Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 45.2bn, rose 21.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher tax and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 3.44x
- P/B
- 1.18x
- EPS
- 6,939
- BVPS
- 20,246
- ROE
- 38.8%
- ROA
- 25.1%
- Market price
- 23,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 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.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Administrative 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 | 162.0 | 112.0 | 108.3 | 116.2 | 119.6 | 76.6 | 81.2 | 90.6 |
| LNST | 20.5 | 10.9 | 4.6 | 9.2 | 12.1 | 4.5 | 2.6 | 4.9 |
| Net margin | 12.64% | 9.77% | 4.22% | 7.96% | 10.08% | 5.92% | 3.18% | 5.40% |
Revenue
162bnNet income
20bnNet margin
12.64%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 improving and earnings quality is solid — a durable foundation for ROE.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 35.4% year on year — not from a single spike: quarterly growth stepped up from +28% to +35%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 499bn +35.4%
- Latest quarter YoY
- +35% accelerating
What is driving the margin?
▲Net margin expanded to 9.07%, rising 2.5pp. The main driver is Gross margin rose 2.9pp and SG&A / Revenue fell 0.2pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 9.07% +2.5pp
- Gross Margin
- 14.48% +2.9pp
- SG&A / Revenue
- 2.93% −0.2pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲▲Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 39.0bn against investing cash flow of -9.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +29.5bn. Financing cash flow was negative +13.0bn.
CFO / net income was 1,11 lần.
After spending +11.5bn on fixed-asset investment, the business generated trailing free cash flow of +38.7bn.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at +1.1%, other profit at +2.2% of PBT.
- Non-core / PBT
- 3.3% low
- Net financial / PBT
- 1.1%
- Other profit / PBT
- 2.2%
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.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 13.5 days versus the same period last year. The main moves came from DIO fell 3.4 days, DSO fell 17.3 days, and DPO fell 7.1 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 25.7% to 38.8% — mainly driven by net margin, despite leverage moving in the opposite direction.
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 −0.41x and interest coverage at 178.53x.
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
- −0.41x
- Interest Coverage
- 178.53x −43.20x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.66x equity, with a net cash position equivalent to 0.41x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 2.9pp YoY to 14.48% (TTM).
Gross margin (TTM): 14.48% · YoY +2.9pp
Inventory 7.2bn — 3.55% of total assets, below the materials-group median (13.00%); ≈ 6 days of sales.
Inventory / assets: 3.55% (group median 13.00%)
Days inventory outstanding: 6
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 entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin 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 cash flow. Even so, capital efficiency remains the area to verify in upcoming periods.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.07% after expanding 2.5pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Whether revenue sustains its +35,4% YoY pace or begins to slow.
Whether margins hold around the current 9.07% level or narrow again.
Whether operating cash flow holds its 39.0bn (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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How much does this stock
contribute to the portfolio?
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.