Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 58.8bn, rose 20.4bn compared with the same period last year. Key positives came from lower finance costs, lower administrative expenses, and lower selling expenses. Offsetting pressure came mainly from lower financial income, higher tax, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 21.18x
- P/B
- 1.82x
- EPS
- 3,579
- BVPS
- 41,603
- ROE
- 8.8%
- ROA
- 6.2%
- Market price
- 75,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HHC has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Finance costs
- Administrative expenses
- Selling expenses
- Financial income
- Tax
- Gross profit
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 | 168.1 | 260.9 | 157.4 | 117.2 | 164.0 | 274.5 | 160.1 | 136.0 |
| LNST | 18.6 | 30.1 | 9.4 | 0.6 | 9.2 | 13.4 | 12.9 | 2.9 |
| Net margin | 11.09% | 11.55% | 6.00% | 0.49% | 5.59% | 4.87% | 8.06% | 2.17% |
Revenue
168bnNet income
19bnNet margin
11.09%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to 8.36%, rising 3.1pp. The main driver is SG&A / Revenue fell 3.2pp and Gross margin rose 0.4pp, 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.
- Net Margin
- 8.36% +3.1pp
- Gross Margin
- 22.64% +0.4pp
- SG&A / Revenue
- 16.76% −3.2pp
- Non-core / Revenue
- 4.61% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (46.2% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 28.0 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 7.20%, rising 2.1pp. That translates to 7.20 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 3.1pp, with capital turnover fell 0.09x; with invested capital holding roughly steady.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.48x equity, net debt at 0.29x equity.
None
Over the last 12 months, working capital absorbed 162.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 28.0 days versus the same period last year. The main moves came from DIO fell 2.9 days, DSO rose 30.0 days, and DPO fell 1.0 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 107.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +30.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.0% to 8.8% — driven by net margin and asset turnover together, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.29x and interest coverage at 7.03x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 10.2% of debt, and total debt stands at 223.9bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 10.2%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.29x +0.11x
- Interest Coverage
- 7.03x +5.36x
- Cash / Debt
- 10.2% −24.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -18.1bn in 2025, against investing cash flow of 28.9bn.
Post-investment cash flow was positive +10.8bn. Financing cash flow was negative +18.0bn.
CFO / net income was −2,36 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 3.1 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.36% after expanding 3.1pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 45.1% of PBT and CFO / net income currently at −2.36x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −4,2% YoY decline.
Ability to hold margins around the current 8.36% level.
Cash-flow quality, with operating cash flow currently at -18.1bn in 2025.
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