SBH Senior Board Member Resigns Ahead of 2026 AGM; Hydropower Firm Targets VND 766B Revenue

Overview

Song Ba Ha Hydropower Joint Stock Company (SBH, HOSE: SBH) announced the resignation of board member Ngo Minh Quan, effective at the 2026 Annual General Meeting, due to work arrangement needs. The company also reappointed Chau Dinh Quoc as Deputy General Director for a five-year term. SBH targets 2026 revenue of VND 766 billion and pre-tax profit of VND 359 billion.

Key Facts

• Mr. Ngo Minh Quan submitted his resignation as a member of the Board of Directors on May 27, 2026, effective at the 2026 Annual General Meeting.
• Mr. Quan is also the capital representative of Power Generation Corporation 2 (EVNGENCO2) at SBH.
• The resignation reason cited is “work arrangement needs.”
• SBH targets 2026 total revenue of VND 766 billion and pre-tax profit of nearly VND 359 billion.
• The company aims for 619 million kWh of electricity output and 614.36 million kWh of commercial electricity in 2026.
• In Q1 2026, SBH reported net revenue of VND 116 billion and after-tax profit of over VND 66 billion, up 13% and 32% year-on-year respectively.
• The Board of Directors reappointed Mr. Chau Dinh Quoc as Deputy General Director effective May 1, 2026, for a five-year term.
• SBH shares closed at VND 40,000 on May 28, 2026, giving a market capitalization of approximately VND 5,000 billion.

What Happened

Song Ba Ha Hydropower Joint Stock Company (SBH) disclosed an extraordinary announcement regarding a senior leadership change. The company received a resignation letter from Mr. Ngo Minh Quan, a member of the Board of Directors, on May 27, 2026. The resignation is effective on the date of the 2026 Annual General Meeting of Shareholders, which is scheduled for June 3, 2026. Mr. Quan stated that the resignation is due to work arrangement needs. He also serves as the capital representative of EVNGENCO2 at SBH.

Separately, the Board of Directors decided to reappoint Mr. Chau Dinh Quoc as Deputy General Director, effective May 1, 2026, for a five-year term. The company also released its 2026 business plan, targeting total revenue of VND 766 billion and pre-tax profit of nearly VND 359 billion, with electricity output targets of 619 million kWh generated and 614.36 million kWh commercialized.

Market Context

SBH shares closed at VND 40,000 on May 28, 2026, down 1.23% from the previous session, with thin trading volume of 4,500 shares. The stock has a market capitalization of about VND 5,000 billion. The company operates in the hydropower sector on HOSE. The resignation comes just ahead of the 2026 AGM, where shareholders will vote on the business plan and other matters. The Q1 2026 results showed solid growth, with revenue up 13% and net profit up 32% year-on-year.

Strategic Significance

The resignation of a board member representing a major shareholder (EVNGENCO2) may signal a shift in strategic direction or governance at SBH. However, the stated reason is routine work arrangement. The reappointment of the deputy general director suggests continuity in management. The company’s 2026 targets imply a focus on maintaining operational performance, with revenue and profit expectations aligned with historical trends. Investors should monitor whether the AGM brings any further board changes or strategic updates.

What to Watch

• Outcome of the 2026 Annual General Meeting on June 3, 2026, including any additional board changes or strategic resolutions.
• Q2 2026 earnings release to assess whether the company is on track to meet its annual targets.
• Any further announcements regarding EVNGENCO2’s representation on the board.
• Hydropower generation levels, which are sensitive to weather and water flow conditions.
• Trading volume and price action in SBH shares post-AGM.