SJS Q3/2026: SJ Group Net Profit Jumps 327x on Nam An Khánh Project
This Aveluro analysis covers SJS (SJ Group) on HOSE in the Real Estate sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. 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 consolidated Q3/2026 net profit of VND 1,012 billion, 327 times the same quarter of 2025, with net revenue of VND 1,785 billion, up 67 times year-on-year. The company attributed the result in its filing to continued sales at the Nam An Khánh new urban area project west of Hà Nội. The quarter is the clearest evidence yet of how concentrated SJS earnings remain on a single development.
Key Facts
- Q3/2026 net revenue: VND 1,785 billion, 67 times Q3/2025; cost of goods sold VND 499 billion, up 2,425%.
- Gross profit: VND 1,286 billion, 185 times the year-earlier quarter; pre-tax profit VND 1,265 billion, up 322 times.
- Net profit after tax: VND 1,012 billion, 327 times Q3/2025, per the consolidated Q3/2026 financial statements.
- Nine-month 2026 net revenue VND 2,543 billion (+586%), pre-tax profit VND 1,792 billion (+713%), net profit VND 1,432 billion (+720%).
- Customer prepayments at Nam An Khánh fell to roughly VND 13.4 billion at 30 September 2026 from about VND 679 billion at the start of the year.
- Inventory stood at VND 4,773 billion, of which VND 4,001 billion relates to Nam An Khánh; total assets rose 10% year-to-date.
- Total borrowings and finance leases fell 41% to VND 1,482 billion; equity rose 41% to VND 4,871 billion.
What Happened
According to the consolidated Q3/2026 financial statements and the company’s written explanation, SJ Group recognised revenue from continued business activity at the Nam An Khánh new urban area during the quarter. The project sits on 288.8 hectares of land in An Khánh and An Thượng communes, Hoài Đức district, Hà Nội, with 189.7 hectares zoned for urban construction. Selling expenses of VND 8.38 billion appeared in the quarter versus none a year earlier, and general and administrative costs rose 564% to VND 10 billion, reflecting the scale of handovers.
The balance sheet shows the trade-off. Prepayments from buyers at Nam An Khánh dropped to about VND 13.4 billion at 30 September 2026 from roughly VND 679 billion at the start of the year, meaning the revenue recognised this quarter drew down the accumulated customer deposit buffer. Inventory of VND 4,773 billion, dominated by VND 4,001 billion tied to Nam An Khánh, remains the principal asset backing future recognition. The filing does not disclose a handover schedule or the value of units still unsold.
Market Context
SJS closed at VND 53,700 on 15 October 2026 on HOSE. The result places SJS among the earliest Q3/2026 reporters on the exchange and follows a broader pattern of Vietnamese listed companies posting sharply divergent quarterly outcomes, with some peers showing profit declines of 13% and others tripling year-on-year. Real estate earnings in 2026 have been driven by project-level handover timing rather than sector-wide demand, so single-project recognition can produce extreme percentage comparisons against a low base.
Strategic Significance
The investment case for SJS now rests on whether Nam An Khánh can be monetised at a pace that sustains earnings beyond this recognition spike. The 41% reduction in total borrowings and 41% growth in equity leave the company with a materially stronger capital structure than a year ago, which reduces refinancing risk while the remaining VND 4,001 billion of project inventory is converted. The key vulnerability is concentration: with prepayments nearly exhausted and no disclosed pipeline of comparable scale, the 327-fold growth rate is a base-effect artefact rather than a run-rate, and the market will need disclosure on remaining sellable area to judge whether 2027 earnings hold.
What to Watch
- Q4/2026 and full-year 2026 financial statements, expected in January 2027, for whether Nam An Khánh revenue recognition continues.
- Disclosure of remaining unsold area and handover schedule at Nam An Khánh, which the Q3 filing does not provide.
- Customer prepayment balance at 31 December 2026, as a leading indicator of future recognition.
- Any announcement of new project launches or land acquisition that would diversify SJS revenue beyond a single site.
- Inventory and borrowing levels in the next quarterly balance sheet, given the 41% year-to-date debt reduction.