TTF (Truong Thanh Wood) Q2 2026 Loss Hits VND 210B as HOSE Adds Warning

Overview

HOSE has added a new warning reason to TTF, the ticker of CTCP Tập đoàn Kỹ nghệ Gỗ Trường Thành, effective 23/9/2026, after the company submitted its reviewed H1 2026 financial statements more than 15 days past the regulatory deadline. The same filing period showed a Q2 2026 pre-tax loss of roughly VND 210 billion, the third-largest among listed companies, taking H1 2026 losses to about VND 270 billion. The stock closed at VND 1,450 on 16/9/2026, down about 44% from roughly VND 2,570 at the end of March.

Key Facts

• HOSE placed TTF under a new warning effective 23/9/2026 for filing reviewed H1 2026 financial statements more than 15 days late.
• TTF had already been under warning since April 2022; the new decision adds a second warning reason.
• Q2 2026 revenue was approximately VND 312 billion, up 32% year on year.
• Cost of goods sold exceeded revenue, turning gross profit negative, while management expenses rose sharply.
• Q2 2026 pre-tax loss was about VND 210 billion, the third-largest pre-tax loss on the exchange for the quarter.
• H1 2026 cumulative pre-tax loss was approximately VND 270 billion.
• TTF closed at VND 1,450 on 16/9/2026, down about 44% from roughly VND 2,570 at end-March 2026.
• Chairman Mai Hữu Tín, born 1969, chairs the board of Gỗ Trường Thành.

What Happened

The Ho Chi Minh City Stock Exchange (HOSE) issued a decision adding a warning reason to TTF from 23/9/2026, citing the late submission of the reviewed H1 2026 financial statements, which arrived more than 15 days after the deadline. TTF has carried a warning status since April 2022, so the new action stacks an additional compliance reason on top of the existing one rather than creating a first-time warning.

Separately, the Q2 2026 results showed revenue of about VND 312 billion, up 32% year on year, but cost of goods sold exceeded revenue, pushing gross profit negative, while management expenses increased sharply. The company also booked provisions for doubtful receivables. The result was a pre-tax loss of roughly VND 210 billion for the quarter, the third-largest among listed firms, and a cumulative H1 2026 pre-tax loss of about VND 270 billion. The article attributes the figures to aggregated market data and the exchange decision; it does not disclose the exact size of the receivables provision.

Market Context

TTF trades on HOSE in the wood processing sector. The shares closed at VND 1,450 on 16/9/2026, down 0.69% on the day, and have fallen about 44% from roughly VND 2,570 at the end of March 2026. At that price, one TTF share is worth less than a typical glass of iced tea in Vietnam, a comparison the local press has used to underline the depth of the decline. The stock remains in the warning segment of the market, where liquidity and institutional participation are typically constrained.

Strategic Significance

Gỗ Trường Thành was once one of the larger listed wood enterprises but has spent years restructuring after earlier financial problems. The Q2 2026 numbers show the recovery is not yet translating into margins: revenue growth of 32% was more than offset by cost of goods sold above revenue and receivable provisions, meaning the core wood business is currently selling at a negative gross margin. For long-term investors, the compliance issue compounds the operating issue, because a second warning reason keeps TTF in a segment that limits access to many institutional mandates and raises the risk of further regulatory escalation if reporting lapses recur.

What to Watch

• The full reviewed H1 2026 financial statements, including the size of the doubtful-receivable provision and any auditor emphasis of matter.
• Q3 2026 results, particularly whether gross margin returns to positive territory as input costs and selling prices evolve.
• Any HOSE decision to escalate TTF from warning to control status, or to suspend trading, if reporting delays continue.
• Progress on the company’s restructuring and debt arrangements under Chairman Mai Hữu Tín.
• Disclosure of any remediation timeline for the late filing and the status of the existing April 2022 warning reason.