NTC Board Member Resigns as Nam Tan Uyen Q3 Profit Falls 63%

Overview

Nam Tân Uyên Industrial Park (NTC, HOSE) has received the resignation of board member Nguyễn Anh Phú Nguyên, who cited personal reasons. The filing landed alongside Q3/2026 results showing net revenue down 65.4% and net profit down 63.4% year-on-year, putting governance and earnings news in the same disclosure cycle.

Key Facts

• Nguyễn Anh Phú Nguyên resigned as a Member of the Board of Directors of CTCP Khu Công nghiệp Nam Tân Uyên (NTC) for personal reasons, per the company’s disclosure.
• The board currently has 5 members; Nguyễn Anh Phú Nguyên had served since being elected in June 2021.
• Q3/2026 net revenue was more than VND 79.3 billion, down 65.4% year-on-year.
• Investment real estate contributed nearly VND 70.6 billion, or 89% of total revenue, down 68.5% year-on-year; gross profit fell 53.6% to over VND 58.2 billion.
• Q3/2026 net profit was nearly VND 46 billion, down 63.4% year-on-year.
• 9M/2026 net revenue reached more than VND 242.9 billion (-52.1%) with profit after tax of more than VND 216.9 billion (-26.3%), equal to 95.8% of the full-year 2026 profit target of VND 226.4 billion.
• On 26 October the company closed the shareholder list for a 2025 cash dividend of 60%, or VND 6,000 per share, an estimated VND 144 billion payout on nearly 24 million shares outstanding.

What Happened

In a company disclosure, CTCP Khu Công nghiệp Nam Tân Uyên said it had received a resignation letter from board member Nguyễn Anh Phú Nguyên, who gave personal reasons. The board has five seats, and Nguyễn Anh Phú Nguyên had held his position since June 2021. The filing did not name a replacement or specify a timeline for filling the vacancy.

The resignation was disclosed alongside the company’s Q3/2026 financial statements. Revenue from investment real estate, the core business, fell 68.5% year-on-year to nearly VND 70.6 billion and accounted for 89% of total revenue. Gross profit declined 53.6% to more than VND 58.2 billion, and net profit came in at nearly VND 46 billion, down 63.4%. For the first nine months, net revenue fell 52.1% to more than VND 242.9 billion while profit after tax fell 26.3% to more than VND 216.9 billion, already 95.8% of the VND 226.4 billion full-year target.

Market Context

NTC closed at VND 126,900 on 29 October 2026 on HOSE. The stock sits in the industrial park real estate segment, where earnings are tied to land-lease handovers and therefore lumpy quarter to quarter. The shareholder base is dominated by rubber-sector institutions: CTCP Cao Su Phước Hòa (PHR) holds 7.88 million shares, or 32.85%; Tập đoàn Công nghiệp Cao su Việt Nam (GVR) holds 4.9 million shares, more than 20%; and CTCP Đầu tư Sài Gòn VRG (SIP) holds 4.78 million shares, nearly 20%. The 60% cash dividend, an estimated VND 144 billion payout, is the most concrete near-term cash event for holders.

Strategic Significance

The board vacancy matters less for day-to-day operations than for what it signals about board composition at a company controlled by three rubber-sector shareholders. With PHR, GVR and SIP together holding roughly 73% of the shares, the replacement director will likely reflect those sponsors’ preferences rather than minority holders’. The sharper issue is the earnings trajectory: nine-month profit already covers 95.8% of the 2026 plan, so the fourth quarter carries little execution risk to the target, but the 65% revenue decline shows the land-lease pipeline is thinning. Investors are effectively being asked to underwrite a high-payout, low-growth model rather than a volume expansion story.

What to Watch

• A company filing naming a replacement director and the date of the next shareholder or board meeting to fill the seat.
• Q4/2026 and full-year 2026 results, to confirm whether the VND 226.4 billion profit target is met or exceeded.
• The dividend payment date and ex-date for the 60% cash payout announced on 26 October.
• Any disclosure on new land-lease contracts or remaining leasable industrial land at the Nam Tân Uyên park.
• Changes in the holdings of PHR, GVR and SIP, which together control the company.