Hung Thinh Incons (HTN) H1 2026 Revenue Up 29.1%, Plans 50% Bonus Share Issue

Overview

Hung Thinh Incons (HOSE: HTN) announced its consolidated financial results for the first half of 2026, showing net revenue of VND 210.08 billion and net profit of VND 18.34 billion. The company also disclosed plans to issue over 44.5 million bonus shares to raise charter capital by approximately 50%, a move that could enhance its financial flexibility.

Key Facts

• H1 2026 net revenue reached VND 210.08 billion, with Q2 contributing nearly VND 180 billion, up 29.1% year-on-year.
• Gross profit for H1 2026 was VND 106.84 billion, more than triple the same period last year.
• Cost of goods sold decreased 69.3% year-on-year, partly due to reclassification of warranty provisions under Circular 99/2025/TT-BTC.
• Net profit after tax for H1 2026 stood at VND 18.34 billion.
• Net cash flow from operations was VND 363.6 billion, up 22.1% from H1 2025.
• The company has fully redeemed all outstanding bond packages.
• Plans to issue over 44.5 million bonus shares, increasing charter capital from over VND 891 billion to about VND 1,336 billion (a ~50% increase).
• On June 24, 2026, HTN completed cash dividend payment for 2021 at 12%.

What Happened

Hung Thinh Incons (HTN), listed on Ho Chi Minh City Stock Exchange (HOSE), released its consolidated financial statements for the first half of 2026, showing robust growth. The company attributed the revenue increase to accelerated acceptance and settlement of key projects during the period. Gross profit surged more than threefold to VND 106.84 billion, while cost of goods sold fell sharply, partly due to a reclassification of warranty provisions from cost of goods sold to selling expenses, following Circular 99/2025/TT-BTC.

In a separate development, HTN received a confirmation letter from the State Securities Commission of Vietnam (SSC) dated August 17, 2026, acknowledging receipt of documents for a share issuance to increase charter capital from owner’s equity. The plan, approved by the Annual General Meeting, involves issuing over 44.5 million bonus shares. Upon completion, charter capital will rise from over VND 891 billion to approximately VND 1,336 billion, a 50% increase. The company is preparing to determine the record date and allocate shares.

Market Context

HTN closed at VND 9,670 on September 7, 2026. The stock has been part of a broader uptrend in Vietnamese equities, with the VN-Index rising 10.3% over the past 11 months. As a small-cap construction firm on HOSE, HTN’s performance is closely tied to the real estate sector’s recovery, particularly in affordable housing segments. The company’s focus on social housing and mid-priced projects aligns with government policy, potentially supporting future revenue growth.

Strategic Significance

The bonus share issuance is a strategic move to strengthen HTN’s capital base, which could improve its ability to secure new contracts and partnerships. By converting owner’s equity into charter capital, the company aims to enhance its financial position without incurring debt. This is particularly important for a construction firm that relies on working capital for project execution. The company’s emphasis on social housing and affordable housing segments positions it to benefit from Vietnam’s housing demand, especially as the government pushes for more low-cost housing projects.

What to Watch

• Record date and completion of the bonus share issuance, expected in the coming months.
• Q3 2026 earnings report to see if revenue growth momentum continues.
• Updates on new project wins, especially in the social housing segment.
• Any changes in the regulatory environment affecting construction or real estate sectors.
• Cash flow trends, particularly receivables collection, to assess financial health.