Analysis of business results & financial statements · Quý 3/2025
▲▲ Improving positively
Trailing net profit reached 20.2bn, rose 11.5bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 7.48x
- P/B
- 2.09x
- EPS
- 2,526
- BVPS
- 9,043
- ROE
- 33.1%
- ROA
- 23.6%
- Market price
- 18,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q3 basis, HOT 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.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Selling expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 3/2025
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 42.9 | 42.2 | 41.9 | 37.3 | 34.2 | 35.2 | 23.9 | 29.1 |
| LNST | 3.6 | 7.2 | 6.0 | 3.4 | 1.4 | 3.5 | 1.1 | 2.8 |
| Net margin | 8.37% | 17.16% | 14.26% | 9.10% | 4.08% | 9.81% | 4.45% | 9.65% |
Revenue
43bnNet income
4bnNet margin
8.37%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 improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲▲Net margin expanded to 12.29%, rising 5.2pp. Core operating signals are improving as Gross margin rose 8.2pp are enough to offset pressure from SG&A / Revenue rose 3.2pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.0pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 12.29% +5.2pp
- Gross Margin
- 36.01% +8.2pp
- SG&A / Revenue
- 23.97% +3.2pp
TTM YoY · 2024Q3 -> 2025Q3
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▼ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.49x equity.
None
Over the last 12 months, working capital released 3.2bn 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 2.2 days versus the same period last year. The main moves came from DIO rose 0.5 days, DSO fell 2.4 days, and DPO rose 0.2 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +0.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 19.2% to 33.1% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 27.3bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.49x and interest coverage at 348.39x.
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
- −0.49x −0.26x
- Interest Coverage
- 348.39x +260.03x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2024Q3 -> 2025Q3
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 27.3bn in 2025, against investing cash flow of -1.7bn.
Post-investment cash flow was positive +25.6bn. Financing cash flow was negative +2.9bn.
CFO / net income was 1,35 lần.
After spending +2.1bn on fixed-asset investment, the business generated trailing free cash flow of +25.2bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing brighter earnings with improving operating quality. Margin improving shows the business is generating more efficient growth than before. Even so, effective tax rate looks unusual remains the area to verify in upcoming periods, with effective tax rate at 0.3%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.29% after expanding 5.2pp versus the same period last year.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
What to verify next
Questions for the next period
Durability of revenue growth after the current +25,8% YoY pace.
Ability to hold margins around the current 12.29% level.
Cash-flow quality, with operating cash flow currently at 27.3bn in 2025.
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