Nguyen Duy Hung Raises SBL Stake to 11.02% as Bac Lieu Brewer Returns to Profit

Overview

Major shareholder Nguyen Duy Hung acquired an additional 18,000 shares of Sai Gon - Bac Lieu Beer JSC (ticker SBL), raising his ownership to 11.02%, according to a company disclosure on shareholder ownership changes. The purchase extends a pattern of incremental accumulation by the same investor over the past year. It lands alongside an H1 2026 result that shows the UPCOM-listed brewer returning to profit on lower input costs despite weaker revenue.

Key Facts

• Nguyen Duy Hung bought 18,000 SBL shares on 29 September 2026, raising his holding to more than 1.323 million shares, or 11.02% of the company.
• The shares changed hands at an average price of VND 7,000 each, for a total transaction value of VND 126 million.
• The entire session volume on 29 September 2026 was exactly 18,000 SBL shares, meaning his order accounted for all trading that day.
• Prior purchases: 14,300 shares on 10 August 2026 (lifting his stake from 9.95% to 10.07%) and 9,700 shares in late November 2025.
• H1 2026 revenue reached nearly VND 50 billion, down about 9% year on year.
• H1 2026 net profit was nearly VND 2.47 billion, versus a loss of about VND 233 million in H1 2025.
• SBL closed at VND 8,400 on 2 October 2026, giving a market capitalisation of roughly VND 101 billion on just over 12 million shares outstanding.

What Happened

Sai Gon - Bac Lieu Beer JSC published a report on changes in the ownership of major shareholder Nguyen Duy Hung. The filing states that he purchased 18,000 SBL shares on 29 September 2026 for investment purposes, bringing his total holding to more than 1.323 million shares, equivalent to 11.02% of the company. Market data for that session shows exactly 18,000 SBL shares traded at an average price of VND 7,000, implying a transaction value of VND 126 million.

This is not his first increase. On 10 August 2026 he bought 14,300 shares, moving his stake from 9.95% to 10.07%, and in late November 2025 he added 9,700 shares. On the operating side, the company reported H1 2026 revenue of nearly VND 50 billion, down roughly 9% year on year, but a net profit of nearly VND 2.47 billion against a loss of about VND 233 million in the same period of 2025. Management attributed the improvement to lower prices for key raw materials, which pulled cost of goods sold down faster than revenue, plus higher financial income from deposit interest, lower interest expense and reduced general and administrative costs.

Market Context

SBL trades on UPCOM, Vietnam’s unlisted public company market, where liquidity is thin and disclosure-driven moves are common. The stock closed at VND 8,400 on 2 October 2026, above the VND 7,000 average price of the 29 September transaction, with market capitalisation of about VND 101 billion. The fact that a single 18,000-share order represented the entire session volume illustrates how narrow the order book is. The broader Vietnamese consumer staples sector has faced soft beer demand, and SBL’s roughly 9% revenue decline reflects that backdrop, even as falling raw material costs support margins across brewers.

Strategic Significance

The investment case here rests less on growth than on cost normalisation and balance-sheet repair at a very small brewer. A swing from a VND 233 million loss to a VND 2.47 billion profit on lower input costs shows operating leverage working in reverse: when malt, hops and packaging prices fall, a low-revenue base can flip to profit quickly. For long-term holders, the relevant question is whether that margin recovery is durable or simply a cyclical input-cost tailwind. The steady accumulation by a major shareholder, now above 11%, signals insider conviction, but the VND 101 billion market capitalisation and minimal free float mean position sizing and exit liquidity are real constraints.

What to Watch

• Q3 2026 earnings disclosure, to test whether the H1 gross-margin recovery persists as raw material prices evolve.
• Further ownership filings from Nguyen Duy Hung, given his repeated purchases in August, September and November.
• UPCOM trading volume and whether daily liquidity remains at or near zero outside block transactions.
• Any corporate action on the roughly 12 million shares outstanding, including dividend or capital plans.
• Input-cost commentary from larger listed brewers, as a read-across on whether the sector-wide margin tailwind continues.