Tracodi (TCD) Restates 2024 Profit to VND 1.45T Loss, Faces Mandatory Delisting
This Aveluro analysis covers TCD on HOSE in the Construction & Materials sector. The classified event type is earnings miss, with negative sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. 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
Tracodi (TCD) has restated its 2024 net profit from a profit of VND 111 billion to a loss of VND 1,450 billion after audit, leading to mandatory delisting by the Ho Chi Minh City Stock Exchange (HOSE). The restatement follows the criminal prosecution of former leaders of Bamboo Capital and Tracodi. Bamboo Capital (BCG) also faces delisting for failing to publish financial reports.
Key Facts
- TCD’s 2024 audited net loss was VND 1,450 billion, compared to an unaudited profit of VND 111 billion.
- The restatement included VND 1,008 billion in additional bad debt provisions at the parent company and subsidiaries.
- Management expenses surged to VND 1,130 billion (audited) from VND 128 billion (self-prepared).
- Losses from associates increased to VND 436.5 billion (audited) from a profit of VND 16.9 billion (self-prepared).
- Deferred tax expense increased by VND 112.5 billion due to the restatement.
- TCD reported a net loss of VND 356 billion in 2025, with accumulated losses of VND 1,882 billion as of December 31, 2025.
- HOSE issued mandatory delisting notices for both TCD and BCG.
What Happened
Tracodi (TCD) published its audited financial statements for 2024 and 2025, as well as its 2025 semi-annual reviewed report, after multiple delays. The audit by A&C Consulting and Auditing Co., Ltd. resulted in a disclaimer of opinion. The key adjustment was a VND 1,008 billion increase in bad debt provisions, which pushed the company from a profit to a loss. Additionally, losses from associates were revised from a profit of VND 16.9 billion to a loss of VND 436.5 billion.
The company attributed the adjustments to stricter provisioning requirements. The restatement also affected deferred tax assets, adding VND 112.5 billion to deferred tax expenses. For 2025, TCD continued to post losses, with net loss of VND 356 billion and accumulated losses of VND 1,882 billion.
Market Context
TCD shares closed at VND 2 on October 8, 2025, up 3.28% on low volume, while BCG closed at VND 3, down 0.78%. Both stocks trade on HOSE. The delisting announcement follows the criminal prosecution of former Bamboo Capital chairman Nguyen Ho Nam and former Tracodi vice chairwoman Huynh Thi Kim Tuyen in February 2025. The broader construction and real estate sectors have faced headwinds from regulatory tightening and credit constraints.
Strategic Significance
The restatement and delisting highlight severe governance and financial control issues within the Bamboo Capital ecosystem. The massive provisioning suggests that TCD’s receivables quality deteriorated significantly, likely due to problems in related-party transactions and project delays. For investors, the delisting means loss of liquidity and potential value destruction. The case underscores the importance of audit quality and regulatory enforcement in Vietnam’s equity market.
What to Watch
- Any appeal or legal action by TCD or BCG against the delisting decision.
- Potential recovery of receivables or asset sales to reduce losses.
- Regulatory developments regarding the prosecution of former leaders.
- Trading of TCD and BCG on the Unlisted Public Company Market (UPCOM) after delisting.
- Q1 2026 financial reports for both companies, if published.