Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 2.4bn, fell 7.6bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from higher administrative expenses and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 19.16x
- P/B
- 0.30x
- EPS
- 177
- BVPS
- 11,162
- ROE
- 1.6%
- ROA
- 1.4%
- Market price
- 3,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HVA is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Tax
- Administrative 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 | 23.0 | 27.4 | 20.0 | 20.2 | 20.6 | 15.1 | 1.2 | 0.3 |
| LNST | 0.1 | 1.2 | 0.1 | 1.0 | 2.3 | 6.1 | 1.2 | 0.4 |
| Net margin | 0.40% | 4.56% | 0.40% | 4.96% | 11.42% | 40.22% | 98.61% | 143.81% |
Revenue
23bnNet income
0bnNet margin
0.40%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 under pressure while earnings still rely significantly on non-core sources.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 144.0% year on year — but the quarterly pace is slowing (+6,850% → +12%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 91bn +144.0%
- Latest quarter YoY
- +12% slowing
What is driving the margin?
▼▼Net margin fell to 2.68%, losing 24.3pp. The main pressure comes from Gross margin fell 18.2pp and SG&A / Revenue rose 0.2pp (with lingering pressure from Net financial result / Revenue fell 12.0pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 2.68% −24.3pp
- Gross Margin
- 8.64% −18.2pp
- SG&A / Revenue
- 10.51% +0.2pp
- Non-core / Revenue
- 5.23% −12.0pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 12.0pp, financial result still accounts for 157.6% of PBT — earnings durability should be monitored in coming periods.
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 1.4bn against investing cash flow of -2.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was negative +0.9bn. Financing cash flow was positive +1.8bn.
CFO / net income was −0,44 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 157.6% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +156.8%, other profit at +0.8% of PBT.
- Non-core / PBT
- 157.6% high
- Net financial / PBT
- 156.8%
- Other profit / PBT
- 0.8%
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
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DuPont
What drives ROE?
ROE fell from 6.9% to 1.6% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 1.4bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.01x and interest coverage only at 1.73x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 215.3% of debt, and total debt stands at 1.9bn.
- Net Debt / Equity
- −0.01x
- Interest Coverage
- 1.73x
- Cash / Debt
- 215.3%
- Short-term Debt / Total Debt
- 100.0%
TTM YoY · 2025Q1 -> 2026Q1
Interest coverage is 1.73x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.15x equity, with a net cash position equivalent to 0.01x equity.
None
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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 24.3 pp. The next watchpoint is the earnings mix, when non-core contribution is 156.8%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 156.8% of PBT and CFO / net income currently at −0.44x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 2.68% after a 24.3pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +144,0% YoY pace or begins to slow.
Whether margins hold around the current 2.68% level or narrow again.
Whether operating cash flow holds its 1.4bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
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.