Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 1.7bn, fell 4.5bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 50.93x
- P/B
- 0.52x
- EPS
- 108
- BVPS
- 10,655
- ROE
- 1.0%
- ROA
- 0.8%
- Market price
- 5,500 06 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HBH posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — earnings have been recovering gradually over multiple periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Financial income
- Gross profit
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 | 58.9 | 101.2 | 55.0 | 40.3 | 55.2 | 111.3 | 42.0 | 55.0 |
| LNST | -0.6 | 7.2 | -0.1 | -4.8 | 0.9 | 12.4 | -3.3 | -3.8 |
| Net margin | -1.04% | 7.12% | -0.22% | -11.80% | 1.63% | 11.14% | -7.86% | -6.82% |
Revenue
59bnNet income
-1bnNet margin
-1.04%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 0.67%, losing 1.7pp. The main pressure is Gross margin fell 2.1pp, outweighing the improvement in SG&A / Revenue fell 0.0pp (with additional support from Net financial result / Revenue rose 0.6pp and Other profit / Revenue rose 0.0pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 0.67% −1.7pp
- Gross Margin
- 3.15% −2.1pp
- SG&A / Revenue
- 3.74% −0.0pp
- Non-core / Revenue
- 1.61% +0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 172.3% of PBT and lifted net margin by 0.7pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.56x equity, with a net cash position equivalent to 0.03x equity.
Inventory ended the period at 31.8bn, roughly 11.9% of total assets.
Over the last 12 months, working capital released 4.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 11.7 days versus the same period last year. The main moves came from DIO rose 13.3 days, DSO fell 22.3 days, and DPO rose 2.6 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +13.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 3.7% to 1.0% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 19.4bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 186.5% of debt, and total debt stands at 6.0bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.03x +0.35x
- Interest Coverage
- None
- Cash / Debt
- 186.5%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 19.4bn in 2025, against investing cash flow of -51.7bn.
Post-investment cash flow was negative +32.3bn. Financing cash flow was negative +28.3bn.
CFO / net income was 14,72 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.
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 1.7 pp. The next watchpoint is the earnings mix, when non-core contribution is 124.0%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.03x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.03x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 14.72x. Even so, net financial result still accounts for 124.0% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 67.26% after a 1.7pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −3,1% YoY decline.
Ability to hold margins around the current 0.67% level.
Cash-flow quality, with operating cash flow currently at 19.4bn in 2025.
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.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.