Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 53.5bn, rose 15.7bn compared with the same period last year. Key positives came from higher gross profit and lower minority interests. Offsetting pressure came mainly from higher finance costs, higher tax, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 27.50x
- P/B
- 1.22x
- EPS
- 618
- BVPS
- 13,879
- ROE
- 4.7%
- ROA
- 1.5%
- Market price
- 17,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HHP 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.
Profit bridge
Vs last year · TTM
- Gross profit
- Minority interests
- Finance costs
- Tax
- Selling expenses
- 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 | 764.6 | 838.5 | 802.7 | 705.8 | 991.8 | 655.7 | 528.3 | 492.6 |
| LNST | 18.9 | 13.0 | 13.9 | 10.0 | 20.8 | 12.8 | 6.7 | 3.2 |
| Net margin | 2.47% | 1.55% | 1.73% | 1.42% | 2.10% | 1.95% | 1.27% | 0.65% |
Revenue
765bnNet income
19bnNet margin
2.47%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 16.6% year on year — but the quarterly pace is slowing (+43% → −23%).
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 3,112bn +16.6%
- Latest quarter YoY
- −23% slowing
What is driving the margin?
●Net margin stands at 1.79%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 1.79% +0.2pp
- Gross Margin
- 7.31% +2.7pp
- SG&A / Revenue
- 1.13% +0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
▲Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -96.6bn against investing cash flow of -565.2bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +661.8bn. Financing cash flow was positive +679.9bn.
CFO / net income was 4,18 lần.
After spending +517.9bn on fixed-asset investment, the business generated trailing free cash flow of −294.2bn.
Earnings Quality
▲How much income is non-core?
About 100% of pre-tax profit comes from core operations.
Within that, net financial result at −164.3%, other profit at +0.2% of PBT.
- Non-core / PBT
- 0.2% low
- Net financial / PBT
- −164.3%
- Other profit / PBT
- 0.2%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 1.66%, broadly flat versus the same period. That translates to 1.66 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 0.2pp, but capital turnover broadly stable, while invested capital expanded strongly by 577bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 1.66% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 19.3 days versus the same period last year. The main moves came from DIO rose 22.9 days, DSO fell 4.0 days, and DPO fell 0.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC is up by +19.3 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +22.9 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 4.2% to 4.9% — driven by leverage and net margin together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.93x and interest coverage only at 0.56x.
At present, short-term debt accounts for 43.6% of total debt, cash equals 0.7% of debt, and total debt stands at 2,331.5bn.
- Net Debt / Equity
- 1.93x −0.10x
- Interest Coverage
- 0.56x −0.34x
- Cash / Debt
- 0.7% −0.1pp
- Short-term Debt / Total Debt
- 43.6% −5.2pp
TTM YoY · 2025Q2 -> 2026Q2
Net debt / equity stands at 1.93x, increasing balance-sheet pressure.
Interest coverage is 0.56x, leaving limited room to absorb financing costs.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 2.25x equity, net debt at 1.93x equity.
Inventory ended the period at 500.4bn, roughly 13.6% of total assets.
Over the last 12 months, working capital released 87.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 1.7%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 4.18x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 4.18x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +16,6% YoY pace or begins to slow.
Whether margins hold around the current 1.79% level or narrow again.
Whether operating cash flow holds its -96.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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Its weight and influence across the assets held for investment.
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How holdings, sectors and asset groups are distributed in relation to overall risk.
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