Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 10.3bn, rose 5.0bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and better other profit. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.55x
- P/B
- 0.51x
- EPS
- 643
- BVPS
- 10,707
- ROE
- 6.1%
- ROA
- 4.6%
- Market price
- 5,500 06 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HBH is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — earnings have been recovering gradually over multiple periods. The next test will be whether this pace holds as the comparison base gets tougher.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Other profit
- 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 | 94.0 | 58.9 | 101.2 | 55.0 | 40.3 | 55.2 | 111.3 | 42.0 |
| LNST | 3.8 | -0.6 | 7.2 | -0.1 | -4.8 | 0.9 | 12.4 | -3.3 |
| Net margin | 4.06% | -1.04% | 7.12% | -0.22% | -11.80% | 1.63% | 11.14% | -7.86% |
Revenue
94bnNet income
4bnNet margin
4.06%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?
Start with profitability and earnings quality.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 24.2% year on year — not from a single spike: quarterly growth stepped up from +31% to +133%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 309bn +24.2%
- Latest quarter YoY
- +133% accelerating
What is driving the margin?
▲Net margin edged up to 3.33%, rising 1.2pp. The main driver is Gross margin rose 1.0pp and SG&A / Revenue fell 0.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.2pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.33% +1.2pp
- Gross Margin
- 5.89% +1.0pp
- SG&A / Revenue
- 3.50% −0.4pp
- Non-core / Revenue
- 1.49% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Profit includes a contribution from financial result (38.4% of PBT), not dominant but worth monitoring across periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 19.4bn against investing cash flow of -51.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +32.3bn. Financing cash flow was negative +28.3bn.
CFO / net income was 0,99 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 38.4% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +25.2%, other profit at +13.3% of PBT.
- Non-core / PBT
- 38.4% high
- Net financial / PBT
- 25.2%
- Other profit / PBT
- 13.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 9.7 days versus the same period last year. The main moves came from DIO fell 4.0 days, DSO fell 0.9 days, and DPO fell 14.6 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +9.7 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE rose from 3.2% to 6.1% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 23.65x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- 0.01x
- Interest Coverage
- 23.65x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.56x equity, net debt at 0.01x equity.
Inventory ended the period at 31.8bn, roughly 11.9% of total assets.
Over the last 12 months, working capital absorbed 18.4bn of cash, mainly because of higher receivables and higher inventories.
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 1.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 25.2%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.33% after expanding 1.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 25.2% of PBT and CFO / net income currently at 0.99x.
What to verify next
Questions for the next period
Whether revenue sustains its +24,2% YoY pace or begins to slow.
Whether margins hold around the current 3.33% level or narrow again.
Whether operating cash flow holds its 19.4bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
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What becomes visible only when investments are viewed together rather than one ticker at a time.