Dong Tay Land (DTR) UPCoM Debut: Shares Jump 12.38% on Day One

Overview

Dong Tay Land (ticker DTR) began trading on UPCoM on September 25, 2026, with all 80 million shares listed, and closed its first session at 11,800 VND per share, up 12.38% from the 10,500 VND reference price. The debut values the Ho Chi Minh City-based real-estate brokerage and auction services firm at approximately VND 944 billion. The listing gives public-market investors their first direct exposure to a company whose H1 2026 net profit was 20.6 times the prior-year period.

Key Facts

• DTR listed 80 million shares on UPCoM on September 25, 2026, at a reference price of 10,500 VND per share.
• The stock closed its first session at 11,800 VND, up 12.38%, after touching 12,000 VND intraday, a gain of more than 14%.
• First-session volume reached nearly 447,000 shares; market capitalization closed at roughly VND 944 billion (about USD 37.8 million).
• H1 2026 net revenue was over VND 259 billion, up 31% year-on-year, with brokerage services contributing more than VND 239 billion, up 36%.
• H1 2026 net profit after tax exceeded VND 17 billion, 20.6 times the year-earlier figure, equal to 14% of the full-year 2026 target.
• Q2 2026 gross margin rose to 45% from 27% a year earlier, while selling expenses climbed to nearly VND 23 billion, 9.4 times the prior-year quarter.
• Chairman Nguyen Thai Binh holds 73.51% of DTR, or more than 58.8 million shares, all pledged against the company’s bank loan.

What Happened

The listing followed a registration process that put the full 80 million-share count into trading on UPCoM, Vietnam’s market for unlisted public companies. According to the article, buying interest appeared from the opening auction, lifting the price above the reference level and holding it there through the close. Liquidity was thin relative to the share count, with roughly 447,000 units changing hands, a turnover rate of well under 1% of listed shares.

The financial picture behind the debut is mixed. Q2 2026 net revenue reached nearly VND 140 billion, up 23% year-on-year, and gross profit more than doubled to over VND 62 billion as cost of goods sold fell 7%, mainly on lower brokerage costs. Selling expenses, however, jumped to almost VND 23 billion from a low base, driven by external service costs that rose from about VND 6 million to nearly VND 18 billion. Net profit for the quarter was still more than VND 7 billion, 24 times the year-earlier figure. For the full first half, revenue rose 31% and net profit reached more than VND 17 billion.

Market Context

DTR trades on UPCoM, the exchange with lighter disclosure and liquidity requirements than HOSE or HNX. The company targets 2026 net revenue of VND 860 billion, up 54%, and net profit after tax of VND 120 billion, 3.6 times the 2025 result. After six months, it has met 30% of the revenue plan and 14% of the profit plan, leaving a steep second-half ramp. Total assets stood at nearly VND 1,400 billion at the end of June, with liabilities of about VND 544 billion and financial borrowings of roughly VND 235 billion, down 3% from the start of the year.

Strategic Significance

Dong Tay Land was founded in 2013 and operates in real-estate consulting, brokerage, auction services and land-use-right auctions. Its charter capital grew from VND 20 billion in 2017 to VND 800 billion by November 2022, where it has stayed. The investment case rests on two projects in Tay Ninh province: the 46.6-hectare My Loc commercial-residential and eco-tourism development with VND 900 billion in planned investment, and a 74.2-hectare project budgeted at VND 1,600 billion. Both are early-stage and unfunded by operating cash flow at current profit levels, which makes the pledged chairman stake and the company’s bank borrowings central to how the equity story develops.

What to Watch

• Q3 2026 results, which will show whether the 14% first-half completion rate against the annual profit target is recoverable.
• Progress disclosures on the My Loc and 74.2-hectare Tay Ninh projects, including land clearance and licensing milestones.
• Any change in the status of Chairman Nguyen Thai Binh’s pledged 73.51% stake, which affects free float and governance risk.
• Receivables and related-party transaction disclosures, which auditors have previously flagged.
• Trading liquidity on UPCoM, given first-session volume of under 447,000 shares against 80 million listed.