Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 9.8bn, rose 6.5bn compared with the same period last year. Key positives came from higher financial income and lower finance costs. Offsetting pressure came mainly from higher tax and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 30.61x
- P/B
- 0.74x
- EPS
- 254
- BVPS
- 10,452
- ROE
- 2.3%
- ROA
- 2.2%
- Market price
- 7,770 16 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q3 basis, HSL posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — 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
- Financial income
- Finance costs
- Tax
- Other profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | 10.3 | 27.3 | 8.7 | 11.2 | 18.4 |
| LNST | 3.6 | 7.0 | -0.9 | 0.1 | -1.9 | 3.0 | 1.0 | 1.3 |
| Net margin | — | — | — | 1.40% | -7.09% | 34.05% | 8.55% | 6.97% |
Revenue
10bnNet income
4bnNet margin
1.40%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 0.37% +15.9pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q2 -> 2026Q2
Margin support from financial result remains high (134.2% of PBT) — sustainability should be monitored.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -159.7bn against investing cash flow of 160.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +10.2bn.
CFO / net income was −24,81 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 134.2% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +128.3%, other profit at +5.9% of PBT.
- Non-core / PBT
- 134.2% high
- Net financial / PBT
- 128.3%
- Other profit / PBT
- 5.9%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
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.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.01x and interest coverage only at 1.63x.
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
- 0.01x
- Interest Coverage
- 1.63x +1.26x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is 1.63x, leaving limited room to absorb financing costs.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.05x equity, net debt at 0.01x equity.
None
Over the last 12 months, working capital absorbed 267.6bn of cash, mainly because of higher receivables and lower payables.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 1.63x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 128.3% of PBT and CFO / net income currently at −24.81x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.63x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −79,2% YoY decline or keeps falling.
Whether margins hold around the current 17.03% level or narrow again.
Whether operating cash flow holds its -159.7bn (cumulative for 2025) level in upcoming periods or weakens.
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.