TID, DIG, DC4 Post Sharp Q3 Profit Declines, Miss Annual Plans

Overview

Three Vietnamese listed companies spanning real estate and construction reported weaker Q3 and nine-month 2025 results, with Tổng Công ty Tín Nghĩa (TID) posting a 69% year-on-year drop in nine-month net profit and DIC Corp (DIG) completing only 40% of its annual plan. The results point to slower real-estate revenue recognition across the sector and raise questions about whether the affected tickers can close their full-year targets in Q4.

Key Facts

• TID nine-month revenue reached VND 10,126B, down 1% year-on-year; net profit fell 69% to VND 234B, equal to 52% of the annual plan.
• TID Q3 revenue rose 15% year-on-year to VND 3,143B, but Q3 net profit fell nearly 38% to VND 98B.
• DIG Q3 revenue fell 43% year-on-year to VND 761B and Q3 net profit fell 64% to VND 69B; real-estate revenue dropped from VND 1,198B to VND 640B.
• DIG nine-month revenue was VND 1,519B (down 14%) with net profit of VND 202B (up just over 1%), completing 40% of the annual plan.
• DC4 Q3 revenue fell nearly 49% year-on-year to VND 266B and net profit fell 59% to VND 23B; construction-contract revenue dropped to VND 16B from VND 201B.
• DC4 nine-month revenue was VND 946B (down 27%) with net profit of VND 128B (down 9%), completing over 70% of the annual plan.
• DC4 operating cash flow turned negative at more than VND 115B, versus positive VND 459B a year earlier.

What Happened

Tổng Công ty CP Tín Nghĩa (TID), listed on UPCOM, reported Q3 revenue of VND 3,143B, up 15% year-on-year, but net profit of only VND 98B, down nearly 38%. For the nine months, revenue slipped 1% to VND 10,126B while net profit fell 69% to VND 234B, leaving the company at 52% of its full-year target. The article does not break out the margin drivers behind the profit decline.

At DIC Corp (DIG), Q3 revenue fell 43% to VND 761B and net profit dropped 64% to VND 69B, driven mainly by real-estate revenue falling from VND 1,198B to VND 640B. Nine-month net profit of VND 202B was up just over 1% year-on-year on revenue of VND 1,519B, but that represents only 40% of the annual plan. DC4 fared similarly: Q3 construction-contract revenue collapsed to VND 16B from VND 201B, and nine-month operating cash flow swung to negative VND 115B from positive VND 459B. The figures were reported in the companies’ quarterly filings, as summarized by the source article.

Market Context

TID trades on UPCOM at VND 18,300 (26 October), DIG on HOSE at VND 9,550 and DC4 at VND 5,940 (31 October). The results landed in a soft tape: the VN-Index fell 32.53 points to 1,741.62 during the 26-30 October week, while foreign investors sold a net VND 2,692B on HOSE across five consecutive sessions. Real estate and construction names have been sensitive to slow project handovers and tighter credit for developers, and the weak revenue recognition at DIG and DC4 fits that pattern.

Strategic Significance

For long-term holders, the key issue is plan completion rather than the quarterly print. DIG at 40% and TID at 52% of annual targets imply a heavy Q4 burden, which for developers typically depends on handover timing and recognition of pre-sold units. DC4’s swing to negative operating cash flow is the more structural signal: a construction backlog that shrank from VND 201B to VND 16B in a single quarter suggests the order book is thinning, which matters more for 2026 revenue visibility than the 9% nine-month profit decline.

What to Watch

• Q4 and full-year 2025 earnings releases from TID, DIG and DC4, and whether each closes the gap to its annual plan.
• DIG handover schedule and real-estate revenue recognition in Q4, given the 40% plan completion.
• DC4 construction-contract awards and whether the order book recovers from the Q3 low.
• DC4 operating cash flow trend after the swing to negative VND 115B.
• Foreign flows on HOSE, which have been net negative for five straight sessions.