HC1

Xây dựng Số 1 Hà Nội ·UPCOM ·2025Q4

▲ Slightly positive

Price

12,200

Latest close

01 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 6.1%

ROA 1.2%

Profit Margin 2.3%

Asset Turnover 0.54x

Equity Mult. 5.01x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, HC1 is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 583bn
	                                
+104.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+39.5%YoY

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 2.26% −1.1pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Inventory ended the period at 299.2bn, roughly 27.8% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Working capital needs model and cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	582.9	284.4	600.4	1,455.9
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	582.9	284.4	600.4	1,455.9
Cost of Goods Sold	520.2	250.4	555.3	1,399.8
Gross Profit	62.6	34.1	45.1	56.2
Financial Income	4.8	0.8	1.4	0.7
Financial Expenses	7.4	5.9	9.9	3.3
Interest Expense	2.8	5.9	9.9	3.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	1.0	0.0	0.0	0.2
General and Administrative Expenses	43.4	18.6	26.0	32.5
Operating Profit	15.7	10.4	10.7	20.9
Other Income	2.3	2.5	0.5	1.1
Other Expenses	1.4	0.3	0.0	0.4
Other Profit	1.0	2.3	0.5	0.7
Profit Before Tax	16.6	12.7	11.2	21.6
Current Income Tax Expense	3.5	3.2	2.3	4.4
Deferred Income Tax Expense	—	0.0	0.0	0.1
Net Income	13.2	9.4	8.9	17.2
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	13.2	9.4	8.9	17.2
Earnings per Share	1,645.00	1,179.00	1,112.00	2,146.00
Diluted EPS	1,644.84	1,179.04	1,111.81	2,145.55

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	982.1	982.4	927.1	1,280.2
I. Cash and cash equivalents	72.9	68.4	73.0	69.4
1. Cash	60.0	55.4	60.0	47.8
2. Cash equivalents	13.0	13.0	13.0	21.6
II. Short-term financial investments	—	0.0	2.8	15.6
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	2.8	15.6
III. Short-term receivables	603.2	546.6	502.0	788.2
1. Short-term trade accounts receivable	453.5	465.6	467.7	725.4
2. Short-term prepayments to suppliers	81.2	39.9	28.4	71.7
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	154.5	108.5	72.1	53.0
7. Provision for short-term doubtful debts (*)	-86.0	-67.5	-66.2	-61.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	299.2	357.6	346.4	403.7
1. Inventories	299.2	357.6	346.4	403.7
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	6.8	9.8	2.9	3.2
1. Short-term prepayments	1.2	1.8	2.7	3.1
2. Value added tax to be reclaimed	5.5	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	8.0	0.2	0.2
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	92.1	94.3	101.1	109.8
I. Long-term receivables	1.1	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	1.1	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	0.8	1.3	2.3	2.3
1. Tangible fixed assets	0.8	1.3	2.3	2.3
- Cost	47.2	48.4	48.4	47.5
- Accumulated depreciation	-46.4	-47.1	-46.1	-45.1
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2
III. Investment properties	65.8	63.9	66.4	70.2
- Cost	137.2	121.0	120.9	120.9
- Accumulated depreciation	-71.3	-57.1	-54.4	-50.6
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	24.1	28.8	28.8	28.8
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	30.8	30.8	30.8	30.8
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-6.7	-2.0	-2.0	-2.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.4	3.6	8.4
1. Long-term prepayments	0.2	0.4	3.6	8.4
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,074.3	1,076.7	1,028.2	1,390.0
A. LIABILITIES (300=210+330)	854.9	866.9	822.8	1,182.8
I. Short -term liabilities	854.9	866.9	822.8	1,182.8
1. Short-term trade accounts payable	425.2	467.1	479.8	530.1
2. Short-term advances from customers	179.9	154.7	43.4	238.5
3. Taxes and other payables to state authorities	3.4	3.5	3.1	2.1
4. Payable to employees	6.7	6.3	7.7	11.7
5. Short-term acrrued expenses	20.0	18.7	22.0	37.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	81.8	85.4	85.2	143.0
9. Other short-term payables	83.7	53.1	52.6	76.8
10. Short-term borrowings and financial leases	43.8	70.0	113.2	127.2
11. Provision for short-term liabilities	7.1	5.3	11.5	12.6
12.. Bonus and welfare fund	3.4	2.9	4.3	3.7
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	219.3	209.8	205.4	207.2
I. Owner's equity	219.3	209.8	205.4	207.2
1. Owner's capital	80.0	80.0	80.0	80.0
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	36.8	36.8	36.8	36.8
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	59.7	58.7	57.8	56.1
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	42.9	34.3	30.8	34.3
- Accumulated retained earning at the end of the previous period	29.8	24.9	21.9	17.1
- Undistributed earnings in this period	13.2	9.4	8.9	17.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,074.3	1,076.7	1,028.2	1,390.0

Item	2025	2024	2023	2022
Profit Before Tax	16.6	12.7	11.2	21.6
Depreciation of Fixed Assets and Investment Property	4.8	3.7	5.0	6.7
Provision (Increase)/Reversal	30.9	-1.0	4.7	14.4
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.8	-0.8	-0.9	-0.7
Interest Expense	2.8	5.9	9.9	3.3
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.1
Operating Profit Before Changes in Working Capital	50.3	20.4	30.0	45.4
Increase/(Decrease) in Receivables	-41.8	-53.5	280.6	-312.3
Increase/(Decrease) in Inventory	21.1	-11.3	57.3	14.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.4	93.6	-345.0	202.6
Increase/(Decrease) in Prepaid Expenses	0.8	4.1	5.2	-3.3
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-2.8	-6.0	-9.9	-3.1
Corporate Income Tax Paid	-4.6	-1.6	-3.0	-3.9
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.9	-2.8	-2.1	-1.7
Net Cash Flow from Operating Activities	34.5	42.9	13.0	-62.0
Payments for Fixed Assets and Other Long-term Assets	-0.6	0.0	-1.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-7.1	0.0	-4.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	9.9	12.8	0.8
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	4.8	0.8	0.9	0.8
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	4.3	3.6	12.5	-3.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	95.8	167.0	177.2	121.1
Repayment of Borrowings	-121.9	-210.2	-191.2	-34.1
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-8.1	-7.9	-8.0	-7.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-34.2	-51.1	-22.0	79.0
Net Cash Flow During the Period	4.6	-4.6	3.5	14.0
Cash and Cash Equivalents at Beginning of Period	68.4	73.0	69.4	55.5
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	72.9	68.4	73.0	69.4

Item	Q4'25
Profit Before Tax	16.6
Depreciation of Fixed Assets and Investment Property	4.8
Provision (Increase)/Reversal	30.9
Gain/Loss from Investment Activities	-4.8
Interest Expense	2.8
Operating Profit Before Changes in Working Capital	50.3
Increase/(Decrease) in Receivables	-41.8
Increase/(Decrease) in Inventory	21.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.4
Increase/(Decrease) in Prepaid Expenses	0.8
Interest Paid	-2.8
Corporate Income Tax Paid	-4.6
Other Operating Payments	-0.9
Net Cash Flow from Operating Activities	34.5
Payments for Fixed Assets and Other Long-term Assets	-0.6
Dividends and Interest Income Received	4.8
Net Cash Flow from Investing Activities	4.3
Proceeds from Borrowings	95.8
Repayment of Borrowings	-121.9
Dividends Paid	-8.1
Net Cash Flow from Financing Activities	-34.2
Net Cash Flow During the Period	4.6
Cash and Cash Equivalents at Beginning of Period	68.4
Cash and Cash Equivalents at End of Period	72.9

Explore Other Stocks In The Same Sector

VCG, SJG, PC1, LLM, CTD, DPG, SCG, L40, HBC, CC1, DSH, L18, DC4, LHC, ICN, SJE, LCG, S55, HMS, TED, CIG, TCD, S99, PVV, FCN, C4G, DCF, HAN, TTL, HEC, SDT, C47, ACC, GTS, CCC, HVH, SC5, L10, VSI, VC6, CHS, PQN, LIG, CMS, TSA, TA9, G36, XMC, VIW, SRF, SD5, MST, PHC, BMK, DLR, VCC, ICG, HTN, VC2, DIH, DRH, LM8, CDC, ALV, PPS, PXS, V12, DC1, XLV, GH3, HFB, SD2, VC1, DC2, NDX, CT6, CH5, HU1, VE1, L12, E29, SJM, QTC, VE9, TV6, VSE, LMI, RCC, HTE, PXT, C92, PEN, PTD, CID, PVX, TA6, CDR, RCD, QCC, SCI, TL4, CDO, L63, PTO, VC9, TEL, LG9, CX8, CT3, PXI, CI5, TS3, ICI, MES, LM3, ACS, LCD, H11, VE4, VE3, CIP, MCO, PVA, S12, SDP, L35, VCE, SD7, VE2, CLG, LUT, HU3, HAS, LO5, L43, SD4, TST, VW3, E12, L45, PVH, VMC, MCG, SDD, LCS, VXB, VE8, LM7, MEC, UDC, SD6, L61, SHG, L62, VVN, TKC, DFF, C12, L44, NTB, S96, SD8, SDB, TNM, VC5

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

HC1

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency