HCC

Bê tông Hòa Cầm - Intimex ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.07%, +3.17pp YoY

Price

26,200

Latest close

02 Jun 2026

P/E 4.64x

P/B 1.51x

EPS 5,647

BVPS 17,336

ROE 36.3%

ROA 23.5%

Profit Margin 8.1%

Asset Turnover 2.91x

Equity Mult. 1.55x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, HCC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 456bn
	                                
+41.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 37bn
	                                
+133.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	420.7	300.0	233.5	282.8	210.0
Growth	+40%	+28%	-17%	+35%	—
Net Income	30.4	12.6	9.1	10.3	2.3
Net Margin	7.23%	4.19%	3.91%	3.65%	1.09%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	112.0	108.3	116.2	119.6	76.6	81.2	90.6	73.8	54.4	59.8	56.6	63.9
Growth	+3%	-7%	-3%	+56%	-6%	-10%	+23%	+36%	-9%	+6%	-11%	—
Net Income	10.9	4.6	9.2	12.1	4.5	2.6	4.9	3.8	1.3	0.7	2.6	4.0
Net Margin	9.77%	4.22%	7.96%	10.08%	5.92%	3.18%	5.40%	5.11%	2.42%	1.13%	4.57%	6.26%

Drivers of HCC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 26.0bn

Tax ↑ 5.5bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 8.7bn

Tax ↑ 1.6bn

Administrative expenses ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 18.3% = 4.9% × 2.32 × 1.61

2026Q1 36.3% = 8.1% × 2.91 × 1.55

ROE rose from 18.3% to 36.3% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 8.1% +3.2pp Asset turnover: 2.91x +0.59x Leverage: 1.55x -0.07x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 8.07%, rising 3.2pp. The main driver is Gross margin rose 2.7pp and SG&A / Revenue fell 1.2pp, 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.

Profitability trend

Net Margin 8.07% +3.2pp

Gross Margin 12.94% +2.7pp

SG&A / Revenue 2.65% −1.2pp

TTM YoY · 2025Q1 -> 2026Q1

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.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 8.22% +3.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.66x equity, with a net cash position equivalent to 0.23x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 25.3 days versus the same period last year. The main moves came from DIO fell 3.9 days, DSO fell 29.6 days, and DPO fell 8.2 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Working Capital Efficiency

Receivables 97.5 days −29.6 days

Inventory 7.3 days −3.9 days

Payables 41.4 days −8.2 days

Cash Conversion Cycle 63.5 days −25.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 39.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.23x and interest coverage at 141.19x.

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.

Leverage and liquidity trend

Net Debt / Equity -0.23x —

Interest Coverage 141.19x +77.76x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.96x −1.65x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 39.0bn in 2025, against investing cash flow of -9.5bn.

Post-investment cash flow was positive +29.5bn. Financing cash flow was negative +13.0bn.

CFO / net income was 0.96x.

After spending +9.9bn on fixed-asset investment, the business generated trailing free cash flow of +25.6bn.

Cash Conversion

CFO TTM 35.5bn −5.7bn

Cash Capex 9.9bn +4.1bn

FCF TTM +25.6bn −9.9bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.07% after expanding 3.2pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	420.7	300.0	233.5	282.8	210.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	420.7	300.0	233.5	282.8	210.0
Cost of Goods Sold	370.4	271.0	213.0	257.5	0.0
Gross Profit	50.4	29.0	20.5	25.4	14.6
Financial Income	0.5	0.0	0.0	0.0	0.0
Financial Expenses	0.4	0.4	2.2	2.7	-3.7
Interest Expense	0.1	0.6	1.5	1.6	-2.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	11.1	12.1	6.2	9.3	-7.7
Operating Profit	39.4	16.5	12.1	13.3	3.2
Other Income	0.3	0.0	0.1	0.0	0.0
Other Expenses	1.2	0.7	0.9	0.7	0.0
Other Profit	-0.9	-0.6	-0.8	-0.7	-0.1
Profit Before Tax	38.4	15.9	11.3	12.6	3.0
Current Income Tax Expense	8.0	3.3	2.1	2.2	-0.7
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	30.4	12.6	9.1	10.3	2.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	30.4	12.6	9.1	10.3	2.3
Earnings per Share	4,664.00	1,926.00	1,401.00	1,582.00	352.00
Diluted EPS	4,664.00	1,926.00	1,401.00	1,582.00	351.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	128.4	105.7	88.7	100.0	81.0
I. Cash and cash equivalents	26.8	10.4	1.5	2.0	1.2
1. Cash	10.7	10.4	1.5	2.0	0.0
2. Cash equivalents	16.1	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	93.7	85.6	76.3	91.2	75.7
1. Short-term trade accounts receivable	124.8	116.1	102.2	116.3	0.0
2. Short-term prepayments to suppliers	0.1	0.1	0.2	0.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.3	0.3	0.8	0.0
7. Provision for short-term doubtful debts (*)	-31.6	-31.2	-26.7	-26.2	0.0
8. Assets awaiting resolution	—	0.2	0.2	0.2	0.0
IV. Inventories	7.4	9.3	10.7	6.6	5.6
1. Inventories	7.4	9.3	10.7	6.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	0.5	0.2	0.3	0.2
1. Short-term prepayments	0.1	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.1	0.1	0.2	0.0
3. Taxes and other receivables from state authorities	0.5	0.3	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	41.5	39.5	42.6	51.7	62.0
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	33.8	30.9	34.2	41.3	49.6
1. Tangible fixed assets	33.5	30.6	33.8	40.7	49.0
- Cost	171.0	164.9	159.8	158.0	0.0
- Accumulated depreciation	-137.4	-134.3	-126.0	-117.3	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.3	0.4	0.6	0.7
- Cost	0.9	0.9	0.9	0.9	0.0
- Accumulated depreciation	-0.7	-0.6	-0.5	-0.4	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.4	0.0	1.1	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.4	0.0	1.1	0.0
V. Long-term financial investments	1.5	1.9	1.8	2.5	5.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	5.3	5.3	5.3	5.3	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-3.8	-3.4	-3.6	-2.8	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.1	6.3	6.6	6.8	0.0
1. Long-term prepayments	6.1	6.3	6.5	6.8	0.0
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	6.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	169.9	145.2	131.3	151.7	142.9
A. LIABILITIES (300=210+330)	67.8	59.8	50.5	69.6	68.7
I. Short -term liabilities	67.8	59.8	50.5	69.6	67.7
1. Short-term trade accounts payable	44.8	51.8	38.2	40.7	29.9
2. Short-term advances from customers	0.5	0.2	1.2	2.4	1.5
3. Taxes and other payables to state authorities	2.2	0.7	0.4	0.6	0.0
4. Payable to employees	19.0	6.4	4.5	6.0	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.8	0.4	0.5	0.4	0.0
10. Short-term borrowings and financial leases	—	0.0	5.2	19.2	32.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.3	0.4	0.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	1.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	1.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	102.1	85.4	80.8	82.1	74.2
I. Owner's equity	102.1	85.4	80.8	82.1	0.0
1. Owner's capital	65.2	65.2	65.2	65.2	74.2
- Common stock with voting right	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-390,000.00	-390,000.00	-390,000.00	-390,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	6.5	6.5	6.5	6.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	30.4	13.8	9.1	10.4	2.5
- Accumulated retained earning at the end of the previous period	0.0	1.2	0.0	0.1	0.2
- Undistributed earnings in this period	30.4	12.6	9.1	10.3	2.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	169.9	145.2	131.3	151.7	142.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-7.4	-3.1	-2.3	-1.8	0.0
Other Operating Receipts	34.3	24.3	21.3	23.3	0.0
Other Operating Payments	-10.5	-9.1	-8.9	-9.8	0.0
Net Cash Flow from Operating Activities	39.0	27.1	24.7	18.9	-9.4
Payments for Fixed Assets and Other Long-term Assets	-10.3	-5.3	-1.5	-1.5	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	0.0	0.0	0.4
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-9.5	-5.3	-1.4	-1.5	-0.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	193.7	188.2	215.9	169.2
Repayment of Borrowings	—	-198.9	-202.2	-230.2	-158.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-13.0	-7.8	-9.8	-2.3	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-13.0	-13.0	-23.8	-16.6	10.3
Net Cash Flow During the Period	16.5	8.8	-0.5	0.8	-2.5
Cash and Cash Equivalents at Beginning of Period	10.4	1.5	2.0	1.2	0.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	26.8	10.4	1.5	2.0	1.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	112.0	108.3	116.2	119.6	76.6	81.2	90.6	73.8	54.4	59.8	56.6	63.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	112.0	108.3	116.2	119.6	76.6	81.2	90.6	73.8	54.4	59.8	56.6	63.9
Cost of Goods Sold	95.7	98.2	101.0	102.3	68.9	75.1	79.3	65.9	50.7	56.8	51.7	56.2
Gross Profit	16.4	10.1	15.2	17.4	7.7	6.2	11.3	7.9	3.6	2.9	4.9	7.8
Financial Income	0.2	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.1	0.1	0.1	0.1	0.2	-0.3	0.2	0.3	0.3	0.4	0.5	0.7
Interest Expense	—	—	—	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.3	0.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.7	4.6	2.8	2.0	1.7	3.0	4.7	2.8	1.5	0.8	1.3	2.0
Operating Profit	13.8	5.8	12.4	15.3	5.9	3.4	6.4	4.8	1.9	1.6	3.1	5.0
Other Income	0.1	0.2	0.0	0.1	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Other Expenses	0.1	0.2	0.7	0.2	0.2	0.2	0.2	0.1	0.1	0.6	0.1	0.1
Other Profit	-0.1	0.0	-0.7	-0.1	-0.2	-0.1	-0.2	-0.1	-0.1	-0.6	-0.0	-0.1
Profit Before Tax	13.7	5.8	11.7	15.2	5.7	3.3	6.2	4.7	1.8	1.0	3.1	4.9
Current Income Tax Expense	2.8	1.2	2.5	3.2	1.2	0.7	1.3	0.9	0.4	0.4	0.5	0.9
Deferred Income Tax Expense	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.9	4.6	9.2	12.1	4.5	2.6	4.9	3.8	1.3	0.7	2.6	4.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0
Profit Attributable to Parent	10.9	4.6	9.2	12.1	4.5	2.6	4.9	3.8	1.3	0.0	2.6	4.0
Earnings per Share	1,679.00	701.00	1,418.00	1,849.00	695.00	396.00	751.00	578.00	201.00	104.00	397.00	614.00
Diluted EPS	1,679.00	701.00	1,418.00	1,849.00	695.00	396.38	750.65	577.98	201.00	0.00	396.78	613.98

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	127.1	128.4	136.2	122.5	109.6	105.7	120.6	91.3	90.2	88.7	96.0	99.8
I. Cash and cash equivalents	25.7	26.8	30.0	22.6	12.2	10.4	11.9	4.8	1.3	1.5	10.6	9.2
1. Cash	10.7	10.7	5.9	16.6	12.2	10.4	3.9	4.8	1.3	1.5	7.1	9.2
2. Cash equivalents	15.0	16.1	24.1	6.0	—	0.0	8.0	0.0	0.0	0.0	3.5	0.0
II. Short-term financial investments	—	—	5.0	5.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	5.0	5.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	92.3	93.7	90.2	86.8	89.8	85.6	99.5	76.6	78.4	76.3	77.1	83.0
1. Short-term trade accounts receivable	123.4	124.8	118.1	116.9	120.2	116.1	128.4	103.7	104.2	102.2	103.1	109.3
2. Short-term prepayments to suppliers	0.1	0.1	2.6	0.4	0.2	0.1	1.9	0.3	0.3	0.2	0.2	0.0
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.4	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.9	0.9
7. Provision for short-term doubtful debts (*)	-31.6	-31.6	-30.8	-31.1	-31.2	-31.2	-31.3	-28.0	-26.7	-26.7	-27.3	-27.3
8. Assets awaiting resolution	—	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
IV. Inventories	8.6	7.4	10.5	7.9	7.4	9.3	9.1	9.6	10.4	10.7	8.2	7.5
1. Inventories	8.6	7.4	10.5	7.9	7.4	9.3	9.1	9.6	10.4	10.7	8.2	7.5
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.5	0.5	0.2	0.2	0.5	0.1	0.3	0.1	0.2	0.2	0.1
1. Short-term prepayments	0.0	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.1
2. Value added tax to be reclaimed	0.0	—	0.4	—	—	0.1	0.0	0.1	0.0	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	0.4	0.5	—	0.2	0.2	0.3	0.0	0.1	0.1	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	39.5	41.5	43.3	35.6	37.6	39.5	40.3	41.2	40.2	42.6	45.0	47.5
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	31.9	33.8	35.4	27.6	29.5	30.9	32.5	33.2	32.0	34.2	36.4	38.6
1. Tangible fixed assets	31.7	33.5	35.2	27.3	29.2	30.6	32.1	32.8	31.6	33.8	35.9	38.1
- Cost	170.3	—	—	—	—	164.9	164.6	163.1	159.8	159.8	159.8	159.8
- Accumulated depreciation	-138.6	—	—	—	—	-134.3	-132.5	-130.3	-128.2	-126.0	-123.9	-121.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.5	0.5
- Cost	0.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.4	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.4	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	1.5	1.5	1.6	1.7	1.8	1.9	1.5	1.6	1.7	1.8	2.0	2.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3	5.3
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-3.8	-3.8	-3.7	-3.6	-3.5	-3.4	-3.8	-3.7	-3.7	-3.6	-3.4	-3.1
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.1	6.1	6.2	6.2	6.3	6.3	6.4	6.5	6.5	6.6	6.6	6.7
1. Long-term prepayments	6.1	6.1	6.2	6.2	6.3	6.3	6.4	6.4	6.5	6.5	6.6	6.6
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	166.5	169.9	179.5	158.1	147.2	145.2	160.9	132.5	130.5	131.3	141.0	147.2
A. LIABILITIES (300=210+330)	53.5	67.8	82.0	56.8	57.2	59.8	78.1	46.8	48.4	50.5	60.9	59.9
I. Short -term liabilities	53.5	67.8	82.0	56.8	57.2	59.8	78.1	46.8	48.4	50.5	60.9	59.9
1. Short-term trade accounts payable	38.8	44.8	52.2	43.4	51.2	51.8	47.4	40.6	27.4	38.2	32.4	30.3
2. Short-term advances from customers	0.8	0.5	1.4	0.7	0.3	0.2	3.1	1.0	1.0	1.2	1.2	1.0
3. Taxes and other payables to state authorities	3.6	2.2	2.7	3.6	1.7	0.7	1.7	1.0	0.7	0.4	0.8	1.4
4. Payable to employees	9.6	19.0	11.8	7.8	3.3	6.4	4.0	3.2	1.9	4.5	3.7	3.1
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.8	13.4	0.8	0.6	0.4	8.6	0.5	0.3	0.5	10.2	0.9
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	13.1	0.0	16.7	5.2	12.2	22.8
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.5	0.5	0.5	0.2	0.3	0.3	0.5	0.3	0.4	0.4	0.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	113.0	102.1	97.5	101.3	90.0	85.4	82.8	85.8	82.1	80.8	80.1	87.3
I. Owner's equity	113.0	102.1	97.5	101.3	90.0	85.4	82.8	85.8	82.1	80.8	80.1	87.3
1. Owner's capital	65.2	65.2	65.2	65.2	65.2	65.2	65.2	65.2	65.2	65.2	65.2	65.2
- Common stock with voting right	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00	65,185,860,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-390,000.00	-390,000.00	-390,000.00	-390,000.00	-390,000.00	-390,000.00	-390,000.00	-390,000.00	-390,000.00	-390,000.00	-390,000.00	-390,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	41.3	30.4	25.8	29.6	18.3	13.8	11.2	14.1	10.4	9.1	8.5	15.6
- Accumulated retained earning at the end of the previous period	30.4	0.0	0.0	13.0	13.8	1.2	1.2	9.0	9.1	0.0	0.0	9.8
- Undistributed earnings in this period	10.9	30.4	25.8	16.6	4.5	12.6	10.0	5.1	1.3	9.1	8.5	5.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	166.5	169.9	179.5	158.1	147.2	145.2	160.9	132.5	130.5	131.3	141.0	147.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.2	-2.5	-3.2	-1.2	-0.6	-1.4	-0.9	-0.4	-0.4	-0.5	-0.9	-0.3
Other Operating Receipts	9.5	—	—	—	—	6.6	7.2	5.2	5.3	5.0	4.6	6.4
Other Operating Payments	-4.2	-1.9	-4.0	-3.5	-1.1	-3.2	-1.7	-2.3	-1.9	-2.0	-2.3	-2.9
Net Cash Flow from Operating Activities	-1.3	5.1	16.3	15.3	2.3	21.4	-6.0	23.5	-11.7	7.8	12.2	6.9
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.9	-9.0	0.0	-0.4	-2.1	0.1	-3.3	0.0	-0.1	-0.2	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.2	0.0	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.3	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.2	4.7	-8.9	-4.9	-0.4	-2.0	0.1	-3.3	0.0	-0.1	-0.2	-0.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	34.1	53.9	49.5	40.1	50.2	42.1	41.9	55.6
Repayment of Borrowings	—	—	—	—	-34.1	-67.0	-36.5	-56.8	-38.6	-49.1	-52.5	-56.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-13.0	—	—	—	-7.8	0.0	0.0	0.0	-9.8	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-13.0	—	—	—	-20.9	13.1	-16.7	11.6	-16.8	-10.6	-0.8
Net Cash Flow During the Period	-1.1	-3.2	7.4	10.4	1.9	-1.5	7.1	3.5	-0.2	-9.0	1.4	5.8
Cash and Cash Equivalents at Beginning of Period	26.8	30.0	22.6	12.2	10.4	1.5	1.5	1.5	1.5	2.0	2.0	2.0
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	25.7	26.8	30.0	22.6	12.2	10.4	11.9	4.8	1.3	1.5	10.6	9.2

Explore Other Stocks In The Same Sector

VCS, VLB, HT1, MVC, THG, KSB, NNC, LBM, FIC, DHA, LIC, BMJ, HUB, VIT, MTA, TLD, SCL, PDB, CVT, MDG, CLH, RYG, QNC, BTS, CMD, S74, VHL, PCC, YBM, VCX, CCM, C32, BCC, GND, HOM, TRT, TLT, BTD, TNT, FCM, GMH, GMX, ACE, KHD, SCJ, VIH, CDG, CQT, BDT, YBC, AMC, SDY, KSQ, NHC, EME, TMX, TAB, XMD, TDF, DDB, DAC, MCC, HMR, TTC, NXT, DID, TCR, DIC, MIC, VIM, DXV, VTS, HPM, TXM, SCC, DCR, DKG, LMC, GKM, BHC, TTZ, X77, LQN, VHH, SPI, BTN, HLY, DGT, VTA, CMI, DTC, DND, ILA, CYC, LCC, PTE, HVX, BT6, DCT, CTA, KHL, PX1

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

HCC

What Is Changing

Drivers of HCC's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲▲

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow