SASCO CEO Change, Long Thanh Plans, HoSE Move as Q2 Profit Jumps 99%

Overview

SASCO (SAS), a leading non-aviation services provider at Tan Son Nhat Airport, announced a CEO change and outlined strategic plans including participation in Long Thanh International Airport and a listing transfer to HoSE. The company reported a 99% year-on-year increase in Q2 net profit, reaching VND 216 billion.

Key Facts

• Chairman Johnathan Hanh Nguyen issued an open letter to shareholders on August 3, 2026, announcing the CEO transition.
• Nguyen Van Hung Cuong stepped down as CEO to take on a new role at Airports Corporation of Vietnam (ACV).
• Du Kim Thang was appointed CEO and legal representative for a 5-year term starting August 1, 2026.
• Q2 2026 net revenue reached VND 774 billion, slightly up YoY; net profit after tax was VND 216 billion, up 99%.
• Gross margin improved from 59.5% to 63.8% in Q2.
• H1 2026 revenue exceeded VND 1,550 billion (+1.3% YoY); net profit surpassed VND 370 billion (+68% YoY).
• SASCO plans to prepare resources for services at Long Thanh International Airport and is working on a roadmap to move its listing from UPCoM to HoSE.

What Happened

SASCO’s Board of Directors issued decisions dated August 3, 2026, regarding the CEO position. Nguyen Van Hung Cuong resigned as CEO to assume new responsibilities assigned by ACV, the parent company. Du Kim Thang was appointed as the new CEO and legal representative, effective August 1, 2026, for a five-year term.

In his open letter, Chairman Johnathan Hanh Nguyen described the move as part of standard corporate governance practices for public companies, in line with legal regulations and the company’s charter. He acknowledged Cuong’s contributions and expressed confidence in Thang’s ability to lead SASCO into a new growth phase.

The letter also revealed strategic plans: SASCO is focusing on preparing resources to supply services at Long Thanh International Airport, a project expected to open new growth opportunities for aviation service firms. Additionally, the company aims to expand partnerships in duty-free retail and business lounges, enhance service quality, accelerate digital transformation, and diversify retail, food and beverage, and non-aviation services. A notable plan is the transfer of SAS shares from UPCoM to HoSE, targeting higher governance standards and sustainable value creation.

Market Context

SAS shares closed at VND 33,300 on August 13, 2026, on the UPCoM exchange. The stock has been supported by strong earnings momentum, with Q2 net profit nearly doubling YoY. The aviation services sector in Vietnam is poised for growth as passenger traffic recovers and new airport infrastructure, such as Long Thanh, comes online. The planned listing transfer to HoSE could enhance liquidity and attract more institutional investors.

Strategic Significance

For long-term investors, SASCO’s strategic pivot toward Long Thanh airport is a key growth catalyst. The company’s established expertise in duty-free retail and premium lounge services positions it well to capture new concessions at Vietnam’s largest airport project. The move to HoSE is also significant, as it signals a commitment to improved corporate governance and could lead to broader investor access and potentially a re-rating of the stock. The strong Q2 results, with a 99% profit surge and margin expansion, provide financial flexibility to fund these initiatives.

What to Watch

• Progress on Long Thanh airport service contracts and any formal announcements of concessions won.
• Timeline and regulatory approvals for the UPCoM-to-HoSE listing transfer.
• Q3 2026 earnings report to see if profit growth momentum continues.
• Updates on partnership expansions in duty-free and lounge segments.
• Any further management changes or strategic shifts from the new CEO.