AAV
AAV Group ·HNX ·2026Q1
▲ Slightly positive
TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity
What Is Changing
On a TTM 2026Q1 basis, AAV is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 112.0 | 113.7 | 69.5 | 75.3 | 59.9 | 35.0 | 0.6 | 1.7 | 1.2 | 4.0 | 0.5 | 0.4 |
| Growth | -2% | +64% | -8% | +26% | +71% | +5781% | -64% | +39% | -70% | +721% | +8% | — |
| Net Income | 2.5 | -56.8 | 33.5 | -0.3 | 0.7 | -6.5 | -1.9 | 0.2 | -3.3 | -4.8 | -4.0 | -4.9 |
| Net Margin | 2.25% | -49.92% | 48.23% | -0.35% | 1.12% | -18.52% | -318.72% | 12.70% | -278.47% | -121.11% | -826.43% | -1092.31% |
Drivers of AAV's profit
Net profit attributable to parent declined vs last year, mainly due to weaker other profit. Supporting and offsetting drivers:
Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:
Financial Highlights
Detailed analysis of each financial dimension
ROE = Profit Margin × Asset Turnover × Equity Multiplier
ROE edged down from -1.0% to -2.8% — the components are broadly offsetting.
Is the profit sustainable?
Margins improved (+2.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
Net margin expanded to -5.67%, rising 2.0pp. The main driver is SG&A / Revenue fell 8.4pp and Gross margin rose 0.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 5.2pp added support while Other profit / Revenue fell 12.1pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
Profitability trend
TTM YoY · 2025Q1 -> 2026Q1
Watchpoints
Even though contribution decreased by 6.9pp, other income still accounts for 220.2% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.
Is capital being deployed efficiently?
Track how much operating profit the business generates on invested capital.
For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.
CAPITAL EFFICIENCY TREND
TTM YoY · 2025Q1 -> 2026Q1
Balance Sheet
ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.91x equity, net debt at 0.52x equity.
Over the last 12 months, working capital absorbed 392.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Drivers
TTM YoY · 2025Q1 -> 2026Q1
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
Leverage is balanced for now, with net debt / equity at 0.52x and interest coverage at 13.75x.
At present, short-term debt accounts for 28.2% of total debt, cash equals 3.1% of debt, and total debt stands at 398.1bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
Watchpoints
Cash / debt stands at 3.1%, leaving limited liquidity buffer to monitor.
Leverage and liquidity trend
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
Operating cash flow reached -525.2bn in 2025, against investing cash flow of 244.9bn.
Post-investment cash flow was negative +280.4bn. Financing cash flow was positive +285.2bn.
CFO / net income was 20.12x.
Track how much investment can be funded internally from operating cash flow.
For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.
Cash Conversion
TTM Cash Conversion · 2025Q1 -> 2026Q1
Investment Takeaway
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 2.0 pp. The next item to monitor is the earnings mix, when non-core contribution is -163.6%. The main risk still sits in leverage and liquidity, with interest coverage at 13.75x.
Improvement: operating efficiency is getting better, with trailing-12M net margin at -5.67% after expanding 2.0pp versus the same period last year.
Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 20.12x. Even so, net financial result still accounts for -163.6% of PBT, so the earnings mix still needs monitoring.
Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.52x and a thin cash buffer.
Statement Data
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
|
Net Revenue
|
318.4 | 38.5 | 73.1 | 496.5 | 500.8 |
|
Cost of Goods Sold
|
307.2 | 38.6 | 69.9 | 456.5 | 0.0 |
|
Gross Profit
|
11.2 | -0.1 | 3.2 | 39.9 | 51.0 |
|
Financial Expenses
|
1.9 | 0.3 | 5.3 | 6.7 | -3.3 |
|
Selling Expenses
|
4.1 | 0.7 | 1.2 | 0.0 | -0.5 |
|
General and Administrative Expenses
|
17.5 | 16.1 | 17.7 | 28.3 | -12.7 |
|
Operating Profit
|
23.7 | -13.1 | -17.9 | 6.9 | 39.1 |
|
Profit Before Tax
|
-22.4 | -13.5 | -17.1 | 6.9 | 38.4 |
|
Net Income
|
-21.0 | -15.8 | -17.3 | 3.5 | 30.0 |
|
Profit Attributable to Parent
|
-21.5 | -15.7 | -16.9 | 1.5 | 25.0 |
|
Earnings per Share
|
-311.00 | -227.00 | -252.00 | 22.00 | 484.00 |
Explore Other Stocks In The Same Sector
VIC, KSF, NVL, TCH, TAL, DIG, IJC, DXG, TDC, BCR, D2D, SZG, TIP, CEO, QCG, VC3, CKG, CSC, NHA, SCR, ITC, PHH, XDH, LSG, HAR, D11, HD6, PLA, DTI, VHD, KPF, SSH
Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.