HOSE Cuts Margin List to 65 Stocks for Q4/2026: MHC, STK, DGC Affected

Overview

The Ho Chi Minh City Stock Exchange (HOSE) published its list of securities ineligible for margin trading for the fourth quarter of 2026, covering 65 tickers, down from the 73 names circulated on 11 September. The list is dominated by stocks under warning status and newly listed companies, and it includes several HOSE-listed names with negative audited or reviewed first-half 2026 earnings, including MHC, STK and TNH.

Key Facts

• HOSE’s Q4/2026 margin-ineligible list contains 65 tickers, eight fewer than the 73 names announced on 11 September.
• 25 tickers fall under warning status and 10 have been listed for less than six months.
• Eight companies reported negative first-half 2026 reviewed consolidated net profit attributable to parent shareholders: MHC, PNC, ST8, STK, TNH, VID, VNG and VNS.
• Three companies reported negative reviewed first-half 2026 net profit: MCP, NHA and SMA.
• Five tickers sit under control status (ABS, DQC, HAS, SBV, TTF) and three under restricted trading (DGC, DRH, VMD).
• Three public funds had at least one month in three consecutive months with NAV per fund certificate below par: FUCVREIT, FUEABVND and FUETPVND.
• Four companies received non-unqualified reviewed opinions: AAT and KLB on consolidated statements, GIL and VTB on standalone statements; ITD received a tax-authority conclusion on tax-law violations.
• MHC last traded at VND 6,950 on 4 October 2026; STK at VND 7,420 and ST8 at VND 2,200 on the same date; PNC closed at VND 21,950 on 1 October 2026.

What Happened

HOSE issued the quarterly notice naming securities that do not meet the criteria for margin trading in Q4/2026, as required under the exchange’s margin-eligibility rules. The largest single category is warning-status stocks, at 25 names, followed by companies listed for less than six months, at 10. The exchange also flagged eight tickers whose reviewed first-half 2026 consolidated statements showed negative net profit attributable to parent-company shareholders, a group that includes MHC of CTCP MHC, STK of CTCP Sợi Thế Kỷ and TNH of CTCP Tập đoàn Bệnh viện TNH.

Separately, HOSE identified three tickers with negative reviewed half-year net profit (MCP, NHA, SMA), five under control status (ABS, DQC, HAS, SBV, TTF), and three under restricted trading (DGC, DRH, VMD). Three public funds — FUCVREIT, FUEABVND and FUETPVND — met the exclusion criterion of at least one month with NAV per certificate below par across three consecutive months. Four companies drew non-unqualified review opinions: AAT and KLB on consolidated statements, GIL and VTB on standalone statements. ITD was flagged after a tax-authority conclusion that the company violated tax law. The notice does not disclose any transaction values or the market capitalisation of the affected names.

Market Context

The affected tickers span several HOSE sectors, from securities and industrials to textiles, healthcare and real estate. MHC, classified under Industrial Goods & Services on HOSE, closed at VND 6,950 on 4 October 2026, a level consistent with the small-cap segment where margin eligibility changes tend to have the most visible effect on liquidity. STK at VND 7,420 and ST8 at VND 2,200 sit in the same low-priced band, while PNC at VND 21,950 trades at a premium to the group. The reduction in the list from 73 to 65 names suggests some issuers remediated their status between the September and Q4 reviews, but the presence of 25 warning-status tickers indicates that financial-health screening continues to remove a meaningful slice of the HOSE universe from leveraged trading.

Strategic Significance

Margin ineligibility is not a delisting or a trading suspension, but it changes the investor base for the affected shares. Brokerages cannot extend margin loans against these tickers, which typically reduces turnover and can widen bid-ask spreads, particularly for small caps such as MHC and ST8. For long-term holders, the more important signal is the underlying reason for inclusion: negative reviewed half-year profit, control or restricted status, or a qualified audit opinion. Names appearing on the list for consecutive quarters — MHC, STK and TNH among the loss-making group, TTF and DQC under control status — face a recurring governance and earnings-quality question rather than a one-off technical exclusion. The three funds on the list, including the two Diamond ETF certificates, matter for a different reason: NAV below par for three consecutive months points to persistent discount pressure that ETF allocators track closely.

What to Watch

• HOSE’s next quarterly margin-eligibility update, expected around the start of Q1/2027, to see whether MHC, STK and TNH exit the negative-profit category.
• Reviewed or audited full-year 2026 financial statements for the eight loss-making tickers, which determine whether they remain on the list.
• Remediation filings from AAT, KLB, GIL and VTB addressing the non-unqualified review opinions.
• ITD’s disclosure on the tax-authority conclusion and any resulting provision or penalty.
• Monthly NAV reports for FUCVREIT, FUEABVND and FUETPVND to confirm whether the sub-par condition persists.