Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 43.3bn, fell 4.4bn compared with the same period last year. Key positives came from higher financial income, lower administrative expenses, lower tax, and better other profit. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.40x
- P/B
- 1.09x
- EPS
- 1,805
- BVPS
- 23,769
- ROE
- 7.4%
- ROA
- 3.6%
- Market price
- 26,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MH3 is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Financial income
- Administrative expenses
- Tax
- Other profit
- 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 | 24.7 | 23.5 | 25.5 | 26.2 | 22.5 | 25.1 | 22.8 | 24.4 |
| LNST | 11.2 | 7.9 | 12.1 | 12.1 | 10.5 | 9.8 | 6.0 | 21.4 |
| Net margin | 45.39% | 33.55% | 47.51% | 46.19% | 46.56% | 39.26% | 26.21% | 87.79% |
Revenue
25bnNet income
11bnNet margin
45.39%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.
What is driving the margin?
▼▼Net margin fell to 43.36%, losing 7.0pp. The main pressure is Gross margin fell 11.4pp, outweighing the improvement in SG&A / Revenue fell 2.5pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 0.2pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 43.36% −7.0pp
- Gross Margin
- 32.34% −11.4pp
- SG&A / Revenue
- 18.46% −2.5pp
- Non-core / Revenue
- 40.69% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (74.6% of PBT) — sustainability should be monitored.
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 relatively light for the real estate sector — liabilities at 1.03x equity, with a net cash position equivalent to 0.00x equity.
Unearned revenue 570.6bn (as of 2026Q1, 47.66% of total assets) — land-lease cash already collected, waiting to be amortised into revenue; ≈ 5.7 years of current revenue already banked. For a collect-upfront park amortising over 30-50 years, accounting profit typically UNDERSTATES true cash health — the cash arrived long ago; accounting recognises it gradually. Over the last four quarters, operating cash flow was 4.6bn vs net profit 43.3bn — 0.11x.
Unearned revenue (ST + LT): 570.6bn
Share of total assets: 47.66%
Years of revenue banked: 5.7
CFO / NPAT (TTM): 0.11x
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.4 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 7.2 days, and DPO fell 5.7 days.
Working capital cycle is flat — components are offsetting each other.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 8.0% to 7.4% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 8.1bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
- Net Debt / Equity
- −0.00x
- Interest Coverage
- None
- 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 8.1bn in 2025, against investing cash flow of 38.6bn.
Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +38.7bn.
CFO / net income was 0,11 lần.
After spending +1.9bn on fixed-asset investment, the business generated trailing free cash flow of +2.7bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
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 7.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 72.5%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.00x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 72.5% of PBT and CFO / net income currently at 0.11x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 43.36% after a 7.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +5,4% YoY pace.
Ability to hold margins around the current 43.36% level.
Cash-flow quality, with operating cash flow currently at 8.1bn in 2025.
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.