Haxaco (HAX) Q3 2026: Profit Turns Positive as Liabilities Double

Overview

Haxaco (HAX), listed on the Ho Chi Minh City Stock Exchange (HOSE), reported consolidated Q3/2026 net profit of nearly VND 3.6 billion, reversing a net loss of nearly VND 25.8 billion in the same quarter last year. Revenue rose 21% year on year to nearly VND 1,391.8 billion, but total liabilities doubled from the start of the year to more than VND 2,293 billion, and operating cash flow was negative VND 460.2 billion for the first nine months.

Key Facts

• Q3/2026 net revenue of nearly VND 1,391.8 billion, up 21% year on year.
• Q3/2026 gross profit of nearly VND 126.4 billion, up 112%; gross margin of about 9% versus 5% a year earlier.
• Q3/2026 net profit of nearly VND 3.6 billion, against a net loss of nearly VND 25.8 billion in Q3/2025.
• 9M2026 net revenue of more than VND 4,048 billion, up 29%; vehicle sales contributed more than VND 3,612.1 billion and repair and parts more than VND 426.3 billion.
• 9M2026 profit after tax of nearly VND 40.8 billion, versus just over VND 1 billion a year earlier; profit attributable to parent shareholders was nearly VND 22.2 billion, reversing a loss of more than VND 27.4 billion.
• Total liabilities exceeded VND 2,293 billion at 30 September 2026, double the start-of-year level; total assets rose 51% to more than VND 3,748 billion.
• Operating cash flow was negative VND 460.2 billion for 9M2026, compared with negative VND 116 billion a year earlier.

What Happened

CTCP Dịch vụ Ô tô Hàng Xanh (Haxaco) published its consolidated Q3/2026 financial statements, which showed the company returning to profit after a loss-making comparable quarter. Gross profit rose 112% to nearly VND 126.4 billion as the gross margin widened to roughly 9% from 5%, while financial income reached nearly VND 683.4 million, five times the prior-year level. Those gains were partly offset by financial expenses that rose from nearly VND 9.2 billion to nearly VND 28 billion, selling expenses up 23% to nearly VND 72.5 billion, and general and administrative expenses of nearly VND 46.4 billion, up 27%. Other income of nearly VND 27.5 billion, up 34.8%, also supported the result.

Haxaco attributed the revenue increase mainly to expansion of the group’s operations, including CTCP Tập đoàn Tương Lai Việt becoming a subsidiary from March 2026 and being consolidated from the date control was obtained. The balance sheet expanded accordingly: inventories of more than VND 2,117 billion accounted for 56% of total assets, of which merchandise was nearly VND 1,477.9 billion, up 75.3% from the start of the year, alongside real estate inventory of more than VND 542.2 billion. Cash and equivalents exceeded VND 200 billion, up 114%, and short-term receivables were nearly VND 485.9 billion, up 37%. The statements do not disclose the transaction value of the Tương Lai Việt consolidation.

Market Context

HAX closed at VND 8,450 on 18 October 2026 on HOSE. The result places Haxaco among small-cap automotive retailers whose earnings remain sensitive to gross margin and financing costs rather than volume alone. The 9M revenue growth of 29% reflects both organic trading and the consolidation of Tương Lai Việt, so the underlying like-for-like trajectory is not separately disclosed. The wider Vietnamese auto retail sector continues to contend with elevated inventory financing needs and promotional pressure, which the doubling of Haxaco’s liabilities and the rise in financial expenses illustrate.

Strategic Significance

The investment case turns on whether Haxaco can hold the improved gross margin while digesting a much larger, more leveraged balance sheet. A 9% gross margin against 5% a year earlier suggests better vehicle mix or pricing discipline, but financial expenses nearly tripled and operating cash flow deteriorated to negative VND 460.2 billion, meaning working capital, chiefly inventory, is absorbing cash. The consolidation of Tương Lai Việt adds scale and a real estate inventory component that changes the company’s risk profile from a pure dealership model. For long-term holders, the key question is whether inventory converts to sales before financing costs erode the thin quarterly profit base.

What to Watch

• Q4/2026 and full-year 2026 financial statements, particularly gross margin and financial expenses.
• Inventory turnover and the pace of conversion of the VND 1,477.9 billion merchandise stock.
• Operating cash flow trend in the Q4 report, to see whether the 9M deficit reverses seasonally.
• Any disclosure on the Tương Lai Việt consolidation terms and contribution to revenue and profit.
• Further balance-sheet disclosures on the composition of the doubled liability base, including short-term debt.