HT1 Q3/2026 Earnings: Vicem Hà Tiên Profit Up 14% as TDM Surges 1,721%
This Aveluro analysis covers HT1 on HOSE in the Construction & Materials sector. The classified event type is earnings beat, with mixed sentiment and a deterministic market-impact score of 9.8/10. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Vicem Hà Tiên (HOSE: HT1) reported Q3/2026 pre-tax profit of VND 120 billion, up 14% year-on-year, with nine-month pre-tax profit reaching VND 391 billion, up 67%, according to the company’s Q3/2026 financial statements released on the morning of 20 October. The filing landed in a broad batch of Q3 results that included TDM Water’s 1,721% profit surge and steep declines at securities firms VIX and DSC.
Key Facts
- HT1 Q3/2026 pre-tax profit: VND 120 billion, up 14% year-on-year.
- HT1 nine-month 2026 pre-tax profit: VND 391 billion, up 67% year-on-year.
- TDM Water (TDM) Q3/2026 pre-tax profit: VND 51 billion, up 1,721% (about 18.2x), though nine-month profit of VND 198 billion was down 4%.
- An Bình Securities (ABW) Q3/2026 pre-tax profit: VND 376 billion, up 552%; nine-month profit VND 602 billion, up 361%.
- VIX Securities (VIX) Q3/2026 pre-tax profit: VND 192 billion, down 94%; nine-month profit VND 424 billion, down 92%.
- Bảo Minh Securities (BMS) posted a Q3/2026 pre-tax loss of VND 64 billion versus a VND 45 billion profit a year earlier; nine-month profit VND 75 billion, down 31%.
- DSC Q3/2026 pre-tax profit: VND 4 billion, down 98%; nine-month profit VND 97 billion, down 67%.
What Happened
The results were published in a round-up of Q3/2026 financial statements disclosed on 20 October, drawing on company filings. Vicem Hà Tiên, the cement arm of state-linked Vicem, reported quarterly pre-tax profit of VND 120 billion, a 14% increase from the same period in 2025. The nine-month cumulative figure of VND 391 billion represents 67% growth year-on-year, indicating that the first half carried most of the earnings momentum and that the third quarter was comparatively flat on a sequential basis.
The wider batch was mixed. TDM Water’s quarterly pre-tax profit of VND 51 billion was roughly 18.2 times the year-earlier base, yet its nine-month profit of VND 198 billion was 4% lower, implying a weak first half. Among securities firms, An Bình Securities recorded VND 376 billion in quarterly pre-tax profit, up 552%, while VIX fell 94% to VND 192 billion and DSC dropped 98% to VND 4 billion. Bảo Minh Securities swung to a VND 64 billion pre-tax loss. The filings do not disclose the revenue or cost drivers behind each swing.
Market Context
HT1 closed at VND 13,200 on 19 October 2026 on HOSE, ahead of the disclosure. The construction materials sector has been pressured by weak domestic cement demand and export pricing, so a 67% nine-month profit increase stands out against the sector’s recent record. The securities names in the same batch showed the sharpest divergence: ABW closed at VND 14,200 and BMS at VND 11,800 on 19 October, while VIX closed at VND 12,050. The spread between ABW’s 552% growth and VIX’s 94% decline reflects how unevenly brokerage earnings are tracking the Vietnamese equity market’s 2026 trading volumes and margin balances.
Strategic Significance
For HT1, the key point is durability rather than the headline. A 14% quarterly increase on top of a 67% nine-month gain suggests the company is holding margin through input-cost management and possibly export or infrastructure-linked volumes, even as the domestic cement market remains oversupplied. If the nine-month run rate holds, HT1 would exceed its recent annual earnings base, which matters for a stock trading near VND 13,200. The contrast with TDM, whose nine-month profit still fell 4% despite a huge quarterly jump, shows that base effects can mislead; investors should weigh cumulative figures over single-quarter growth rates.
What to Watch
- HT1’s full Q3/2026 financial statements, including revenue, gross margin and any one-off items behind the VND 120 billion quarterly profit.
- Domestic cement demand and export price data for Q4/2026, which will test whether the nine-month momentum persists.
- Any Vicem group restructuring or divestment announcements affecting HT1’s ownership structure.
- Q4/2026 earnings for VIX and DSC, to confirm whether the securities-sector profit decline is cyclical or structural.
- Foreign-ownership and liquidity filings for HT1 on HOSE following the results.