Thaiholdings Q2 2026 Net Profit Surges 204%, Exceeds Annual Target

Overview

Thaiholdings (THD) announced strong Q2 2026 results, with net profit surging 204% year-on-year to VND 71 billion, driven by improved gross margin and financial income. The company also revealed its participation in a consortium proposing the Hanoi Twin Towers 99 project, a massive twin-tower development in Hà Nội with an estimated investment of USD 3-3.5 billion.

Key Facts

• Q2 2026 net revenue reached VND 334 billion, up 9% YoY.
• Q2 2026 net profit was VND 71 billion, up 204% YoY from VND 23 billion.
• H1 2026 net revenue totaled VND 572 billion, up 8% YoY; net profit reached VND 101 billion, more than double YoY.
• The company exceeded its full-year 2026 net profit target of VND 91 billion within the first half.
• Total assets as of June 30, 2026 stood at approximately VND 5,400 billion, up 19% from the start of the year.
• On July 8, 2026, a consortium including Thaiholdings, Du lịch Kim Liên, and Đầu tư Xây dựng Thái Sơn (a Vingroup member) submitted a proposal for the Hanoi Twin Towers 99 project at 5-7 Đào Duy Anh, Hà Nội.
• The project covers nearly 35,000 m², featuring two 568-meter towers with 99 above-ground floors and 6 basement levels, with total investment estimated at USD 3-3.5 billion.

What Happened

Thaiholdings released its consolidated financial statements for Q2 2026, showing a significant improvement in profitability. While revenue grew only 9% YoY, cost of goods sold remained nearly flat, lifting gross profit from VND 6 billion to VND 32 billion, and gross margin from 2% to 10%. Financial income rose 25% to VND 27 billion, mainly from deposit and loan interest, while profit from associates and joint ventures contributed about VND 26 billion.

After expenses, pre-tax profit reached VND 83 billion, nearly triple the prior-year figure, and net profit hit VND 71 billion, up 204%. For the first half, pre-tax profit was VND 120 billion (+93%) and net profit VND 101 billion (+111%). The company’s 2026 targets were VND 967 billion in revenue, VND 114 billion in pre-tax profit, and VND 91 billion in net profit; by mid-year, it had completed 59% of the revenue plan and surpassed both profit targets.

The earnings release coincided with the announcement of the Hanoi Twin Towers 99 proposal. On July 8, 2026, a consortium comprising Du lịch Kim Liên, Thaiholdings, and Đầu tư Xây dựng Thái Sơn (a Vingroup member) submitted a proposal to the Hà Nội People’s Committee. The project would be built on a nearly 35,000 m² site at 5-7 Đào Duy Anh, featuring two 568-meter towers with 99 floors and 6 basement levels, with total investment estimated at USD 3-3.5 billion.

Market Context

THD trades on the HNX. As of August 3, 2026, the stock closed at VND 131,600. The company’s strong earnings come amid a broader recovery in Vietnam’s real estate sector, though the proposed twin-tower project remains in the proposal stage. THD’s balance sheet shows total assets of about VND 5,400 billion, with long-term financial investments of VND 3,184 billion, including a VND 2,373 billion stake in Thaigroup (48% ownership) and investments in Tôn Đản Hà Nội and Du lịch Kim Liên. Total liabilities are low at VND 337 billion, about 6% of assets.

Strategic Significance

Thaiholdings’ earnings beat underscores its ability to generate profit growth despite modest revenue expansion, driven by margin improvement and investment income. The proposed twin-tower project, if approved, would mark a major strategic shift into large-scale real estate development, potentially transforming the company’s asset base and revenue mix. The involvement of a Vingroup affiliate suggests potential synergies and access to development expertise. For long-term investors, the key question is whether the company can execute on such a massive project while maintaining financial discipline, given its relatively small equity base.

What to Watch

• Approval or rejection of the Hanoi Twin Towers 99 proposal by the Hà Nội People’s Committee.
• Q3 2026 earnings release to see if profit growth sustains.
• Updates on the Thaigroup investment and any dividend or capital allocation decisions.
• Regulatory approvals and financing arrangements for the twin-tower project.
• Any changes in foreign ownership limits or investor sentiment toward HNX-listed real estate stocks.