Haxaco (HAX) 9M2026 Profit Jumps 3,927% on VinFast Dealer Consolidation

Overview

Haxaco (ticker HAX, HOSE) reported 9M2026 consolidated net revenue of VND4,048 billion, up 29% year on year, and after-tax profit of VND41 billion, up 3,927% from a low base. The jump stems mainly from consolidating CTCP Tập đoàn Tương Lai Việt, an authorised VinFast dealer and used-car centre, as a subsidiary from March 2026, alongside organic expansion of the Mercedes-Benz retail network.

Key Facts

• 9M2026 net revenue: VND4,048 billion, +29% YoY; pre-tax profit VND57 billion, +255%; after-tax profit VND41 billion, +3,927% (about 40x the prior-year figure).
• Q3 2026 alone: net revenue VND1,392 billion (+21% YoY), gross profit VND126 billion (+112%), after-tax profit VND3.6 billion versus a VND26 billion loss in Q3 2025.
• CTCP Tập đoàn Tương Lai Việt, a VinFast authorised dealer and certified used-car and parts distributor, became a Haxaco subsidiary in March 2026 and is consolidated from the date of control.
• Headcount reached 1,983 at 30 September 2026, up 703 people (nearly 55%) since the start of the year.
• Total assets: VND3,748 billion, +51% since 1 January 2026; liabilities VND2,293 billion, +107%; equity VND1,455 billion, +6%.
• Q3 2026 interest expense reached VND28 billion, +206% YoY, contributing to a net operating loss of roughly VND20 billion that was offset by VND27 billion in other income.

What Happened

In its consolidated financial statements and accompanying explanation, Haxaco attributed the revenue increase primarily to the expansion of its operating scale. The company said Vietnam Future Group, which operates as an authorised VinFast dealer, a used VinFast vehicle centre and a distributor of genuine VinFast parts, has been consolidated since Haxaco obtained control in March 2026. Haxaco also cited improved operating efficiency and income related to investment in and expansion of its dealership system through subsidiaries.

The third quarter showed the mixed economics of that expansion. Gross profit more than doubled to VND126 billion, but interest costs rose 206% to VND28 billion and selling and administrative expenses climbed 23% and 27% respectively, leaving a net operating loss of about VND20 billion. A VND27 billion other-income line, which the filing does not break down in detail, carried the quarter to a small after-tax profit of VND3.6 billion. The filing does not disclose the acquisition cost or ownership percentage in Vietnam Future Group.

Market Context

HAX closed at VND8,450 on 18 October 2026 on HOSE, a price level consistent with a small-cap automotive retailer that has de-rated from earlier highs. The stock trades in the Automobiles & Parts sector, where sentiment has been shaped by weak domestic passenger-car demand, aggressive VinFast pricing and promotion, and the margin pressure facing legacy Mercedes-Benz dealers. Haxaco’s shift toward a multi-brand model, adding VinFast volume to its Mercedes franchise, is an attempt to offset thinning luxury-vehicle margins with higher turnover and parts and used-car revenue.

Strategic Significance

The thesis for HAX now rests on whether Vietnam Future Group can convert volume growth into durable earnings. The 9M profit figure is flattered by a near-zero base, and the Q3 operating loss shows that dealership expansion is being funded with debt: liabilities more than doubled to VND2,293 billion while equity grew only 6%. Investors are effectively underwriting a bet that VinFast’s domestic sales momentum and the used-car and parts businesses will lift gross profit fast enough to service interest costs. The 55% headcount increase also raises the fixed-cost base, meaning operating leverage cuts both ways if volumes slow.

What to Watch

• Q4 2026 and full-year 2026 consolidated results, particularly whether the operating line returns to profit without reliance on other income.
• Interest expense trend and any refinancing or capital-raising announcement, given liabilities of VND2,293 billion against equity of VND1,455 billion.
• Disclosure of Haxaco’s ownership stake and acquisition terms for CTCP Tập đoàn Tương Lai Việt.
• Monthly Vietnamese automobile sales data, including VinFast deliveries and Mercedes-Benz registrations.
• Any HOSE filing on related-party transactions or guarantees involving the new subsidiary.