Novaland (NVL) Lists 1.74M Conversion Shares as Q3 Profit Tops VND 1,102B

Overview

HoSE issued Decision 818/QĐ-SGDHCM on November 4, 2026, approving Novaland’s (NVL) additional listing of 1,737,080 shares from the conversion of 10 international convertible bonds worth roughly USD 2.37 million, effective November 6, 2026. The listing lands as the HOSE-listed developer reports Q3/2026 consolidated revenue of more than VND 5,120 billion, up over 204% year on year, and net profit of VND 1,102 billion against a year-earlier loss. The conversion is a small but concrete step in Novaland’s broader debt-to-equity restructuring.

Key Facts

• HoSE Decision 818/QĐ-SGDHCM, dated November 4, 2026, approves 1,737,080 additional NVL shares, effective November 6, 2026.
• The new shares carry par value of more than VND 17.37 billion; post-adjustment registered listing rises to 2,403,805,052 shares, or more than VND 24,038 billion at par.
• The shares stem from 10 international convertible bonds with total conversion value of about USD 2.37 million.
• BNP Paribas Financial Markets, based in Paris, is the converting institution; the conversion price is VND 34,000 per share, or 173,708 shares per bond.
• The VND 34,000 conversion price is more than three times NVL’s market price of VND 10,450 at the November 5, 2026 close.
• Novaland is separately offering nearly 800.7 million shares to existing holders at VND 10,000 per share on a 3:1 ratio, targeting roughly VND 8,007 billion.
• Q3/2026 net profit of more than VND 1,102 billion reversed a loss of more than VND 1,150 billion a year earlier; 9M/2026 profit of over VND 2,873 billion equals more than 155% of the full-year plan.

What Happened

HoSE’s decision follows Novaland’s registration of the share issuance under its published conversion plan. The converting party is BNP Paribas Financial Markets, which will receive 173,708 NVL shares for each of the 10 bonds converted, at a fixed conversion price of VND 34,000 per share. The exchange said the change to the registered listing takes effect from November 6, 2026, lifting total listed NVL shares to just over 2.4 billion.

The conversion is one leg of a wider financial restructuring in which bond obligations are swapped into equity, reducing debt while diluting existing holders. Novaland is simultaneously running a rights issue of nearly 800.7 million shares at VND 10,000 each, which would raise close to VND 8,007 billion if fully taken up. The company has extended the transfer deadline for subscription rights to November 23, 2026, and the registration and payment window to November 26, 2026, according to the announcement.

Market Context

NVL closed at VND 10,450 on November 5, 2026 on HOSE, far below the VND 34,000 conversion price, meaning the bondholders are converting at a level well above the current market. The stock trades in the low double digits as the real estate sector works through a multi-year liquidity and legal bottleneck. The Q3 swing to profit, and 9M/2026 earnings already above the full-year target, mark a rare positive operating data point for the sector, though the pending rights issue and conversion shares add to the supply overhang.

Strategic Significance

For long-term holders, the key question is whether Novaland can convert balance-sheet repair into sustained cash generation. The bond conversion retires a slice of dollar-denominated debt and signals that international creditors are willing to take equity at a premium to market, which supports the restructuring narrative. The larger test is the VND 8,007 billion rights issue: full subscription would materially strengthen the capital base and fund outstanding financial obligations, while a weak take-up would leave the company reliant on further asset sales and conversions. The Q3 profit, if repeatable, gives the equity story an earnings leg it has lacked.

What to Watch

• Take-up results from the nearly 800.7 million share rights issue after the November 26, 2026 payment deadline.
• Further conversion notices on the remaining international convertible bonds and any change to the VND 34,000 conversion price.
• Q4/2026 and full-year 2026 earnings, to confirm whether the Q3 profit is recurring.
• Progress on Aqua City and other project handovers, cited in recent company communications.
• Any HoSE or regulatory filing on additional listing or free-float changes following the capital increase.