Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 44.4bn, fell 6.7bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from weaker other profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -1.96x
- P/B
- 0.32x
- EPS
- -1,069
- BVPS
- 6,645
- ROE
- -14.9%
- ROA
- -8.0%
- Market price
- 2,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, HVX is improving on both revenue and margins, though the magnitude is still moderate — 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
- Other profit
- Administrative expenses
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 | 107.7 | 104.5 | 116.2 | 125.6 | 84.8 | 86.4 | 109.6 | 97.1 |
| LNST | -12.4 | -13.6 | -8.9 | -9.5 | -13.7 | -6.3 | -8.3 | -9.5 |
| Net margin | -11.51% | -12.97% | -7.70% | -7.56% | -16.19% | -7.24% | -7.56% | -9.76% |
Revenue
108bnNet income
-12bnNet margin
-11.51%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.
What is driving the margin?
●Net margin stands at −9.78%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- −9.78% +0.2pp
- Gross Margin
- 6.57% +4.8pp
- SG&A / Revenue
- 6.73% −1.1pp
- Non-core / Revenue
- −9.62% −5.7pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 5.7pp, other income still accounts for 98.4% of PBT — earnings durability should be monitored in coming periods.
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. Capital structure is conservative with low leverage — liabilities at 0.83x equity, net debt at 0.25x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 4.8pp YoY to 6.57% (TTM).
Gross margin (TTM): 6.57% · YoY +4.8pp
Inventory 59.3bn — 11.21% of total assets, below the materials-group median (13.00%); ≈ 51 days of sales.
Inventory / assets: 11.21% (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 16.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 20.8 days versus the same period last year. The main moves came from DIO fell 19.1 days, DSO fell 13.9 days, and DPO fell 12.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE fell from −11.3% to −14.9% — dragged by leverage.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.25x and interest coverage only at −1.27x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 13.0% of debt, and total debt stands at 80.5bn.
Interest coverage is −1.27x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.25x −0.01x
- Interest Coverage
- −1.27x +6.05x
- Cash / Debt
- 13.0% −6.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 8.6bn in 2025, against investing cash flow of -0.3bn.
Post-investment cash flow was positive +8.3bn. Financing cash flow was negative +29.5bn.
CFO / net income was −0,34 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 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 leverage and liquidity remaining the main constraint, with interest coverage at −1.27x. The next watchpoint is the earnings mix, when non-core contribution is 5.6%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 5.6% of PBT and CFO / net income currently at −0.34x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.27x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +20,2% YoY pace.
Ability to hold margins around the current -9.78% level.
Cash-flow quality, with operating cash flow currently at 8.6bn in 2025.
From one stock to the whole portfolio
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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.
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or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.