Analysis of business results & financial statements · Quý 2/2026
▲▲ Improving positively
Trailing net profit reached 45.6bn, rose 21.2bn compared with the same period last year. Key positives came from better other profit and higher gross profit. Offsetting pressure came mainly from higher tax, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.24x
- P/B
- 0.90x
- EPS
- 3,795
- BVPS
- 17,928
- ROE
- 22.7%
- ROA
- 18.8%
- Market price
- 16,100 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 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.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- Tax
- Administrative expenses
- Selling expenses
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 | 129.3 | 114.7 | 106.6 | 112.1 | 114.4 | 100.0 | 122.4 | 99.8 |
| LNST | 8.1 | 28.6 | 3.6 | 5.3 | 4.5 | 4.6 | 10.1 | 5.2 |
| Net margin | 6.26% | 24.97% | 3.41% | 4.70% | 3.96% | 4.58% | 8.29% | 5.24% |
Revenue
129bnNet income
8bnNet margin
6.26%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 improved (+4.3pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 6.0% year on year, with the quarterly pace steady around +13%.
3 of the last 4 quarters grew year on year.
- Revenue TTM
- 463bn +6.0%
- Latest quarter YoY
- +13% steady
What is driving the margin?
▲▲Net margin expanded to 9.86%, rising 4.3pp. Core operating signals are improving as Gross margin rose 0.4pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (with additional support from Other profit / Revenue rose 5.9pp and Net financial result / Revenue rose 0.4pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 9.86% +4.3pp
- Gross Margin
- 17.41% +0.4pp
- SG&A / Revenue
- 10.48% +1.1pp
- Non-core / Revenue
- 5.51% +6.3pp
TTM YoY · 2025Q2 -> 2026Q2
Other income accounts for 45.3% of PBT and lifted net margin by 6.3pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 7.7bn against investing cash flow of -33.7bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +26.0bn. Financing cash flow was negative +18.8bn.
CFO / net income was 0,42 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 45.3% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at −1.0%, other profit at +45.3% of PBT.
- Non-core / PBT
- 45.3% high
- Net financial / PBT
- −1.0%
- Other profit / PBT
- 45.3%
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.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 16.4 days versus the same period last year. The main moves came from DIO rose 9.0 days, DSO rose 3.9 days, and DPO fell 3.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +16.4 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +3.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 13.3% to 22.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
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 −0.06x and interest coverage at 8.69x.
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
- −0.06x
- Interest Coverage
- 8.69x +1.86x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.15x equity, with a net cash position equivalent to 0.06x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 0.4pp YoY to 17.41% (TTM).
Gross margin (TTM): 17.41% · YoY +0.4pp
Inventory 79.2bn — 30.18% of total assets, above the materials-group median (13.00%); ≈ 76 days of sales. Inventory is growing faster than revenue (6.61% vs 6.01% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 30.18% (group median 13.00%)
Days inventory outstanding: 76
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.
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 4.3 pp. The next item to monitor is the earnings mix, when non-core contribution is −1.0%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.86% after expanding 4.3pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −1.0% of PBT and CFO / net income currently at 0.42x.
What to verify next
Questions for the next period
Whether revenue sustains its +6,0% YoY pace or begins to slow.
Whether margins hold around the current 9.86% level or narrow again.
Whether operating cash flow holds its 7.7bn (cumulative for 2025) level in upcoming periods or weakens.
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