TNH Board Member to Sell Entire 5.3M Share Stake as Losses Widen

Overview

A board member of TNH Hospital Group (TNH, HOSE) has registered to sell all 5.3 million shares he holds, cutting his stake from 3.2% to zero. The sale comes as the company reported a wider net loss of VND 71.1 billion for the first half of 2026, despite a 28% revenue increase.

Key Facts

• Hoang Tuyen, a board member, registered to sell all 5,300,000 TNH shares, reducing his ownership from 3.2% to 0%.
• The transaction is scheduled from September 11, 2026 to October 9, 2026, via negotiated and/or order-matching methods.
• TNH reported H1 2026 net revenue of VND 276.1 billion, up 28% year-on-year, driven by contributions from TNH Viet Yen Hospital and the pharmaceutical company.
• Gross profit fell 36% to nearly VND 3 billion, as cost of goods sold rose 29% to over VND 273.1 billion.
• Net loss widened to VND 71.1 billion in H1 2026, compared to a net loss of VND 54.2 billion in the same period last year.
• Total assets reached VND 3,025 billion as of June 30, 2026, up 5.3% from the start of the year; fixed assets accounted for 58.1%.
• Total liabilities rose 19.9% to VND 1,341 billion, with borrowings and finance leases at VND 1,254.8 billion, representing 93.6% of total liabilities.

What Happened

Hoang Tuyen, a member of the Board of Directors of TNH Hospital Group Joint Stock Company (TNH, HOSE), has notified the exchange of his intention to sell all 5.3 million TNH shares he currently holds. The sale, aimed at personal needs, is expected to occur between September 11 and October 9, 2026, through negotiated transactions and/or order matching. If successful, Tuyen’s stake will drop from 3.2% to 0%, and he will cease to be a shareholder.

In a separate development, TNH released its reviewed consolidated financial statements for the first half of 2026. Net revenue reached nearly VND 276.1 billion, up 28% year-on-year, thanks to contributions from TNH Viet Yen Hospital and the pharmaceutical company. However, cost of goods sold rose 29% to over VND 273.1 billion, leaving gross profit at just under VND 3 billion, down 36%. Financial costs increased 34% to over VND 28.9 billion, mainly due to higher interest expenses from the TNH Viet Yen and TNH Lang Son hospital projects. Selling expenses jumped 74% to nearly VND 5 billion, while administrative expenses rose 18% to nearly VND 40.1 billion.

As a result, TNH reported a net loss of nearly VND 71.1 billion, compared to a net loss of VND 54.2 billion in the same period last year. The company attributed the wider loss to pre-operating personnel costs for TNH Lang Son Hospital and Thai Nguyen International Hospital Phase 3, as well as higher financial and selling expenses.

Market Context

TNH shares closed at VND 8,140 on September 7, 2026, on the HOSE. The stock has been under pressure as the company continues to report losses amid aggressive expansion. The planned insider sale adds to negative sentiment, potentially weighing on the share price in the near term. The healthcare sector in Vietnam remains attractive long-term, but TNH’s high debt levels and pre-operating costs are key concerns.

Strategic Significance

The board member’s exit signals potential lack of confidence in the company’s near-term prospects, especially as losses widen and debt rises. TNH is investing heavily in new hospitals, which could pay off long-term but currently strain profitability. The company’s ability to manage its debt and bring new facilities online will be critical. For investors, the insider sale is a red flag that may warrant caution until TNH demonstrates a clear path to profitability.

What to Watch

• Completion of the insider sale and any subsequent changes in major shareholder structure.
• Q3 2026 financial results to see if revenue growth continues and losses narrow.
• Updates on the operational launch of TNH Lang Son Hospital and Thai Nguyen International Hospital Phase 3.
• Changes in debt levels and interest expense trends.
• Any additional insider transactions or major shareholder moves.