Analysis of business results & financial statements · Quý 2/2026
▲ Slightly positive
Trailing net profit reached 42.2bn, fell 4.4bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, and lower administrative expenses. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -2.07x
- P/B
- 0.32x
- EPS
- -1,015
- BVPS
- 6,469
- ROE
- -14.6%
- ROA
- -7.6%
- Market price
- 2,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, HVX is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held 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
- Gross profit
- Finance costs
- Administrative expenses
- Other profit
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 | 252.3 | 107.7 | 104.5 | 116.2 | 125.6 | 84.8 | 86.4 | 109.6 |
| LNST | -7.3 | -12.4 | -13.6 | -8.9 | -9.5 | -13.7 | -6.3 | -8.3 |
| Net margin | -2.88% | -11.51% | -12.97% | -7.70% | -7.56% | -16.19% | -7.24% | -7.56% |
Revenue
252bnNet income
-7bnNet margin
-2.88%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 42.9% year on year — not from a single spike: quarterly growth stepped up from +6% to +101%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 581bn +42.9%
- Latest quarter YoY
- +101% accelerating
What is driving the margin?
▲Net margin expanded to −7.26%, rising 2.0pp. The main driver is SG&A / Revenue fell 2.5pp and Gross margin rose 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 1.3pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- −7.26% +2.0pp
- Gross Margin
- 4.98% +0.3pp
- SG&A / Revenue
- 5.20% −2.5pp
- Non-core / Revenue
- −7.03% −0.8pp
TTM YoY · 2025Q2 -> 2026Q2
Even though contribution decreased by 0.8pp, other income still accounts for 96.9% 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 8.6bn against investing cash flow of -0.3bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +8.3bn. Financing cash flow was negative +29.5bn.
CFO / net income was −0,18 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 96.9% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +5.3%, other profit at +91.6% of PBT.
- Non-core / PBT
- 96.9% high
- Net financial / PBT
- 5.3%
- Other profit / PBT
- 91.6%
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 6.2 days versus the same period last year. The main moves came from DIO fell 24.7 days, DSO fell 9.3 days, and DPO fell 40.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +6.2 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE fell from −11.5% to −14.6% — the components are broadly offsetting.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.26x and interest coverage only at −1.58x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 8.6% of debt, and total debt stands at 75.0bn.
- Net Debt / Equity
- 0.26x +0.01x
- Interest Coverage
- −1.58x +3.15x
- Cash / Debt
- 8.6% −14.7pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −1.58x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.83x equity, net debt at 0.26x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 0.3pp YoY to 4.98% (TTM).
Gross margin (TTM): 4.98% · YoY +0.3pp
Inventory 77.2bn — 14.47% of total assets, above the materials-group median (13.00%); ≈ 51 days of sales.
Inventory / assets: 14.47% (group median 13.00%)
Days inventory outstanding: 51
Inventory ended the period at 76.8bn, roughly 14.6% of total assets.
Over the last 12 months, working capital released 17.3bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
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 2.0 pp. The next item to monitor is the earnings mix, when non-core contribution is 5.3%. The main risk still sits in leverage and liquidity, with interest coverage at −1.58x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -7.26% after expanding 2.0pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 5.3% of PBT and CFO / net income currently at −0.18x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.58x.
What to verify next
Questions for the next period
Whether revenue sustains its +42,9% YoY pace or begins to slow.
Whether margins hold around the current -7.26% level or narrow again.
Whether operating cash flow holds its 8.6bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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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.