Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 42.1bn, rose 18.3bn compared with the same period last year. Key positives came from better other profit. Offsetting pressure came mainly from higher tax, higher selling expenses, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.60x
- P/B
- 0.86x
- EPS
- 3,499
- BVPS
- 18,792
- ROE
- 19.7%
- ROA
- 16.3%
- Market price
- 16,100 15 Oct 2026
The current picture
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.
Profit bridge
Vs last year · TTM
- Other profit
- Tax
- Selling expenses
- Gross profit
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 | 114.7 | 106.6 | 112.1 | 114.4 | 100.0 | 122.4 | 99.8 | 104.3 |
| LNST | 28.6 | 3.6 | 5.3 | 4.5 | 4.6 | 10.1 | 5.2 | 3.8 |
| Net margin | 24.97% | 3.41% | 4.70% | 3.96% | 4.58% | 8.29% | 5.24% | 3.68% |
Revenue
115bnNet income
29bnNet margin
24.97%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 (+3.8pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
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.
- 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
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.
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.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 1.3pp YoY to 16.30% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 16.30% · YoY -1.3pp
Inventory 80.8bn — 29.26% of total assets, above the materials-group median (13.00%); ≈ 79 days of sales. Inventory is growing faster than revenue (37.03% vs 5.01% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 29.26% (group median 13.00%)
Days inventory outstanding: 79
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 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.
CCC is up by +21.2 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +7.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 12.1% to 19.7% — 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 −0.13x 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.
- Net Debt / Equity
- −0.13x
- Interest Coverage
- 6.50x −2.33x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
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 0,45 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 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.
What to verify next
Questions for the next period
Durability of revenue growth after the current +5,0% YoY pace.
Ability to hold margins around the current 9.40% level.
Cash-flow quality, with operating cash flow currently at 7.7bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.