Hoa Sen Group

Hoa Sen Group maintains a conservative capital structure with a debt-to-equity ratio of 0.39, indicating moderate leverage relative to its equity base of 11.3 trillion VND. The company holds 17.6 billion VND in cash and equivalents against 4.4 trillion VND in long-term debt, resulting in a negative net cash position. Liquidity is supported by a current ratio of 1.54, which provides adequate short-term coverage of liabilities, though the risk assessment flags medium liquidity risk due to the net debt position.

Profitability metrics show a return on equity of 6.49% and a return on assets of 3.88%, reflecting modest efficiency in deploying capital. The company generated 735 billion VND in net income on 36.5 trillion VND in revenue, yielding a net margin of approximately 2.0%. Operating income stood at 754 billion VND, while gross profit was 4.5 trillion VND, suggesting significant operating expenses relative to gross margins.

Revenue concentration and segment details are not explicitly provided in the available data, limiting specific analysis of geographic or product mix exposure. The company’s primary activity is identified within the Metals & Mining sector, implying exposure to commodity price cycles and industrial demand trends.

Growth trajectory analysis is constrained by the absence of historical period data in the input, preventing a year-over-year or quarter-over-quarter trend assessment. The latest financial snapshot shows substantial capital expenditure of 2.6 trillion VND, which exceeded operating cash flow of 3.7 trillion VND, resulting in negative free cash flow of 1.3 trillion VND. This indicates a period of heavy investment or expansion.

Risk factors include medium liquidity risk and low dilution risk, with the key flag noting that net cash is negative after subtracting total debt. The company’s reliance on debt financing for its asset base of 18.9 trillion VND introduces interest rate sensitivity, although the low debt-to-equity ratio mitigates severe solvency concerns.

Recent analyst observations indicate a mean price target of 13,521.79 VND and a median target of 12,950.00 VND, with a mean recommendation of 2.67, suggesting a neutral to slightly positive market sentiment. The analyst consensus includes one strong buy, one buy, and three hold ratings, reflecting cautious optimism.

Net income surged 42.8% year-over-year to VND 735 billion in FY2025, demonstrating strong bottom-line recovery.

Operating income grew 47.7% year-over-year to VND 754 billion in FY2025, indicating improved core operational profitability.

Cash conversion ratio of 5.01 ranks best-in-class compared to the cohort median of 1.2, highlighting superior efficiency.

Debt-to-equity ratio of 0.39 aligns with the cohort median, suggesting manageable leverage relative to peers.

Analysts maintain a mean price target of VND 17,767, implying potential upside from current market levels.

Revenue declined 7.0% year-over-year to VND 36.5 trillion in FY2025, signaling weakening top-line growth momentum.

Net income CAGR of -35.8% over four years reflects significant long-term earnings volatility and contraction.

High credit risk flag suggests potential challenges in debt servicing or counterparty reliability for the company.

Revenue VND 8.36T, −17,3% YoY; Operating income +157,4% YoY.

• ▍Revenue VND 8.36T, −17,3% YoY
• ▍Operating income +157,4% YoY
• ▍Net income +148,6% YoY
• ▍Free cash flow −63,4% YoY
• ▍Net margin 1.1%

Revenue VND 9.51T, −12,3% YoY; Operating income −6,7% YoY.

• ▍Revenue VND 9.51T, −12,3% YoY
• ▍Operating income −6,7% YoY
• ▍Net income +0,1% YoY
• ▍Free cash flow −537,5% YoY
• ▍Net margin 2.9%

Revenue VND 8.45T; Operating income VND 220.47B.

• ▍Revenue VND 8.45T
• ▍Operating income VND 220.47B
• ▍Net margin 2.5%

Revenue VND 10.22T; Operating income VND 182.35B.

• ▍Revenue VND 10.22T
• ▍Operating income VND 182.35B
• ▍Net margin 1.6%

Revenue VND 10.11T; Operating income -VND 168.09B.

• ▍Revenue VND 10.11T
• ▍Operating income -VND 168.09B
• ▍Net margin -1.8%

Revenue VND 10.84T; Operating income VND 273.05B.

• ▍Revenue VND 10.84T
• ▍Operating income VND 273.05B
• ▍Net margin 2.5%

Revenue VND 36.54T, −7,0% YoY; Operating income +47,7% YoY.

• ▍Revenue VND 36.54T, −7,0% YoY
• ▍Operating income +47,7% YoY
• ▍Net income +42,8% YoY
• ▍Free cash flow −403,7% YoY
• ▍Net margin 2.0%

Revenue VND 39.27T, +24,1% YoY; Operating income +431,2% YoY.

• ▍Revenue VND 39.27T, +24,1% YoY
• ▍Operating income +431,2% YoY
• ▍Net income +1 615,0% YoY
• ▍Free cash flow −45,8% YoY
• ▍Net margin 1.3%

Revenue VND 31.65T, −36,3% YoY; Operating income −70,8% YoY.

• ▍Revenue VND 31.65T, −36,3% YoY
• ▍Operating income −70,8% YoY
• ▍Net income −88,1% YoY
• ▍Free cash flow −16,9% YoY
• ▍Net margin 0.1%

Revenue VND 49.71T, +2,0% YoY; Operating income −93,3% YoY.

• ▍Revenue VND 49.71T, +2,0% YoY
• ▍Operating income −93,3% YoY
• ▍Net income −94,2% YoY
• ▍Free cash flow −81,1% YoY
• ▍Net margin 0.5%

Revenue VND 48.73T; Operating income VND 4.92T.

• ▍Revenue VND 48.73T
• ▍Operating income VND 4.92T
• ▍Net margin 8.9%