UZ_HAMKOR: revenue growth accelerated to 19.2%, but profit barely grows — margin under pressure

UZ_HAMKOR раскрыла результаты за первый квартал 2026 года: выручка выросла на 19,2% год к году до 1 438 140 млн UZS, чистая прибыль — на 18,9% до 467 680 млн UZS. Несмотря на ускорение роста выручки, чистая маржа практически не изменилась (32,5% против 32,6% годом ранее), что указывает на стабильность операционной эффективности. При текущей цене акция выглядит привлекательно: P/E LTM составляет 4,86, ROE — 32,5%, а модель портала оценивает потенциал роста в +22%.

Key takeaways

— Q1 2026 revenue grew 19.2% YoY, accelerating from 16.0% in Q3 2025

— Q1 2026 net profit rose 18.9%, but margin remained at 32.5%

— ROE of 32.5% with P/E of 4.86 — the stock trades at a discount to its own history

— Dividend yield of 0.88% — below the key rate, limiting appeal for income investors

— The portal's model estimates the stock's upside at +22% from the current price

Attractiveness

Key figures, UZS bn

Q1 2026 revenue grew 19.2% YoY, accelerating from 16.0% in Q3 2025

In Q1 2026, UZ_HAMKOR's revenue reached 1,438,140 million UZS, up 19.2% from the same quarter a year earlier. This is an acceleration from 16.0% in Q3 2025 and 20.4% in Q2 2025. The company continues to increase its growth pace after a slowdown in mid-2025.

Quarterly dynamics show a steady upward trend: from 949,070 million UZS in Q1 2024, revenue grew to 1,438,140 million UZS in Q1 2026. Growth is supported by an expanding operational base, though specific drivers are not disclosed in the report.

Q1 2026 net profit rose 18.9%, but margin remained at 32.5%

Net profit for Q1 2026 amounted to 467,680 million UZS, up 18.9% from a year earlier. Profit growth slightly lags revenue, leading to a marginal decline in net margin to 32.5% from 32.6% in Q1 2025. This indicates stable operational efficiency but also a lack of operating leverage.

Over the trailing twelve months, net profit reached 1,754,560 million UZS on revenue of 4,353,700 million UZS, confirming sustained high profitability on an annual basis. However, further margin expansion would require profit to grow faster than revenue.

ROE of 32.5% with P/E of 4.86 — the stock trades at a discount to its own history

UZ_HAMKOR demonstrates high capital efficiency: ROE is 32.5%. Meanwhile, the P/E LTM multiple is 4.86, a low value for a company with such profitability. This suggests the market values the stock at a discount to its earnings-generating ability.

Comparison with its own history of multiples is difficult due to the lack of three-year data, but the current P/E level combined with ROE above 30% implies the stock is undervalued. The portal's model confirms this view, estimating an upside of +22%.

Dividend yield of 0.88% — below the key rate, limiting appeal for income investors

Over the trailing twelve months, the company paid dividends yielding 0.88% at the current market capitalization of 8,518,416 million UZS. This is significantly below the key rate, making the stock unattractive for income-focused investors.

Nevertheless, given high profitability and low P/E, dividend payments could grow as profits increase. However, confirmation requires information on dividend policy, which is not disclosed in the report.

The portal's model estimates the stock's upside at +22% from the current price

According to our model, based on the ratio of annualized earnings to market cap (ROE vs. P/B), the fair value of UZ_HAMKOR's stock is 22% above the current price. This implies significant upside potential if current financial metrics are maintained.

The portal's model is not a market consensus or target price but an internal estimate based on fundamentals. Investors should note that realizing this potential depends on maintaining current profitability and growth rates.

Valuation on the latest reported figures

Bottom line

UZ_HAMKOR showed solid revenue growth in Q1 2026, accelerating to 19.2% YoY, with a stable net margin of around 32.5%. Profit is growing at a similar pace, confirming business sustainability. However, the lack of operating leverage and low dividend yield limit appeal for a broad range of investors. Nevertheless, the low P/E (4.86) and high ROE (32.5%), combined with the portal's model estimating an upside of +22%, make the stock attractive at current levels.