Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 0.0bn, fell 61.3bn compared with the same period last year. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- —
- P/B
- 2.60x
- EPS
- 0
- BVPS
- 7,342
- ROE
- 0.0%
- ROA
- 0.0%
- Market price
- 19,100 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HPI is holding revenue at an acceptable level, but margins are eroding visibly — profit is at an all-time high. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Gross 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 | 15.9 | 6.0 | 4.2 | 24.6 | 21.4 | 17.8 | 21.0 | -21.9 |
| LNST | 1.1 | -12.5 | 6.2 | 5.3 | 6.2 | 14.8 | 16.3 | 24.0 |
| Net margin | 6.98% | -209.64% | 146.79% | 21.34% | 28.78% | 83.38% | 77.95% | -109.37% |
Revenue
16bnNet income
1bnNet margin
6.98%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼▼Net margin fell to 0.01%, losing 160.2pp. The main pressure is Gross margin fell 150.1pp, outweighing the improvement in SG&A / Revenue fell 17.3pp (in addition, Other profit / Revenue rose 1.2pp added support while Net financial result / Revenue fell 26.4pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 0.01% −160.2pp
- Gross Margin
- 11.71% −150.1pp
- SG&A / Revenue
- 52.72% −17.3pp
- Non-core / Revenue
- 47.29% −25.1pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 25.1pp, financial result still accounts for 826.5% of PBT — earnings durability should be monitored in coming periods.
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. Leverage runs above the real estate sector average — handover cycles warrant monitoring — liabilities at 4.40x equity, with a net cash position equivalent to 1.29x equity.
Unearned revenue 68.8bn (as of 2026Q1, 2.80% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 1.4 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 55.1bn vs net profit 0.0bn — 13964.67x. Down 25.64% YoY — amortisation into revenue is outpacing new collections.
Unearned revenue (ST + LT): 68.8bn
Share of total assets: 2.80%
Years of revenue banked: 1.4
CFO / NPAT (TTM): 13964.67x
Development inventory ended the period at 1,021.4bn, about 43.0% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 3861.2 days versus the same period last year. The main moves came from DIO rose 4165.3 days, DSO fell 358.3 days, and DPO fell 54.3 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
CCC stands at 4988.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +4165.3 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 15.3% to 0.0% — net margin weakened the most, though asset turnover still provided support.
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.
At present, short-term debt accounts for 34.2% of total debt, cash equals 3246.2% of debt, and total debt stands at 18.1bn.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- −1.29x −0.12x
- Interest Coverage
- None
- Cash / Debt
- 3246.2% +1045.2pp
- Short-term Debt / Total Debt
- 34.2% +8.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲Operating cash flow reached -29.1bn in 2025, against investing cash flow of 63.4bn.
Post-investment cash flow was positive +34.3bn. Financing cash flow was negative +6.2bn.
CFO / net income was 13964,67 lần.
After spending +2.7bn on fixed-asset investment, the business generated trailing free cash flow of +52.4bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
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 margins remain under pressure remaining the main constraint, with net margin down 160.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 798.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −1.29x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 1.29x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 13964.67x. Even so, net financial result still accounts for 798.8% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 0.78% after a 160.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +32,4% YoY pace.
Ability to hold margins around the current 0.01% level.
Cash-flow quality, with operating cash flow currently at -29.1bn 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.