Seaprodex (SEA) Targets 2026 Profit of 79.8B VND Amid Major Shareholder Shifts

Overview

Seaprodex (SEA), listed on UPCoM, has announced its 2026 business plan targeting modest growth in revenue and profit. The company also plans leadership changes and detailed recent major shareholder movements, including the partial exit of Gelex Group. This comes after a year of significant ownership restructuring.

Key Facts

• 2026 revenue target: 170.9 billion VND, up 7% from 2025.
• 2026 pre-tax profit target: 79.8 billion VND, up 2% from 2025.
• Total operating costs for 2026 estimated at 91 billion VND, up 12%.
• 2025 cash dividend proposed at 5% of par value (500 VND per share).
• Gelex Group sold nearly 8.9 million SEA shares in August 2025, reducing its stake from 9.52% to 2.42%, raising approximately 302 billion VND.
• Three board members (Do Thi Phuong Lan, Le Trung Hieu, Pham Thi Lan Huong) resigned on September 12, 2025; replacements to be elected at the 2026 AGM.

What Happened

Seaprodex (SEA) published materials for its 2026 Annual General Meeting (AGM), outlining a cautious growth plan. The company targets total revenue of 170.9 billion VND (up 7%) and pre-tax profit of 79.8 billion VND (up 2%) for 2026, compared to 2025 results. Operating expenses are expected to rise 12% to 91 billion VND.

For the 2025 dividend, the board proposes a cash payout of 5% of par value (500 VND per share). The 2026 dividend rate will be decided at the 2027 AGM based on actual performance. Additionally, the company plans to replace three departing board members and one supervisory board member who resigned in September 2025. The AGM will elect new members for the remainder of the 2025-2029 term.

Market Context

SEA shares trade on UPCoM, a market for unlisted public companies. The stock has experienced volatility amid the ownership changes. In August 2025, Gelex Group sold a large block of SEA shares, reducing its stake from 9.52% to 2.42%, which likely pressured the stock. The company’s modest growth targets reflect a cautious outlook as it navigates legal hurdles related to real estate projects and a shifting shareholder base.

Strategic Significance

The 2026 plan signals Seaprodex’s focus on stability rather than aggressive expansion. The leadership overhaul and shareholder restructuring suggest a transition toward new strategic direction, possibly influenced by real estate-focused investors who now hold significant stakes. The company’s ability to maintain dividend payouts despite modest profit growth may appeal to income-oriented investors, but the lack of a specific 2026 dividend guidance leaves uncertainty.

What to Watch

• Outcome of the 2026 AGM, including election of new board members.
• Further shareholder changes, especially any new major investors emerging.
• Progress on legal resolution of real estate projects that could impact asset values.
• 2026 interim financial results to gauge whether targets are on track.
• Dividend announcement for 2026 at the 2027 AGM.