Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 8.0bn, rose 7.2bn 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
- 73.37x
- P/B
- 1.39x
- EPS
- 200
- BVPS
- 10,567
- ROE
- 3.8%
- ROA
- 2.7%
- Market price
- 14,700 19 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q4 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 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | 0.0 | 2.3 | 21.8 | 17.5 | 1.8 | 25.7 | 33.6 |
| LNST | 3.0 | 5.3 | -1.2 | 0.9 | 0.3 | -0.1 | 0.4 | 0.2 |
| Net margin | — | 20302.46% | -50.76% | 3.93% | 1.49% | -5.40% | 1.67% | 0.63% |
Revenue
0bnNet income
3bnNet margin
20302.46%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% +18.6pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (163.6% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.36x equity, net debt at 0.31x 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.
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
▲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
- 0.31x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -377.2bn in 2025, against investing cash flow of 2.5bn.
Post-investment cash flow was negative +374.6bn. Financing cash flow was positive +380.0bn.
CFO / net income was −53,10 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 showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. 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 110.5% of PBT and CFO / net income currently at −53.10x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −63,8% YoY decline.
Ability to hold margins around the current 19.29% level.
Cash-flow quality, with operating cash flow currently at -377.2bn 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.