HSP

Sơn Tổng hợp Hà Nội ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.40%, +3.82pp YoY

Price

16,200

Latest close

01 Jun 2026

P/E 4.63x

P/B 0.86x

EPS 3,499

BVPS 18,792

ROE 19.7%

ROA 16.3%

Profit Margin 9.4%

Asset Turnover 1.73x

Equity Mult. 1.21x

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

What Is Changing

On a TTM 2026Q1 basis, HSP has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 448bn
	                                
+5.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 42bn
	                                
+76.9%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    52.1%

Metric	2025	2024	2023	2022	2021
Revenue	433.1	417.3	419.4	462.8	436.6
Growth	+4%	-1%	-9%	+6%	—
Net Income	20.5	20.8	15.3	12.3	11.4
Net Margin	4.74%	4.98%	3.64%	2.65%	2.61%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	114.7	106.6	112.1	114.4	100.0	122.4	99.8	104.3	91.0	116.7	97.6	103.3
Growth	+8%	-5%	-2%	+14%	-18%	+23%	-4%	+15%	-22%	+19%	-5%	—
Net Income	28.6	3.6	5.3	4.5	4.6	10.1	5.2	3.8	2.5	5.4	4.6	3.1
Net Margin	24.97%	3.41%	4.70%	3.96%	4.58%	8.29%	5.24%	3.68%	2.78%	4.60%	4.76%	3.01%

Drivers of HSP's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 28.6bn

Tax ↑ 5.3bn

Selling expenses ↑ 2.4bn

Gross profit ↓ 1.9bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 27.9bn

Gross profit ↑ 3.7bn

Tax ↑ 6.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.1% = 5.6% × 1.75 × 1.24

2026Q1 19.7% = 9.4% × 1.73 × 1.21

ROE rose from 12.1% to 19.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 9.4% +3.8pp Asset turnover: 1.73x -0.02x Leverage: 1.21x -0.03x

Is the profit sustainable?

Margins improved (+3.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.40%, rising 3.8pp. Despite pressure from Gross margin fell 1.3pp and SG&A / Revenue rose 0.2pp, the offset came from Other profit / Revenue rose 6.4pp (pressure remains from Net financial result / Revenue fell 0.1pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 9.40% +3.8pp

Gross Margin 16.30% −1.3pp

SG&A / Revenue 10.36% +0.2pp

Non-core / Revenue 5.86% +6.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 52.1% of PBT and lifted net margin by 6.3pp — separate the operating contribution from this source.

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.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 4.50% −1.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.15x equity, with a net cash position equivalent to 0.13x equity.

Inventory ended the period at 84.0bn, roughly 37.0% 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

Cash conversion cycle lengthened by 21.2 days versus the same period last year. The main moves came from DIO rose 11.6 days, DSO rose 7.8 days, and DPO fell 1.8 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +21.2 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +7.8 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 33.6 days +7.8 days

Inventory 68.5 days +11.6 days

Payables 20.9 days −1.8 days

Cash Conversion Cycle 81.2 days +21.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 7.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.13x and interest coverage at 6.50x.

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.

Leverage and liquidity trend

Net Debt / Equity -0.13x —

Interest Coverage 6.50x −2.33x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.45x +1.17x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.7bn in 2025, against investing cash flow of -33.7bn.

Post-investment cash flow was negative +26.0bn. Financing cash flow was negative +18.8bn.

CFO / net income was 0.45x.

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.

Cash Conversion

CFO TTM 19.1bn +36.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

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 3.8 pp. The next item to monitor is the earnings mix, when non-core contribution is -2.4%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.40% after expanding 3.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -2.4% of PBT and CFO / net income currently at 0.45x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	433.3	417.5	419.7	463.2	436.7
Revenue Deductions	0.2	0.2	0.3	0.4	0.0
Net Revenue	433.1	417.3	419.4	462.8	436.6
Cost of Goods Sold	360.6	345.8	360.2	405.0	0.0
Gross Profit	72.4	71.6	59.2	57.9	50.4
Financial Income	2.9	2.6	3.3	1.9	3.6
Financial Expenses	3.7	2.3	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	17.3	14.4	14.5	11.8	-12.9
General and Administrative Expenses	28.3	30.1	28.8	31.6	-27.2
Operating Profit	25.9	27.3	19.2	16.4	14.0
Other Income	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.9	0.0	0.2	0.0
Other Profit	-0.1	-0.9	0.0	-0.2	0.3
Profit Before Tax	25.9	26.4	19.2	16.2	14.3
Current Income Tax Expense	5.3	5.6	4.0	3.9	-2.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	20.5	20.8	15.3	12.3	11.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	20.5	20.8	15.3	12.3	11.4
Earnings per Share	1,708.00	1,727.00	1,268.00	1,019.00	948.70
Diluted EPS	1,707.83	1,727.18	1,268.37	1,019.42	948.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	207.0	208.6	203.4	206.5	195.8
I. Cash and cash equivalents	45.3	90.1	81.7	73.1	38.6
1. Cash	45.3	63.1	65.7	63.1	0.0
2. Cash equivalents	—	27.0	16.0	10.0	0.0
II. Short-term financial investments	58.0	25.0	37.0	27.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	58.0	25.0	37.0	27.0	0.0
III. Short-term receivables	17.9	24.3	24.2	28.8	29.3
1. Short-term trade accounts receivable	16.2	23.5	22.6	27.6	0.0
2. Short-term prepayments to suppliers	0.4	0.2	0.4	0.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.3	0.6	1.2	0.7	0.0
7. Provision for short-term doubtful debts (*)	-0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	84.0	69.1	60.5	77.6	94.6
1. Inventories	85.0	69.1	60.5	77.6	0.0
2. Provision for decline in value of inventories	-1.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	0.1	0.0	0.0	0.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.3	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.3	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	20.2	20.2	19.4	22.7	26.0
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	19.3	19.0	19.2	22.4	26.0
1. Tangible fixed assets	9.7	8.7	8.6	10.7	13.3
- Cost	100.8	98.8	96.5	96.1	0.0
- Accumulated depreciation	-91.1	-90.1	-88.0	-85.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.6	10.3	10.7	11.7	12.8
- Cost	18.7	18.7	18.4	18.4	0.0
- Accumulated depreciation	-9.2	-8.4	-7.8	-6.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.0	1.2	0.1	0.2	0.0
1. Long-term prepayments	1.0	1.2	0.1	0.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	227.2	228.8	222.8	229.2	221.8
A. LIABILITIES (300=210+330)	29.8	32.2	32.4	42.4	37.1
I. Short -term liabilities	29.8	32.2	32.4	42.4	37.1
1. Short-term trade accounts payable	6.7	7.8	10.0	18.3	15.9
2. Short-term advances from customers	2.7	3.5	1.0	0.5	0.0
3. Taxes and other payables to state authorities	1.7	1.2	2.3	1.6	0.0
4. Payable to employees	9.0	7.9	5.4	7.8	0.0
5. Short-term acrrued expenses	1.6	1.7	4.5	5.5	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	4.0	6.8	6.6	6.6	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	5.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	3.2	2.6	2.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	197.4	196.6	190.4	186.7	184.7
I. Owner's equity	197.4	196.6	190.4	186.7	0.0
1. Owner's capital	120.3	120.3	120.3	120.3	184.7
- Common stock with voting right	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	14.1	14.1	14.1	14.1	14.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	39.2	38.2	38.2	38.2	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.3	3.3	2.5	1.9	0.0
11. Undistributed earnings after tax	20.6	20.9	15.3	12.3	11.5
- Accumulated retained earning at the end of the previous period	0.0	0.1	0.1	0.1	0.1
- Undistributed earnings in this period	20.5	20.8	15.3	12.3	11.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	227.2	228.8	222.8	229.2	221.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	25.9	26.4	19.2	16.2	0.0
Depreciation of Fixed Assets and Investment Property	3.2	2.8	3.6	4.9	0.0
Provision (Increase)/Reversal	1.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.1	0.0
Gain/Loss from Investment Activities	-3.0	-2.5	-3.3	-1.9	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	27.1	26.6	19.5	19.1	0.0
Increase/(Decrease) in Receivables	-1.4	-11.9	10.9	-1.1	0.0
Increase/(Decrease) in Inventory	-15.9	-8.6	17.2	16.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.8	5.6	-9.8	5.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	-1.1	0.1	-0.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.0	-5.7	-4.4	-3.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-0.2	-0.2	0.0
Net Cash Flow from Operating Activities	7.7	4.8	33.3	37.4	-5.1
Payments for Fixed Assets and Other Long-term Assets	-3.5	-2.6	-0.4	-1.9	-6.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.9	0.0
Loans and Purchases of Debt Instruments	-149.0	-149.0	-68.0	-37.0	-11.2
Receipts from Loan Repayments and Sale of Debt Instruments	116.0	167.0	52.0	43.2	21.2
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.7	1.9	2.7	1.7	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-33.7	17.3	-13.7	7.0	4.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-18.8	-13.7	-11.0	-9.8	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-18.8	-13.7	-11.0	-9.8	0.0
Net Cash Flow During the Period	-44.8	8.4	8.6	34.5	3.2
Cash and Cash Equivalents at Beginning of Period	90.1	81.7	73.1	38.5	28.0
FX Difference from Revaluation	0.0	0.0	0.0	0.1	0.0
Cash and Cash Equivalents at End of Period	45.3	90.1	81.7	73.1	38.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	120.5	116.7	120.0	126.4	100.1	122.5	99.8	104.3	91.0	116.7	97.6	103.3
Revenue Deductions	5.8	10.2	7.9	12.0	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	114.7	106.6	112.1	114.4	100.0	122.4	99.8	104.3	91.0	116.7	97.6	103.3
Cost of Goods Sold	96.4	86.1	95.7	96.5	85.5	92.1	87.9	86.0	79.9	97.3	85.2	88.6
Gross Profit	18.3	20.5	16.4	17.8	14.5	30.3	11.8	18.3	11.0	19.4	12.4	14.7
Financial Income	0.8	0.7	0.7	0.3	0.9	-0.1	1.4	0.3	1.8	2.0	1.1	0.0
Financial Expenses	1.1	0.8	0.8	1.2	1.0	2.4	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.5	7.1	2.4	4.5	3.3	5.2	2.4	4.2	2.9	5.6	2.1	2.4
General and Administrative Expenses	6.3	8.6	7.3	6.6	5.2	10.4	3.3	9.5	6.7	9.0	5.6	8.5
Operating Profit	8.1	4.7	6.7	5.8	5.9	12.1	7.5	4.8	3.2	6.7	5.8	3.9
Other Income	28.4	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.7	0.1	0.0	0.1	0.2	0.7	0.2	0.0	0.0	0.0	0.0	0.0
Other Profit	27.7	-0.0	-0.0	-0.1	-0.2	-0.7	-0.2	-0.0	0.0	0.0	-0.0	-0.0
Profit Before Tax	35.8	4.6	6.6	5.7	5.8	11.4	7.3	4.8	3.2	6.7	5.8	3.9
Current Income Tax Expense	7.2	1.0	1.4	1.2	1.2	1.3	2.0	1.0	0.7	1.4	1.2	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	28.6	3.6	5.3	4.5	4.6	10.1	5.2	3.8	2.5	5.4	4.6	3.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	28.6	3.6	5.3	4.5	4.6	10.1	5.2	3.8	2.5	5.4	4.6	3.1
Earnings per Share	2,381.36	302.45	437.74	376.97	380.55	843.02	435.03	319.31	210.46	446.08	386.53	258.30
Diluted EPS	2,381.36	302.45	437.74	376.97	380.55	843.02	435.03	319.31	210.46	446.08	386.53	258.30

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	257.0	206.5	203.0	203.5	221.7	208.6	214.8	209.2	226.6	203.4	203.7	197.5
I. Cash and cash equivalents	33.5	45.3	45.1	56.8	79.8	90.1	91.6	67.5	111.3	65.7	44.3	47.9
1. Cash	33.5	45.3	45.1	45.8	68.8	63.1	80.6	56.5	100.3	65.7	44.3	47.9
2. Cash equivalents	—	—	—	11.0	11.0	27.0	11.0	11.0	11.0	0.0	0.0	0.0
II. Short-term financial investments	72.0	58.0	58.0	47.0	47.0	25.0	47.0	47.0	37.0	53.0	47.0	47.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	72.0	58.0	58.0	47.0	47.0	25.0	47.0	47.0	37.0	53.0	47.0	47.0
III. Short-term receivables	49.8	17.5	39.9	25.0	36.0	24.3	37.2	40.5	27.6	24.2	44.2	35.1
1. Short-term trade accounts receivable	47.3	16.3	38.1	24.1	35.1	23.5	34.6	38.9	25.2	22.6	37.7	33.9
2. Short-term prepayments to suppliers	1.6	0.4	1.1	0.2	0.2	0.2	1.5	0.5	1.2	0.4	6.5	0.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.9	0.8	0.8	0.6	0.6	0.6	1.2	1.2	1.2	1.2	0.0	0.7
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	80.8	84.0	60.0	74.3	58.9	69.1	39.0	54.2	50.7	60.5	68.2	67.5
1. Inventories	81.8	85.0	60.0	74.3	58.9	69.1	39.0	54.2	50.7	60.5	68.2	67.5
2. Provision for decline in value of inventories	-1.0	-1.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	21.0	1.7	0.0	0.4	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.3	0.0	0.4	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	20.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	19.0	20.2	21.1	19.0	19.4	20.2	18.2	18.4	18.6	19.3	20.3	20.9
I. Long-term receivables	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	18.2	19.3	20.0	17.9	18.3	19.0	17.7	18.3	18.5	19.2	20.2	20.7
1. Tangible fixed assets	9.0	9.7	10.2	8.0	8.1	8.5	7.5	7.9	8.0	8.6	9.2	9.5
- Cost	100.8	—	—	—	—	98.6	97.0	96.9	96.5	96.5	96.5	96.1
- Accumulated depreciation	-91.8	—	—	—	—	-90.1	-89.5	-89.0	-88.5	-88.0	-87.3	-86.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.1	9.6	9.7	9.9	10.1	10.5	10.2	10.4	10.5	10.7	10.9	11.2
- Cost	17.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-8.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.8	1.0	1.0	1.0	1.1	1.1	0.5	0.1	0.1	0.1	0.1	0.2
1. Long-term prepayments	0.8	1.0	1.0	1.0	1.1	1.1	0.5	0.1	0.1	0.1	0.1	0.2
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	276.0	226.7	224.1	222.6	241.1	228.7	232.9	227.6	245.2	222.7	224.0	218.3
A. LIABILITIES (300=210+330)	50.0	29.4	32.8	36.6	39.9	31.8	45.6	45.4	53.1	32.1	38.8	37.8
I. Short -term liabilities	50.0	29.4	32.8	36.6	39.9	31.8	45.6	45.4	53.1	32.1	38.8	37.8
1. Short-term trade accounts payable	26.0	6.7	12.6	12.2	17.0	7.8	20.2	23.0	26.9	10.0	19.9	18.6
2. Short-term advances from customers	0.9	2.8	0.8	5.6	1.8	3.5	5.3	1.3	7.4	1.0	0.0	0.1
3. Taxes and other payables to state authorities	7.2	1.7	2.4	1.1	2.4	1.2	2.5	1.3	1.6	2.3	1.1	1.6
4. Payable to employees	5.6	8.6	6.9	5.5	5.0	5.4	3.8	2.6	0.2	5.4	3.1	1.4
5. Short-term acrrued expenses	1.7	1.2	1.2	1.6	2.2	3.5	3.6	5.8	4.5	4.1	5.5	5.5
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.5	4.3	4.8	6.4	8.4	2.7	2.4	2.3	2.2	2.1	2.1	2.0
10. Short-term borrowings and financial leases	—	—	—	—	—	4.5	4.5	5.8	7.0	4.5	4.5	5.8
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	4.1	4.1	4.2	3.2	3.2	3.3	3.3	3.4	2.6	2.7	2.7
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	226.0	197.3	191.3	185.9	201.2	196.9	187.4	182.2	192.1	190.5	185.2	180.6
I. Owner's equity	226.0	197.3	191.3	185.9	201.2	196.9	187.4	182.2	192.1	190.5	185.2	180.6
1. Owner's capital	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3
- Common stock with voting right	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00	120,270,860,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	39.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2
9. Fund to support corporate restructuring	—	1.0	1.0	1.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	2.5	2.5	2.5
11. Undistributed earnings after tax	49.2	20.5	14.4	9.1	25.4	21.2	11.6	6.5	16.3	15.5	10.2	5.5
- Accumulated retained earning at the end of the previous period	20.6	0.0	0.0	0.0	20.9	0.1	0.1	0.1	13.8	-1.1	-1.1	-1.1
- Undistributed earnings in this period	28.6	20.5	14.4	9.1	4.6	21.1	11.5	6.4	2.5	16.7	11.3	6.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	276.0	226.7	224.1	222.6	241.1	228.7	232.9	227.6	245.2	222.7	224.0	218.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	14.3	—	11.5	—	0.0	-8.0	8.0	0.0	19.2	-8.4	8.4
Depreciation of Fixed Assets and Investment Property	—	1.7	—	1.5	—	0.0	-1.4	1.4	0.0	3.6	-1.8	1.8
Provision (Increase)/Reversal	—	1.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	-0.0	—	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-1.6	—	-1.4	—	0.0	1.3	-1.3	0.0	-3.3	1.7	-1.7
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	15.4	—	11.7	—	0.0	-8.0	8.0	0.0	19.5	-8.5	8.5
Increase/(Decrease) in Receivables	—	3.1	—	-4.4	—	0.0	-8.2	8.2	0.0	10.9	16.5	-16.5
Increase/(Decrease) in Inventory	—	-10.6	—	-5.3	—	0.0	-6.3	6.3	0.0	17.2	-10.2	10.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-4.3	—	7.1	—	0.0	-14.4	14.4	0.0	-9.8	4.5	-4.5
Increase/(Decrease) in Prepaid Expenses	—	0.0	—	0.2	—	0.0	0.0	-0.0	0.0	0.1	-0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.6	-1.4	-1.1	-1.2	-1.3	3.7	-1.6	-0.6	-1.5	-1.0	-1.3	0.1
Other Operating Receipts	0.5	—	—	—	—	-146.5	146.5	-55.5	55.5	-44.5	44.5	-12.5
Other Operating Payments	-9.7	26.6	-26.7	2.2	-2.3	11.1	-11.1	3.0	-3.0	10.0	-10.2	2.3
Net Cash Flow from Operating Activities	22.2	1.4	-0.4	-4.0	10.8	-17.6	-17.3	7.0	27.9	43.7	-6.0	-22.1
Payments for Fixed Assets and Other Long-term Assets	—	-3.3	0.3	-0.5	—	0.5	-0.0	-0.4	0.0	0.0	-0.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Loans and Purchases of Debt Instruments	—	-97.0	—	-52.0	—	0.0	91.0	-91.0	0.0	-68.0	20.0	-20.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	91.0	—	25.0	—	0.0	-86.0	86.0	0.0	52.0	-10.0	10.0
Investments in Other Entities	-20.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	1.5	—	0.3	0.9	-2.8	0.7	0.3	1.8	0.8	1.8	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-34.0	-27.5	20.1	-21.2	-5.1	2.7	0.6	-10.1	6.8	-5.2	1.4	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.6	0.6	-18.8	—	0.0	13.7	-13.7	0.0	-11.0	11.0	-11.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-0.6	0.6	-18.8	—	0.0	13.7	-13.7	0.0	-11.0	11.0	-11.0
Net Cash Flow During the Period	-11.8	-26.7	20.2	-44.0	5.7	-14.9	-2.9	-16.8	34.6	27.4	6.3	-33.1
Cash and Cash Equivalents at Beginning of Period	45.3	45.1	51.8	68.8	63.1	0.0	65.7	81.7	65.7	73.1	63.1	73.1
FX Difference from Revaluation	—	0.0	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	33.5	45.3	45.1	51.8	68.8	0.0	80.6	99.5	100.3	81.7	44.3	47.9

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HSP

What Is Changing

Drivers of HSP's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▼

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow