HCB

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) —

ROE (TTM) 15.5%

P/B —

BVPS (Latest) —

ROA (TTM) 3.8%

What Is Changing

HCB has not yet shown a broad-based top-line recovery. Revenue posted -1.3% YoY, but net margin reached 2.97% with an additional +0.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 2.07% in 2022 to 2.97% in 2024.
Net Income reached a multi-period high at VND 23.4bn in 2024.

Metric	2024	2023	2022
Revenue	786.0	796.7	937.9
Growth	-1%	-15%	—
Net Income	23.4	18.9	19.4
Net Margin	2.97%	2.37%	2.07%

Financial Statements

Profitability

Net margin reached 2.97% while Revenue posted -1.3% YoY.

Balance Sheet

Inventory stood at 195.4bn, liabilities at 392.7bn, and equity at 151.5bn.

Cash Flow

Operating cash flow was 79.8bn in 2024, while investing cash flow was -8.6bn.

Financing cash flow: -82.4bn.

Item	2024	2023	2022
Revenue	786.2	796.7	937.9
Revenue Deductions	0.2	0.0	0.0
Net Revenue	786.0	796.7	937.9
Cost of Goods Sold	657.5	710.7	831.1
Gross Profit	128.5	86.0	106.8
Financial Income	24.3	16.1	18.4
Financial Expenses	25.7	28.1	36.6
Interest Expense	13.3	20.4	17.2
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	6.2	9.7	8.4
General and Administrative Expenses	71.0	42.5	62.8
Operating Profit	49.9	21.8	17.3
Other Income	7.4	2.6	5.9
Other Expenses	28.1	0.6	0.2
Other Profit	-20.7	1.9	5.7
Profit Before Tax	29.2	23.7	23.0
Current Income Tax Expense	5.8	4.9	3.8
Deferred Income Tax Expense	-0.0	-0.1	-0.1
Net Income	23.4	18.9	19.4
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	23.4	18.9	19.4
Earnings per Share	4,492.00	2,978.00	3,094.00
Diluted EPS	4,492.00	2,978.00	3,094.00

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	411.9	530.3	465.8
I. Cash and cash equivalents	18.1	29.3	35.9
1. Cash	18.1	29.3	25.4
2. Cash equivalents	0.0	0.0	10.5
II. Short-term financial investments	45.1	41.8	45.0
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	45.1	41.8	45.0
III. Short-term receivables	144.6	223.0	106.6
1. Short-term trade accounts receivable	144.5	183.8	114.9
2. Short-term prepayments to suppliers	5.3	8.5	7.5
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	1.2	2.5	0.9
7. Provision for short-term doubtful debts (*)	-6.5	-16.7	-16.8
8. Assets awaiting resolution	0.0	44.9	0.0
IV. Inventories	195.4	206.2	245.7
1. Inventories	204.9	212.1	251.3
2. Provision for decline in value of inventories	-9.6	-5.9	-5.7
V. Other short-term assets	8.8	30.0	32.7
1. Short-term prepayments	1.4	1.6	1.2
2. Value added tax to be reclaimed	7.3	27.2	31.5
3. Taxes and other receivables from state authorities	0.0	1.2	0.0
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)	132.4	152.6	180.4
I. Long-term receivables	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	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	127.8	133.9	161.8
1. Tangible fixed assets	126.0	131.6	161.4
- Cost	504.0	479.8	501.6
- Accumulated depreciation	-378.0	-348.2	-340.2
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	1.8	2.3	0.4
- Cost	8.1	8.1	5.8
- Accumulated depreciation	-6.3	-5.7	-5.3
III. Investment properties	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	1.1	15.1	13.5
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	1.1	15.1	13.5
V. Long-term financial investments	0.0	0.0	1.0
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	1.0
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	3.5	3.6	4.2
1. Long-term prepayments	3.5	3.6	4.2
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)	544.3	683.0	646.3
A. LIABILITIES (300=210+330)	392.7	533.7	502.4
I. Short -term liabilities	392.7	509.6	464.9
1. Short-term trade accounts payable	48.6	52.1	49.3
2. Short-term advances from customers	0.1	0.6	3.4
3. Taxes and other payables to state authorities	5.3	3.6	1.4
4. Payable to employees	45.0	93.2	98.1
5. Short-term acrrued expenses	4.6	3.7	2.7
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	0.0	0.0	0.0
9. Other short-term payables	15.9	18.6	18.4
10. Short-term borrowings and financial leases	234.4	305.8	291.2
11. Provision for short-term liabilities	37.2	30.6	0.0
12.. Bonus and welfare fund	1.7	1.5	0.3
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	24.1	37.5
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	24.1	23.7
8. Long-term borrowings and financial leases	0.0	0.0	13.7
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.1
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)	151.5	149.2	143.9
I. Owner's equity	151.5	149.2	143.9
1. Owner's capital	52.0	52.0	52.0
- Common stock with voting right	52.0	52.0	52.0
- Preferred stock	0.0	0.0	0.0
2. Share premium	16.9	16.9	16.9
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0
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	63.3	58.4	53.0
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	19.3	21.9	22.0
- Accumulated retained earning at the end of the previous period	3.7	3.5	3.5
- Undistributed earnings in this period	15.6	18.4	18.5
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)	544.3	683.0	646.3

Item	2024	2023	2022
Profit Before Tax	29.2	23.7	23.0
Depreciation of Fixed Assets and Investment Property	30.7	32.0	33.7
Provision (Increase)/Reversal	9.8	30.8	14.9
FX Gain/Loss from Revaluation of Monetary Items	-0.2	0.3	-2.3
Gain/Loss from Investment Activities	-2.4	-5.3	-7.8
Interest Expense	13.3	20.4	17.2
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	0.0
Operating Profit Before Changes in Working Capital	80.3	101.8	78.8
Increase/(Decrease) in Receivables	98.9	-109.6	10.9
Increase/(Decrease) in Inventory	7.2	39.2	4.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-83.3	-5.0	7.1
Increase/(Decrease) in Prepaid Expenses	0.2	0.1	1.2
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-13.7	-19.6	-17.8
Corporate Income Tax Paid	-7.2	-2.3	-2.2
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	-2.7	-2.0	-2.2
Net Cash Flow from Operating Activities	79.8	2.6	80.8
Payments for Fixed Assets and Other Long-term Assets	-7.5	-10.2	-13.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	3.2	13.1
Loans and Purchases of Debt Instruments	-31.1	-17.4	-29.1
Receipts from Loan Repayments and Sale of Debt Instruments	27.9	21.6	32.9
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	2.0	4.1	0.5
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	-8.6	1.3	3.8
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0
Proceeds from Borrowings	723.9	685.3	860.4
Repayment of Borrowings	-795.9	-685.3	-908.4
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	-10.4	-10.4	-7.8
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-82.4	-10.5	-55.8
Net Cash Flow During the Period	-11.2	-6.6	28.8
Cash and Cash Equivalents at Beginning of Period	29.3	35.9	7.0
FX Difference from Revaluation	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	18.1	29.3	35.9

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HCB

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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