DMX 9M2026 Profit Tops VND 7,700B, Beats Full-Year Target at 105%

Overview

Đầu tư Điện Máy Xanh (DMX) reported 9M2026 revenue of VND 99,460 billion, up 25% year on year, and profit above VND 7,700 billion, up 83%, at its extraordinary shareholder meeting on 29 October 2026. The result already equals 105% of the company’s full-year 2026 profit target of VND 7,350 billion, and management used the meeting to address shareholder questions about its real estate bond holdings.

Key Facts

• 9M2026 revenue reached VND 99,460 billion, up 25% year on year, equal to 81% of the VND 122,500 billion annual plan.
• Same-store contributions accounted for 30% of 9M revenue.
• Q3 2026 profit alone was VND 2,825 billion, up 105% year on year.
• Cumulative 9M profit exceeded VND 7,700 billion (+83% YoY), a cumulative margin of 7.7%.
• 9M profit equals 105% of the VND 7,350 billion full-year 2026 profit plan.
• Full-year 2026 guidance: net revenue of about VND 140,000 billion and after-tax profit above VND 10,500 billion.
• Board member Vũ Đăng Linh said real estate and multi-sector bond holdings are repo transactions with resale contracts signed at the moment of purchase, with tenors of 6 or 12 months.

What Happened

At the extraordinary general meeting of shareholders held on the afternoon of 29 October 2026, a shareholder asked about DMX’s investments in bonds issued by real estate and resort companies, questioning the investment objective and the discipline applied given the higher risk relative to bank deposits or bank bonds. Vũ Đăng Linh, a member of the board of directors, responded that as a retailer DMX generates stable and steady cash flow, and invests part of that cash to optimise returns. The bulk sits in bank deposits and certificates of deposit, with a smaller allocation to bonds.

Linh said DMX rarely invests in primary-market bonds, and only in issuers it judges to have essentially no problems. The remainder is bond repo, in which the company buys with a pre-signed resale contract at a fixed price and a short tenor of 6 or 12 months. He stated that even for real estate or multi-sector corporate bonds, the resale contract is in place at the time of investment. Separately, CEO Đoàn Văn Hiểu Em and chairman Nguyễn Đức Tài were present at the meeting, which also covered a proposed shareholder reward put to a vote.

Market Context

DMX trades on UPCOM and closed at VND 75,600 on 29 October 2026, the day of the meeting. The 9M result places DMX among the stronger performers in Vietnamese retail, a sector that has benefited from recovering domestic consumption through 2026. Delivering 105% of the annual profit plan in nine months shifts the market’s focus from whether guidance is achievable to how much the company will beat it, with management now pointing to after-tax profit above VND 10,500 billion for the full year.

Strategic Significance

The investment case here rests on two things. First, operating leverage: 25% revenue growth translating into 83% profit growth implies gross margin expansion and cost absorption as existing stores mature, with same-store sales already contributing 30% of revenue. Second, balance-sheet conservatism: the bond portfolio is structured as short-dated repo with pre-agreed exits, which limits duration and credit risk even where underlying issuers are real estate developers. For long-term holders, the key question is whether margin gains are structural or cyclical, and whether surplus cash continues to be deployed into low-risk treasury assets rather than higher-yield credit.

What to Watch

• Q4 2026 revenue and profit, to test whether the company reaches its VND 140,000 billion revenue and VND 10,500 billion after-tax profit ambitions.
• Disclosure on the size and maturity profile of the bond repo book in the next financial statements.
• Same-store sales contribution in Q4, to confirm whether growth is broadening beyond new-store openings.
• Outcome of the shareholder vote on the proposed reward package discussed at the 29 October meeting.
• Any update to 2027 guidance or store rollout plans from management.