Dong Tay Land to Trade 80M Shares on UPCoM; Auditor Flags Receivables

Overview

Dong Tay Land (DTR) has received approval from the Hanoi Stock Exchange (HNX) to register 80 million shares on the UPCoM market, a step toward a potential listing. The company, a real estate brokerage, saw strong profit growth in 2025, but its auditor raised concerns about receivables, and several key management changes have been announced.

Key Facts

• HNX approved the registration of 80 million DTR shares on UPCoM on August 28, with a par value of VND 10,000 per share, totaling VND 800 billion.
• The company became a public company per the State Securities Commission in February.
• Chairman Nguyen Thai Binh holds 73.5% of charter capital, contributing over VND 588 billion.
• In 2025, net revenue reached nearly VND 559 billion, up 43%, and net profit exceeded VND 33 billion, 12 times higher than the previous year.
• Brokerage services contributed nearly VND 480 billion, up 60%.
• Total assets at end-2025 were nearly VND 1,378 billion, up 14%; cash and equivalents surged to VND 251 billion.
• Liabilities were VND 532 billion, up 34%, with financial debt at over VND 243 billion.
• The auditor issued qualified opinions on receivables, citing inability to collect sufficient evidence.

What Happened

Dong Tay Land, a Ho Chi Minh City-based real estate brokerage, received approval from HNX to register its shares on UPCoM. The company, founded in 2013, has grown its charter capital from VND 20 billion to VND 800 billion through multiple increases. The registration is a step toward a future listing.

In 2025, the company reported strong financial results, with net profit surging 12-fold to over VND 33 billion, driven by brokerage services. However, the independent auditor issued qualified opinions on the financial statements, citing concerns about receivables and the inability to verify certain amounts. Additionally, several key management changes have occurred, including the resignation of the CEO and appointment of a new chairman, as well as changes in the chief accountant and head of the control board.

Market Context

DTR shares are set to trade on UPCoM, a market for unlisted public companies, which often sees lower liquidity and valuation multiples compared to HOSE or HNX. The real estate brokerage sector in Vietnam has been recovering, with increased transaction activity. The company’s strong profit growth in 2025 contrasts with the auditor’s concerns, which may weigh on investor sentiment. The leadership changes add another layer of uncertainty.

Strategic Significance

The UPCoM listing provides Dong Tay Land with access to a broader investor base and could facilitate future capital raising. The company’s focus on brokerage services, which have high margins, positions it well in a recovering property market. However, the auditor’s qualified opinion on receivables raises questions about asset quality and internal controls. Investors should monitor how the company addresses these issues and whether it can sustain its growth trajectory.

What to Watch

• The company’s 2026 financial statements, which have not yet been published, to see if receivables issues are resolved.
• Any further management changes or stabilization of the leadership team.
• The trading debut of DTR on UPCoM and its initial price discovery.
• Updates on the company’s plan to list on a major exchange (HOSE or HNX).
• The resolution of the auditor’s concerns, including any provisions or write-offs related to receivables.