HOSE Adds DSH to Margin-Ineligible List, Removes BMI as of October 26

Overview

HOSE has added Đông Sơn Holdings (ticker DSH) to its list of securities ineligible for margin trading because the shares have been listed for less than six months, and removed Bảo Minh (ticker BMI) after the insurer resolved the condition that had triggered its margin cut. As of October 26, the margin-ineligible list stands at 67 tickers, according to the exchange notice.

Key Facts

• DSH listed 35 million shares on HOSE on October 26 at a reference price of VND 11,900 per share.
• HOSE cited the under-six-months listing rule as the sole stated reason for DSH’s margin ineligibility.
• BMI was removed from the list after its auditor issued an unqualified (full acceptance) opinion on the reviewed consolidated interim 2026 financial statements, satisfying point c, clause 4, Article 40 of the listing and trading regulations under Decision 20/QĐ-HĐTV dated March 16, 2026.
• The list totals 67 tickers as of October 26, including three fund certificates (FUCVREIT, FUEABVND, FUETPVND) flagged for net asset value per certificate below par.
• Composition includes 25 securities under warning status, 10 listed under six months, 8 with negative post-tax profit attributable to parent shareholders in reviewed H1 2026 consolidated statements, and 3 under control status.
• DSH reported H1 2026 net revenue of VND 477.25 billion and parent-company post-tax profit of VND 61.27 billion.
• DSH was formerly Công ty cổ phần Đầu tư và Thương mại 319, with initial charter capital of VND 100 billion and road construction as its main business line.

What Happened

The Ho Chi Minh City Stock Exchange (HOSE) published an updated list of securities that do not qualify for margin trading. Đông Sơn Holdings, which trades as DSH, was added because its shares began trading on October 26 and therefore fall inside the six-month seasoning period the exchange applies to newly listed stocks. The notice does not allege any financial or governance deficiency at the company; the exclusion is procedural and time-bound.

Separately, HOSE removed Bảo Minh (BMI) from the list. The insurer had been flagged for a margin cut, and the exchange said the company remedied the condition after its auditor issued a full acceptance opinion on the reviewed consolidated interim 2026 financial statements. That opinion satisfies the requirement in Decision 20/QĐ-HĐTV dated March 16, 2026. The exchange notice did not disclose the size of any margin balances previously affected at either ticker.

Market Context

DSH closed at VND 11,800 on October 27, marginally below its VND 11,900 debut reference, while BMI closed at VND 13,900. The exchange’s metadata lists DSH under UPCOM, which conflicts with the HOSE listing notice; the HOSE notice is the operative source for the margin decision. The margin-eligibility list is a routine but closely read input for brokerage risk desks, since it determines which stocks can be financed with borrowed capital. The broader list of 67 names, spanning warning and control status, negative interim earnings and qualified audit opinions, reflects the exchange’s post-review-season screening cycle rather than a single corporate event.

Strategic Significance

For DSH, the practical consequence is that domestic brokerages cannot extend margin loans against the stock until it clears the six-month threshold, likely in late April 2027. That caps short-term leveraged demand and tends to widen bid-ask spreads and dampen turnover in the early trading phase, which matters for a small-cap road builder with VND 350 billion of listed shares. For BMI, restoration of margin eligibility removes a financing handicap and signals that the audit issue behind the earlier cut is closed, a modest positive for liquidity and for the stock’s eligibility in margin-backed portfolios.

What to Watch

• DSH’s six-month listing anniversary, expected around late April 2027, which would make it eligible for reconsideration.
• DSH’s first post-listing disclosure cycle, including any Q3 2026 results and free-float or foreign-ownership filings.
• BMI’s Q3 2026 earnings release and whether the unqualified opinion holds through the annual audit.
• Subsequent HOSE updates to the margin-ineligible list, particularly any change to the 67-name total.
• Brokerage margin-eligibility lists, which typically follow the HOSE notice with a lag of several trading days.