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iShareInvest Research

HOSE · Quý 2/2026

HTG

Tổng Công ty cổ phần Dệt may Hòa Thọ

Analysis of business results & financial statements · Quý 2/2026

▼ Under pressure

Trailing net profit reached 326.6bn, fell 24.4bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit, higher administrative expenses, higher finance costs, and weaker other profit. Detailed impact is shown below:

See what is changing ↓
P/E
3.70x
P/B
0.95x
EPS
9,071
BVPS
35,380
ROE
27.9%
ROA
9.0%
Market price
33,600
16 Oct 2026

What Is Changing

On a TTM 2026Q2 basis, HTG is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is near a multi-period low. What remains unclear is whether the business can stabilize before this trend deepens.

Profit bridge

Vs last year · TTM

  1. Tax
  2. Gross profit
  3. Administrative expenses
  4. Finance costs
  5. Other profit
Unit: VND bn. Green bars support profit; red bars reduce profit.

A single data point, or a trajectory?

Latest eight quarters · Quý 2/2026

MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue1,484.11,339.31,306.91,518.21,309.51,277.51,331.21,498.5
LNST135.264.553.181.3130.457.894.074.8
Net margin9.11%4.81%4.07%5.36%9.96%4.52%7.06%4.99%

Revenue

1,484bn

Net income

135bn

Net margin

9.11%

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.

01

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

Revenue Growth

●

Is growth real and durable?

Trailing-12-month revenue grew 4.3% year on year — not from a single spike: quarterly growth stepped up from +1% to +13%.

3 of the last 4 quarters grew year on year.

Revenue TTM
5,648bn
+4.3%
Latest quarter YoY
+13%
accelerating

What is driving the margin?

▼

Net margin narrowed to 5.91%, falling 0.7pp. The main pressure comes from Gross margin fell 0.7pp (with lingering pressure from Net financial result / Revenue fell 0.1pp and Other profit / Revenue fell 0.1pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Net Margin
5.91%
−0.7pp
Gross Margin
11.69%
−0.7pp
SG&A / Revenue
5.41%
+0.0pp

TTM YoY · 2025Q2 -> 2026Q2

Cash Flow

▼

Is profit converting into cash?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 323.1bn against investing cash flow of -801.7bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +478.6bn. Financing cash flow was positive +417.4bn.

CFO / net income was 1,18 lần.

After spending +323.7bn on fixed-asset investment, the business generated trailing free cash flow of +61.4bn.

Earnings Quality

●

How much income is non-core?

Non-core income makes up 12.3% of pre-tax profit — worth monitoring.

Within that, net financial result at +8.3%, other profit at +4.0% of PBT.

Non-core / PBT
12.3%
moderate
Net financial / PBT
8.3%
Other profit / PBT
4.0%
02

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

▼▼

ROIC fell to 13.26%, losing 5.9pp. That translates to 13.26 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.6pp and capital turnover fell 0.70x, while invested capital expanded strongly by 636bn — pressure came from both operational efficiency and asset efficiency.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

Working Capital Efficiency

●

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.6 days versus the same period last year. The main moves came from DIO fell 4.3 days, DSO rose 1.7 days, and DPO fell 1.0 days.

Working capital cycle is flat — components are offsetting each other.

Receivables collection is slowing

DSO increased by +1.7 days, pointing to slower receivables turnover.

DuPont

What drives ROE?

Net margin 5.9% -0.7pp
Asset turnover 1.55x -0.25x
Financial leverage 3.10x -0.01x
ROE 28.5% -8.5pp

ROE fell from 37.0% to 28.5% — all three components weakened, with asset turnover being the main drag.

03

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

▼▼

Leverage warrants monitoring, with net debt / equity at 1.38x and interest coverage only at 4.36x.

At present, short-term debt accounts for 83.6% of total debt, cash equals 5.6% of debt, and total debt stands at 1,856.4bn.

Net Debt / Equity
1.38x
+0.68x
Interest Coverage
4.36x
−0.73x
Cash / Debt
5.6%
−35.8pp
Short-term Debt / Total Debt
83.6%
+0.1pp

TTM YoY · 2025Q2 -> 2026Q2

Net leverage is elevated

Net debt / equity stands at 1.38x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 83.6% of total debt, raising near-term refinancing needs.

Balance Sheet

▼

The balance sheet shows capital-allocation efficiency slipping. Leverage is elevated, requiring monitoring — liabilities at 2.36x equity, net debt at 1.38x equity.

Inventory ended the period at 842.0bn, roughly 22.5% of total assets.

Over the last 12 months, working capital released 39.7bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

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 leverage and liquidity remaining the main constraint, with interest coverage at 4.36x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.18x.

  • Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.18x.
  • Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.38x and a thin cash buffer.

Questions for the next period

  1. Whether revenue sustains its +4,3% YoY pace or begins to slow.

  2. Whether margins hold around the current 5.91% level or narrow again.

  3. Whether operating cash flow holds its 323.1bn (cumulative for 2025) level in upcoming periods or weakens.

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