HPP

Sơn Hải Phòng ·UPCOM ·2025Q4

▲▲ Improving positively

Price

79,000

Latest close

02 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 22.6%

ROA 9.4%

Profit Margin 8.8%

Asset Turnover 1.05x

Equity Mult. 2.40x

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

What Is Changing

On a Năm 2025 basis, HPP is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,533bn
	                                
+10.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 138bn
	                                
+29.1%YoY

Metric	2025	2024	2023	2022
Revenue	1,533.5	1,394.6	1,215.4	1,216.9
Growth	+10%	+15%	-0%	—
Net Income	137.7	106.7	93.0	33.1
Net Margin	8.98%	7.65%	7.65%	2.72%

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 8.98% +1.3pp

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 313.2bn, roughly 20.3% 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.

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.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,534.0	1,394.6	1,215.7	1,218.1
Revenue Deductions	0.5	0.0	0.3	1.2
Net Revenue	1,533.5	1,394.6	1,215.4	1,216.9
Cost of Goods Sold	1,235.9	1,126.2	977.1	1,051.2
Gross Profit	297.6	268.4	238.4	165.7
Financial Income	17.7	14.8	13.5	15.2
Financial Expenses	38.1	40.7	42.4	40.4
Interest Expense	34.2	37.5	35.3	23.7
Share of Associates and Joint Ventures	7.1	-0.7	5.5	-7.2
Selling Expenses	81.9	80.3	76.4	67.8
General and Administrative Expenses	47.2	42.4	36.8	25.9
Operating Profit	155.2	119.1	101.8	39.6
Other Income	1.0	1.6	1.4	0.4
Other Expenses	1.9	1.6	0.9	0.1
Other Profit	-0.9	0.0	0.5	0.3
Profit Before Tax	154.3	119.1	102.3	39.9
Current Income Tax Expense	16.5	12.4	9.3	6.8
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	137.7	106.7	93.0	33.1
Non-controlling Interest	3.2	2.8	2.7	0.3
Profit Attributable to Parent	134.5	103.9	90.3	32.7
Earnings per Share	16,892.00	13,049.00	11,343.00	4,113.00
Diluted EPS	16,792.94	12,973.22	11,277.03	4,089.28

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,107.6	999.7	884.5	878.5
I. Cash and cash equivalents	25.8	117.9	110.0	52.0
1. Cash	25.8	32.6	24.5	25.5
2. Cash equivalents	—	85.3	85.5	26.5
II. Short-term financial investments	266.5	161.7	176.7	171.7
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	266.5	161.7	176.7	171.7
III. Short-term receivables	497.2	483.3	370.9	415.4
1. Short-term trade accounts receivable	296.0	331.7	245.5	304.2
2. Short-term prepayments to suppliers	61.8	56.1	58.3	58.4
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	—	0.0	0.0	0.0
6. Other short-term receivables	151.0	103.3	71.2	56.4
7. Provision for short-term doubtful debts (*)	-11.5	-7.9	-4.1	-3.7
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	313.2	231.0	224.6	236.6
1. Inventories	315.4	234.0	226.7	237.9
2. Provision for decline in value of inventories	-2.3	-3.0	-2.1	-1.3
V. Other short-term assets	4.9	5.8	2.3	2.8
1. Short-term prepayments	1.5	1.9	2.2	2.4
2. Value added tax to be reclaimed	3.4	3.9	0.1	0.1
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.4
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)	435.4	381.0	334.6	334.7
I. Long-term receivables	—	0.0	0.0	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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	81.2	93.0	96.9	107.0
1. Tangible fixed assets	80.5	92.0	95.5	105.5
- Cost	307.5	303.2	288.9	282.4
- Accumulated depreciation	-227.0	-211.2	-193.4	-176.9
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	0.7	1.0	1.5	1.6
- Cost	9.2	9.0	8.7	8.1
- Accumulated depreciation	-8.5	-8.1	-7.3	-6.5
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	15.0	8.6	10.2	4.4
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	15.0	8.6	10.2	4.4
V. Long-term financial investments	299.8	239.9	225.4	219.9
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	230.6	169.6	169.1	163.6
3. Investments in other entities	70.9	65.1	51.1	51.1
4. Provision for diminution in value of long-term investments	-7.7	-7.7	-7.7	-7.7
5. Held to maturity investments	6.0	13.0	13.0	13.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	39.4	39.6	2.0	3.3
1. Long-term prepayments	39.4	39.6	2.0	3.3
2. Deferred income tax assets	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,543.0	1,380.8	1,219.1	1,213.2
A. LIABILITIES (300=210+330)	892.3	814.8	719.4	773.7
I. Short -term liabilities	800.5	728.7	684.5	742.1
1. Short-term trade accounts payable	143.1	171.1	104.0	175.5
2. Short-term advances from customers	2.1	0.8	0.4	2.8
3. Taxes and other payables to state authorities	11.6	7.7	7.1	3.0
4. Payable to employees	9.8	13.8	12.4	4.0
5. Short-term acrrued expenses	9.8	13.7	12.1	9.0
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	—	0.0	0.0	0.0
9. Other short-term payables	23.5	22.0	14.1	15.7
10. Short-term borrowings and financial leases	598.0	509.1	546.4	539.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	2.4	-9.5	-12.1	-7.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	91.8	86.1	34.9	31.6
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	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	86.8	86.1	34.9	31.6
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	5.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	650.7	566.0	499.7	439.5
I. Owner's equity	650.7	566.0	499.7	439.5
1. Owner's capital	80.1	80.1	80.1	80.1
- Common stock with voting right	80,071,770,000.00	80,071,770,000.00	80,071,770,000.00	80,071,770,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	10.8	10.8	10.8	10.8
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	7.3	7.3	7.3	7.3
5. Treasury shares	-467,410,000.00	-467,410,000.00	-467,410,000.00	-467,410,000.00
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	381.6	331.6	285.0	284.7
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	143.8	112.8	95.7	38.5
- Accumulated retained earning at the end of the previous period	9.4	8.9	5.4	5.8
- Undistributed earnings in this period	134.5	103.9	90.3	32.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	27.6	23.9	21.3	18.7
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)	1,543.0	1,380.8	1,219.1	1,213.2

Item	2025	2024	2023	2022
Profit Before Tax	154.3	119.1	102.3	39.9
Depreciation of Fixed Assets and Investment Property	16.4	19.4	18.1	18.0
Provision (Increase)/Reversal	2.9	4.7	1.2	-1.0
FX Gain/Loss from Revaluation of Monetary Items	0.4	-0.2	-0.3	-0.3
Gain/Loss from Investment Activities	-22.9	-14.5	-17.1	-6.8
Interest Expense	34.2	37.5	35.3	23.7
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	185.2	166.0	139.4	73.6
Increase/(Decrease) in Receivables	-68.9	-119.5	46.9	-115.5
Increase/(Decrease) in Inventory	-81.4	-7.3	11.2	13.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-27.5	81.3	-65.0	-8.6
Increase/(Decrease) in Prepaid Expenses	0.5	-37.2	1.5	-4.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-34.1	-38.0	-35.6	-22.7
Corporate Income Tax Paid	-13.7	-12.0	-6.0	-8.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-17.9	-14.3	-13.5	-14.1
Net Cash Flow from Operating Activities	-57.7	18.9	79.0	-85.9
Payments for Fixed Assets and Other Long-term Assets	-11.0	-13.9	-13.8	-9.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-99.8	-4.9	-5.0	-16.4
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	19.9	0.0	28.0
Investments in Other Entities	-5.9	-14.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	3.0
Dividends and Interest Income Received	14.4	13.8	9.2	9.5
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	-100.3	0.8	-9.5	14.3
Proceeds from Equity Issuance and Capital Contributions	—	1,500,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1,485.8	1,275.8	1,143.1	1,140.3
Repayment of Borrowings	-1,396.1	-1,262.0	-1,132.9	-1,017.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-23.8	-27.3	-21.9	-20.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	65.9	-12.0	-11.6	102.2
Net Cash Flow During the Period	-92.2	7.8	57.8	30.6
Cash and Cash Equivalents at Beginning of Period	117.9	110.0	52.0	21.2
FX Difference from Revaluation	0.0	0.1	0.2	0.2
Cash and Cash Equivalents at End of Period	25.8	117.9	110.0	52.0

Item	Q4'25
Profit Before Tax	154.3
Depreciation of Fixed Assets and Investment Property	16.4
Provision (Increase)/Reversal	2.9
FX Gain/Loss from Revaluation of Monetary Items	0.4
Gain/Loss from Investment Activities	-22.9
Interest Expense	34.2
Operating Profit Before Changes in Working Capital	185.2
Increase/(Decrease) in Receivables	-68.9
Increase/(Decrease) in Inventory	-81.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-27.5
Increase/(Decrease) in Prepaid Expenses	0.5
Interest Paid	-34.1
Corporate Income Tax Paid	-13.7
Other Operating Payments	-17.9
Net Cash Flow from Operating Activities	-57.7
Payments for Fixed Assets and Other Long-term Assets	-11.0
Loans and Purchases of Debt Instruments	-99.8
Receipts from Loan Repayments and Sale of Debt Instruments	2.0
Dividends and Interest Income Received	14.4
Net Cash Flow from Investing Activities	-100.3
Proceeds from Borrowings	1,485.8
Repayment of Borrowings	-1,396.1
Dividends Paid	-23.8
Net Cash Flow from Financing Activities	65.9
Net Cash Flow During the Period	-92.2
Cash and Cash Equivalents at Beginning of Period	117.9
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	25.8

Explore Other Stocks In The Same Sector

GVR, DGC, NTP, RTB, PHR, AAA, APH, PAT, DPR, TRC, CSV, DRG, DRI, BRR, PRT, NHH, HVT, ADP, HII, VTZ, TNC, SBR, HRC, SIV, PLP, HDA, HSP, PBT, PCH, IRC, VNP, ECO, SFN, HNP, SDN, VTQ, DMS, DPC, PGN, PCM, DVG, VHG, NSG, KTT, BQP, NHP

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

HPP

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?

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency