Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 187.3bn, rose 197.0bn compared with the same period last year. Key positives came from higher financial income. Offsetting pressure came mainly from higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 1.58x
- P/B
- 0.45x
- EPS
- 4,309
- BVPS
- 14,973
- ROE
- 31.5%
- ROA
- 23.5%
- Market price
- 6,800 20 Oct 2026
The current picture
What Is Changing
On a TTM 2025Q3 basis, MHC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Financial income
- Finance costs
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 | — | — | 0.5 | 40.9 | 2.8 | 3.3 | 3.1 | 3.7 |
| LNST | 0.0 | 37.2 | 112.8 | 37.5 | -15.3 | 15.1 | -9.4 | -0.2 |
| Net margin | — | — | 22627.59% | 91.51% | -555.30% | 453.09% | -301.60% | -5.83% |
Revenue
0bnNet income
0bnNet margin
22627.59%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 371.41% +456.3pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (91.4% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲▲ROIC expanded to 24.57%, rising 25.6pp. That translates to 24.57 in after-tax operating profit for every 100 units of operating capital. NOPAT margin was not available and capital turnover was not available both supported ROIC, with invested capital holding roughly steady.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.15x equity, net debt at 0.25x equity.
None
Over the last 12 months, working capital absorbed 95.2bn of cash, mainly because of higher receivables and lower payables.
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.
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 1.75x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 39.0% of debt, and total debt stands at 25.3bn.
Interest coverage is 1.75x, 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 −0.34x
- Interest Coverage
- 1.75x +1.95x
- Cash / Debt
- 39.0% +37.8pp
- Short-term Debt / Total Debt
- 100.0% +46.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 487.7bn in 2025, against investing cash flow of -337.7bn.
Post-investment cash flow was positive +150.0bn. Financing cash flow was negative +140.6bn.
CFO / net income was 2,21 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 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 capital efficiency, with ROIC at 24.6%. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 1.75x.
- Improvement: capital efficiency is improving, with trailing-12M ROIC at 24.57%, up 25.6pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.21x. Even so, net financial result still accounts for 91.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.75x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +200,3% YoY pace.
Ability to hold margins around the current 394.46% level.
Cash-flow quality, with operating cash flow currently at 487.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
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.