TV2 Stock Hits Ceiling as Q3 Profit Surges 4.5x Despite Chairman Prosecution

Overview

PECC2 (TV2), listed on HOSE, surged to its daily limit on 28/10/2026 after reporting Q3 net revenue of more than VND 517 billion, up over 103% year-on-year, and after-tax profit of more than VND 61 billion, up more than 4.5x. The move drew attention because it followed the May 2026 prosecution of then-chairman Nguyễn Chơn Hùng on embezzlement charges, a case tied to a broader investigation at National Power Transmission Corporation and PC1 Group.

Key Facts

• TV2 closed at VND 27,850 per share on 28/10/2026, up nearly 7% at the daily limit, versus a prior close of VND 26,050 on 27/10.
• Volume reached nearly 1 million shares, about 5x the previous session and the highest in five months.
• Q3/2026 net revenue exceeded VND 517 billion, up more than 103% year-on-year.
• Q3/2026 after-tax profit exceeded VND 61 billion, more than 4.5x the same period last year; pre-tax profit was about VND 76 billion.
• 9M/2026 net revenue reached about VND 1,199 billion (+56% year-on-year) and after-tax profit exceeded VND 163.3 billion (+3.5x).
• On 21/5/2026, the Ministry of Public Security’s investigative agency prosecuted Nguyễn Chơn Hùng, then chairman, and chief accountant Bùi Thị Ngọc Lý for asset embezzlement under Article 353 of the Penal Code.
• Phạm Liên Hải, a board member and deputy general director, was appointed chairwoman for the 2026-2031 term effective late June 2026.
• The 2026 plan targets total revenue of VND 2,503 billion and after-tax profit of VND 100 billion.

What Happened

The session of 28/10/2026 saw money flow into TV2 accelerate in the afternoon, pushing the price to the ceiling of VND 27,850 with buyers clearly dominant. Liquidity jumped to nearly 1 million shares, roughly five times the prior session and the highest level in five months, unusual for a stock that has not typically traded heavily. The company disclosed the Q3/2026 financial statements, which showed gross profit above VND 90 billion, more than 2.2x year-on-year, as cost of goods sold grew slower than revenue. Financial activity revenue rose sharply from about VND 6 billion to nearly VND 36 billion, lifting net operating profit to roughly VND 75 billion, more than 5x the prior-year quarter.

The gain follows a turbulent year for TV2’s leadership. On 21/5/2026 the company issued an unusual disclosure stating that the Ministry of Public Security’s investigative agency had prosecuted Hùng, then chairman, and Lý, the chief accountant, as part of a case at National Power Transmission Corporation, PC1 Group and related companies nationwide. The Supreme People’s Procuracy said both were charged with asset embezzlement. TV2 said it reassigned or lawfully delegated responsibilities to keep governance and operations uninterrupted, and that survey, consulting, design, construction, operation and maintenance work continued normally. Roughly a month later, Phạm Liên Hải was named chairwoman effective late June 2026.

Market Context

TV2 trades on HOSE and closed at VND 26,050 on 27/10/2026 before the limit-up session. The stock is a small-cap in the power consulting and construction segment, a sector whose order flow is tied to transmission and generation investment. The five-month high in volume suggests the Q3 results drew fresh attention rather than routine trading, though the article does not provide valuation or foreign-ownership data.

Strategic Significance

The core question for long-term holders is whether the Q3 jump reflects a durable order-book recovery or a one-off. The 9M after-tax profit of more than VND 163.3 billion already exceeds the full-year 2026 target of VND 100 billion, which points to either conservative guidance or a quarter weighted with non-recurring items, including the VND 36 billion financial revenue line. The governance transition under Phạm Liên Hải and the unresolved legal case involving the former chairman remain the key overhang; the market’s willingness to bid TV2 to its ceiling suggests investors are currently weighting earnings over legal risk.

What to Watch

• The company’s explanation of the VND 36 billion financial revenue line and whether it recurs in Q4.
• Any update on the prosecution of former chairman Nguyễn Chơn Hùng and chief accountant Bùi Thị Ngọc Lý.
• Q4/2026 and full-year results against the VND 2,503 billion revenue and VND 100 billion profit plan.
• New contract awards in power transmission and plant consulting, which drive the order book.
• Liquidity follow-through: whether volume holds above the five-month high or fades after the limit-up session.