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Freedom251 › Blog › forward price-to-sales

Forward Price-to-Sales for Song Hong Construction (HNX:ICG): What the Data Shows

By Freedom251 Team · · 3 min read

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A reliable forward price-to-sales (P/S) ratio for Song Hong Construction Joint Stock Company (HNX:ICG) cannot be calculated from the available figures because they do not include a usable forecast of the company’s sales. The available 25.81 figure is trailing P/S, not forward P/S. To calculate a forward multiple, divide market capitalization by sales forecast for a specified future period.

Is a forward P/S ratio available for HNX:ICG?

No forward P/S estimate or analyst sales forecast is reported in the available market-data snapshot. StockAnalysis lists forward P/E and EV/Sales as unavailable as well as omitting a forward P/S estimate. Without forecast sales for a defined period, a forward P/S value would be unsupported.

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HNX identifies the issuer as ICG and recorded a closing price of VND 10,400 on October 8, 2026. That is a dated exchange observation, not a current quote. HNX issuer and trading information

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What the reported valuation figures mean

StockAnalysis’s statistics snapshot, dated October 9, 2026, reports market capitalization of VND 182.75 billion, trailing-twelve-month revenue of VND 7.08 billion, and trailing P/S of 25.81. The data is attributed to S&P Global Market Intelligence. The trailing ratio uses revenue already reported for the trailing twelve months; it is not a projection of future sales. StockAnalysis ICG statistics

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A forward P/S calculation requires a sales forecast and a matching market-capitalization date. The formula is:

Forward P/S = market capitalization ÷ forecast sales for the chosen future period

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For example, a calculation using next fiscal year’s forecast revenue should pair that forecast with market capitalization measured on a stated date. The result also depends on whether the forecast uses consolidated or parent-company revenue. No forecast figure is available here, so substituting historical revenue would not produce a forward multiple.

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Why historical revenue does not supply the missing forecast

StockAnalysis’s annual financial table, which attributes its data to S&P Global Market Intelligence, lists revenue of VND 6.669 billion for FY2025 and VND 13.209 billion for FY2024. Earlier listed annual figures are VND 1.037 billion for FY2023 and VND 11.135 billion for FY2022. The fiscal year runs January through December, and the table’s source values are in millions of VND. StockAnalysis ICG financials

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The movement between these annual figures is substantial: FY2024 revenue rebounded from a low FY2023 figure, then FY2025 revenue fell from FY2024. These historical results show why a single past year—or the trailing-twelve-month figure—cannot safely stand in for forecast sales.

How to assess a future ICG forward P/S figure

If a sales forecast becomes available, a meaningful calculation or comparison should identify the following details alongside the ratio:

  • Forecast period: State the fiscal year or other period covered by estimated sales.
  • Forecast source and date: Identify whether the number comes from company guidance or analyst consensus, and when it was published.
  • Revenue basis: Specify consolidated or parent-company revenue.
  • Market-capitalization date: Use a dated market capitalization consistent with the calculation.
  • Currency and units: Keep market capitalization and forecast sales in the same currency and units.

HNX’s issuer page lists ICG announcements, including consolidated and parent-company semiannual 2026 statements announced on August 28, 2026. Those filings can provide updated reported results, but their existence does not establish future revenue guidance. HNX issuer and trading information

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What can be concluded

For HNX:ICG, the cited 25.81 multiple is trailing P/S as of October 9, 2026, not forward P/S. The historical revenue figures provide context but do not establish expected sales. A forward P/S should remain unstated until a sourced forecast for a defined period is available.

This is informational valuation context, not a buy or sell recommendation.

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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

forward price-to-salesHNX:ICGP/S ratioSong Hong Constructionstock valuation

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