Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 11.6bn, rose 48.1bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from lower financial income, higher minority interests, weaker other profit, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.72x
- P/B
- 0.28x
- EPS
- 566
- BVPS
- 19,757
- ROE
- 2.9%
- ROA
- 1.0%
- Market price
- 5,500 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HSM has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Financial income
- Minority interests
- Other profit
- Administrative expenses
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 | 298.2 | 343.3 | 314.8 | 276.3 | 290.9 | 298.8 | 292.0 | 275.9 |
| LNST | 9.5 | 4.5 | 3.1 | -2.0 | 7.6 | -1.2 | 5.5 | -53.8 |
| Net margin | 3.17% | 1.30% | 0.98% | -0.74% | 2.62% | -0.41% | 1.88% | -19.51% |
Revenue
298bnNet income
9bnNet margin
3.17%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 1.22%, rising 4.8pp. The main driver is Gross margin rose 3.3pp and SG&A / Revenue fell 0.1pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 2.0pp added support while Other profit / Revenue fell 0.5pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.22% +4.8pp
- Gross Margin
- 12.43% +3.3pp
- SG&A / Revenue
- 8.64% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 60.2 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 1.51%, rising 5.2pp. That translates to 1.51 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.6pp and capital turnover rose 0.21x, while invested capital contracted by 115bn — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 1.51% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.92x equity, net debt at 1.40x equity.
Inventory ended the period at 206.4bn, roughly 17.9% of total assets.
Over the last 12 months, working capital absorbed 18.9bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.9 days versus the same period last year. The main moves came from DIO fell 3.2 days, DSO fell 4.4 days, and DPO rose 0.3 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE rose from −10.4% to 3.8% — supported by net margin and asset turnover.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.40x and interest coverage only at 0.42x.
At present, short-term debt accounts for 47.9% of total debt, cash equals 4.0% of debt, and total debt stands at 590.5bn.
Net debt / equity stands at 1.40x, increasing balance-sheet pressure.
Interest coverage is 0.42x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.40x +0.07x
- Interest Coverage
- 0.42x +0.97x
- Cash / Debt
- 4.0% −10.1pp
- Short-term Debt / Total Debt
- 47.9% +2.8pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 68.6bn in 2025, against investing cash flow of -40.6bn.
Post-investment cash flow was positive +28.0bn. Financing cash flow was negative +22.0bn.
CFO / net income was 7,23 lần.
After spending +52.7bn on fixed-asset investment, the business generated trailing free cash flow of +31.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 4.8 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 1.5%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.22% after expanding 4.8pp versus the same period last year.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +6,5% YoY pace.
Ability to hold margins around the current 1.22% level.
Cash-flow quality, with operating cash flow currently at 68.6bn in 2025.
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