Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 0.2bn, fell 0.6bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 194.24x
- P/B
- 0.45x
- EPS
- 30
- BVPS
- 12,959
- ROE
- 0.5%
- ROA
- 0.4%
- Market price
- 5,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HEV posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- 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 | 1.3 | 1.5 | 2.6 | 1.9 | 2.9 | 1.7 | 18.0 | 2.4 |
| LNST | 0.0 | 0.1 | 0.0 | -0.0 | 0.2 | -0.1 | 0.7 | -0.0 |
| Net margin | 2.65% | 8.67% | 0.65% | -0.35% | 5.45% | -5.80% | 3.84% | -0.06% |
Revenue
1bnNet income
0bnNet margin
2.65%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 declined 70.6% year on year — but the quarterly pace is slowing (−18% → −56%).
0 of the last 4 quarters grew year on year.
- Revenue TTM
- 7bn −70.6%
- Latest quarter YoY
- −56% slowing
What is driving the margin?
▼Net margin narrowed to 2.40%, falling 0.6pp. The main pressure is SG&A / Revenue rose 53.7pp, outweighing the improvement in Gross margin rose 34.4pp.
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.40% −0.6pp
- Gross Margin
- 53.96% +34.4pp
- SG&A / Revenue
- 71.70% +53.7pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -2.5bn against investing cash flow of 0.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +2.0bn. Financing cash flow was positive +52.3bn.
CFO / net income was −10,01 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.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 412.9 days versus the same period last year. The main moves came from DIO rose 594.0 days, DSO rose 37.2 days, and DPO rose 218.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 524.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +37.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 5.9% to 0.5% — all three components weakened, with asset turnover being the main drag.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
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
- −0.02x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.02x equity.
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 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 working capital is tied up too long in the operating cycle remaining the main constraint, with CCC extended to 524 days. The next watchpoint is capital structure should be read with cycle risk in mind. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.02x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.
- Watchpoint: Capital structure should be read with cycle risk in mind.
- Key risk: working capital remains tied up for too long, with cash cycle at 524.4 days.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −70,6% YoY decline or keeps falling.
Whether margins hold around the current 2.40% level or narrow again.
Whether operating cash flow holds its -2.5bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.