HEC

Tư vấn Xây dựng Thủy Lợi II ·UPCOM ·2025Q4

▼ Slightly negative

Price

65,000

Latest close

02 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 13.6%

ROA 10.4%

Profit Margin 20.5%

Asset Turnover 0.40x

Equity Mult. 1.31x

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

What Is Changing

On a Năm 2025 basis, HEC is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — the growth momentum has held across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 251bn
	                                
+13.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 65bn
	                                
+7.5%YoY

Metric	2025	2024	2023	2022
Revenue	251.4	220.9	276.7	244.4
Growth	+14%	-20%	+13%	—
Net Income	65.0	60.4	70.2	56.1
Net Margin	25.84%	27.37%	25.36%	22.94%

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 25.84% −1.5pp

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.

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 a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. 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	252.2	220.9	276.7	244.4
Revenue Deductions	0.8	0.0	0.0	0.0
Net Revenue	251.4	220.9	276.7	244.4
Cost of Goods Sold	150.0	120.6	163.0	146.1
Gross Profit	101.3	100.2	113.6	98.3
Financial Income	5.4	6.4	7.0	4.1
Financial Expenses	4.7	7.3	11.7	13.1
Interest Expense	4.7	7.3	11.7	13.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	29.9	36.0	34.0	31.5
Operating Profit	72.2	63.3	74.9	57.8
Other Income	3.3	2.6	3.4	2.3
Other Expenses	0.0	0.0	0.0	0.0
Other Profit	3.3	2.6	3.4	2.3
Profit Before Tax	75.4	65.9	78.3	60.1
Current Income Tax Expense	10.5	5.5	8.1	4.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	65.0	60.4	70.2	56.1
Non-controlling Interest	13.4	14.7	14.6	12.1
Profit Attributable to Parent	51.6	45.8	55.6	43.9
Earnings per Share	8,533.00	7,559.00	9,223.00	9,720.00
Diluted EPS	8,533.00	7,630.56	9,269.62	7,322.41

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	359.1	298.9	302.7	263.0
I. Cash and cash equivalents	178.9	121.7	146.9	97.4
1. Cash	12.9	21.4	12.2	6.1
2. Cash equivalents	166.0	100.3	134.7	91.3
II. Short-term financial investments	48.5	57.3	68.1	28.5
1. Available for sale securities	48.0	38.8	38.8	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	0.5	18.5	29.3	28.5
III. Short-term receivables	130.3	117.9	85.3	127.9
1. Short-term trade accounts receivable	100.0	92.8	90.9	96.1
2. Short-term prepayments to suppliers	7.2	3.2	3.4	0.8
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	—	2.4	0.0	0.0
6. Other short-term receivables	65.2	60.4	23.3	60.3
7. Provision for short-term doubtful debts (*)	-42.0	-40.8	-32.3	-29.3
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	1.0	1.3	2.2	8.5
1. Inventories	1.0	1.3	2.2	8.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.3	0.6	0.2	0.8
1. Short-term prepayments	0.3	0.5	0.2	0.8
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.1	0.0	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)	285.3	306.7	335.2	363.1
I. Long-term receivables	5.0	0.4	9.5	17.3
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	—	0.4	9.5	17.3
6. Other long-term receivables	5.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	280.2	301.3	312.3	329.4
1. Tangible fixed assets	269.6	290.5	301.3	318.1
- Cost	436.5	436.1	421.3	419.5
- Accumulated depreciation	-167.0	-145.6	-120.0	-101.4
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	10.7	10.8	11.0	11.2
- Cost	12.0	12.0	12.0	12.0
- Accumulated depreciation	-1.3	-1.2	-1.0	-0.8
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	0.1	0.1	5.4	4.9
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	5.4	4.9
V. Long-term financial investments	—	1.7	1.7	1.7
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	—	1.7	1.7	1.7
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	—	3.1	6.3	9.9
1. Long-term prepayments	—	3.1	6.3	9.9
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)	644.4	605.6	637.9	626.1
A. LIABILITIES (300=210+330)	152.2	141.3	198.6	223.6
I. Short -term liabilities	129.3	89.4	117.5	113.4
1. Short-term trade accounts payable	6.0	5.7	15.2	12.7
2. Short-term advances from customers	40.0	18.6	28.7	32.5
3. Taxes and other payables to state authorities	14.1	7.0	7.9	5.5
4. Payable to employees	8.7	6.3	10.5	9.3
5. Short-term acrrued expenses	0.2	0.5	0.2	0.2
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	—	0.0	0.0	0.0
9. Other short-term payables	28.4	19.2	23.0	19.8
10. Short-term borrowings and financial leases	29.1	29.1	29.1	29.1
11. Provision for short-term liabilities	1.3	1.8	2.2	3.7
12.. Bonus and welfare fund	1.5	1.2	0.9	0.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	22.8	52.0	81.1	110.2
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	22.8	52.0	81.1	110.2
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)	492.2	464.2	439.3	402.4
I. Owner's equity	492.2	464.2	439.3	402.4
1. Owner's capital	60.0	60.0	60.0	60.0
- Common stock with voting right	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00	60,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	80.8	80.8	80.8	80.8
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	83.1	75.0	59.8	55.8
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	4.2	4.2	4.2	4.2
11. Undistributed earnings after tax	171.1	154.9	151.8	124.4
- Accumulated retained earning at the end of the previous period	119.5	109.1	75.2	67.8
- Undistributed earnings in this period	51.6	45.8	76.6	56.5
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	93.1	89.3	82.8	77.2
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)	644.4	605.6	637.9	626.1

Item	2025	2024	2023	2022
Profit Before Tax	75.4	65.9	78.3	60.1
Depreciation of Fixed Assets and Investment Property	21.8	19.0	19.9	18.7
Provision (Increase)/Reversal	1.6	8.1	5.7	6.7
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-5.5	-6.4	-7.1	-4.8
Interest Expense	4.7	7.3	11.7	13.0
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	98.0	94.0	108.4	93.7
Increase/(Decrease) in Receivables	-21.8	-39.1	34.6	-35.1
Increase/(Decrease) in Inventory	0.3	0.9	6.2	-2.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	35.2	-26.7	3.4	-30.4
Increase/(Decrease) in Prepaid Expenses	3.3	2.8	4.2	-9.2
Changes in Trading Securities	-9.2	0.0	-38.8	0.0
Interest Paid	-4.7	-7.3	-11.8	-13.0
Corporate Income Tax Paid	-5.3	-7.0	-6.2	-2.3
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	-0.0	-0.1
Net Cash Flow from Operating Activities	95.7	17.5	100.0	1.3
Payments for Fixed Assets and Other Long-term Assets	-0.6	-0.4	-3.3	-13.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.1	0.7
Loans and Purchases of Debt Instruments	—	0.0	0.0	-46.5
Receipts from Loan Repayments and Sale of Debt Instruments	22.5	15.7	7.8	15.7
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	5.4	6.4	6.9	4.3
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	27.3	21.8	11.6	-39.2
Proceeds from Equity Issuance and Capital Contributions	1,200,000,000.00	650,000,000.00	0.00	98,803,500,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	3.5
Repayment of Borrowings	-29.1	-29.1	-29.1	-32.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-37.9	-37.8	-33.0	-22.4
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-65.8	-66.2	-62.1	47.3
Net Cash Flow During the Period	57.2	-27.0	49.5	9.4
Cash and Cash Equivalents at Beginning of Period	121.7	148.7	97.4	88.0
FX Difference from Revaluation	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	178.9	121.7	146.9	97.4

Item	Q4'25
Profit Before Tax	75.4
Depreciation of Fixed Assets and Investment Property	21.8
Provision (Increase)/Reversal	1.6
FX Gain/Loss from Revaluation of Monetary Items	-0.0
Gain/Loss from Investment Activities	-5.5
Interest Expense	4.7
Operating Profit Before Changes in Working Capital	98.0
Increase/(Decrease) in Receivables	-21.8
Increase/(Decrease) in Inventory	0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	35.2
Increase/(Decrease) in Prepaid Expenses	3.3
Interest Paid	-4.7
Corporate Income Tax Paid	-5.3
Other Operating Payments	-0.0
Net Cash Flow from Operating Activities	95.7
Payments for Fixed Assets and Other Long-term Assets	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	22.5
Dividends and Interest Income Received	5.4
Net Cash Flow from Investing Activities	27.3
Repayment of Borrowings	-29.1
Dividends Paid	-37.9
Net Cash Flow from Financing Activities	-65.8
Net Cash Flow During the Period	57.2
Cash and Cash Equivalents at Beginning of Period	121.7
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	178.9

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HEC

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