Ton Dong A (GDA) HoSE Listing: 12,000 VND Reference Price, Q3 Profit Down 11%

Overview

Ton Dong A (ticker GDA), a galvanized steel producer currently on UPCoM, will begin trading on the HoSE on November 12 with a reference price of 12,000 VND per share, according to a HoSE announcement. The listing covers more than 149 million shares and implies a market capitalization of about VND 1,789.2 billion at the reference price. The move follows a multi-year effort by the company to graduate to the main board, and arrives alongside Q3/2026 results showing revenue growth but weaker bottom-line profitability.

Key Facts

• Listing date: November 12, 2026, on the HoSE; reference price 12,000 VND per share; first-session price band of 20%.
• Shares listed: more than 149 million, implying market capitalization of approximately VND 1,789.2 billion at the reference price.
• Q3/2026 consolidated net revenue: nearly VND 4,501 billion, up 22% year on year.
• Q3/2026 gross profit: VND 400 billion, roughly double the prior-year period, as cost of goods sold grew slower than revenue.
• Q3/2026 net profit after tax: VND 75 billion, down 11% year on year, attributed to cost pressure and lower financial income.
• 9M/2026: net revenue of nearly VND 11,156 billion (-6% year on year) and net profit after tax of VND 220 billion (-6%).
• Cash dividend for 2025: 10% (1,000 VND per share), record date October 9, 2026, payment date November 4, 2026, totaling more than VND 149 billion.
• Total assets at September 30, 2026: VND 13,233 billion, up 11.2% since the start of the year; inventories VND 3,979 billion, cash and short-term investments VND 3,832 billion, short-term receivables VND 1,815 billion.

What Happened

Ton Dong A first pursued an IPO and HoSE listing in 2021 but suspended the plan because its financial condition did not meet listing standards at the time. The shares have traded on UPCoM since September 2023. The company formally filed its HoSE listing application in October 2025 and received approval in October 2026, per the exchange notice cited in the report.

The Q3/2026 figures show a widening gap between the top line and the bottom line. Revenue growth of 22% and a doubling of gross profit to VND 400 billion did not translate into higher net profit, which fell 11% to VND 75 billion. The article attributes the decline to cost pressure and reduced contribution from financial activities. On a nine-month basis, both revenue and net profit are down 6% year on year. The company separately closed the shareholder list for its 2025 cash dividend on October 9, paying 1,000 VND per share on November 4, 2026.

Market Context

GDA closed at 12,200 VND on October 28, 2026, on UPCoM, marginally above the 12,000 VND reference price set for the HoSE debut. The stock sits in the steel sector, which is sensitive to construction demand, input costs such as hot-rolled coil, and anti-dumping policy on imported steel. The transfer to the HoSE from UPCoM changes the trading regime: wider disclosure obligations, different price limits, and eligibility for index and margin consideration over time. The listing also coincides with a dividend payment that removes roughly VND 149 billion from the balance sheet in early November.

Strategic Significance

The core question for long-term holders is whether Ton Dong A can convert volume growth into margin. Q3 shows gross profit doubling while net profit falls, which points to operating and financial costs absorbing the gains rather than to weak underlying demand for coated steel. A HoSE listing broadens the institutional investor base and improves liquidity, but it also raises the disclosure bar and invites comparison with larger listed steel peers on margin and balance-sheet metrics. The inventory position of VND 3,979 billion against VND 13,233 billion in total assets is the key swing factor: a favorable coil price cycle would lift margins, while a downturn would pressure working capital.

What to Watch

• First trading session on November 12, 2026, and whether GDA holds above the 12,000 VND reference price within the 20% band.
• Q4/2026 and full-year results, particularly whether gross margin gains flow through to net profit.
• Inventory and short-term receivable balances at year-end 2026, given the working-capital intensity of the model.
• Any HoSE disclosure on foreign ownership limits and index eligibility following the listing.
• Steel trade policy developments, including anti-dumping measures on imported coated steel, which affect pricing power.