LDG, DXG, HBC Q3 Results: Cash Crunch Hits Vietnam Property and Construction Stocks

Overview

LDG Investment (LDG, HOSE) reported a nine-month 2025 loss of roughly VND 116 billion and held only VND 390 million in cash as of 30 September, according to its Q3 filing. The weakness extended across listed peers: Dat Xanh Group (DXG, HOSE) posted an 84% year-on-year fall in Q3 net profit and Hoa Binh Construction (HBC, HOSE) a 93% decline, pointing to a broad cash-flow squeeze in Vietnamese real estate and construction.

Key Facts

• LDG Q3 revenue was negative at nearly VND 6 billion, versus positive VND 121 billion a year earlier, after nearly VND 17 billion in revenue deductions against VND 11 billion of sales.
• LDG nine-month revenue was close to VND 5 billion, down more than 97% year on year, with a net loss of nearly VND 116 billion versus a VND 16 billion profit a year earlier.
• LDG accumulated losses reached more than VND 1,368 billion at 30 September, equal to about 53% of charter capital; cash on hand was VND 390 million.
• LDG disclosed a bad-debt list of VND 1,667 billion with estimated recoverable value of more than VND 822 billion, including VND 708 billion due from Bắc Phước Kiển and VND 268 billion from Giang Điền Tourism.
• DXG Q3 net revenue fell 36% to nearly VND 683 billion, the lowest since Q2 2023, and net profit dropped 84% to just over VND 15 billion.
• DXG nine-month net profit fell 52% to more than VND 106 billion, meeting only 40% of the annual profit plan, while operating cash flow was negative by more than VND 578 billion.
• HBC Q3 revenue rose 31% to more than VND 1,476 billion but net profit fell 93% to just over VND 12 billion; nine-month profit fell nearly 74% to close to VND 63 billion.

What Happened

The figures come from the companies’ Q3 2025 financial statements. LDG’s quarter was distorted by revenue deductions that pushed reported revenue below zero, and the company’s balance sheet now shows cash of VND 390 million against a bad-debt book of VND 1,667 billion, of which it estimates only about VND 822 billion is recoverable. The largest single exposure is VND 708 billion owed by Bắc Phước Kiển, alongside VND 108 billion from the same counterparty and VND 268 billion from Giang Điền Tourism.

DXG attributed its decline to high home-purchase mortgage rates, which it said made buyers more cautious and weighed on transaction activity. Apartment and land sales at its Bluemarq Group unit brought in just over VND 156 billion in Q3, down 54%, while brokerage services generated more than VND 410 billion, down 33%. The group’s headcount fell by 795 to 3,365 employees since the start of the year. HBC grew revenue but margins compressed sharply, leaving profit down 93% for the quarter.

Market Context

All three tickers trade on HOSE. LDG closed at VND 2,360 on 1 November 2026, DXG at VND 10,100 and HBC at VND 3,000, levels that already price in substantial distress, particularly for LDG and HBC. The results reflect a Vietnamese property market where financing costs and buyer caution continue to delay a recovery in residential absorption, while construction firms carry legacy receivables and thin margins. The common thread is liquidity rather than demand alone: revenue at HBC actually rose, but cash conversion and profitability did not follow.

Strategic Significance

For long-term holders, the key variable is balance-sheet repair rather than quarterly earnings. LDG’s survival case rests on recovering a meaningful share of its VND 1,667 billion bad-debt book; the company’s own VND 822 billion recoverable estimate implies roughly VND 845 billion of expected write-offs, and with VND 390 million of cash there is little buffer against delay. DXG’s negative operating cash flow of VND 578 billion, driven by rising receivables, suggests working capital is absorbing the proceeds of sales, which constrains its ability to launch new inventory. HBC’s revenue growth without profit indicates a project mix that is not covering overhead and financing costs. Across all three, the strategic question is whether asset disposals, collections or refinancing can restore liquidity before the next maturity wall.

What to Watch

• LDG’s recovery progress on the Bắc Phước Kiển and Giang Điền receivables, and any further provisioning against the VND 1,667 billion bad-debt book.
• DXG’s Q4 collections and whether operating cash flow turns positive, plus the pace of headcount reduction at Bluemarq Group.
• HBC’s gross margin trend in Q4 and any disclosure on new contract margins or backlog quality.
• Any HOSE disclosure on LDG’s going-concern status or continued-listing conditions given accumulated losses at 53% of charter capital.
• SBV policy signals on mortgage rates, which DXG cited as the main drag on buyer activity.