HD2

Đầu tư Phát triển Nhà HUD2 ·UPCOM ·2025Q4

▲▲ Improving positively

Price

11,000

Latest close

26 May 2026

P/E —

P/B —

EPS —

BVPS —

ROE 10.3%

ROA 3.6%

Profit Margin 6.9%

Asset Turnover 0.52x

Equity Mult. 2.88x

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

What Is Changing

On a Năm 2025 basis, HD2 is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 174bn
	                                
+12.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
+37.8%YoY

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 6.93% +1.3pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Development inventory ended the period at 232.7bn, about 65.2% of total assets — reflecting projects in progress awaiting handover.

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: —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Working capital needs model and cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	173.9	155.0	40.9	47.1
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	173.9	155.0	40.9	47.1
Cost of Goods Sold	115.1	91.9	39.7	44.5
Gross Profit	58.8	63.1	1.2	2.6
Financial Income	0.0	0.0	0.7	1.5
Financial Expenses	12.4	17.9	0.0	0.2
Interest Expense	10.2	17.2	0.0	0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	8.9	10.5	0.0	0.0
General and Administrative Expenses	21.5	21.5	1.8	3.5
Operating Profit	16.0	13.2	0.0	0.4
Other Income	0.3	0.4	0.1	0.0
Other Expenses	0.0	1.0	0.0	0.0
Other Profit	0.2	-0.6	0.1	0.0
Profit Before Tax	16.2	12.6	0.1	0.4
Current Income Tax Expense	4.2	3.9	0.0	0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	12.1	8.7	0.0	0.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	12.1	8.7	0.0	0.3
Earnings per Share	1,271.00	976.00	3.00	15.00
Diluted EPS	1,345.06	975.98	3.20	29.97

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	352.7	300.5	375.3	343.5
I. Cash and cash equivalents	59.6	14.0	6.2	39.2
1. Cash	59.6	12.0	4.2	13.2
2. Cash equivalents	—	2.0	2.0	26.0
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	60.3	59.0	114.3	131.9
1. Short-term trade accounts receivable	35.7	31.5	85.0	98.2
2. Short-term prepayments to suppliers	3.5	7.8	17.9	28.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	21.1	19.7	11.4	5.5
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	232.7	225.2	246.1	165.3
1. Inventories	232.7	225.2	246.1	165.3
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.0	2.3	8.7	7.2
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	1.1	8.6	7.1
3. Taxes and other receivables from state authorities	—	1.2	0.1	0.1
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	4.2	14.5	4.0	4.7
I. Long-term receivables	—	11.2	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	11.2	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	4.0	3.3	3.9	4.6
1. Tangible fixed assets	4.0	3.3	3.9	4.6
- Cost	15.6	14.9	14.9	14.9
- Accumulated depreciation	-11.5	-11.6	-10.9	-10.2
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.1	0.0	0.1
1. Long-term prepayments	0.2	0.1	0.0	0.1
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	356.9	315.0	379.3	348.3
A. LIABILITIES (300=210+330)	235.2	203.1	276.1	242.5
I. Short -term liabilities	131.7	203.1	158.3	140.1
1. Short-term trade accounts payable	9.0	7.3	5.1	24.3
2. Short-term advances from customers	0.1	2.7	7.7	27.0
3. Taxes and other payables to state authorities	7.3	3.9	0.5	0.4
4. Payable to employees	2.4	2.0	1.2	1.1
5. Short-term acrrued expenses	13.0	13.2	23.1	19.1
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	1.7	1.8	4.6	6.0
10. Short-term borrowings and financial leases	97.5	172.2	116.1	61.8
11. Provision for short-term liabilities	—	0.0	0.0	0.3
12.. Bonus and welfare fund	0.5	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	103.6	0.0	117.9	102.4
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	53.6	0.0	0.0	0.0
8. Long-term borrowings and financial leases	50.0	0.0	117.9	102.4
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	121.6	111.9	103.1	105.8
I. Owner's equity	121.6	111.9	103.1	105.8
1. Owner's capital	89.6	89.6	89.6	89.6
- Common stock with voting right	89,623,530,000.00	89,623,530,000.00	89,623,530,000.00	89,623,530,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	4.9	4.9	4.9	4.9
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	7.0	7.0	7.0	7.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	20.1	10.3	1.5	4.2
- Accumulated retained earning at the end of the previous period	8.7	1.5	1.5	4.1
- Undistributed earnings in this period	11.4	8.7	0.0	0.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	356.9	315.0	379.3	348.3

Item	2025	2024	2023	2022
Profit Before Tax	16.2	12.6	0.1	0.4
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.7	0.7
Provision (Increase)/Reversal	—	0.0	-0.3	-0.2
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.7	-1.2
Interest Expense	10.2	17.2	0.0	0.2
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	27.1	30.4	-0.2	-0.1
Increase/(Decrease) in Receivables	12.2	50.9	16.1	-11.4
Increase/(Decrease) in Inventory	-7.5	19.7	-80.8	-144.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	56.5	-11.2	-35.7	5.2
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.1	0.0	0.1
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-10.8	-18.0	0.0	-0.2
Corporate Income Tax Paid	-4.8	-0.1	-0.0	-0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.9	0.0	0.0	0.0
Net Cash Flow from Operating Activities	71.7	71.6	-100.6	-150.5
Payments for Fixed Assets and Other Long-term Assets	-1.5	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	5.4
Loans and Purchases of Debt Instruments	—	0.0	0.0	-20.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	20.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.7	1.4
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.4	0.0	0.7	6.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	121.4	60.3	118.9	153.9
Repayment of Borrowings	-146.1	-122.1	-49.1	-6.9
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	-2.2	-2.8	-2.2
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-24.7	-63.9	67.0	144.8
Net Cash Flow During the Period	45.7	7.8	-33.0	1.1
Cash and Cash Equivalents at Beginning of Period	14.0	6.2	39.2	38.0
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	59.6	14.0	6.2	39.2

Item	Q4'25
Profit Before Tax	16.2
Depreciation of Fixed Assets and Investment Property	0.7
Gain/Loss from Investment Activities	-0.1
Interest Expense	10.2
Operating Profit Before Changes in Working Capital	27.1
Increase/(Decrease) in Receivables	12.2
Increase/(Decrease) in Inventory	-7.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	56.5
Increase/(Decrease) in Prepaid Expenses	-0.0
Interest Paid	-10.8
Corporate Income Tax Paid	-4.8
Other Operating Payments	-0.9
Net Cash Flow from Operating Activities	71.7
Payments for Fixed Assets and Other Long-term Assets	-1.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1
Dividends and Interest Income Received	0.0
Net Cash Flow from Investing Activities	-1.4
Proceeds from Borrowings	121.4
Repayment of Borrowings	-146.1
Net Cash Flow from Financing Activities	-24.7
Net Cash Flow During the Period	45.7
Cash and Cash Equivalents at Beginning of Period	14.0
Cash and Cash Equivalents at End of Period	59.6

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HD2