HOSE Cuts Margin on MCP, NHA, SMA Over Negative H1 2026 Profits

Overview

On August 17, 2026, the Ho Chi Minh City Stock Exchange (HOSE) added three tickers—MCP (In và Bao bì Mỹ Châu), NHA (Tổng Công ty Đầu tư Phát triển Nhà và Đô thị Nam Hà Nội), and SMA (Thiết bị Phụ tùng Sài Gòn)—to its list of securities ineligible for margin trading. The common reason: negative audited net profits in their semi-annual 2026 financial statements. This regulatory action restricts leveraged buying, potentially affecting trading liquidity and investor sentiment for these stocks.

Key Facts

• HOSE added MCP, NHA, and SMA to the margin-ineligible list effective August 17, 2026.
• MCP’s audited H1 2026 net loss was VND 789 million, a 30.67% increase from the pre-audit loss of VND 547 million; the same period in 2025 saw a profit of VND 1.8 billion.
• NHA reported H1 2026 revenue of VND 19.1 billion, with a net loss of VND 8.2 billion, due to lower-than-expected settlement values for a construction project in Hà Nam province.
• SMA’s H1 2026 net loss was VND 6.41 billion, widening from a VND 3.6 billion loss in H1 2025; hydropower output fell to 2.92 million kWh, just 23% of the prior-year level.
• The margin-ineligible list now includes 60 tickers, many under warning, control, or suspension status.
• ITD and GDT were also added due to tax law violations, per tax authority conclusions.

What Happened

HOSE announced the addition of three stocks to its margin-ineligible list, citing negative audited net profits in their semi-annual 2026 reports. For MCP, the audited loss was VND 789 million, exceeding the pre-audit figure by 30.67%, which the company attributed to foreign-exchange revaluation losses on raw material purchases at quarter-end. NHA’s loss of VND 8.2 billion stemmed from a lower-than-expected settlement value for a commercial and service construction project in Hà Nam, alongside a sluggish real estate market delaying revenue recognition. SMA, a hydropower producer, saw its output plummet to 23% of the prior year due to low water inflows, driving its loss to VND 6.41 billion.

The exchange’s decision, based on audited financial statements, adds these names to a list that now totals 60 securities, many of which are already under trading restrictions. The move reflects HOSE’s ongoing enforcement of margin eligibility rules, which require positive trailing profits.

Market Context

MCP closed at VND 27,900 on August 18, 2026, NHA at VND 8,110, and SMA at VND 7,500 (as of August 3). All three trade on HOSE. The margin restriction may reduce buying interest, especially for retail investors who rely on leverage. The broader market has seen low liquidity, and these stocks may face additional selling pressure as margin accounts are forced to adjust. The list’s expansion to 60 names signals continued regulatory scrutiny of financially weak issuers.

Strategic Significance

For long-term investors, the margin cut is a red flag on the financial health of these companies. MCP’s packaging business faces currency headwinds, NHA’s real estate projects are suffering from sector weakness, and SMA’s hydropower operations are vulnerable to climate variability. The restriction limits speculative trading but does not change fundamentals; investors should monitor whether these companies can return to profitability in the coming quarters. The regulatory action underscores the importance of audited earnings quality and may influence institutional due diligence.

What to Watch

• Q3 2026 earnings reports for MCP, NHA, and SMA, due by October 2026, to see if losses narrow or reverse.
• Any company announcements on cost-cutting, project progress, or diversification strategies.
• HOSE’s periodic review of the margin-ineligible list, which could remove these tickers if they post positive profits.
• Water inflow and production updates for SMA’s hydropower plants in H2 2026.
• MCP’s foreign-exchange exposure and raw material cost trends, given the post-audit loss adjustment.