	720.8	708.9	707.5	695.6
1. Long-term production in progress	727.9	710.0	708.9	707.5	695.6
2. Construction in progress	—	10.8	—	—	—
VI. Other long-term assets	8.7	8.7	8.7	8.7	8.8
1. Long-term prepayments	8.7	8.7	8.7	8.7	8.8
TOTAL ASSETS (280=100+200)	856.0	839.0	843.5	845.0	837.2
A. LIABILITIES (300=210+330)	115.6	98.9	103.6	105.3	102.6
I. Short -term liabilities	115.6	98.9	64.4	66.1	102.4
1. Short-term trade accounts payable	2.8	1.7	0.1	2.5	0.1
2. Short-term advances from customers	1.1	1.2	1.3	1.3	1.3
3. Dividends and profits payable	0.1	—	—	—	—
3. Taxes and other payables to state authorities	0.0	0.1	0.0	0.0	0.1
4. Payable to employees	0.5	1.0	0.5	0.6	0.5
5. Short-term acrrued expenses	0.7	0.7	0.5	0.6	0.7
9. Other short-term payables	27.5	11.4	10.6	9.7	48.4
10. Short-term borrowings and financial leases	81.6	81.6	50.0	50.0	50.0
12.. Bonus and welfare fund	1.2	1.2	1.3	1.3	1.3
II. Long-term liabilities	—	—	39.2	39.2	0.2
1. Long-term trade payables	—	—	0.2	0.2	0.2
7. Other long-term liabilities	—	—	39.0	39.0	—
B. OWNER'S EQUITY (400=410+430)	740.4	740.2	739.9	739.7	734.6
I. Owner's equity	740.4	740.2	739.9	739.7	734.6
1. Owner's capital	785.7	785.7	785.7	785.7	785.7
- Common stock with voting right	785,730,950,000.00	785,730,950,000.00	785,730,950,000.00	785,730,950,000.00	785,730,950,000.00
2. Share premium	-0.3	-0.3	-0.3	-0.3	-0.3
8. Investment and development fund	0.6	0.6	0.6	0.6	0.6
11. Undistributed earnings after tax	-45.6	-45.8	-46.1	-46.3	-51.4
- Accumulated retained earning at the end of the previous period	-45.8	-46.1	-46.3	-51.4	-46.6
- Undistributed earnings in this period	0.2	0.2	0.2	5.2	-4.8
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	856.0	839.0	843.5	845.0	837.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	—	0.4	—	0.4	—
Depreciation of Fixed Assets and Investment Property	—	0.1	—	0.1	—
Provision (Increase)/Reversal	—	0.5	—	-1.4	—
Gain/Loss from Investment Activities	—	-8.9	—	-5.5	—
Interest Expense	—	1.7	—	1.7	—
Operating Profit Before Changes in Working Capital	—	-6.2	—	-4.7	—
Increase/(Decrease) in Receivables	—	6.8	—	13.2	—
Increase/(Decrease) in Inventory	—	6.8	—	-48.7	—
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-41.2	—	38.1	—
Increase/(Decrease) in Prepaid Expenses	—	0.0	—	0.1	—
Interest Paid	—	-0.0	—	—	—
Other Operating Receipts	27.0	—	—	—	—
Other Operating Payments	-6.2	115.1	-115.1	35.5	-35.6
Net Cash Flow from Operating Activities	-8.7	-30.8	-3.1	-19.7	17.6
Payments for Fixed Assets and Other Long-term Assets	—	-5.8	—	—	—
Loans and Purchases of Debt Instruments	—	-6.0	—	-6.5	—
Receipts from Loan Repayments and Sale of Debt Instruments	—	12.5	—	—	—
Dividends and Interest Income Received	4.2	3.9	5.0	5.1	0.3
Net Cash Flow from Investing Activities	4.2	3.6	6.0	-1.4	0.3
Proceeds from Borrowings	12.0	39.0	35.5	—	—
Repayment of Borrowings	-12.0	-7.4	-35.5	—	—
Net Cash Flow from Financing Activities	—	31.6	—	—	—
Net Cash Flow During the Period	-4.4	4.5	3.0	-21.1	17.9
Cash and Cash Equivalents at Beginning of Period	10.3	5.8	2.9	24.0	6.1
Cash and Cash Equivalents at End of Period	5.9	10.3	5.8	2.9	24.0

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SLD

Drivers of SLD's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow