Thuduc House (TDH) Reminded by HoSE for Delayed 2026 Semi-Annual Report

Overview

HoSE has issued a formal reminder to Thuduc House (TDH), a real estate firm listed on HOSE, for failing to disclose its reviewed semi-annual 2026 financial statements in both Vietnamese and English within the required timeframe. The company’s H1 2026 results show a sharp revenue increase but a decline in profitability, underscoring operational challenges despite top-line growth.

Key Facts

• HoSE sent a reminder to Thuduc House (TDH) on September 4, 2026, for late disclosure of reviewed semi-annual 2026 financial statements.
• The deadline was 60 days from the end of the first half of the fiscal year, per Circular 96/2020/TT-BTC.
• Since January 1, 2025, listed companies must also publish periodic disclosures in English, per Circular 68/2024/TT-BTC.
• H1 2026 net revenue reached VND 116.9 billion, up 4.5x from H1 2025.
• H1 2026 net profit after tax was VND 12.3 billion, down 34.9% year-on-year.
• Q2 2026 net revenue was VND 69.5 billion, up 3.9x, but net profit fell 56.4% to VND 5.8 billion.
• Total assets as of June 30, 2026, were VND 677.3 billion, slightly down from the start of the year; total liabilities were VND 483.7 billion, down 4%.

What Happened

HoSE issued a written reminder to Thuduc House (TDH) for not publishing its reviewed semi-annual 2026 financial statements in Vietnamese and English within the regulatory deadline. The reminder cites Circular 96/2020/TT-BTC, which requires reviewed semi-annual reports to be disclosed within 60 days of the period’s end, and Circular 68/2024/TT-BTC, which mandates English versions of periodic disclosures from January 1, 2025.

As of September 4, 2026, TDH had not complied. HoSE urged the company to fulfill its reporting obligations to protect shareholder and investor interests. The company’s unaudited consolidated financial statements for Q2 and H1 2026 were previously released, showing a 4.5x surge in H1 revenue to VND 116.9 billion, but net profit dropped 34.9% to VND 12.3 billion.

Market Context

TDH shares closed at VND 3,300 on September 6, 2026, reflecting a low-priced real estate stock on HOSE. The reminder adds to governance concerns for a company that has faced regulatory scrutiny in the past. The broader Vietnamese real estate sector has been recovering, but TDH’s profitability decline suggests it is not yet benefiting from the upturn. The stock’s low price and thin liquidity make it sensitive to news flow regarding compliance and financial performance.

Strategic Significance

The reminder highlights ongoing compliance and transparency issues at Thuduc House, which could deter institutional investors and affect the company’s ability to raise capital. The sharp revenue increase, likely from project handovers, has not translated into profit growth, indicating cost pressures or lower-margin revenue. Long-term investors should assess whether TDH can improve operational efficiency and restore profitability while adhering to disclosure rules. The company’s small asset base and high leverage (liabilities at 71% of assets) add financial risk.

What to Watch

• Publication of the reviewed semi-annual 2026 financial statements in Vietnamese and English.
• Any further regulatory actions from HoSE or the State Securities Commission (SSC) if TDH fails to comply.
• Q3 2026 earnings release, due by October 2026, to see if revenue growth continues and margins improve.
• Updates on project development and sales, particularly in the affordable housing segment.
• Changes in foreign ownership limits or investor sentiment following the reminder.