OCH Revenue Hits Record After Hai Ha-Kotobuki Acquisition

Overview

One Capital Hospitality (HNX: OCH) posted record second-quarter revenue of VND 332 billion, up 72% year-on-year, following the completion of its acquisition of a 70% stake in confectionery firm Hai Ha - Kotobuki (HKC). The company still reported a modest net profit of VND 2.8 billion, supported by VND 21.5 billion in other income, as operating costs rose sharply.

Key Facts

• Q2/2026 net revenue reached VND 332 billion, up 72% YoY.
• Financial income jumped from VND 3 billion to VND 13 billion in Q2.
• Operating loss was approximately VND 11 billion in Q2.
• Other income of VND 21.5 billion (mainly compensation) led to a net profit of VND 2.8 billion, reversing a VND 22.5 billion loss a year earlier.
• H1/2026 consolidated revenue hit VND 505 billion, up 57% YoY, the highest first-half revenue in OCH’s 20-year history.
• H1 net loss narrowed to VND 22 billion from VND 66 billion in H1/2025.
• OCH’s subsidiary One Capital Consumer (OCC) completed the purchase of 70% of HKC, adding brands Hai Ha - Kotobuki and Origato to its portfolio.

What Happened

One Capital Hospitality (OCH) announced its Q2/2026 consolidated financial results, showing a record revenue of VND 332 billion, a 72% increase from the same period last year. The growth was primarily attributed to the expansion of the food segment through the acquisition of a subsidiary, while core businesses in food and hospitality continued to grow.

The company reported an operating loss of about VND 11 billion due to rising costs, but a VND 21.5 billion other income item, mainly from compensation, helped it post a net profit of VND 2.8 billion. In the first half of 2026, revenue reached VND 505 billion, up 57% YoY, the highest in 20 years, though net profit remained negative at VND 22 billion, improving from a VND 66 billion loss in H1/2025.

The revenue surge follows the completion of the acquisition of a 70% stake in Hai Ha - Kotobuki (HKC) by One Capital Consumer (OCC), a subsidiary of OCH. HKC, a joint venture established in 1992 with 70% owned by Vinataba and 30% by Japan’s Kotobuki Holdings, was fully divested by Vinataba in November 2025. The deal brings HKC and Origato brands into OCH’s food ecosystem, alongside Kem Tràng Tiền, Givral Bakery, and Fuji Foods.

Market Context

OCH shares closed at VND 6,500 on August 9, 2026, reflecting a low-priced stock on the HNX. The company’s strategic shift toward food through M&A is part of a broader trend in Vietnam’s consumer staples sector, where companies are consolidating to build scale. OCH’s hospitality legacy remains, but the food segment is becoming a key growth driver, as evidenced by the record revenue.

Strategic Significance

For long-term investors, OCH’s acquisition of HKC represents a deliberate pivot to diversify beyond hospitality into food manufacturing and distribution. The addition of established brands like Hải Hà - Kotobuki and Origato provides immediate revenue scale and production capabilities. Management’s plan to raise capital significantly, as presented at the 2026 AGM, suggests further M&A activity is likely, positioning OCH to become a more prominent player in Vietnam’s food and beverage market.

What to Watch

• Q3/2026 earnings release to see if revenue growth sustains and operating profitability improves.
• Integration progress of HKC’s operations and any cost synergies.
• Details of the planned capital raise and its use for further acquisitions.
• Performance of the new Heritage Flagship Store on Hàng Bài, Hà Nội, opened August 7.
• Any regulatory or competitive responses from other food companies in Vietnam.