OCH H1 2026 Revenue Hits Record, Q2 Profit Turns Positive

Overview

One Capital Hospitality (HNX: OCH) announced record consolidated revenue of VND 505 billion for the first half of 2026, a 57% increase year-on-year, marking the highest H1 revenue in its 20-year history. The company also reported a positive pre-tax profit of VND 2.8 billion in Q2, reversing a loss from the same period last year, driven by contributions from its real estate segment and the completed acquisition of Haiha Kotobuki.

Key Facts

• H1 2026 consolidated revenue reached VND 505 billion, up 57% YoY, the highest in OCH’s 20-year history.
• Q2 2026 revenue from sales and services was VND 323.5 billion, up 72% YoY.
• Q2 2026 pre-tax profit was VND 2.8 billion, a sharp turnaround from the same period in 2025.
• One Capital Consumer (OCC), a subsidiary of OCH, completed the acquisition of 70% of Haiha Kotobuki (HKC), adding brands like Haiha Kotobuki, Origato, Kem Tràng Tiền, Givral Bakery, and Fuji Foods.
• OCH’s restructuring strategy focuses on revenue growth and cost optimization, with profit seasonality expected in Q3 and Q4.
• OCH shares closed at VND 6,600 on July 30, 2026.

What Happened

OCH’s consolidated financial report for Q2 2026, released on the HNX, shows a 57% year-on-year increase in H1 revenue to VND 505 billion, the highest in two decades. The company attributed the growth to improved operations, production optimization, and market expansion across its consumer and commercial real estate (hospitality) segments.

CEO Nguyễn Đức Minh highlighted the company’s five-year restructuring journey, focusing on driving revenue growth and eliminating operational waste. He noted that these efforts have not only boosted revenue but also significantly improved profitability. The Q2 profit turnaround, despite being a low season, underscores the effectiveness of the strategy.

A key driver was the completion of the M&A deal by One Capital Consumer (OCC), a subsidiary, which acquired 70% of Haiha Kotobuki (HKC). This acquisition adds iconic brands such as Haiha Kotobuki, Origato, Kem Tràng Tiền, Givral Bakery, and Fuji Foods to OCH’s ecosystem, strengthening its consumer staples portfolio.

Market Context

OCH, listed on the HNX, has seen its share price trade around VND 6,600 as of July 30, 2026. The company operates in the food and beverage sector, which is typically seasonal, with profits peaking in Q3 and Q4 due to Mid-Autumn Festival and Tet holidays. The positive Q2 result, achieved during a low season, suggests that OCH’s diversification into real estate and its expanded consumer brands are reducing earnings volatility. This performance comes amid a broader Vietnamese market recovery, where consumer staples and real estate sectors are attracting investor attention.

Strategic Significance

The Haiha Kotobuki acquisition is more than a simple addition; it is a strategic move to create a robust ecosystem. By integrating HKC’s established brands, OCH gains access to new product lines, distribution networks, and production capabilities, which can enhance cross-selling and cash flow stability. This aligns with OCH’s “three-legged stool” strategy, balancing consumer goods, real estate, and hospitality. For long-term investors, the successful execution of this M&A and the continued restructuring could lead to sustained revenue growth and improved profit margins, especially as the company leverages its expanded portfolio in upcoming peak seasons.

What to Watch

• Q3 2026 earnings report, expected in October, to see if profit growth accelerates during the Mid-Autumn Festival season.
• Integration progress of Haiha Kotobuki, including any synergies in production and distribution.
• Further M&A activities or divestments as part of OCH’s restructuring plan.
• Quarterly revenue breakdown between consumer staples and real estate segments.
• Any updates on the company’s dividend policy or capital allocation plans.