HMS

Xây dựng Bảo tàng Hồ Chí Minh ·UPCOM ·2025Q4

▲▲ Improving positively

Price

35,000

Latest close

03 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 22.7%

ROA 7.0%

Profit Margin 12.0%

Asset Turnover 0.57x

Equity Mult. 3.24x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, HMS is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,131bn
	                                
+55.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 140bn
	                                
+323.6%YoY

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 12.34% +7.8pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Inventory ended the period at 637.7bn, roughly 27.5% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Working capital needs model and cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,130.6	728.6	517.9	912.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	1,130.6	728.6	517.9	912.0
Cost of Goods Sold	901.7	613.3	478.8	833.4
Gross Profit	228.9	115.4	39.1	78.6
Financial Income	9.2	2.2	2.8	9.3
Financial Expenses	7.7	10.1	13.1	5.4
Interest Expense	7.7	9.9	13.1	5.4
Share of Associates and Joint Ventures	—	0.0	0.0	-2.4
Selling Expenses	3.8	0.5	0.7	0.5
General and Administrative Expenses	59.5	58.5	35.8	49.1
Operating Profit	167.1	48.4	-7.7	30.4
Other Income	10.7	2.8	15.9	63.6
Other Expenses	1.2	2.0	1.3	0.4
Other Profit	9.5	0.7	14.6	63.2
Profit Before Tax	176.6	49.2	6.8	93.6
Current Income Tax Expense	37.4	15.9	3.4	10.2
Deferred Income Tax Expense	-0.3	0.3	0.4	0.4
Net Income	139.6	32.9	3.1	83.0
Non-controlling Interest	3.3	-1.1	-1.4	0.1
Profit Attributable to Parent	136.2	34.0	4.5	82.9
Earnings per Share	12,475.00	3,215.00	452.00	8,603.00
Diluted EPS	12,474.49	3,116.88	441.14	9,014.62

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,428.9	1,401.5	1,193.7	1,171.6
I. Cash and cash equivalents	273.7	207.5	68.9	89.4
1. Cash	83.7	177.5	68.9	89.4
2. Cash equivalents	190.0	30.0	0.0	0.0
II. Short-term financial investments	35.0	0.0	0.0	1.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	35.0	0.0	0.0	1.0
III. Short-term receivables	470.7	482.5	491.1	690.4
1. Short-term trade accounts receivable	195.0	225.8	262.1	424.7
2. Short-term prepayments to suppliers	236.9	194.4	143.9	143.3
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	7.0	18.9	29.9	79.3
6. Other short-term receivables	44.0	54.8	56.6	46.2
7. Provision for short-term doubtful debts (*)	-12.1	-11.4	-1.4	-3.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	637.7	707.7	614.1	388.5
1. Inventories	637.7	707.7	614.1	388.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	11.8	3.9	19.6	2.2
1. Short-term prepayments	0.7	1.3	0.1	0.3
2. Value added tax to be reclaimed	2.0	2.6	0.0	0.0
3. Taxes and other receivables from state authorities	9.1	0.0	19.6	2.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	887.8	269.7	203.0	155.8
I. Long-term receivables	33.6	33.6	33.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	33.6	33.6	33.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	87.9	73.1	69.9	76.9
1. Tangible fixed assets	87.9	73.1	69.9	76.9
- Cost	198.5	189.4	177.9	179.2
- Accumulated depreciation	-110.6	-116.3	-108.0	-102.2
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	1.4	4.5
- Cost	43.7	84.2	84.2	84.2
- Accumulated depreciation	-43.7	-84.2	-82.8	-79.7
IV. Long-term assets in progress	693.5	104.6	32.3	1.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	693.5	104.6	32.3	1.6
V. Long-term financial investments	18.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	18.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	54.7	58.3	65.7	72.8
1. Long-term prepayments	9.4	6.7	7.7	8.4
2. Deferred income tax assets	0.6	0.6	0.5	0.5
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	44.7	51.1	57.4	63.8
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,316.6	1,671.2	1,396.6	1,327.3
A. LIABILITIES (300=210+330)	1,638.1	1,117.8	878.2	808.2
I. Short -term liabilities	1,108.5	982.1	638.3	677.6
1. Short-term trade accounts payable	217.8	243.2	206.7	296.4
2. Short-term advances from customers	343.1	133.1	43.4	149.3
3. Taxes and other payables to state authorities	22.1	9.7	2.2	2.7
4. Payable to employees	25.4	23.1	14.0	16.1
5. Short-term acrrued expenses	42.2	16.4	10.4	13.8
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	114.8	216.5	1.7	0.0
9. Other short-term payables	137.0	147.8	176.7	38.4
10. Short-term borrowings and financial leases	185.0	172.4	155.3	128.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	21.1	20.0	27.9	32.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	529.7	135.8	239.9	130.7
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	1.8
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	527.4	123.6	234.0	113.8
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	1.2	1.6	1.2	0.4
12. Provision for long-term liabilities	1.1	10.6	4.7	14.7
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	678.5	553.3	518.5	519.1
I. Owner's equity	678.5	553.3	518.5	519.1
1. Owner's capital	109.2	109.2	101.2	92.0
- Common stock with voting right	109,198,460,000.00	109,198,460,000.00	101,198,460,000.00	92,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	24.4	24.4	20.4	20.4
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-160,000.00	-160,000.00	-160,000.00	-160,000.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	28.0	28.0	28.0	28.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	483.0	361.2	337.3	345.7
- Accumulated retained earning at the end of the previous period	346.8	327.1	332.8	262.7
- Undistributed earnings in this period	136.2	34.0	4.5	82.9
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	34.0	30.6	31.7	33.1
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,316.6	1,671.2	1,396.6	1,327.3

Item	2025	2024	2023	2022
Profit Before Tax	176.6	49.2	6.8	93.6
Depreciation of Fixed Assets and Investment Property	10.6	9.8	11.2	14.3
Provision (Increase)/Reversal	-8.8	15.9	-11.6	-14.8
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-2.8	4.2	3.2	-52.2
Interest Expense	7.7	9.9	13.1	5.4
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	183.3	88.9	22.6	46.3
Increase/(Decrease) in Receivables	-19.3	8.2	103.4	-290.6
Increase/(Decrease) in Inventory	70.0	-93.6	-225.6	28.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-327.8	250.2	-95.2	-99.7
Increase/(Decrease) in Prepaid Expenses	-2.2	-0.1	0.9	0.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-5.2	-8.1	-11.5	-2.1
Corporate Income Tax Paid	-20.0	-14.1	-1.9	-9.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-2.3	-4.3	-7.5	-3.3
Net Cash Flow from Operating Activities	-123.5	227.0	-214.8	-329.8
Payments for Fixed Assets and Other Long-term Assets	-198.9	-12.1	-2.9	-18.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	12.8	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-90.5	0.0	0.0	-2.5
Receipts from Loan Repayments and Sale of Debt Instruments	67.4	11.0	50.5	22.8
Investments in Other Entities	-18.0	0.0	0.0	-24.5
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	11.5	2.7	0.2	5.6
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-215.7	1.6	47.7	-17.1
Proceeds from Equity Issuance and Capital Contributions	—	12,000,000,000.00	0.00	6,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	514.9	496.7	299.8	280.9
Repayment of Borrowings	-98.5	-589.9	-153.2	-86.8
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-10.9	-8.7	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	405.4	-90.0	146.6	200.2
Net Cash Flow During the Period	66.2	138.6	-20.5	-146.8
Cash and Cash Equivalents at Beginning of Period	207.5	68.9	89.4	236.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	273.7	207.5	68.9	89.4

Item	Q4'25
Profit Before Tax	176.6
Depreciation of Fixed Assets and Investment Property	10.6
Provision (Increase)/Reversal	-8.8
Gain/Loss from Investment Activities	-2.8
Interest Expense	7.7
Operating Profit Before Changes in Working Capital	183.3
Increase/(Decrease) in Receivables	-19.3
Increase/(Decrease) in Inventory	70.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-327.8
Increase/(Decrease) in Prepaid Expenses	-2.2
Interest Paid	-5.2
Corporate Income Tax Paid	-20.0
Other Operating Payments	-2.3
Net Cash Flow from Operating Activities	-123.5
Payments for Fixed Assets and Other Long-term Assets	-198.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	12.8
Loans and Purchases of Debt Instruments	-90.5
Receipts from Loan Repayments and Sale of Debt Instruments	67.4
Dividends and Interest Income Received	11.5
Net Cash Flow from Investing Activities	-215.7
Proceeds from Borrowings	514.9
Repayment of Borrowings	-98.5
Dividends Paid	-10.9
Net Cash Flow from Financing Activities	405.4
Net Cash Flow During the Period	66.2
Cash and Cash Equivalents at Beginning of Period	207.5
Cash and Cash Equivalents at End of Period	273.7

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HMS

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency