Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 18.0bn, rose 5.7bn compared with the same period last year. Key positives came from lower administrative expenses, lower finance costs, higher associates income, and lower minority interests. Offsetting pressure came mainly from lower gross profit, lower financial income, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -125.61x
- P/B
- 1.04x
- EPS
- -82
- BVPS
- 9,895
- ROE
- -0.8%
- ROA
- -0.6%
- Market price
- 10,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HTM is under pressure on both revenue and margins simultaneously — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Finance costs
- Associates income
- Minority interests
- Gross profit
- Financial income
- Other 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 | 96.0 | 104.3 | 105.8 | 113.8 | 125.8 | 382.5 | 99.5 | 99.9 |
| LNST | 4.5 | -17.7 | -10.1 | 2.0 | 2.9 | -6.2 | -13.0 | -8.2 |
| Net margin | 4.67% | -16.97% | -9.55% | 1.73% | 2.34% | -1.61% | -13.10% | -8.17% |
Revenue
96bnNet income
4bnNet margin
4.67%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin fell to −5.08%, losing 1.6pp. The main pressure is Gross margin fell 23.7pp, outweighing the improvement in SG&A / Revenue fell 11.1pp (in addition, Net financial result / Revenue rose 10.2pp added support while Other profit / Revenue fell 1.1pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −5.08% −1.6pp
- Gross Margin
- 28.93% −23.7pp
- SG&A / Revenue
- 35.14% −11.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at −0.64%, broadly flat versus the same period. That translates to −0.64 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.5pp, but capital turnover fell 0.08x, with invested capital easing slightly by 266bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently −0.64% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.40x equity, net debt at 0.13x equity.
None
Over the last 12 months, working capital released 390.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 70.7 days versus the same period last year. The main moves came from DIO rose 6.3 days, DSO rose 54.8 days, and DPO fell 9.6 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 220.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +54.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at −1.0% — the components are offsetting one another.
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 0.13x and interest coverage only at −0.31x.
At present, short-term debt accounts for 83.0% of total debt, cash equals 14.4% of debt, and total debt stands at 321.1bn.
Interest coverage is −0.31x, leaving limited room to absorb financing costs.
Short-term debt accounts for 83.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.13x −0.16x
- Interest Coverage
- −0.31x −0.14x
- Cash / Debt
- 14.4% +9.7pp
- Short-term Debt / Total Debt
- 83.0% −0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 47.6bn in 2025, against investing cash flow of -59.6bn.
Post-investment cash flow was negative +11.9bn. Financing cash flow was negative +15.7bn.
CFO / net income was −24,51 lần.
After spending +68.4bn on fixed-asset investment, the business generated trailing free cash flow of +373.6bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is 19.0%. The main risk still sits in core profitability, with net margin down 1.6 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 254.9bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.0% of PBT and CFO / net income currently at −24.51x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -5.08% after a 1.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −40,7% YoY decline.
Ability to hold margins around the current -5.08% level.
Cash-flow quality, with operating cash flow currently at 47.6bn in 2025.
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