Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 11.9bn, fell 1.9bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 20.24x
- P/B
- 0.23x
- EPS
- 124
- BVPS
- 10,808
- ROE
- 1.1%
- ROA
- 1.1%
- Market price
- 2,510 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HAR is retaining some revenue, but margins are collapsing sharply — earnings have been recovering gradually over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Sector note: developer revenue is recognised at handover — large quarter-to-quarter swings are normal; read on a trailing-12-month basis and against the delivery schedule.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
- Administrative expenses
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 | 4.4 | 3.8 | 4.0 | 4.3 | 4.4 | 4.5 | 4.3 | 4.4 |
| LNST | 1.9 | 1.4 | 5.8 | 2.8 | 7.2 | 2.3 | 2.4 | 1.9 |
| Net margin | 43.24% | 36.68% | 143.97% | 64.99% | 163.51% | 52.33% | 54.36% | 42.40% |
Revenue
4bnNet income
2bnNet margin
43.24%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼▼Net margin fell to 71.71%, losing 6.3pp. The main pressure comes from SG&A / Revenue rose 4.8pp and Gross margin fell 2.6pp (with additional support from Net financial result / Revenue rose 4.9pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.
2024Q4: 4.5bn
2025Q1: 4.4bn
2025Q2: 4.3bn
2025Q3: 4.0bn
2025Q4: 3.8bn
2026Q1: 4.4bn
- Net Margin
- 71.71% −6.3pp
- Gross Margin
- 64.71% −2.6pp
- SG&A / Revenue
- 25.15% +4.8pp
- Non-core / Revenue
- 43.24% +4.9pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 55.7% of PBT and lifted net margin by 4.9pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is notably light for the real estate sector — liabilities at 0.00x equity, with a net cash position equivalent to 0.02x equity.
Customer advances 0.0bn (as of 2026Q1) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters. Advances fell 24.65% without a matching rise in TTM revenue — sales pace to watch.
Customer advances: 0.0bn · YoY −0.0bn · QoQ −0.0bn
Locked-in revenue: ~0.01x quarters of revenue (TTM)
None
Over the last 12 months, working capital released 0.0bn of cash.
DuPont
What drives ROE?
ROE is broadly flat at 1.1% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 23.0bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
- Net Debt / Equity
- −0.02x −0.01x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 23.0bn in 2025, against investing cash flow of 7.8bn.
Post-investment cash flow was positive +30.9bn. Financing cash flow was negative +0.6bn.
CFO / net income was 2,07 lần.
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.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 6.3 pp. The next watchpoint is the earnings mix, when non-core contribution is 55.7%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.02x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.07x. Even so, net financial result still accounts for 55.7% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 71.71% after a 6.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −5,9% YoY decline.
Ability to hold margins around the current 71.71% level.
Cash-flow quality, with operating cash flow currently at 23.0bn in 2025.
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