Nam Tan Uyen (NTC) Q3/2026 Profit Falls 63.4% as One-Off Leases Lapse

Overview

Nam Tan Uyen Industrial Park JSC (ticker NTC, listed on HOSE) reported Q3/2026 net revenue of more than VND 79.3 billion, down 65.4% year-on-year, and net profit of nearly VND 46 billion, down 63.4%, according to its Q3/2026 financial statements. The decline is largely a base effect: the same quarter of 2025 contained a one-off land sublease contract worth over VND 164.6 billion. Despite the drop, nine-month profit reached 95.8% of the full-year target, and unallocated revenue stood above VND 5,000 billion as of 30 September 2026.

Key Facts

• Q3/2026 net revenue: over VND 79.3 billion, down 65.4% year-on-year.
• Q3/2026 net profit: nearly VND 46 billion, down 63.4% year-on-year.
• Investment real estate contributed nearly VND 70.6 billion, or 89% of revenue, down 68.5% year-on-year.
• Q3/2025 included a one-off land sublease contract worth more than VND 164.6 billion; no comparable item was booked in Q3/2026.
• Gross margin rose to 73.4% from 54.6% as cost of goods sold fell faster than revenue; gross profit was over VND 58.2 billion, down 53.6%.
• 9M/2026 revenue was over VND 242.9 billion (down 52.1%) and after-tax profit over VND 216.9 billion (down 26.3%), equal to 95.8% of the VND 226.4 billion annual plan.
• Total assets rose 18.4% from the start of the year to over VND 7,070 billion; long-term prepaid costs of nearly VND 4,265.8 billion accounted for 60.3% of assets, including over VND 3,484.3 billion of land rent.

What Happened

In the Q3/2026 financial statements, Nam Tan Uyen said the revenue decline was mainly because the period did not record a one-off revenue item from a land sublease contract, whereas the same period last year booked more than VND 164.6 billion from that item. Investment real estate leasing remained the core business, generating nearly VND 70.6 billion, or 89% of total revenue, but this was down 68.5% year-on-year. Cost of goods sold fell faster than revenue, lifting the gross margin to 73.4% from 54.6%, with gross profit at more than VND 58.2 billion, down 53.6%.

Financial income fell 32% to more than VND 25.3 billion. Interest on deposits rose sharply to VND 22.6 billion from VND 6 billion, while dividends and profit sharing fell to VND 1.4 billion from VND 25.7 billion. Financial expenses dropped to under VND 10,000 from more than VND 4 billion, and general and administrative expenses were over VND 13.2 billion, slightly lower year-on-year. After tax and fees, net profit came in at nearly VND 46 billion.

Market Context

NTC closed at VND 133,700 on 21 October 2026. The stock trades on HOSE in the industrial park real estate segment, where earnings are lumpy because revenue from land subleases and lease contracts is recognised in large single blocks rather than spread evenly. That accounting pattern makes year-on-year quarterly comparisons volatile and explains why a 63.4% profit decline can coexist with 95.8% plan completion after nine months. The result reflects company-specific revenue timing rather than a broad deterioration in the southern industrial park leasing market.

Strategic Significance

The investment case for NTC rests less on any single quarter than on the stock of contracted revenue not yet recognised in the income statement. Unallocated revenue above VND 5,000 billion, together with long-term prepaid costs of nearly VND 4,265.8 billion tied to land rent and compensation, indicates a large pipeline that will be recognised over future periods as leases are handed over. The Nam Tan Uyen expansion Phase 2 project, covering 345.86 hectares in Tan Uyen, Binh Duong, with estimated investment of nearly VND 872 billion, is the main growth lever; construction is beginning and handover to some customers has started, with implementation slated from 2027 over roughly five years. Execution speed on that project, rather than quarterly earnings swings, will determine the medium-term earnings trajectory.

What to Watch

• Q4/2026 and full-year 2026 results, and whether profit exceeds the VND 226.4 billion plan.
• The pace of land handover and lease signings at Nam Tan Uyen expansion Phase 2.
• Movement in the unallocated revenue balance above VND 5,000 billion and the timing of recognition.
• Dividend and profit-sharing income, which fell to VND 1.4 billion in Q3/2026 from VND 25.7 billion.
• Any HOSE disclosure on the Phase 2 construction schedule and capital deployment.