Fahasa (FHS) Posts Record Q3 Net Profit of VND 20.7B, Up 28%

Overview

Fahasa (ticker FHS), the country’s largest bookstore chain, reported Q3 net profit of nearly VND 20.7 billion, up 28% year-on-year and the highest quarterly figure since the company began disclosing financials. Net revenue for the quarter rose more than 19% to about VND 1,820 billion, according to the consolidated financial statements. The result matters for FHS shareholders because it puts the retailer’s full-year pre-tax profit plan of VND 75 billion within reach, though a meaningful gap remains after nine months.

Key Facts

• Q3 net revenue of approximately VND 1,820 billion, up more than 19% year-on-year.
• Q3 net profit of nearly VND 20.7 billion, up 28% year-on-year and a record quarterly high.
• Nine-month net revenue of nearly VND 3,986 billion, up 13.5% year-on-year.
• Nine-month net profit after tax of VND 46.4 billion, up more than 17% year-on-year.
• Financial income of about VND 15 billion in Q3, more than double the prior-year period, driven mainly by over VND 650 billion in bank deposits as of end-September.
• Total assets of nearly VND 2,200 billion at end-September, up from VND 1,600 billion at the start of the year; inventories rose from about VND 870 billion to nearly VND 1,100 billion.
• 2026 plan: total revenue of VND 4,400 billion and pre-tax profit of VND 75 billion.
• Largest shareholder is Tổng công ty Văn hóa Sài Gòn at 30.5%, an entity under the Hồ Chí Minh City People’s Committee.

What Happened

In its consolidated financial statements, Công ty cổ phần Phát hành sách TP HCM (Fahasa) reported Q3 net revenue of nearly VND 1,820 billion and net profit after tax of VND 20.7 billion. Management attributed the improvement to solid operating performance across the parent company and consolidated units, which lifted revenue and supported effective cost control. The company described the quarter as its highest profit level since it began publishing financial information.

Beyond the core bookselling business, Fahasa booked financial income of roughly VND 15 billion, more than double the same period last year, generated largely from more than VND 650 billion held in bank deposits at the end of September. For the nine months to September, net revenue reached nearly VND 3,986 billion (+13.5%) and net profit after tax VND 46.4 billion (+17%). Revenue is anchored by a network of about 150 bookstores, roughly 50 of them in Hồ Chí Minh City; the company has previously said it held more than 50% of the domestic book market at one stage. This year it plans to upgrade existing stores, open outlets in promising markets and develop e-commerce channels, while adding youth-oriented product lines and expanding Vietnamese-language, foreign-language and general merchandise categories.

Market Context

FHS trades on UPCOM at VND 26,000 as of 2 November 2026, with persistently thin liquidity. The stock is a low-float, state-linked retail name rather than a momentum vehicle: Tổng công ty Văn hóa Sài Gòn holds 30.5%, and the free float is correspondingly small. The Q3 beat lands against a Vietnamese retail sector still navigating cautious consumer spending, which makes a 19% revenue increase notable for a physical-store bookseller. The balance sheet has expanded sharply, with total assets up roughly VND 600 billion since the start of the year, and inventories now account for more than half of assets.

Strategic Significance

The investment case for FHS rests less on quarterly momentum than on whether a dominant offline bookstore franchise can convert foot traffic into higher-margin general merchandise. Management’s stated pivot toward school supplies, stationery, toys, gifts and youth-oriented categories is an attempt to raise basket size and reduce dependence on book margins, which are structurally thin. The record quarterly profit shows operating leverage is improving, but a large share of the earnings uplift came from deposit interest rather than retail operations, and the build-up in inventories from VND 870 billion to nearly VND 1,100 billion ties up capital that could pressure margins if sell-through slows. The e-commerce push is the key test of whether Fahasa can defend share against online platforms.

What to Watch

• Q4 and full-year 2026 results, which will show whether Fahasa closes the gap to its VND 75 billion pre-tax profit plan.
• Inventory turnover and any provision for slow-moving stock, given inventories of nearly VND 1,100 billion at end-September.
• Progress on new store openings and the e-commerce channel outlined at the annual general meeting.
• Interest income trends as deposit balances above VND 650 billion are redeployed or drawn down.
• Any change in the 30.5% stake held by Tổng công ty Văn hóa Sài Gòn, which would affect the already limited free float.