Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 1,273.3bn, rose 449.9bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.84x
- P/B
- 1.51x
- EPS
- 7,177
- BVPS
- 32,498
- ROE
- 24.2%
- ROA
- 15.2%
- Market price
- 49,100 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HAH has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Tax
- Other
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 | 1,265.0 | 1,299.6 | 1,347.7 | 1,274.7 | 1,169.1 | 1,210.7 | 1,128.6 | 948.8 |
| LNST | 351.0 | 360.0 | 352.9 | 414.4 | 273.6 | 347.9 | 276.6 | 126.5 |
| Net margin | 27.74% | 27.70% | 26.19% | 32.51% | 23.40% | 28.73% | 24.50% | 13.33% |
Revenue
1,265bnNet income
351bnNet margin
27.74%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 28.50%, rising 5.5pp. The main driver is Gross margin rose 5.3pp and SG&A / Revenue fell 1.9pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.5pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 28.50% +5.5pp
- Gross Margin
- 40.00% +5.3pp
- SG&A / Revenue
- 2.86% −1.9pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 5.6 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 23.25%, rising 2.0pp. That translates to 23.25 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 5.9pp was enough to offset the decline from capital turnover fell 0.12x, while invested capital expanded strongly by 1,625bn.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.62x equity, net debt at 0.18x equity.
None
Over the last 12 months, working capital absorbed 98.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 5.6 days versus the same period last year. The main moves came from DIO rose 4.3 days, DSO rose 2.5 days, and DPO rose 1.2 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +5.6 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +2.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 26.4% to 28.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.18x and interest coverage at 12.70x.
At present, short-term debt accounts for 38.6% of total debt, cash equals 42.4% of debt, and total debt stands at 1,929.9bn.
- Net Debt / Equity
- 0.18x −0.09x
- Interest Coverage
- 12.70x +3.58x
- Cash / Debt
- 42.4% −3.2pp
- Short-term Debt / Total Debt
- 38.6% +13.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,807.4bn in 2025, against investing cash flow of -2,105.8bn.
Post-investment cash flow was negative +298.3bn. Financing cash flow was negative +88.8bn.
CFO / net income was 1,47 lần.
After spending +1,172.9bn on fixed-asset investment, the business generated trailing free cash flow of +703.2bn.
In summary
Research synthesis
What this reporting period is showing
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. The brighter spot is operating efficiency, with net margin improving 5.5 pp. Warning and risk signals are not yet decisive enough to shift the picture.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 28.50% after expanding 5.5pp versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +16,4% YoY pace.
Ability to hold margins around the current 28.50% level.
Cash-flow quality, with operating cash flow currently at 1,807.4bn in 2025.
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