TDH Audit Slashes H1 2026 Profit 85% as LDG Loss Widens to VND 88B

Overview

Audited first-half 2026 financial statements erased most of Thuduc House’s reported profit and roughly doubled LDG’s loss, according to the companies’ reviewed filings. TDH (HOSE) booked consolidated after-tax profit of under VND 2 billion versus more than VND 12 billion self-reported, a decline of over 85%, while LDG (HOSE) recorded an after-tax loss of nearly VND 88 billion against a self-prepared loss of just over VND 41 billion. The revisions put auditor conservatism and receivables quality back at the centre of the small-cap real estate story.

Key Facts

• TDH standalone after-tax profit fell to nearly VND 10 billion after review, down 45% from more than VND 17 billion self-reported.
• TDH consolidated after-tax profit dropped to under VND 2 billion, a decline of more than VND 10 billion or over 85%.
• TDH booked an additional VND 2.5 billion provision tied to an advance at Công ty TNHH Khai thác dịch vụ Thuduc House.
• TDH also flagged a VND 8 billion receivables reversal that auditors said required stronger external evidence.
• TDH reduced its bonus and welfare fund by more than VND 10 billion under a 24 April shareholders’ resolution, lifting undistributed after-tax profit.
• LDG’s after-tax loss widened to nearly VND 88 billion from more than VND 41 billion, an extra VND 46 billion of losses.
• TDH closed at VND 3,190 and LDG at VND 2,480 on 14 September 2026.

What Happened

In its reviewed interim filing, Công ty CP Phát triển Nhà Thủ Đức (Thuduc House, ticker TDH) attributed the gap to a VND 2.5 billion advance to Công ty TNHH Khai thác dịch vụ Thuduc House intended for research and business expansion. Supporting documents were not complete when the accounts were closed, so the company booked an additional provision on the auditor’s recommendation. Management described the entry as a risk re-measurement under accounting standards that does not extinguish the individual’s obligation to settle the advance, and said it is collecting valid documents to complete reimbursement during 2026, at which point the provision would be reversed.

TDH also said a VND 8 billion reversal of receivables provisions reflected its own assessment, but that the auditor asked for more external evidence to support the legal basis. Separately, the company cut its bonus and welfare fund by more than VND 10 billion under a 24 April shareholders’ resolution, a reclassification that increases undistributed after-tax profit rather than operating earnings. Công ty CP Đầu tư LDG (LDG) did not provide a comparable explanation in the excerpt reviewed; the filing shows only the widened loss.

Market Context

Both names trade on HOSE and sit in the small-cap segment of Vietnam’s real estate sector, where liquidity is thin and prices are sensitive to reported earnings. TDH closed at VND 3,190 and LDG at VND 2,480 on 14 September 2026, levels that leave little room for further negative surprises. The broader Vietnamese market has been selective on property developers, rewarding names with visible cash flow and penalising those dependent on one-off reversals or asset sales. Audited numbers carrying materially below self-prepared figures reinforce that split.

Strategic Significance

The core issue is earnings quality, not the absolute size of the revisions. TDH’s swing came from provisions and a fund reclassification, meaning the underlying operating result was weaker than the initial report implied and that reported profit depends on the timing of document completion and auditor sign-off. For LDG, a loss that roughly doubles on review suggests cost recognition or impairment was deferred in the self-prepared accounts. Investors valuing these companies on book value should treat receivables and advances as the key risk line, since reversals that auditors question can be delayed or denied.

What to Watch

• TDH’s progress on collecting reimbursement documents and any reversal of the VND 2.5 billion provision during 2026.
• Whether the VND 8 billion receivables reversal is ultimately recognised or written back out in the next reporting period.
• LDG’s explanation for the VND 46 billion loss increase, expected in its own reviewed filing or a subsequent disclosure.
• Third-quarter 2026 results for both tickers, which will show whether the audit adjustments were isolated or recurring.
• Any HOSE disclosure or warning tied to the audited-versus-self-prepared divergence.