Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 0.3bn, rose 0.1bn compared with the same period last year. Key positives came from lower administrative expenses. Offsetting pressure came mainly from lower gross profit and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 32.03x
- P/B
- 0.45x
- EPS
- 181
- BVPS
- 12,947
- ROE
- 0.8%
- ROA
- 0.7%
- Market price
- 5,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HEV has not accelerated revenue, but profitability is improving more visibly. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Gross profit
- Selling expenses
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 | 1.5 | 2.6 | 1.9 | 2.9 | 1.7 | 18.0 | 2.4 | 1.9 |
| LNST | 0.1 | 0.0 | -0.0 | 0.2 | -0.1 | 0.7 | -0.0 | -0.4 |
| Net margin | 8.67% | 0.65% | -0.35% | 5.45% | -5.80% | 3.84% | -0.06% | -19.38% |
Revenue
2bnNet income
0bnNet margin
8.67%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.
What is driving the margin?
▲Net margin expanded to 3.35%, rising 2.4pp. Core operating signals are improving as Gross margin rose 28.4pp are enough to offset pressure from SG&A / Revenue rose 33.0pp.
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.35% +2.4pp
- Gross Margin
- 47.30% +28.4pp
- SG&A / Revenue
- 52.17% +33.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.86x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 247.3 days versus the same period last year. The main moves came from DIO rose 353.1 days, DSO rose 20.3 days, and DPO rose 126.1 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 365.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +20.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 1.7% to 0.8% — asset turnover weakened the most, though net margin still provided support.
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
- −0.86x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -2.5bn in 2025, against investing cash flow of 0.6bn.
Post-investment cash flow was negative +2.0bn. Financing cash flow was positive +52.3bn.
CFO / net income was 1,10 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 heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.4 pp. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 365 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.35% after expanding 2.4pp versus the same period last year.
- 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 365.4 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −62,6% YoY decline.
Ability to hold margins around the current 3.35% level.
Cash-flow quality, with operating cash flow currently at -2.5bn in 2025.
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.