Hai Phong Thermal Power (HND) Leads Q3/2026 Loss-to-Profit Rebound

Overview

Hai Phong Thermal Power (ticker HND, UPCOM) delivered the largest loss-to-profit turnaround among Vietnamese listed companies reporting Q3/2026 results, posting VND 35 billion in net profit against a VND 15 billion loss in the same quarter of 2025. The broader batch of results, compiled through 21 October, shows HAX, IRC, PPC and TIS also returning to quarterly profit, though nine-month outcomes diverge sharply across the group.

Key Facts

• HND reported Q3/2026 net profit of VND 35 billion versus a VND 15 billion loss in Q3/2025, an improvement of roughly VND 50 billion.
• HND revenue reached VND 2,782 billion in Q3/2026, up 36% year-on-year; nine-month net profit was VND 544 billion, up 38% from VND 393 billion.
• Haxaco (HAX) swung from a VND 26 billion loss to VND 3.6 billion profit in Q3/2026 on revenue of VND 1,392 billion (+21%); nine-month profit reached VND 41 billion versus about VND 1 billion a year earlier.
• Industrial Rubber (IRC) posted VND 22 billion Q3/2026 profit versus a VND 1.7 billion loss, despite revenue falling to about VND 0.6 billion from VND 0.8 billion.
• Pha Lai Thermal Power (PPC) earned VND 4.1 billion in Q3/2026 versus a VND 14 billion loss, on revenue of VND 1,882 billion (+26%); nine-month profit was VND 170 billion against VND 44 billion.
• Thai Nguyen Iron and Steel (TIS) reported VND 4.4 billion Q3/2026 profit versus a VND 12 billion loss, on revenue of VND 3,842 billion (+39.4%); nine-month profit was VND 28 billion versus a VND 7 billion loss.
• TIS, HNR, IRC, SD6, SDA, HBH, CAG and V21 turned profitable across the full nine months, while TCR, HTT, FGL and SDD remain loss-making year-to-date.

What Happened

The figures come from a market-wide compilation of Q3/2026 earnings disclosures published through 21 October, drawing on company results filings rather than a single regulatory announcement. Hai Phong Thermal Power topped the ranking by absolute profit improvement, converting a VND 15 billion loss into a VND 35 billion profit as revenue rose 36% to VND 2,782 billion. The nine-month cumulative result of VND 544 billion, up 38% year-on-year, indicates the recovery is not confined to a single quarter.

The pattern repeats across sectors. Haxaco, the Hàng Xanh automotive services group, moved from a VND 26 billion loss to VND 3.6 billion profit, with nine-month earnings of VND 41 billion against roughly VND 1 billion previously. Pha Lai Thermal Power and Thai Nguyen Iron and Steel both returned to quarterly profit, and Industrial Rubber turned positive despite lower revenue, suggesting non-operating or margin effects rather than volume growth. The compilation notes that a positive third quarter does not guarantee nine-month profitability: TCR, HTT, FGL and SDD remain in loss for the year to date.

Market Context

HND closed at VND 8,900 on 20 October 2026 on UPCOM, the unlisted public company market, where thermal power names typically trade at modest valuations and thin liquidity. PPC closed at VND 8,660 and HAX at VND 8,510 on the same date. The results arrive as Vietnam’s power sector benefits from firmer dispatch and input-cost normalization, while the automotive distribution and steel names reflect a slow cyclical recovery in domestic demand rather than a broad market re-rating.

Strategic Significance

For HND, the thesis rests on earnings durability rather than a one-quarter swing: a 38% nine-month profit increase on 36% revenue growth implies stable thermal generation economics and improving cost absorption. As a UPCOM-listed utility, HND offers exposure to baseload power demand in northern Vietnam, where industrial load growth supports dispatch volumes. The divergence within the wider group is the more important signal for investors: companies such as TIS, IRC and HNR that have turned profitable for the full nine months are demonstrating genuine operating recovery, whereas TCR, HTT, FGL and SDD show that a single strong quarter can mask persistent structural weakness.

What to Watch

• HND’s Q4/2026 and full-year 2026 results, to confirm whether the 38% nine-month profit growth holds through the winter dispatch cycle.
• Any HND disclosure on dividend policy or charter capital plans following the earnings recovery.
• Q4 updates from TCR, HTT, FGL and SDD, to see whether the four remaining loss-makers can reverse full-year deficits.
• PPC and TIS quarterly revenue trends, as read-throughs on thermal power dispatch and northern steel demand.
• HAX volume and margin data, as a proxy for domestic automotive demand into 2027.