Hodeco CEO Le Viet Lien Buys 1 Million HDC Shares as Q3 Profit Falls 88%

Overview

Hodeco (ticker HDC, HOSE) reported that board member and general director Le Viet Lien purchased 1 million HDC shares between October 9 and November 3, 2026, lifting his ownership to 9.02 million shares, or 3.93% of charter capital. The insider buying contrasts with a prior reduction in his stake and arrives alongside a third-quarter 2026 net profit of roughly VND 63.3 billion, down 88% year-on-year.

Key Facts

• Le Viet Lien bought 1,000,000 HDC shares in the window from October 9 to November 3, 2026.
• Post-transaction ownership: 9.02 million shares, equal to 3.93% of capital.
• Prior to the purchase, he sold 700,000 shares, including 500 shares traded under a registration dated October 2, 2026 and 200,000 shares force-sold by a securities company on September 29, 2026, cutting his stake to 8.02 million shares (3.49%).
• He had earlier bought 300,000 HDC shares between July 30 and August 27, 2026.
• Q3 2026 net revenue was VND 116 billion, up 13.7% year-on-year; gross profit reached VND 20 billion, up 17%.
• Q3 2026 net profit was approximately VND 63.3 billion, down 88% year-on-year; nine-month net profit was VND 165 billion, down 73%.
• The 2026 consolidated net profit plan is VND 493 billion; nine-month results equal 33.5% of the target.
• HDC closed at VND 11,800 on November 3, 2026.

What Happened

Hodeco, formally CTCP Phat trien Nha Ba Ria - Vung Tau, disclosed the transaction through an insider-trading report on the Ho Chi Minh City Stock Exchange. General director and board member Le Viet Lien acquired 1 million HDC shares over roughly four weeks, taking his position from 8.02 million shares to 9.02 million shares, or 3.93% of capital. The filing does not disclose the transaction value or the average purchase price.

The purchase reverses a recent decline in his holding. On September 29, 2026, a securities company force-sold 200,000 of his HDC shares, and a further 500 shares were traded under a registration dated October 2, 2026, reducing his stake to 3.49%. He had added 300,000 shares between July 30 and August 27, 2026. The buying also coincides with weak third-quarter results: revenue rose 13.7% year-on-year to VND 116 billion, but financial income fell 87% to VND 92.8 billion, associates swung to a VND 9.3 billion loss, and net profit dropped 88% to VND 63.3 billion. Other income of nearly VND 41.3 billion, mostly VND 40.7 billion in project land compensation, partly offset the decline.

Market Context

HDC trades on HOSE and closed at VND 11,800 on November 3, 2026, the final day of the reported purchase window. The stock sits in the Vietnamese real-estate sector, where developers have faced compressed margins, slower project handovers and higher funding costs through 2026. Hodeco’s nine-month revenue of VND 459.1 billion rose 63.3%, but after-tax profit of VND 165 billion fell 73%, leaving the company well behind its full-year plan. Insider purchases at small-cap property names are often read by the domestic market as a confidence signal, particularly when they follow a forced sale.

Strategic Significance

The core question for long-term holders is whether the CEO’s buying reflects balance-sheet confidence or a defensive response to the September margin call. The VND 40.7 billion land-compensation item flattered Q3 profit; excluding it, core earnings were weaker than the headline suggests. Hodeco’s ability to convert its land bank in Ba Ria - Vung Tau into handovers will determine whether the VND 493 billion target is reachable, given only 33.5% was booked after nine months. A 3.93% insider stake is modest in absolute terms, but the direction of travel from 3.49% matters for governance perception.

What to Watch

• The next insider-trading filing disclosing the average purchase price and any further accumulation by Le Viet Lien.
• Q4 2026 earnings, which must deliver roughly VND 328 billion to meet the VND 493 billion annual plan.
• Project handover timelines and licensing updates for Hodeco’s Ba Ria - Vung Tau developments.
• Any repeat margin-related selling by insiders or pledged-share disclosures.
• Foreign-ownership and liquidity data for HDC on HOSE as the stock trades near VND 11,800.