DatVietVAC (DVV) 9-Month Profit Rises 6% as Tinh Hà 'Say Hi' Adds VND 60B

Overview

DatVietVAC Group Holdings (DVV) reported nine-month net revenue of VND 2,116 billion, down 5.7% year on year, and after-tax profit of VND 246 billion, up nearly 6% and equal to 59% of its full-year plan. The media and entertainment group attributed roughly VND 60 billion of revenue to its blockbuster reality show Tinh Hà “Say Hi”, and it has secured HOSE approval to list 111.4 million DVV shares from November 2 at a reference price of VND 54,800.

Key Facts

• Nine-month net revenue: VND 2,116 billion, down 5.7% year on year.
• Nine-month after-tax profit: VND 246 billion, up nearly 6%, reaching 59% of the annual plan.
• Full-year 2025 profit target: VND 420 billion, which management says it is confident of meeting.
• Tinh Hà “Say Hi” contribution: about VND 60 billion, split between VND 41 billion from digital music release and brand licensing and VND 19 billion from merchandise sales.
• Five concerts planned for Q4, including a Las Vegas date under a licensing arrangement with a partner; more than 90% of sponsorship revenue for these shows is already committed.
• IPO completed in Q3, raising approximately VND 611 billion.
• HOSE listing of more than 111.4 million DVV shares approved from November 2, reference price VND 54,800, implying market capitalization above VND 6,100 billion.

What Happened

In its nine-month business results report, DatVietVAC Group Holdings said it booked VND 41 billion from packaged music releases for Tinh Hà “Say Hi” across digital platforms and from licensing the brand to advertisers, plus a further VND 19 billion from merchandise tied to the program. The VND 60 billion figure excludes concert revenue. The company is staging five concerts for the show in the fourth quarter, including a Las Vegas event run through a licensing deal with a partner, and says more than 90% of sponsorship revenue for these dates has been committed. The first two concerts took place in mid-October before an estimated audience in the tens of thousands.

Tinh Hà “Say Hi”, a music reality format in which contestants compete in teams, has aired since early July and is positioned by DatVietVAC as one of its blockbuster properties and a primary earnings driver. At group level, management noted that the fourth quarter is typically the sector’s peak season, when major programs, concerts, events and brand marketing budgets cluster at year-end. DatVietVAC traces its history to 1994 and has operated as a holding company since 2019, with units including Vie Channel, Đông Tây Promotion, Dat Viet Media and TKL. Its production slate includes Anh Trai “Say Hi”, Em Xinh “Say Hi”, Rap Việt, The Masked Singer and 2 Ngày 1 Đêm.

Market Context

The results arrive as DVV prepares to begin trading on HOSE on November 2 at a reference price of VND 54,800, matching its IPO price. The listing follows an IPO completed in the third quarter that raised about VND 611 billion, and the implied market capitalization of more than VND 6,100 billion places DVV among the larger listed names in Vietnam’s media and entertainment segment. The revenue decline against profit growth reflects a mix shift toward higher-margin licensing and merchandise rather than a broad sector recovery; the fourth-quarter concert slate is the main swing factor for hitting the VND 420 billion annual profit target.

Strategic Significance

The investment case rests on whether DatVietVAC can convert hit formats into repeatable, high-margin revenue streams. The Tinh Hà “Say Hi” breakdown is instructive: VND 41 billion came from digital music distribution and brand licensing, with only VND 19 billion from merchandise, and none of it from concerts. That suggests the group is monetizing intellectual property across several channels rather than relying solely on advertising or ticket sales. The Las Vegas licensing arrangement, if it scales, would test whether Vietnamese formats can travel internationally without proportional cost. Against a 5.7% revenue decline, the near-6% profit increase implies cost discipline or a favorable mix, but it also means full-year delivery depends heavily on fourth-quarter execution of five concerts and committed sponsorship.

What to Watch

• Fourth-quarter concert results, including attendance, sponsorship realization and the Las Vegas licensing terms.
• Whether full-year after-tax profit reaches the VND 420 billion target, implying roughly VND 174 billion in Q4 alone.
• First-day trading on HOSE from November 2 and whether the VND 54,800 reference price holds.
• Foreign-ownership room and liquidity disclosures following the listing.
• Revenue contribution from the next format in the “Say Hi” franchise and any update on advertising budget trends into 2026.