MST Investment Independent Board Member Resigns; H1 2026 Profit Up 52.75%

Overview

MST Investment (HNX: MST) has received a resignation letter from independent board member Nguyen Hoang Minh for the 2025-2030 term, citing personal reasons, according to a company disclosure. The resignation will be presented at the company’s nearest extraordinary general meeting of shareholders, for which MST has set an October 8, 2026 record date. The same disclosure cycle carried audited H1 2026 results showing net profit up 52.75% year on year.

Key Facts

• Independent board member Nguyen Hoang Minh submitted his resignation from the 2025-2030 board term, citing personal reasons.
• The resignation will be tabled at MST’s nearest extraordinary general meeting of shareholders (ĐHĐCĐ bất thường).
• MST set October 8, 2026 as the record date for the second extraordinary shareholder meeting of 2026, at a 1:1 exercise ratio (one share, one voting right).
• Audited H1 2026 net profit after tax exceeded VND 16.2 billion, up more than VND 5.6 billion, or 52.75%, versus H1 2025.
• H1 2026 sales revenue rose 22.67% year on year, with gross profit up 33.41%.
• Management attributed the profit increase to accelerated construction, acceptance and revenue recognition at the I-Tower Quy Nhon trade-service and apartment project, which has moved into handover.
• The company began sales at the Greenhill Village Quy Nhon resort tourism project and continues executing previously signed construction contracts.
• MST shares closed at VND 9,300 on September 24, 2026.

What Happened

In a company disclosure, MST Investment said it had received a letter from Nguyen Hoang Minh resigning his position as independent board member for the 2025-2030 term. In the letter, Minh stated that personal reasons prevented him from continuing in the role. The company said the resignation will be submitted at its nearest general meeting of shareholders; the meeting’s time and venue will be announced later, and the agenda covers matters within shareholder-meeting authority.

Separately, MST reported audited H1 2026 results. Net profit after tax came in above VND 16.2 billion, an increase of more than VND 5.6 billion, or 52.75%, over the same period in 2025. The company’s explanation points to stronger construction, acceptance and revenue recognition, completion of the flagship I-Tower Quy Nhon trade-service and apartment centre, and the shift into apartment handover. It also cited the start of sales at the Greenhill Village Quy Nhon resort project and continued execution of signed construction contracts, alongside steady growth in trading activity, which lifted six-month revenue by 22.67% and gross profit by 33.41%.

Market Context

MST trades on the HNX and closed at VND 9,300 on September 24, 2026. The company sits in the construction and materials sector with real estate exposure through its Quy Nhon projects, a segment sensitive to progress in handover and to provincial tourism and second-home demand. The board resignation lands alongside a positive earnings print, so the near-term narrative mixes a governance change with an operational upswing. The disclosure does not state a reason beyond personal circumstances, and no replacement candidate has been named.

Strategic Significance

For long-term holders, the key question is whether the independent director’s exit is an isolated personal decision or the start of broader board turnover at a company whose equity story now rests on project execution. MST’s H1 result shows the I-Tower Quy Nhon handover converting into recognised revenue, and the Greenhill Village sales launch extends the pipeline into resort real estate. An independent seat left vacant or filled without a clear succession process would weaken board oversight at exactly the point when capital is being deployed across multiple projects. The extraordinary meeting is the venue where shareholders can test whether the board intends to preserve independent representation.

What to Watch

• The extraordinary shareholder meeting date, venue and agenda, once announced, and whether a replacement independent director is proposed.
• The October 8, 2026 shareholder record date and the final list of attendees.
• Handover progress and revenue recognition at I-Tower Quy Nhon in the Q3 2026 report.
• Sales conversion and cash collection at Greenhill Village Quy Nhon.
• Any further board or senior management changes disclosed on the HNX information page.