Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 10.4bn, rose 9.0bn compared with the same period last year. Key positives came from higher financial income and better other profit. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 91.88x
- P/B
- 1.38x
- EPS
- 160
- BVPS
- 10,659
- ROE
- 4.9%
- ROA
- 3.4%
- Market price
- 14,700 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HKT posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Financial income
- Other profit
- 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 | 1.7 | — | 0.0 | 2.3 | 21.8 | 17.5 | 1.8 | 25.7 |
| LNST | 3.3 | 3.0 | 5.3 | -1.2 | 0.9 | 0.3 | -0.1 | 0.4 |
| Net margin | 198.85% | — | 20302.46% | -50.76% | 3.93% | 1.49% | -5.40% | 1.67% |
Revenue
2bnNet income
3bnNet margin
198.85%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 12.92% +38.4pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (155.5% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -377.2bn against investing cash flow of 2.5bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +374.6bn. Financing cash flow was positive +380.0bn.
CFO / net income was −40,56 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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 155.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +110.4%, other profit at +45.1% of PBT.
- Non-core / PBT
- 155.5% high
- Net financial / PBT
- 110.4%
- Other profit / PBT
- 45.1%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.38x and interest coverage at 5.42x.
At present, short-term debt accounts for 3.1% of total debt, cash equals 24.7% of debt, and total debt stands at 179.8bn.
- Net Debt / Equity
- 0.38x
- Interest Coverage
- 5.42x
- Cash / Debt
- 24.7%
- Short-term Debt / Total Debt
- 3.1%
TTM YoY · 2025Q2 -> 2026Q2
Cash / debt stands at 24.7%, leaving limited liquidity buffer to monitor.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.36x equity, net debt at 0.38x equity.
Inventory ended the period at 375.7bn, roughly 78.9% of total assets.
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 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. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 110.4% of PBT and CFO / net income currently at −40.56x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −61,4% YoY decline or keeps falling.
Whether margins hold around the current 40.62% level or narrow again.
Whether operating cash flow holds its -377.2bn (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.