Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 4.4bn, fell 3.5bn compared with the same period last year. Key positives came from higher financial income and lower minority interests. Offsetting pressure came mainly from higher finance costs, higher tax, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 67.34x
- P/B
- 0.65x
- EPS
- 115
- BVPS
- 11,903
- ROE
- 1.0%
- ROA
- 0.9%
- Market price
- 7,770 16 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q3 basis, HSL is in an offsetting state — revenue softened slightly but margins improved — 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
- Minority interests
- Finance costs
- Tax
- Other profit
- Administrative expenses
- 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 | — | — | 10.3 | 27.3 | 8.7 | 11.2 | 18.4 | 69.1 |
| LNST | 7.0 | -0.9 | 0.1 | -1.9 | 3.0 | 1.0 | 1.3 | 3.0 |
| Net margin | — | — | 1.40% | -7.09% | 34.05% | 8.55% | 6.97% | 4.29% |
Revenue
10bnNet income
7bnNet 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% +4.5pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (150.7% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC fell to 0.33%, losing 1.6pp. That translates to 0.33 in after-tax operating profit for every 100 units of operating capital. ROIC is under pressure as NOPAT margin was not available and capital turnover was not available have not provided enough support, with invested capital holding roughly steady.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 0.33% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC declined — the balance sheet shows how capital is being deployed. Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.10x equity.
None
Over the last 12 months, working capital absorbed 93.4bn of cash, mainly because of higher receivables and higher inventories.
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 −0.10x and interest coverage only at 0.72x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2614.3% of debt, and total debt stands at 1.9bn.
Interest coverage is 0.72x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.10x −0.09x
- Interest Coverage
- 0.72x −5.62x
- Cash / Debt
- 2614.3% +2468.8pp
- Short-term Debt / Total Debt
- 100.0% +38.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -159.7bn in 2025, against investing cash flow of 160.3bn.
Post-investment cash flow was positive +0.6bn. Financing cash flow was negative +10.2bn.
CFO / net income was −16,31 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.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 0.3%. The next watchpoint is the earnings mix, when non-core contribution is 142.0%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 142.0% of PBT and CFO / net income currently at −16.31x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −79,2% YoY decline.
Ability to hold margins around the current 7.46% level.
Cash-flow quality, with operating cash flow currently at -159.7bn in 2025.
From one stock to the whole portfolio
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