SJS Q3/2026 Profit Jumps 327x on Nam An Khanh Sales; Stock Hits Ceiling
This Aveluro analysis covers SJS (SJ Group) on HOSE in the Real Estate sector. The classified event type is earnings beat smallcap, with positive sentiment and a deterministic market-impact score of 5.6/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Thị trường chứng khoán, 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, listed on HOSE as SJS, reported Q3/2026 net profit of VND 1,012 billion, approximately 327 times the same period of 2025, according to its consolidated financial statements. The result reflects continued revenue recognition at the Nam An Khanh new urban area project in Hoài Đức district, Hà Nội, and drove the shares up 6.3% to VND 57,100 on October 16, with an intraday ceiling touch.
Key Facts
- Q3/2026 net revenue: VND 1,785 billion, up 67 times year-on-year (source: consolidated Q3/2026 financial statements).
- Q3/2026 gross profit: VND 1,286 billion, up 185 times; cost of goods sold VND 499 billion, up 2,425%.
- Q3/2026 profit before tax: over VND 1,265 billion, up 322 times; net profit VND 1,012 billion, up 327 times.
- 9M/2026 net revenue VND 2,543 billion (+586%), profit before tax VND 1,792 billion (+713%), net profit VND 1,432 billion (+720%).
- Customer advances at Nam An Khanh fell to about VND 13.4 billion at September 30, 2026, from nearly VND 679 billion at the start of the year.
- Inventory stood at over VND 4,773 billion, of which VND 4,001 billion relates to Nam An Khanh; total liabilities VND 3,785 billion (-14% year-to-date) and total borrowings VND 1,482 billion (-41%).
- Shares closed at VND 57,100 on October 16, up 6.3%, after a full-limit gain on October 15; market capitalization approached VND 17,000 billion.
What Happened
In a filing explaining the results, SJ Group said the year-on-year increase in Q3/2026 net profit was due to the company continuing to sell and hand over units at the Nam An Khanh project during the quarter. The project, located west of Hà Nội across An Khánh and An Thượng communes in Hoài Đức district, has 288.8 hectares of land use, of which 189.7 hectares are zoned for urban construction.
The scale of the jump is a function of a very low base: Q3/2025 net profit was only a few billion dong, so the 327-fold comparison overstates the underlying growth rate in absolute terms. The more telling figure is the balance sheet. Customer advances at Nam An Khanh dropped from nearly VND 679 billion at the start of 2026 to about VND 13.4 billion at September 30, indicating that the pre-sold backlog has largely been converted into revenue. Inventory of VND 4,001 billion tied to the project remains the main forward earnings reservoir.
Market Context
SJS trades on HOSE in the Real Estate sector. The stock closed at VND 57,100 on October 16, 2026, after gaining 6.3% and touching the daily ceiling, following a full-limit session on October 15. Despite the two-day surge, the article notes the price remains slightly below its level at the start of the year, implying a volatile 2026 for the shares. The move comes as Vietnamese real estate equities remain sensitive to project-level handover schedules and to quarterly earnings that can swing sharply on revenue recognition timing.
Strategic Significance
The investment case for SJS now hinges less on the headline multiple and more on what remains in inventory. With customer advances nearly exhausted, future revenue depends on continued absorption of the VND 4,001 billion Nam An Khanh stock and on any new project pipeline. The 41% reduction in total borrowings and 14% decline in liabilities strengthen the balance sheet, but the concentration of assets in a single project in western Hà Nội leaves earnings exposed to local absorption rates and to the pace of legal completion and handovers. Investors should treat the 327x figure as a base-effect artifact and focus on absolute profit durability.
What to Watch
- Q4/2026 and full-year 2026 results, to confirm whether Nam An Khanh revenue recognition continues at the Q3 pace.
- Inventory disclosure at year-end 2026, particularly the VND 4,001 billion Nam An Khanh balance, as a proxy for remaining earnings capacity.
- Customer advances (người mua trả tiền trước) in the next quarterly filing, to gauge new pre-sales.
- Any announcement on new projects or land bank beyond Nam An Khanh, which the current filing does not detail.
- Foreign-ownership and liquidity data for SJS on HOSE following the two-session surge.