Deo Ca (HHV) 9-Month Profit Hits VND 564B, Up 18% on BOT Tolls

Overview

Deo Ca Infrastructure Investment JSC (HHV, HOSE) estimated nine-month 2026 consolidated revenue of VND 2,978 billion, up 15% year on year, and after-tax profit of VND 564 billion, up 18%, according to figures presented at its analyst conference in Ho Chi Minh City on 12 October 2026. The result keeps the infrastructure group on track against a full-year target of VND 4,468 billion in revenue and VND 766 billion in net profit, with BOT toll collection still the largest earnings engine.

Key Facts

• 9M 2026 revenue: approximately VND 2,978 billion, +15% YoY; after-tax profit: approximately VND 564 billion, +18% YoY.
• Full-year 2026 targets: revenue of VND 4,468 billion and after-tax profit of VND 766 billion.
• BOT investment segment revenue: VND 1,835 billion, +13% YoY.
• Construction segment revenue: VND 893 billion, +7% YoY; new construction contracts signed in 9M exceeded VND 5,300 billion.
• O&M segment revenue: VND 157 billion, with more than 200km of North-South expressway added to the managed portfolio during the period.
• Traffic at the Cu Mong toll station rose 51.1% YoY; volume on the Bac Giang - Lang Son expressway rose 25.2%.
• Cumulative footprint: 64km of road and rail tunnels, 845km of expressways and national highways, 7 special-grade bridges, and 21 toll stations.

What Happened

The estimates were disclosed at an analyst meeting chaired by Nguyen Huu Hung, Vice Chairman of the HHV board, with representatives of securities firms, investment banks, fund managers and insurers in attendance. Khương Van Cuong, HHV’s standing Deputy General Director, presented the segment breakdown. The company said improved connectivity between expressway sections and the completion of inter-regional infrastructure lifted vehicle volumes at several projects it has invested in, citing the Cu Mong and Bac Giang - Lang Son corridors as the clearest examples.

HHV said it is executing projects including Dong Dang - Tra Linh, the Nui Vung tunnel expansion and three tunnels on the Quang Ngai - Hoai Nhon section, the Cam Lo - La Son expressway widening, Quy Nhon - Pleiku, the Ho Chi Minh City - Trung Luong - My Thuan expansion, and the western ring road connection in Da Nang. Management framed the backlog as medium-term revenue visibility. The company also took over management of more than 200km of North-South expressway through central provinces, which it said adds stable fee income and operating data.

Market Context

HHV closed at VND 8,950 on 13 October 2026 on HOSE, a level that keeps the stock in low-single-digit thousands of dong territory despite the double-digit profit growth reported. The shares trade within the construction and materials sector, where earnings are tied to public-investment disbursement cycles and toll traffic rather than to property or credit conditions. Management explicitly linked the 2026 outlook to accelerated public investment, a policy theme that has supported infrastructure names on the Ho Chi Minh City exchange through the year.

Strategic Significance

The investment case rests on the mix rather than the headline growth rate. Toll collection generated roughly 62% of nine-month revenue and grows with traffic, not with new contract wins, so the 51.1% volume increase at Cu Mong and 25.2% at Bac Giang - Lang Son translate directly into cash flow. The construction arm adds a second layer: more than VND 5,300 billion of new contracts signed in nine months exceeds the segment’s nine-month revenue by a wide margin, implying work in hand that can be executed over coming years. O&M is the smallest line at VND 157 billion but is the most defensible, since each additional kilometre of managed expressway is recurring, low-capex revenue and builds the operating record HHV needs to bid for future contracts.

What to Watch

• Full-year 2026 results against the VND 4,468 billion revenue and VND 766 billion profit targets, which imply a stronger fourth quarter.
• Monthly or quarterly traffic volumes at Cu Mong and Bac Giang - Lang Son, the two corridors management highlighted.
• Progress and disbursement schedules for Dong Dang - Tra Linh, Quy Nhon - Pleiku and the Cam Lo - La Son widening.
• Conversion of the VND 5,300 billion construction backlog into recognised revenue in Q4 2026 and 2027.
• Any further O&M contract awards adding managed expressway kilometres beyond the 200km taken on in 9M 2026.