Giay Thuan An Q2 Profit Surges 181%, Hits 68% of Annual Target
This Aveluro analysis covers TAH (Ta Paper Jsc) on UPCOM in the Basic Resources 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 - 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
Giay Thuan An (TAH) reported a 181% year-on-year increase in Q2 2026 net profit, reaching over VND 330 billion, driven by higher average selling prices and cost controls. The company’s H1 profit surged 235% to VND 549 billion, completing 68% of its annual target, and its shares have risen 45% since listing on UPCoM in July.
Key Facts
- Q2/2026 net revenue: VND 1,715 billion, up 15% YoY.
- Q2/2026 net profit: over VND 330 billion, up 181% YoY.
- H1/2026 net revenue: VND 3,172 billion, up 23% YoY.
- H1/2026 net profit: over VND 549 billion, up 235% YoY.
- 2026 targets: revenue VND 7,180 billion, net profit VND 806 billion (up 20% and 40% YoY respectively).
- 270 million TAH shares listed on UPCoM on July 21, 2026, at a reference price of VND 16,550/share.
- Current market cap: approximately VND 6,500 billion; stock price around VND 24,000-24,600.
What Happened
Giay Thuan An Trading Service JSC (TAH) released its Q2 2026 financial statements, showing net revenue of VND 1,715 billion, up 15% from the same period in 2025. Gross profit doubled to VND 395 billion, and after deducting expenses, net profit exceeded VND 330 billion, a 181% increase. The company attributed the revenue growth to a 12% rise in average selling prices and new revenue from recycling collection services, while profit was boosted by lower financial and selling expenses.
For the first half of 2026, TAH achieved net revenue of VND 3,172 billion and net profit of over VND 549 billion, representing 44% of its revenue target and 68% of its profit target for the full year. The company’s 2026 plan calls for revenue of VND 7,180 billion and net profit of VND 806 billion, reflecting 20% and 40% growth respectively, supported by the stable operation of Phase II of its paper mill.
Market Context
TAH shares, listed on UPCoM since July 21, 2026, closed at VND 24,600 on July 30, 2026, up 45% from the reference price of VND 16,550. The stock’s market capitalization stands at approximately VND 6,500 billion. The paper sector in Vietnam has seen increased investor interest due to rising demand and capacity expansion, and TAH’s strong earnings beat is likely to attract further attention.
Strategic Significance
TAH’s robust profit growth underscores its successful capacity expansion and cost optimization, positioning it among Vietnam’s largest industrial paper producers. The company aims to increase total capacity to 1.5 million tons per year by 2028, with a focus on recycled materials and sustainability. The UPCoM listing enhances access to capital markets, supporting future investments. For long-term investors, TAH’s ability to sustain double-digit revenue growth and improve margins will be key to its valuation.
What to Watch
- Q3 2026 earnings release, expected in October, to see if profit momentum continues.
- Progress on Phase II capacity utilization and any further capacity expansion announcements.
- Updates on the 2026-2030 growth plan, including investments in recycling and cost-saving technologies.
- Movement in paper prices and input costs, which could impact margins.
- Any potential move to a main board listing (HOSE or HNX) from UPCoM, which could improve liquidity.