HU1

Đầu tư và Xây dựng HUD1 ·HOSE ·2026Q1

● Maintaining

Part of pre-tax profit currently comes from other profit Net financial result/PBT 28.13%
Price
5,600
Latest close
28 May 2026
P/E 14.97x
P/B 0.37x
EPS 374
BVPS 15,046
ROE 2.5%
ROA 0.6%
Profit Margin 0.8%
Asset Turnover 0.66x
Equity Mult. 4.45x

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

What Is Changing

On a TTM 2026Q1 basis, HU1 is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

TTM REVENUE
VND 439bn
+147.5%YoY
NET MARGIN
0.85%
−1.0ppYoY
TTM NET PROFIT
VND 4bn
+13.8%YoY
CFO / Net Income
-4.11x
negative cash flow vs profit
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23 Q2'23
Revenue 50.4 159.2 119.4 110.1 5.4 128.3 34.8 8.9 61.4 72.8 4.7 67.8
Growth -68% +33% +8% +1938% -96% +268% +293% -86% -16% +1445% -93%
Net Income 0.0 0.5 3.1 0.1 0.0 3.0 0.3 0.0 0.0 0.1 0.0 0.1
Net Margin 0.09% 0.30% 2.62% 0.10% 0.39% 2.32% 0.72% 0.50% 0.03% 0.13% 0.26% 0.10%

Drivers of HU1's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 14.5bn
Tax ↓ 1.2bn
Minority interests ↓ 0.1bn
Finance costs ↑ 1.2bn
Financial income ↓ 1.0bn
Administrative expenses ↑ 1.0bn
TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 0.7bn
Finance costs ↑ 0.6bn
Financial income ↓ 0.0bn
Tax ↑ 0.0bn
Administrative expenses ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.2% = 1.9% × 0.27 × 4.50
2026Q1 2.5% = 0.9% × 0.66 × 4.45

ROE is broadly flat at 2.5% — the components are offsetting one another.

Net margin: 0.9% -1.0pp Asset turnover: 0.66x +0.40x Leverage: 4.45x -0.05x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 0.85%, falling 1.0pp. The main pressure is Gross margin fell 0.7pp, outweighing the improvement in SG&A / Revenue fell 3.8pp (with additional support from Net financial result / Revenue rose 1.1pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 0.85% −1.0pp
Gross Margin 6.05% −0.7pp
SG&A / Revenue 2.96% −3.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 1.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 1.11%, rising 1.8pp. That translates to 1.11 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.6pp and capital turnover rose 0.57x, with invested capital holding roughly steady — capital-return quality improved from both sides.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

TTM YoY · 2025Q1 -> 2026Q1

ROIC 1.11% +1.8pp
NOPAT Margin 1.09% +2.6pp
Capital Turnover 1.01x +0.57x
Average Invested Capital 434.2bn +36.7bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 3.38x equity, net debt at 1.96x equity.

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

Working Capital Drivers

TTM YoY · 2025Q1 -> 2026Q1

Receivables were broadly stable → neutral CFO:
Inventories were broadly stable → neutral CFO:
Payables were broadly stable → neutral CFO:

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.96x and interest coverage only at 0.90x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2.9% of debt, and total debt stands at 303.5bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.96x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.90x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.96x +0.07x
Interest Coverage 0.90x +1.66x
Cash / Debt 2.9% −5.6pp
Short-term Debt / Total Debt 100.0% 0.0pp
CFO / NI -4.11x −9.11x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -64.2bn in 2025, against investing cash flow of -4.2bn.

Post-investment cash flow was negative +68.4bn. Financing cash flow was positive +33.1bn.

CFO / net income was -4.11x.

Track how much investment can be funded internally from operating cash flow.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

TTM Cash Conversion · 2025Q1 -> 2026Q1

CFO TTM 15.4bn −31.2bn
Cash Capex
FCF TTM

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is 28.1%. The main risk still sits in leverage and liquidity, with interest coverage at 0.90x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 28.1% of PBT and CFO / net income currently at -4.11x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.90x.

Statement Data

Item 2025 2024 2023 2022 2021
Net Revenue
394.1 233.4 183.8 481.1 854.6
Cost of Goods Sold
368.7 219.2 172.8 457.3 0.0
Gross Profit
25.4 14.2 11.0 23.8 33.9
Financial Expenses
6.4 5.4 3.4 5.0 -6.8
Selling Expenses
0.0 0.0 0.0 -2.8
General and Administrative Expenses
13.0 12.3 8.1 14.2 -9.1
Operating Profit
6.7 -2.1 -0.1 5.0 15.6
Profit Before Tax
5.2 7.3 0.1 4.9 14.0
Net Income
3.8 4.5 0.0 3.9 6.0
Profit Attributable to Parent
3.8 3.9 -0.0 3.8 5.8
Earnings per Share
377.00 385.00 -4.00 380.00 462.00

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