Analysis of business results & financial statements · Quý 1/2021
▼▼ Declining sharply
Trailing net profit reached 16.1bn, fell 1.9bn compared with the previous quarter. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -0.62x
- P/B
- -4.08x
- EPS
- -16,068
- BVPS
- -2,425
- ROE
- -286.5%
- ROA
- -32.0%
- Market price
- 9,900 16 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, HLY is declining on both revenue and margins simultaneously, showing pressure from multiple directions at once — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2021
| Metric | Q1'21 | Q4'20 | Q3'20 | Q2'20 | Q1'20 |
|---|---|---|---|---|---|
| Revenue | 7.4 | 10.4 | 6.6 | 7.7 | 11.6 |
| LNST | -1.9 | -5.6 | -5.8 | -2.8 | 0.0 |
| Net margin | -25.39% | -53.85% | -87.70% | -35.80% | 0.22% |
Revenue
7bnNet income
-2bnNet margin
-25.39%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
- −49.92% −730.5pp
- Gross Margin
- −28.43%
- SG&A / Revenue
- −12.63%
TTM YoY · 2020Q1 -> 2021Q1
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -2.2bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +2.2bn. Financing cash flow was positive +2.0bn.
CFO / net income was −0,49 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?
About 99% of pre-tax profit comes from core operations.
Within that, net financial result at −16.8%, other profit at +0.9% of PBT.
- Non-core / PBT
- 0.9% low
- Net financial / PBT
- −16.8%
- Other profit / PBT
- 0.9%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at −50.37%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently −50.37% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
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 warrants monitoring, with net debt / equity at −10.70x and interest coverage only at −5.88x.
At present, short-term debt accounts for 61.0% of total debt, cash equals 0.5% of debt, and total debt stands at 26.1bn.
- Net Debt / Equity
- −10.70x −12.61x
- Interest Coverage
- −5.88x
- Cash / Debt
- 0.5% −2.0pp
- Short-term Debt / Total Debt
- 61.0% −8.0pp
TTM YoY · 2020Q1 -> 2021Q1
Interest coverage is −5.88x, leaving limited room to absorb financing costs.
Short-term debt accounts for 61.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at -1.39x equity, with a net cash position equivalent to 10.70x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Gross margin is flat around −28.43% (TTM) — the input-cost cycle is stable for now.
Gross margin (TTM): −28.43%
Inventory 5.0bn — 10.52% of total assets, below the materials-group median (13.00%).
Inventory / assets: 10.52% (group median 13.00%)
None
Over the last 12 months, working capital released 4.2bn of cash, mainly thanks to lower receivables and lower inventories.
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 −50.4%. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 0.0%.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −54,4% YoY decline or keeps falling.
Whether margins hold around the current -1384.05% level or narrow again.
Whether operating cash flow holds its -2.2bn (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.