Searefico (SRF) Insider Buy: Chairman and CEO Register 1.6M Shares

Overview

Searefico (HOSE: SRF) disclosed that Chairman Le Tan Phuoc and CEO Nguyen Khoa Dang each registered to buy 802,000 SRF shares, a combined 1.6 million shares, between 24 September and 23 October 2026. The purchases would raise their joint ownership from roughly 8.35% to 12.85% of the construction contractor’s capital. The filings land alongside audited first-half results showing net profit of VND 15.2B, up 174% year-on-year.

Key Facts

• Chairman Le Tan Phuoc registered to buy 802,000 SRF shares, lifting his holding from 1,966,798 shares (5.53%) to 2,768,798 shares (7.78%).
• CEO and board member Nguyen Khoa Dang registered to buy 802,000 shares, raising his stake from 1,002,000 shares (2.82%) to 1,804,000 shares (5.07%), making him a major shareholder for the first time.
• Combined ownership would rise from about 8.35% to 12.85% of Searefico’s capital.
• The transaction window runs from 24 September to 23 October 2026, via order matching and/or put-through.
• At the 18 September close of VND 7,700 per share, the registered volume is worth roughly VND 12.35B.
• SRF rose for five consecutive sessions from 14 to 18 September, gaining 11.6%.
• Audited H1 revenue reached VND 649B, up nearly 50% from VND 432.7B a year earlier; net profit was VND 15.2B versus VND 5.54B.

What Happened

Searefico Joint Stock Company published the insider transaction disclosures for its two most senior executives. Le Tan Phuoc, Chairman of the Board of Directors, and Nguyen Khoa Dang, board member and General Director, each registered to acquire 802,000 SRF shares for personal ownership purposes. The company said the trades are expected to be executed between 24 September and 23 October 2026 through order matching on the exchange and/or negotiated deals. This is the second time in 2026 the pair have registered matching purchases of 802,000 shares each, after a similar combined 1.6 million-share registration in late February.

The filings coincided with Searefico’s audited half-year financial statements. Revenue for the six months reached VND 649B, up almost 50% year-on-year, while gross profit swung from a loss of more than VND 32.4B to a gain of nearly VND 37.6B, a roughly VND 70B improvement. Gross margin moved from about negative 7.5% to positive 5.8%, and general and administrative expenses fell by more than VND 10.7B to about VND 82B. Pre-tax profit rose more than 222% to VND 34.8B, and net profit reached VND 15.2B, up 174%. The audited figure is also about VND 4.5B above the company’s own pre-audit net profit of roughly VND 10.75B.

Market Context

SRF trades on the HOSE. The stock closed at VND 7,700 on 18 September 2026, capping a five-session advance from 14 to 18 September that added 11.6%. The insider registrations were disclosed after that run, so the buying window opens with the shares near their recent high. Searefico sits in the construction and industrial services segment, a sector that has been sensitive to input costs and contract margins; the company’s swing back to positive gross margin is a departure from the loss-making first half of 2025.

Strategic Significance

The dual registration matters less for its absolute size than for what it signals about management’s read on the turnaround. Both the Chairman and the CEO are doubling down after a first round in February, and the CEO crosses the 5% major-shareholder threshold for the first time, which raises his alignment with minority holders. The audited numbers also confirm that the margin recovery is real rather than an artifact of unaudited reporting, with the auditor revising profit upward by roughly VND 4.5B. For long-term holders, the thesis rests on whether the gross-margin swing from negative 7.5% to positive 5.8% is structural, driven by better contract pricing or cost control, or a one-off mix effect in the first half.

What to Watch

• Disclosure of actual purchase volumes and resulting ownership percentages after the 23 October 2026 window closes.
• Q3 2026 financial statements, to test whether the positive gross margin holds beyond the first half.
• Any further board or management registrations, given this is the second matching purchase round in 2026.
• Order book and contract-award announcements in the construction segment, which would support the revenue growth trajectory.
• Liquidity and price behavior around VND 7,700, the reference level used to value the registered purchases.