VNEquity Research

HOSE · Metals & Mining

HPG Hoa Phat Group Joint Stock Company

Công ty Cổ phần Tập đoàn Hòa Phát

Persisted research state: AVAILABLE. Research is shown only when it is backed by persisted evidence and calculations.

Browse opportunity signals Open screener

At a glance

Company at a glance

Persisted, canonical facts only. A value that is not recorded is shown as unavailable and is never estimated, substituted or shown as zero.

CompanyHoa Phat Group Joint Stock Company
TickerHPG
ExchangeHOSE
IndustryMetals & Mining
Research stateResearch available, not certified RESEARCH_AVAILABLE
Research certificationAvailable but not certified
Matched opportunity conditions3 of 5
Latest screening snapshot2026-09-25T14:50:45.903548+00:00
Latest market price2026-09-24T00:00:00+00:00
Latest fundamental period2026-06-30
Latest research report2026-09-12T06:07:45.602046+00:00
Evidence records237
Source documents15

Certification reflects the repository's internal approval record on the latest persisted report. It describes publication status and provenance; it is not a rating, a forecast or investment advice.

Deterministic discovery

Opportunity signals

Browse opportunity signals

3 of 5 versioned P7D V1 conditions matched at evaluation time. Every condition is either matched, unmatched, or refused when the required evidence is missing, stale or not applicable. These are deterministic screening conditions, not investment recommendations.

Modeled history. Historical valuation availability is modeled from reporting-lag assumptions and is not point-in-time certified.

Full five-rule trace (P7D_RULES_V1)

Fundamental improvement FUNDAMENTAL_IMPROVEMENT

MATCHED

Revenue growth 12.43% and parent PAT growth 28.55% are both above 0%, and P/E 7.5649 confirms positive trailing parent earnings.

Magnitude: 12.43%

  • Growth compares the latest two compatible full years.
  • Growth is historical, not forecast growth.
  • Parent PAT growth uses the repository's existing denominator semantics: the latest full-year PARENT_PAT versus the prior full-year PARENT_PAT.
Observations (4)
InputValueStatusPeriod / freshness
market_price — OK — · CURRENT
revenue_growth 12.43% OK latest compatible full year
pat_growth 28.55% OK latest compatible full year
pe_ttm 7.5649x OK TTM 2026-06-30 · CURRENT
Thresholds
growth min percent
0
pe positive
yes
market current max hours
72.0

Cash-flow strength CASH_FLOW_STRENGTH

UNMATCHED

A positive FCF Proxy Yield above 0% and a positive P/E are not both present.

  • FCF Proxy Yield is a screening proxy: trailing-twelve-month operating cash flow less reported cash capital expenditure over market capitalization.
Observations (3)
InputValueStatusPeriod / freshness
market_price — OK — · CURRENT
fcf_proxy_yield -13.6167% OK TTM 2026-06-30 / TTM 2026-06-30 · CURRENT
pe_ttm 7.5649x OK TTM 2026-06-30 · CURRENT
Thresholds
fcf proxy yield min percent
0
pe positive
yes
financial applicability
NON_FINANCIAL_ONLY
market current max hours
72.0

Quality at a reasonable valuation QUALITY_AT_REASONABLE_VALUATION

MATCHED

PAT margin 11.6472% is positive, operating margin 12.9716% is at least 5%, and P/E 7.5649 is within (0, 40].

Magnitude: 12.9716%

  • Operating and PAT margins are not cross-sector comparable in this screening phase.
Observations (4)
InputValueStatusPeriod / freshness
market_price — OK — · CURRENT
pat_margin 11.6472% OK QUARTER 2026-06-30 · CURRENT
operating_margin 12.9716% OK QUARTER 2026-06-30 · CURRENT
pe_ttm 7.5649x OK TTM 2026-06-30 · CURRENT
Thresholds
pat margin min percent
0
operating margin min percent
5
pe min exclusive
0
pe max inclusive
40
market current max hours
72.0

Valuation dislocation VALUATION_DISLOCATION

MATCHED

P/E 7.5649 sits at percentile 16.9 (at or below 25) with a premium/discount to the historical median of -52.5% and signal BELOW_HISTORY.

Magnitude: 52.5%

Historical certification: NON_CERTIFIED_MODELED_AVAILABILITY — modeled, not point-in-time certified

  • Historical valuation availability is modeled from reporting-lag assumptions and is not point-in-time certified.
Observations (6)
InputValueStatusPeriod / freshness
market_price — OK — · CURRENT
historical_pe_percentile 16.9% OK — · CURRENT
historical_premium_discount -52.5% OK — · CURRENT
historical_signal BELOW_HISTORY OK — · CURRENT
pe_ttm 7.5649x OK TTM 2026-06-30 · CURRENT
historical_certification NON_CERTIFIED_MODELED_AVAILABILITY OK —
Thresholds
historical percentile max
25
historical signals
BELOW_HISTORY, DEEPLY_BELOW_HISTORY
historical premium discount max exclusive
0
pe positive
yes
market current max hours
72.0

Research gap RESEARCH_GAP

UNMATCHED

Persisted research state is AVAILABLE; only NONE, INSUFFICIENT qualify as a research gap.

Observations (1)
InputValueStatusPeriod / freshness
research_state AVAILABLE OK — · AGING
Thresholds
research gap states
NONE, INSUFFICIENT
requires quantitative signal
yes

Rules version P7D_RULES_V1 · snapshot built 2026-09-25 14:50:45.903548+00:00 · market freshness CURRENT · persisted research state AVAILABLE. These are deterministic screening conditions over persisted evidence, not investment recommendations, forecasts, ratings or advice.

Canonical snapshot

Screening metrics

Open screener

Values come from the persisted screening snapshot and are never recomputed in the browser. UNKNOWN or refused inputs show as “—” with their canonical reason and are never displayed as zero. OCF/PAT is expressed as a percentage of PAT (100 means 100% of PAT).

P/E (TTM, parent)7.5649x
P/B (parent equity)1.3383x
Revenue growth (latest compatible FY)12.43%
Parent PAT growth (latest compatible FY)28.55%
Operating margin (latest compatible period)12.9716%
PAT margin (latest compatible period)11.6472%
FCF Proxy Yield (TTM)-13.6167%
OCF / PAT (latest compatible period)187.8821%
Market freshnessCURRENT price 2026-09-24T00:00:00+00:00
Fundamental periodthrough 2026-06-30 freshness CURRENT
Snapshot built at2026-09-25T14:50:45.903548+00:00 01a09a0a-57d7-7ba2-9ab5-5b80030b7e1d
Persisted research stateAVAILABLE AGING
Historical valuation signalBELOW_HISTORY available

Snapshot refusal reasons: HISTORICAL_VALUATION_NOT_REQUESTED

Authenticated

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Valuation snapshot

ssi-iboard · HOSE · 2026-09-24T00:00:00+00:00 · retrieved 2026-09-24T14:45:45.558038+00:00 · share basis: IMPLIED_FROM_MARKET_CAP (simplize-preview)

Price20800.000000000000 VND
Shares outstanding—
Market cap175613661184000.000000000000
Market capitalization175613661184000.0000
Earnings yield (TTM, parent)13.2190%
P/E (TTM, parent)7.5649x
P/B (parent equity)1.3383x
Dividend yield (trailing cash DPS)— DIVIDEND_PER_SHARE_UNAVAILABLE
Cash distribution yield (proxy)2.2658%
FCF Proxy Yield (TTM)-13.6167%
Enterprise value— TOTAL_DEBT_UNAVAILABLE
EV/Sales (TTM)— TOTAL_DEBT_UNAVAILABLE
EV/EBIT (TTM)— TOTAL_DEBT_UNAVAILABLE
Net cash / (net debt)— TOTAL_DEBT_UNAVAILABLE
EV/EBITDA— EBITDA_NOT_REPORTED_OR_DEBT_INCOMPLETE
Historical P/E range— HISTORICAL_PRICE_HISTORY_UNAVAILABLE

Deterministic Bull / Base / Bear

CaseAssumptionsTarget multiple rationaleImplied value / shareUpside / downside
Bull
  • TTM revenue growth of 5.00%
  • TTM parent PAT margin of 13.18%
  • target P/E of 8.3x
ANALYST_ASSUMPTION
current TTM P/E +10% sensitivity, rounded to 0.1x		25936.429224.6944%
Base
  • TTM revenue growth of 0.00%
  • TTM parent PAT margin of 12.18%
  • target P/E of 7.6x
CURRENT_MULTIPLE
current TTM parent-attributable P/E, rounded to 0.1x		20902.02020.4905%
Bear
  • TTM revenue growth of -5.00%
  • TTM parent PAT margin of 11.18%
  • target P/E of 6.8x
ANALYST_ASSUMPTION
current TTM P/E -10% sensitivity, rounded to 0.1x		16308.0376-21.5960%

Historical valuation

Point-in-time P/E uses only periods available on each trade date (publication-dated or lag-modeled); no negative earnings produce an observation.

Current P/E7.56x
1Y median P/E13.51x
3Y median P/E17.78x
5Y median P/E16.15x
25th / 75th percentile P/E12.18 / 18.57
Min / max P/E2.71 / 27.21 (raw 2.01 / 27.21)
Percentile rank16.7%
Premium / discount to median-53.2%
SignalBELOW_HISTORY percentile_rank 16.7 <= 25
CertificationNON_CERTIFIED_MODELED_AVAILABILITY 145 observations use REPORT_LAG_MODEL; 1356 observations use ANNUAL_PAT_FALLBACK
P/B history— PARENT_EQUITY_HISTORY_UNAVAILABLE
Dividend-yield history— DIVIDEND_PER_SHARE_HISTORY_UNAVAILABLE

P/E range 7.60x – 26.14x over stored observations.

Historical availability may be modeled from reporting-lag assumptions (NON_CERTIFIED_MODELED_AVAILABILITY). Modeled availability is labelled and is never point-in-time certified.

Notes: PROVIDER_SELECTED: dnse-chart ({'dnse-chart': 1501} bars); ADJUSTMENT_UNKNOWN: adjusted=False, adjustment_basis=UNKNOWN

Peer comparison

EXACT_INDUSTRY · Exact primary-industry and exchange match.

TickerPriceMarket capP/EP/BRevenue growthPAT growthMarginsFCF proxy yieldPremium / discount to peer median
BMC ECONOMIC_SIZE_MISMATCH 10650.000000000000 VND 131981509500.000000000000 VND 14.63x 0.58x -38.61% -54.91% 9.61% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
DHM ECONOMIC_SIZE_MISMATCH 6560.000000000000 VND 226554185440.000000000000 VND 23.03x 0.63x -15.44% 107.53% 0.20% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
DTL ECONOMIC_SIZE_MISMATCH 10750.000000000000 VND 660432743000.000000000000 VND — PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE 1.10x -5.28% -3898.04% -8.67% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
HMC ECONOMIC_SIZE_MISMATCH 10700.000000000000 VND 292109989300.000000000000 VND 7.13x 0.70x 36.10% 22.10% 0.54% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
HSG ECONOMIC_SIZE_MISMATCH 10000.000000000000 VND 8072627040000.000000000000 VND 12.89x 0.71x -6.96% 42.82% 2.01% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
NKG ECONOMIC_SIZE_MISMATCH 9700.000000000000 VND 4775542421700.000000000000 VND 28.65x 0.63x -28.15% -56.49% 1.33% -112.05% —
SHI ECONOMIC_SIZE_MISMATCH 13850.000000000000 VND 2358217464650.000000000000 VND 67.48x 1.08x 4.51% -34.76% 0.43% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
SMC ECONOMIC_SIZE_MISMATCH 10000.000000000000 VND 736785870000.000000000000 VND 2.43x 0.73x -21.50% 516.00% 2.57% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
TLH ECONOMIC_SIZE_MISMATCH 3450.000000000000 VND 387504058650.000000000000 VND 32.02x 0.31x -15.62% 100.87% 0.10% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
TNI ECONOMIC_SIZE_MISMATCH 5110.000000000000 VND 268275000000.000000000000 VND 4.13x 0.45x 6.79% 257.65% 4.13% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
TNT ECONOMIC_SIZE_MISMATCH 10000.000000000000 VND 510000000000.000000000000 VND 20.73x 0.79x 10.61% 3664.87% 1.35% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
VCA ECONOMIC_SIZE_MISMATCH 6450.000000000000 VND 97958226900.000000000000 VND 22.94x 0.58x -25.05% -2246.21% -2.19% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
VPG ECONOMIC_SIZE_MISMATCH 1430.000000000000 VND 126434523930.000000000000 VND — PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE 0.13x -23.82% -714.38% -4.90% — TTM_OCF_OR_CAPEX_UNAVAILABLE —

Peer median P/E: — INSUFFICIENT_COMPATIBLE_PEERS (0 compatible observations, 13 excluded)

Excluded: ACM (NO_COMPATIBLE_CLASSIFICATION); ATG (NO_COMPATIBLE_CLASSIFICATION); BCA (NO_COMPATIBLE_CLASSIFICATION); BKC (NO_COMPATIBLE_CLASSIFICATION); BAL (NO_COMPATIBLE_CLASSIFICATION); VDT (NO_COMPATIBLE_CLASSIFICATION); CBI (NO_COMPATIBLE_CLASSIFICATION); KCB (NO_COMPATIBLE_CLASSIFICATION); KMT (NO_COMPATIBLE_CLASSIFICATION); DFC (NO_COMPATIBLE_CLASSIFICATION); HSV (NO_COMPATIBLE_CLASSIFICATION); HGM (NO_COMPATIBLE_CLASSIFICATION); HLA (NO_COMPATIBLE_CLASSIFICATION); KVC (NO_COMPATIBLE_CLASSIFICATION); GLC (NO_COMPATIBLE_CLASSIFICATION); LCM (NO_COMPATIBLE_CLASSIFICATION); LPT (NO_COMPATIBLE_CLASSIFICATION); MSR (NO_COMPATIBLE_CLASSIFICATION); MEL (NO_COMPATIBLE_CLASSIFICATION); TNB (NO_COMPATIBLE_CLASSIFICATION); PVB (NO_COMPATIBLE_CLASSIFICATION); PAS (NO_COMPATIBLE_CLASSIFICATION); POM (NO_COMPATIBLE_CLASSIFICATION); NSH (NO_COMPATIBLE_CLASSIFICATION); TTB (NO_COMPATIBLE_CLASSIFICATION); TIS (NO_COMPATIBLE_CLASSIFICATION); TMG (NO_COMPATIBLE_CLASSIFICATION); TTS (NO_COMPATIBLE_CLASSIFICATION); KKC (NO_COMPATIBLE_CLASSIFICATION); ITQ (NO_COMPATIBLE_CLASSIFICATION); TNS (NO_COMPATIBLE_CLASSIFICATION); TDS (NO_COMPATIBLE_CLASSIFICATION); GDA (NO_COMPATIBLE_CLASSIFICATION); TKU (NO_COMPATIBLE_CLASSIFICATION); UEM (NO_COMPATIBLE_CLASSIFICATION); VLS (NO_COMPATIBLE_CLASSIFICATION); TVN (NO_COMPATIBLE_CLASSIFICATION); VTH (NO_COMPATIBLE_CLASSIFICATION); VGS (NO_COMPATIBLE_CLASSIFICATION); CTT (NO_COMPATIBLE_CLASSIFICATION); CMK (NO_COMPATIBLE_CLASSIFICATION); KSV (NO_COMPATIBLE_CLASSIFICATION); VBG (NO_COMPATIBLE_CLASSIFICATION); VGL (NO_COMPATIBLE_CLASSIFICATION); HMG (NO_COMPATIBLE_CLASSIFICATION)

comparison inputs, not causal conclusions: revenue_growth_percent, pat_growth_percent, net_margin_percent, price_to_book

LATEST RESEARCH · ling-fin

Hoa Phat Group (HPG) Equity Research Report

HPG demonstrates strong revenue growth and margin recovery from FY2023 through Q2 2026, with gross margin expanding from 10.88% to 19.01%, operating margin from 6.43% to 12.97%, and PAT margin from 5.72% to 11.65%. OCF/PAT conversion is robust at 187.88% in Q2 2026. Heavy capex spending and a dramatic reduction in short-term debt are notable capital allocation signals.

Risks

Cyclical industry exposure: HPG's margin volatility (gross margin ranged from 10.88% to 27.46% over 2019-2023) indicates sensitivity to steel/construction cycles

Sources (3)
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2023-12-31 · 10.876400000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2022-12-31 · 11.854500000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2021-12-31 · 27.464200000000 · PERCENT

Heavy capex strain: FY2025 capex (VND 25.75T) exceeded OCF (VND 17.37T), requiring external funding; if margins compress, cash flow adequacy could deteriorate

Sources (2)
  • CAPEX_CASH · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · 2025 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · 2025 · source

Short-term debt anomaly: the ~99% drop from VND 64.69T (FY2025) to VND 414B (Q2 2026) may reflect reclassification rather than genuine deleveraging; verification needed

Sources (2)
  • SHORT_TERM_DEBT · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_DEBT · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · 2025 · source

EPS validation warnings: all EPS_BASIC data points carry WARNING state, raising questions on per-share metric reliability

Sources (4)
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2025 · source
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2024-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2024 · source
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2023 · source
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2022-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2022 · source

Dividend payout spike: Q2 2026 dividends of VND 3.94T far exceed FY2025 total of VND 36.5B, potentially signaling unsustainable payout or special dividend

Sources (2)
  • DIVIDENDS_PAID · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 36 6. Cổ tức, lợi nhuận đã trả cho chủ sở hữu · Quý 2- 2026 · source
  • DIVIDENDS_PAID · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 36 6. Cổ tức, lợi nhuận đã trả cho chủ sở hữu · 2025 · source

Catalysts

Continued margin expansion: gross margin trajectory from 10.88% (FY2023) to 19.01% (Q2 2026) suggests pricing power and cost efficiency gains

Sources (2)
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2023-12-31 · 10.876400000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 19.013800000000 · PERCENT

Revenue growth momentum: net revenue grew 31.2% from FY2023 to FY2025, with Q2 2026 annualized run-rate suggesting further acceleration

Sources (3)
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2025 · source
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2023 · source
  • REVENUE_NET · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 2- 2026 · source

Balance sheet deleveraging: short-term debt reduction from VND 64.69T to VND 414B could lower interest expense and improve net margins

Sources (2)
  • SHORT_TERM_DEBT · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_DEBT · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · 2025 · source

Strong OCF generation supports self-funded growth: Q2 2026 OCF of VND 12.07T nearly covers capex without external financing

Sources (2)
  • OPERATING_CASH_FLOW · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · Quý 2- 2026 · source
  • CAPEX_CASH · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · Quý 2- 2026 · source

Scenarios

Bull case: Margin expansion continues toward FY2021 peak levels (gross margin 27.46%), revenue growth sustains double-digit pace, and OCF fully funds capex. Requires sustained steel demand and cost discipline.

Sources (4)
  • REVENUE_NET · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 2- 2026 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · Quý 2- 2026 · source
  • Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 19.013800000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2021-12-31 · 27.464200000000 · PERCENT

Base case: Margins stabilize at current Q2 2026 levels (~19% gross, ~13% operating), revenue grows moderately, capex moderates to match OCF. Consistent with FY2024-FY2025 trend continuation.

Sources (5)
  • REVENUE_NET · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 2- 2026 · source
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2025 · source
  • Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 19.013800000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2024-12-31 · 13.321500000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2025-12-31 · 15.692000000000 · PERCENT

Bear case: Steel cycle downturn compresses margins back toward FY2023 levels (gross ~11%, operating ~6%), capex remains elevated, OCF cannot cover investments. Risk of cash flow strain.

Sources (5)
  • CAPEX_CASH · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · 2025 · source
  • OPERATING_PROFIT · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · 2023 · source
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2023-12-31 · 10.876400000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2023-12-31 · 6.431800000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2023-12-31 · 5.716900000000 · PERCENT

What Changed

Gross margin expanded from 10.88% (FY2023, C1) to 19.01% (Q2 2026, C2), a 813bp improvement

Sources (2)
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2023-12-31 · 10.876400000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 19.013800000000 · PERCENT

Operating margin improved from 6.43% (FY2023, C14) to 12.97% (Q2 2026, C10), a 654bp improvement

Sources (2)
  • Deterministic calculation · OPERATING_MARGIN · QUARTER · 2026-06-30 · 12.971600000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2023-12-31 · 6.431800000000 · PERCENT

PAT margin rose from 5.72% (FY2023, C23) to 11.65% (Q2 2026, C19), a 593bp improvement

Sources (2)
  • Deterministic calculation · PAT_MARGIN · QUARTER · 2026-06-30 · 11.647200000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2023-12-31 · 5.716900000000 · PERCENT

Short-term debt dropped from VND 64.69T (FY2025, E42) to VND 414B (Q2 2026, E13), a ~99% reduction

Sources (2)
  • SHORT_TERM_DEBT · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_DEBT · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · 2025 · source

Revenue grew from VND 118.95T net (FY2023, E67) to VND 156.12T net (FY2025, E41), a 31.2% increase over two years

Sources (2)
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2025 · source
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2023 · source

EPS basic rose from VND 1,117 (FY2023, E59) to VND 1,973 (FY2025, E33), a 76.6% increase

Sources (2)
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2025 · source
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2023 · source

Earnings Quality

OCF/PAT conversion is strong: 187.88% in Q2 2026 (C28) and 111.93% in FY2025 (C30), indicating high-quality cash earnings

Sources (6)
  • CONSOLIDATED_PAT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · Quý 2- 2026 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · Quý 2- 2026 · source
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2025 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · 2025 · source
  • Deterministic calculation · OCF_TO_PAT · QUARTER · 2026-06-30 · 187.882100000000 · PERCENT
  • Deterministic calculation · OCF_TO_PAT · FULL_YEAR · 2025-12-31 · 111.930000000000 · PERCENT

EPS basic shows consistent growth: FY2022 VND 1,452 (E74), FY2023 VND 1,117 (E59), FY2024 VND 1,751 (E46), FY2025 VND 1,973 (E33), though validation state is WARNING for all years

Sources (4)
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2025 · source
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2024-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2024 · source
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2023 · source
  • EPS_BASIC · HPG income statement 2022 - 2025 · 2022-12-31 · income-statement · 70 21. Lãi cơ bản trên cổ phiếu(*) · 2022 · source

Q1 2026 OCF/PAT conversion was 75.27% (C29), lower than Q2 2026, suggesting quarterly volatility in cash conversion

Sources (3)
  • CONSOLIDATED_PAT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · Quý 1- 2026 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · Quý 1- 2026 · source
  • Deterministic calculation · OCF_TO_PAT · QUARTER · 2026-03-31 · 75.274000000000 · PERCENT

PAT grew from VND 6.80T (FY2023, E57) to VND 15.51T (FY2025, E31), a 128% increase

Sources (2)
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2025 · source
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2023 · source

Business Segments

UNKNOWN: No segment-level revenue or profit breakdown is available in the supplied evidence. HPG operates across steel, construction, and real estate, but segment data is not disclosed in the provided financial statements.

Investment Thesis

HPG is in a margin recovery and expansion cycle, with gross margin rising from 10.88% (FY2023) to 15.69% (FY2025) to 19.01% (Q2 2026), driven by operating leverage and cost optimization. Revenue grew from VND 118.95T net (FY2023) to VND 156.12T net (FY2025), with Q2 2026 alone at VND 55.16T. Strong OCF generation (Q2 2026: VND 12.07T, 187.88% of PAT) supports heavy capex investment while maintaining liquidity.

Sources (20)
  • GROSS_PROFIT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 2- 2026 · source
  • OPERATING_PROFIT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · Quý 2- 2026 · source
  • REVENUE_NET · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 2- 2026 · source
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2025 · source
  • GROSS_PROFIT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · 2025 · source
  • OPERATING_PROFIT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · 2025 · source
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2025 · source
  • GROSS_PROFIT · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · 2023 · source
  • OPERATING_PROFIT · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · 2023 · source
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2023 · source
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2023-12-31 · 10.876400000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 19.013800000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2025-12-31 · 15.692000000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · QUARTER · 2026-06-30 · 12.971600000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2023-12-31 · 6.431800000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · QUARTER · 2026-06-30 · 11.647200000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2025-12-31 · 9.938100000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2023-12-31 · 5.716900000000 · PERCENT
  • Deterministic calculation · OCF_TO_PAT · QUARTER · 2026-06-30 · 187.882100000000 · PERCENT
  • Deterministic calculation · OCF_TO_PAT · FULL_YEAR · 2025-12-31 · 111.930000000000 · PERCENT

The dramatic decline in short-term borrowings from VND 64.69T (FY2025) to VND 414B (Q2 2026) alongside rising short-term financial investments (VND 27.47T in Q2 2026) suggests significant balance sheet restructuring or reclassification, warranting verification.

Sources (4)
  • SHORT_TERM_DEBT · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_FINANCIAL_INVESTMENTS · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_DEBT · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · 2025 · source
  • SHORT_TERM_FINANCIAL_INVESTMENTS · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · 2025 · source

Variant Perception

The market likely prices in continued margin recovery given the clear upward trend from FY2023 trough. The Q2 2026 gross margin of 19.01% (C2) approaching FY2020 levels (20.98%, C8) but still below FY2021 peak (27.46%, C7) suggests room for further expansion if cycle conditions permit.

Sources (3)
  • Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 19.013800000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2021-12-31 · 27.464200000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2020-12-31 · 20.976900000000 · PERCENT

The dramatic short-term debt reduction (E13 vs E42) is the most controversial data point: if genuine, it materially improves the risk profile; if a reclassification, it may mislead investors about leverage.

Sources (2)
  • SHORT_TERM_DEBT · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_DEBT · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · 2025 · source

OCF/PAT conversion above 100% (C28, C30) suggests the market may be underestimating cash earnings quality relative to reported PAT, which could support a higher valuation multiple.

Sources (6)
  • CONSOLIDATED_PAT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · Quý 2- 2026 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · Quý 2- 2026 · source
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2025 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · 2025 · source
  • Deterministic calculation · OCF_TO_PAT · QUARTER · 2026-06-30 · 187.882100000000 · PERCENT
  • Deterministic calculation · OCF_TO_PAT · FULL_YEAR · 2025-12-31 · 111.930000000000 · PERCENT

Profitability Returns

Gross margin trend: FY2019 17.57% (C9), FY2020 20.98% (C8), FY2021 27.46% (C7), FY2022 11.85% (C6), FY2023 10.88% (C1), FY2024 13.32% (C5), FY2025 15.69% (C4), Q1 2026 15.81% (C3), Q2 2026 19.01% (C2)

Sources (19)
  • GROSS_PROFIT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 2- 2026 · source
  • GROSS_PROFIT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 1- 2026 · source
  • GROSS_PROFIT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · 2025 · source
  • GROSS_PROFIT · HPG income statement 2022 - 2025 · 2024-12-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · 2024 · source
  • GROSS_PROFIT · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · 2023 · source
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2023 · source
  • REVENUE_NET · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 2- 2026 · source
  • REVENUE_NET · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 1- 2026 · source
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2025 · source
  • REVENUE_NET · HPG income statement 2022 - 2025 · 2024-12-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · 2024 · source
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2023-12-31 · 10.876400000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 19.013800000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-03-31 · 15.812700000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2025-12-31 · 15.692000000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2024-12-31 · 13.321500000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2022-12-31 · 11.854500000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2021-12-31 · 27.464200000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2020-12-31 · 20.976900000000 · PERCENT
  • Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2019-12-31 · 17.571000000000 · PERCENT

Operating margin trend: FY2019 14.19% (C18), FY2020 16.97% (C17), FY2021 24.73% (C16), FY2022 6.93% (C15), FY2023 6.43% (C14), FY2024 9.55% (C13), FY2025 11.47% (C12), Q1 2026 20.23% (C11), Q2 2026 12.97% (C10)

Sources (15)
  • OPERATING_PROFIT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · Quý 2- 2026 · source
  • OPERATING_PROFIT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · Quý 1- 2026 · source
  • OPERATING_PROFIT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · 2025 · source
  • OPERATING_PROFIT · HPG income statement 2022 - 2025 · 2024-12-31 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · 2024 · source
  • OPERATING_PROFIT · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · 2023 · source
  • OPERATING_PROFIT · HPG income statement 2022 - 2025 · 2022-12-31 · income-statement · 30 11. Lợi nhuận thuần từ hoạt động kinh doanh{30=20+(21-22) + 24 - (25+26)} · 2022 · source
  • Deterministic calculation · OPERATING_MARGIN · QUARTER · 2026-06-30 · 12.971600000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · QUARTER · 2026-03-31 · 20.234100000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2025-12-31 · 11.469600000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2024-12-31 · 9.554600000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2023-12-31 · 6.431800000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2022-12-31 · 6.926000000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2021-12-31 · 24.725100000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2020-12-31 · 16.969100000000 · PERCENT
  • Deterministic calculation · OPERATING_MARGIN · FULL_YEAR · 2019-12-31 · 14.186700000000 · PERCENT

PAT margin trend: FY2019 11.90% (C27), FY2020 14.99% (C26), FY2021 23.06% (C25), FY2022 5.97% (C24), FY2023 5.72% (C23), FY2024 8.66% (C22), FY2025 9.94% (C21), Q1 2026 17.12% (C20), Q2 2026 11.65% (C19)

Sources (15)
  • CONSOLIDATED_PAT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · Quý 2- 2026 · source
  • CONSOLIDATED_PAT · HPG income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · Quý 1- 2026 · source
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2025-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2025 · source
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2024-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2024 · source
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2023-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2023 · source
  • CONSOLIDATED_PAT · HPG income statement 2022 - 2025 · 2022-12-31 · income-statement · 60 18. Lợi nhuận sau thuế thu nhập doanh nghiệp(60=50-51-52) · 2022 · source
  • Deterministic calculation · PAT_MARGIN · QUARTER · 2026-06-30 · 11.647200000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · QUARTER · 2026-03-31 · 17.118700000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2025-12-31 · 9.938100000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2024-12-31 · 8.656500000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2023-12-31 · 5.716900000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2022-12-31 · 5.971600000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2021-12-31 · 23.063200000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2020-12-31 · 14.987100000000 · PERCENT
  • Deterministic calculation · PAT_MARGIN · FULL_YEAR · 2019-12-31 · 11.904600000000 · PERCENT

ROE and ROA cannot be calculated: equity and total asset data are not separately disclosed in the evidence set

Balance Sheet Cash Flow

Cash and equivalents: Q2 2026 VND 9.78T (E2), Q1 2026 VND 11.46T (E16), FY2025 VND 8.30T (E30), FY2024 VND 6.89T (E44), FY2023 VND 12.25T (E56), FY2022 VND 8.32T (E71)

Sources (6)
  • CASH_AND_EQUIVALENTS · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · Quý 2- 2026 · source
  • CASH_AND_EQUIVALENTS · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · Quý 1- 2026 · source
  • CASH_AND_EQUIVALENTS · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · 2025 · source
  • CASH_AND_EQUIVALENTS · HPG balance sheet 2022 - 2025 · 2024-12-31 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · 2024 · source
  • CASH_AND_EQUIVALENTS · HPG balance sheet 2022 - 2025 · 2023-12-31 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · 2023 · source
  • CASH_AND_EQUIVALENTS · HPG balance sheet 2022 - 2025 · 2022-12-31 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · 2022 · source

Short-term financial investments: Q2 2026 VND 27.47T (E14), Q1 2026 VND 24.27T (E28), FY2025 VND 19.48T (E43), FY2024 VND 18.97T (E54), FY2023 VND 22.18T (E69)

Sources (5)
  • SHORT_TERM_FINANCIAL_INVESTMENTS · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_FINANCIAL_INVESTMENTS · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · Quý 1- 2026 · source
  • SHORT_TERM_FINANCIAL_INVESTMENTS · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · 2025 · source
  • SHORT_TERM_FINANCIAL_INVESTMENTS · HPG balance sheet 2022 - 2025 · 2024-12-31 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · 2024 · source
  • SHORT_TERM_FINANCIAL_INVESTMENTS · HPG balance sheet 2022 - 2025 · 2023-12-31 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · 2023 · source

Short-term debt: Q2 2026 VND 414B (E13), Q1 2026 VND 348B (E27), FY2025 VND 64.69T (E42), FY2024 VND 55.88T (E53), FY2023 VND 54.98T (E68)

Sources (5)
  • SHORT_TERM_DEBT · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_DEBT · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 1- 2026 · source
  • SHORT_TERM_DEBT · HPG balance sheet 2022 - 2025 · 2025-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · 2025 · source
  • SHORT_TERM_DEBT · HPG balance sheet 2022 - 2025 · 2024-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · 2024 · source
  • SHORT_TERM_DEBT · HPG balance sheet 2022 - 2025 · 2023-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · 2023 · source

Operating cash flow: Q2 2026 VND 12.07T (E7), Q1 2026 VND 6.82T (E21), FY2025 VND 17.37T (E36), FY2023 VND 8.64T (E62), FY2022 VND 12.28T (E77). FY2024 OCF NOT_FOUND

Sources (5)
  • OPERATING_CASH_FLOW · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · Quý 2- 2026 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · Quý 1- 2026 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · 2025 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement 2022 - 2025 · 2023-12-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · 2023 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement 2022 - 2025 · 2022-12-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · 2022 · source

CAPEX: Q2 2026 VND 12.19T (E1), Q1 2026 VND 5.49T (E15), FY2025 VND 25.75T (E29), FY2023 VND 17.37T (E55), FY2022 VND 17.89T (E70). FY2024 CAPEX NOT_FOUND

Sources (5)
  • CAPEX_CASH · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · Quý 2- 2026 · source
  • CAPEX_CASH · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · Quý 1- 2026 · source
  • CAPEX_CASH · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · 2025 · source
  • CAPEX_CASH · HPG cash flow statement 2022 - 2025 · 2023-12-31 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · 2023 · source
  • CAPEX_CASH · HPG cash flow statement 2022 - 2025 · 2022-12-31 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · 2022 · source

Lease liabilities are NOT_DISCLOSED in the VAS statements of financial position; lease-adjusted net debt cannot be computed

Capital Allocation Management

Heavy capex investment: FY2025 VND 25.75T (E29), Q2 2026 alone VND 12.19T (E1), representing significant capacity expansion

Sources (2)
  • CAPEX_CASH · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · Quý 2- 2026 · source
  • CAPEX_CASH · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · 2025 · source

Dividends paid: Q2 2026 VND 3.94T (E4), FY2025 VND 36.5B (E32), FY2023 VND 8.01B (E58), FY2022 VND 2.26T (E73). Q2 2026 dividend payout is unusually large relative to FY2025

Sources (4)
  • DIVIDENDS_PAID · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 36 6. Cổ tức, lợi nhuận đã trả cho chủ sở hữu · Quý 2- 2026 · source
  • DIVIDENDS_PAID · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 36 6. Cổ tức, lợi nhuận đã trả cho chủ sở hữu · 2025 · source
  • DIVIDENDS_PAID · HPG cash flow statement 2022 - 2025 · 2023-12-31 · cashflow-statement · 36 6. Cổ tức, lợi nhuận đã trả cho chủ sở hữu · 2023 · source
  • DIVIDENDS_PAID · HPG cash flow statement 2022 - 2025 · 2022-12-31 · cashflow-statement · 36 6. Cổ tức, lợi nhuận đã trả cho chủ sở hữu · 2022 · source

OCF comfortably covers capex in Q2 2026 (OCF VND 12.07T vs CAPEX VND 12.19T, nearly 1:1), but FY2025 OCF (VND 17.37T) was below capex (VND 25.75T), indicating external funding reliance

Sources (3)
  • OPERATING_CASH_FLOW · HPG cash flow statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · Quý 2- 2026 · source
  • CAPEX_CASH · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 21 1.Tiền chi để mua sắm, xây dựng TSCĐ và các tài sản dài hạn khác · 2025 · source
  • OPERATING_CASH_FLOW · HPG cash flow statement 2022 - 2025 · 2025-12-31 · cashflow-statement · 20 Lưu chuyển tiền thuần từ hoạt động kinh doanh · 2025 · source

Cash + short-term investments (Q2 2026: VND 37.26T) significantly exceed short-term debt (VND 414B), suggesting strong liquidity position

Sources (3)
  • CASH_AND_EQUIVALENTS · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · Quý 2- 2026 · source
  • SHORT_TERM_DEBT · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 2- 2026 · source
  • SHORT_TERM_FINANCIAL_INVESTMENTS · HPG balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · Quý 2- 2026 · source

Typed research claims

FACT and CALCULATION are evidence-backed; INTERPRETATION, HYPOTHESIS and SCENARIO are analytical judgements and are labelled as such.

  • UNKNOWN HPG gross margin expanded from 10.88% in FY2023 to 19.01% in Q2 2026
  • UNKNOWN HPG operating margin improved from 6.43% in FY2023 to 12.97% in Q2 2026
  • UNKNOWN HPG PAT margin rose from 5.72% in FY2023 to 11.65% in Q2 2026
  • UNKNOWN OCF/PAT conversion was 187.88% in Q2 2026 and 111.93% in FY2025
  • UNKNOWN Short-term debt decreased from VND 64.69T (FY2025) to VND 414B (Q2 2026)
  • UNKNOWN FY2025 net revenue was VND 156.12T, up 31.2% from FY2023's VND 118.95T
  • UNKNOWN FY2025 capex of VND 25.75T exceeded FY2025 OCF of VND 17.37T
  • UNKNOWN EPS basic grew from VND 1,117 (FY2023) to VND 1,973 (FY2025)

Known limitations and unknowns

The items below are unresolved; supported findings above are unaffected.

  • NOT_DISCLOSED — Lease liabilities
  • NOT_FOUND — Business segment revenue and profit breakdown
  • NOT_FOUND — Return on equity (ROE) and return on assets (ROA)
  • NOT_FOUND — FY2024 operating cash flow
  • NOT_FOUND — FY2024 capital expenditure
  • NOT_FOUND — Total equity and total assets for leverage ratios
  • UNKNOWN — Nature of short-term debt reduction from FY2025 to Q2 2026
  • NOT_FOUND — FY2021 and FY2020 direct evidence items (E75, E78 use UUID references not in supplied evidence)
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