Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 895.6bn, rose 424.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -7.19x
- P/B
- 5.41x
- EPS
- -807
- BVPS
- 1,073
- ROE
- -65.1%
- ROA
- -4.7%
- Market price
- 5,800 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HNG 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. 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
- Gross profit
- Other profit
- Other
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 | 125.6 | 246.3 | 214.4 | 117.5 | 99.3 | 204.0 | 140.8 | 78.8 |
| LNST | -62.1 | -601.2 | -118.9 | -113.4 | -84.5 | -730.7 | -182.4 | -322.7 |
| Net margin | -49.47% | -244.06% | -55.47% | -96.50% | -85.05% | -358.26% | -129.54% | -409.44% |
Revenue
126bnNet income
-62bnNet margin
-49.47%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲▲Net margin expanded to −127.26%, rising 125.2pp. The main driver is Gross margin rose 144.7pp and SG&A / Revenue fell 1.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 8.3pp added support while Other profit / Revenue fell 30.1pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- −127.26% +125.2pp
- Gross Margin
- 16.75% +144.7pp
- SG&A / Revenue
- 5.28% −1.1pp
- Non-core / Revenue
- −144.70% −21.9pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 21.9pp, other income still accounts for 114.7% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 448.0 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to −1.62%, rising 6.7pp. That translates to −1.62 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 156.8pp, with capital turnover broadly stable; with invested capital holding roughly steady.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently −1.62% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 17.84x equity, net debt at 8.74x equity.
Inventory ended the period at 2,482.1bn, roughly 12.6% of total assets.
Over the last 12 months, working capital released 1,382.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 446.0 days versus the same period last year. The main moves came from DIO rose 1042.4 days, DSO fell 648.2 days, and DPO rose 840.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 448.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +1042.4 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at −65.1% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 8.74x and interest coverage only at −0.47x.
At present, short-term debt accounts for 92.1% of total debt, cash equals 1.0% of debt, and total debt stands at 10,497.3bn.
Net debt / equity stands at 8.74x, increasing balance-sheet pressure.
Interest coverage is −0.47x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 8.74x +2.25x
- Interest Coverage
- −0.47x +1.93x
- Cash / Debt
- 1.0% +1.0pp
- Short-term Debt / Total Debt
- 92.1% −2.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 914.7bn in 2025, against investing cash flow of -1,429.4bn.
Post-investment cash flow was negative +514.7bn. Financing cash flow was positive +485.7bn.
CFO / net income was −1,66 lần.
After spending +1,756.5bn on fixed-asset investment, the business generated trailing free cash flow of −272.5bn.
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. The brighter spot is operating efficiency, with net margin improving 125.2 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at −1.6%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -127.26% after expanding 125.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 36.0% of PBT and CFO / net income currently at −1.66x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +34,6% YoY pace.
Ability to hold margins around the current -127.26% level.
Cash-flow quality, with operating cash flow currently at 914.7bn in 2025.
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