SJS Q3/2026 Profit Jumps 32,099% YoY as Vinahud and GGG Post Losses
This Aveluro analysis covers SJS (SJ Group) on HOSE in the Real Estate sector. The classified event type is earnings beat, with mixed sentiment and a deterministic market-impact score of 9.8/10. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
SJ Group (Sudico, ticker SJS, HOSE) reported Q3/2026 pre-tax profit of VND 1,265 billion, an increase of 32,099% versus the same quarter last year, according to the company’s freshly released quarterly financial statements. The result anchors a batch of October 16 earnings disclosures that also saw Vinahud (VHD) and Gia Phong Automobile (GGG) report pre-tax losses, while Hue Textile (HDM), Nha Be Steel (TNB) and Thu Duc VNSteel (TDS) recorded profit growth.
Key Facts
- SJ Group (SJS) Q3/2026 pre-tax profit: VND 1,265 billion, up 32,099% YoY, or roughly 322 times the year-earlier figure.
- SJS Q3/2026 after-tax profit: VND 1,012 billion, 327 times the Q3/2025 level.
- SJS nine-month 2026 pre-tax profit: VND 1,792 billion, up 713% YoY.
- Vinahud (VHD) Q3/2026 pre-tax loss: VND 1 billion, narrowed from a VND 9 billion loss a year earlier; nine-month loss VND 5 billion versus VND 61 billion.
- Gia Phong Automobile (GGG) Q3/2026 pre-tax loss: VND 6 billion, wider than the VND 2 billion loss a year earlier; nine-month loss VND 15 billion versus VND 11 billion.
- Hue Textile (HDM) Q3/2026 pre-tax profit: VND 51 billion, up 15% YoY; nine-month profit VND 146 billion, down 2%.
- Nha Be Steel (TNB) Q3/2026 pre-tax profit: VND 3 billion, up 150% YoY; Thu Duc VNSteel (TDS) Q3/2026 pre-tax profit VND 4 billion, up 83% YoY.
What Happened
The disclosures were published in the October 16, 2026 morning earnings roundup. SJ Group, a real estate developer listed on HOSE, reported Q3/2026 pre-tax profit of VND 1,265 billion, a 32,099% increase from the comparable 2025 quarter, with after-tax profit of VND 1,012 billion, equivalent to 327 times the prior-year figure. For the first nine months of 2026, SJS pre-tax profit reached VND 1,792 billion, up 713% year-on-year. The filing does not break out the revenue line or the specific project handovers driving the swing in the summary provided.
Vinahud (VHD) narrowed its Q3/2026 pre-tax loss to VND 1 billion from VND 9 billion a year earlier, leaving a nine-month pre-tax loss of VND 5 billion against VND 61 billion in the same period of 2025. Gia Phong Automobile (GGG) posted a Q3/2026 pre-tax loss of VND 6 billion, wider than the VND 2 billion loss a year earlier, taking the nine-month loss to VND 15 billion from VND 11 billion. Hue Textile (HDM) reported Q3/2026 pre-tax profit of VND 51 billion, up 15% YoY, though nine-month profit of VND 146 billion was 2% lower. Nha Be Steel (TNB) and Thu Duc VNSteel (TDS) both grew: TNB Q3 pre-tax profit of VND 3 billion (+150%) and nine-month profit of VND 13 billion (+194%); TDS Q3 pre-tax profit of VND 4 billion (+83%) and nine-month profit of VND 18 billion (+129%).
Market Context
SJS last closed at VND 53,700 on October 15, 2026, ahead of the earnings release. HDM closed at VND 32,200 on October 14, while VHD and GGG last traded at VND 2,600 and VND 3,000 respectively on October 11, both at levels typical of small-cap UPCOM and HNX listings. The dispersion in results spans real estate, textile, automotive and steel, mirroring the uneven recovery across Vietnamese sectors in 2026, where property developers with completed handovers are booking lumpy profits while consumer-facing manufacturers remain under margin pressure.
Strategic Significance
For SJS, the Q3 result is a step-change rather than a trend: a 32,099% YoY jump reflects a low base and likely concentrated revenue recognition from a specific project, so the durability of the earnings depends on the pipeline of handovers into 2027. The nine-month pre-tax figure of VND 1,792 billion already exceeds the quarterly contribution, suggesting the bulk of the year’s profit is booked. For HDM, TNB and TDS, the growth is incremental and tied to textile export demand and domestic steel consumption, both of which remain sensitive to Chinese supply and construction activity. VHD’s narrowing loss and GGG’s widening loss illustrate how small-cap balance sheets in real estate and automotive diverge under the same macro backdrop.
What to Watch
- SJS Q4/2026 and full-year 2026 earnings release, and any disclosure of which projects drove the Q3 handover.
- SJS revenue and gross margin detail in the full quarterly filing, to test whether the profit is operational or one-off.
- HDM export order book and Q4 textile demand signals from major buyers.
- TNB and TDS Q4 steel consumption data and domestic construction activity.
- GGG Q4 loss trajectory and any restructuring or capital injection announcement.