Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 23.9bn, fell 72.0bn compared with the same period last year. Key positives came from better other profit, lower minority interests, and lower tax. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 48.29x
- P/B
- 0.63x
- EPS
- 175
- BVPS
- 13,506
- ROE
- 1.7%
- ROA
- 0.8%
- Market price
- 8,450 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HAX posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — profit momentum has been slowing across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Other profit
- Minority interests
- Tax
- Gross profit
- Administrative expenses
- Finance costs
- Selling expenses
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 | 1,558.8 | 1,097.5 | 1,513.4 | 1,149.5 | 1,029.1 | 958.6 | 1,817.4 | 1,535.6 |
| LNST | 21.9 | 15.3 | 38.1 | -25.8 | 10.3 | 16.5 | 59.5 | 90.3 |
| Net margin | 1.41% | 1.39% | 2.52% | -2.24% | 1.00% | 1.72% | 3.28% | 5.88% |
Revenue
1,559bnNet income
22bnNet margin
1.41%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 0.4% year on year — not from a single spike: quarterly growth stepped up from −25% to +51%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 5,319bn −0.4%
- Latest quarter YoY
- +51% accelerating
What is driving the margin?
▼Net margin fell to 0.93%, losing 2.4pp. The main pressure comes from Gross margin fell 3.2pp and SG&A / Revenue rose 1.0pp (in addition, Other profit / Revenue rose 1.5pp added support while Net financial result / Revenue fell 0.5pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 0.93% −2.4pp
- Gross Margin
- 6.27% −3.2pp
- SG&A / Revenue
- 7.57% +1.0pp
- Non-core / Revenue
- 2.54% +1.1pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 287.1% of PBT and lifted net margin by 1.1pp — separate the operating contribution from this source.
Cash Flow
▼▼Is profit converting into cash?
Operating cash flow reached -311.2bn against investing cash flow of -7.9bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +319.1bn. Financing cash flow was positive +150.8bn.
CFO / net income was −13,68 lần.
After spending +242.9bn on fixed-asset investment, the business generated trailing free cash flow of −569.8bn.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 287.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −81.0%, other profit at +287.1% of PBT.
- Non-core / PBT
- 287.1% high
- Net financial / PBT
- −81.0%
- Other profit / PBT
- 287.1%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to −3.86%, losing 8.8pp. That translates to −3.86 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.5pp and capital turnover fell 0.55x, while invested capital expanded strongly by 464bn — pressure came from both operational efficiency and asset efficiency.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −3.86% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 40.5 days versus the same period last year. The main moves came from DIO rose 39.3 days, DSO rose 3.2 days, and DPO rose 2.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 102.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 13.5% to 3.5% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 569.8bn due to capex of 242.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.81x and interest coverage only at −2.27x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 15.8% of debt, and total debt stands at 1,402.0bn.
- Net Debt / Equity
- 0.81x +0.27x
- Interest Coverage
- −2.27x −6.37x
- Cash / Debt
- 15.8% +4.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −2.27x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▼The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 0.81x equity, net debt at 0.81x equity.
Inventory ended the period at 1,457.1bn, roughly 58.8% of total assets.
Over the last 12 months, working capital absorbed 445.9bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is −81.0%. The main risk still sits in core profitability, with net margin down 2.4 pp.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −81.0% of PBT and CFO / net income currently at −13.68x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 93.06% after a 2.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −0,4% YoY decline or keeps falling.
Whether margins hold around the current 0.93% level or narrow again.
Whether operating cash flow holds its -311.2bn (cumulative for 2025) level in upcoming periods or weakens.
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