Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 101.9bn, rose 86.7bn compared with the same period last year. Key positives came from better other profit and higher gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.13x
- P/B
- 0.53x
- EPS
- 4,600
- BVPS
- 18,480
- ROE
- 19.6%
- ROA
- 11.7%
- Market price
- 9,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HIO is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit momentum has been slowing across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- Other
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 | 76.1 | 38.2 | 23.1 | 26.9 | 30.7 | 28.9 | 24.6 | 29.2 |
| LNST | 27.4 | 81.2 | 0.1 | 3.4 | 6.5 | 3.8 | 2.5 | 2.5 |
| Net margin | 36.03% | 212.53% | 0.48% | 12.66% | 21.26% | 12.99% | 10.10% | 8.47% |
Revenue
76bnNet income
27bnNet margin
36.03%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 improved (+54.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 44.8% year on year — not from a single spike: quarterly growth stepped up from −8% to +148%.
2 of the last 4 quarters grew year on year.
- Revenue TTM
- 164bn +44.8%
- Latest quarter YoY
- +148% accelerating
What is driving the margin?
▲▲Net margin expanded to 68.24%, rising 54.8pp. The main driver is Gross margin rose 7.7pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 39.5pp and Net financial result / Revenue rose 2.8pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 68.24% +54.8pp
- Gross Margin
- 47.10% +7.7pp
- SG&A / Revenue
- 6.54% −1.7pp
- Non-core / Revenue
- 30.53% +42.4pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 61.1% of PBT and lifted net margin by 42.4pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 62.3bn against investing cash flow of -15.6bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +46.7bn. Financing cash flow was negative +65.0bn.
CFO / net income was 1,14 lần.
Track how much investment can be funded internally from operating cash flow.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 61.1% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −18.3%, other profit at +61.1% of PBT.
- Non-core / PBT
- 61.1% high
- Net financial / PBT
- −18.3%
- Other profit / PBT
- 61.1%
Is capital being used efficiently?
Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 5.3% reflects a large fixed-asset base.
Is capital being deployed efficiently?
▲ROIC expanded to 5.28%, rising 2.7pp. That translates to 5.28 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 15.8pp, with capital turnover broadly stable; while invested capital expanded strongly by 356bn.
For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 146.2 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO rose 139.0 days, and DPO fell 7.6 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
CCC stands at 200.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +139.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 6.0% to 21.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.55x and interest coverage at 2.10x.
At present, short-term debt accounts for 32.0% of total debt, cash equals 7.0% of debt, and total debt stands at 460.9bn.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 0.55x −0.14x
- Interest Coverage
- 2.10x +1.11x
- Cash / Debt
- 7.0% −5.7pp
- Short-term Debt / Total Debt
- 32.0% −0.3pp
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 7.0%, leaving limited liquidity buffer to monitor.
Balance Sheet
●ROIC for utilities reflects a large fixed-asset base and regulated tariffs. Capital structure is balanced — liabilities at 0.68x equity, net debt at 0.55x equity.
None
Over the last 12 months, working capital released 18.4bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 54.8 pp. The next item to monitor is the earnings mix, when non-core contribution is −18.3%. The main risk still sits in leverage and liquidity, with interest coverage at 2.10x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 68.24% after expanding 54.8pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.14x. Even so, net financial result still accounts for −18.3% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.55x and a thin cash buffer.
What to verify next
Questions for the next period
Whether revenue sustains its +44,8% YoY pace or begins to slow.
Whether margins hold around the current 68.24% level or narrow again.
Whether operating cash flow holds its 62.3bn (cumulative for 2025) level in upcoming periods or weakens.
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