Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 13.0bn, fell 1.7bn 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
- 18.46x
- P/B
- 0.23x
- EPS
- 136
- BVPS
- 10,846
- ROE
- 1.2%
- ROA
- 1.2%
- Market price
- 2,510 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HAR is retaining some revenue, but margins are collapsing sharply. 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
- Other
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.5 | 4.4 | 3.8 | 4.0 | 4.3 | 4.4 | 4.5 | 4.3 |
| LNST | 3.9 | 1.9 | 1.4 | 5.8 | 2.8 | 7.2 | 2.3 | 2.4 |
| Net margin | 87.18% | 43.24% | 36.68% | 143.97% | 64.99% | 163.51% | 52.33% | 54.36% |
Revenue
4bnNet income
4bnNet margin
87.18%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.
Revenue Growth
●Is growth real and durable?
Trailing-12-month revenue declined 4.3% year on year — not from a single spike: quarterly growth stepped up from −8% to +4%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 17bn −4.3%
- Latest quarter YoY
- +4% accelerating
What is driving the margin?
▼▼Net margin fell to 77.57%, losing 6.3pp. The main pressure comes from SG&A / Revenue rose 5.1pp and Gross margin fell 1.9pp (with additional support from Net financial result / Revenue rose 13.0pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
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.
2025Q1: 4.4bn
2025Q2: 4.3bn
2025Q3: 4.0bn
2025Q4: 3.8bn
2026Q1: 4.4bn
2026Q2: 4.5bn
- Net Margin
- 77.57% −6.3pp
- Gross Margin
- 65.05% −1.9pp
- SG&A / Revenue
- 26.62% +5.1pp
- Non-core / Revenue
- 53.45% +13.0pp
TTM YoY · 2025Q2 -> 2026Q2
Financial result accounts for 61.3% of PBT and lifted net margin by 13.0pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 23.0bn against investing cash flow of 7.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +30.9bn. Financing cash flow was negative +0.6bn.
CFO / net income was 1,33 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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 61.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +61.3% of PBT.
- Non-core / PBT
- 61.3% high
- Net financial / PBT
- 61.3%
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.
DuPont
What drives ROE?
ROE is broadly flat at 1.2% — 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
- −0.01x +0.00x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Capital structure is notably light for the real estate sector — liabilities at 0.00x equity, with a net cash position equivalent to 0.01x equity.
Customer advances 0.3bn (as of 2026Q2) — 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 rose 157.09% YoY — strong sales locking in future revenue.
Customer advances: 0.3bn · YoY +0.2bn · QoQ +0.2bn
Locked-in revenue: ~0.07x quarters of revenue (TTM)
None
Over the last 12 months, working capital released 0.0bn of cash.
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 61.3%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.01x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.33x. Even so, net financial result still accounts for 61.3% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 77.57% after a 6.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −4,3% YoY decline or keeps falling.
Whether margins hold around the current 77.57% level or narrow again.
Whether operating cash flow holds its 23.0bn (cumulative for 2025) level in upcoming periods or weakens.
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