TV2 Chairman and Chief Accountant Prosecuted, H1 Profit Surges 480%

Overview

Power Engineering Consulting Joint Stock Company 2 (PECC2, HOSE: TV2) disclosed in its reviewed H1 2026 financial statements that its Chairman and Chief Accountant have been prosecuted in a criminal investigation. The case involves the National Power Transmission Corporation, PC1 Group, and related enterprises. Despite the legal turmoil, TV2 reported a 480% surge in net profit for the first half, reaching VND 192.3 billion, far exceeding its full-year plan.

Key Facts

• In May 2026, the Police Investigation Agency of the Ministry of Public Security initiated prosecution against TV2’s Chairman and Chief Accountant.
• The case is linked to the National Power Transmission Corporation, PC1 Group JSC, and other related companies nationwide.
• On May 28, Bùi Thị Ngọc Lý was dismissed from the Chief Accountant position.
• On June 30, Phạm Liên Hải was elected as Chairman of the Board, replacing Nguyễn Chơn Hùng; Nguyễn Trung Khang became Head of the Supervisory Board.
• H1 2026 revenue reached VND 682.2 billion, up 32.3% year-on-year.
• H1 2026 net profit was VND 192.3 billion, nearly 5.8 times higher than the same period last year.
• Financial income surged to VND 65 billion, over 11 times higher year-on-year, mainly from deposit and loan interest.
• TV2’s full-year 2026 target is VND 2,503 billion in revenue and VND 100 billion in net profit; H1 results already exceeded the profit target by 192%.

What Happened

TV2’s reviewed semi-annual 2026 financial statements, audited by UHY Auditing and Consulting Co., Ltd., included an emphasis of matter regarding the prosecution of two senior leaders. The company stated that the investigation is ongoing and no official conclusion has been reached. PECC2 affirmed that its business, governance, and operations continue normally.

Following the prosecution, TV2 underwent significant leadership changes in H1 2026. The Chief Accountant was removed in May, and in June, a new Chairman and Head of Supervisory Board were appointed. These changes were disclosed in the company’s financial report.

Market Context

TV2 shares closed at VND 26,850 on September 2, 2026, on the HOSE. The stock’s performance comes amid strong profit growth but also legal overhang. The broader Vietnamese market has been volatile, with investors weighing corporate governance risks against operational results. TV2’s engineering and construction sector remains supported by infrastructure spending, but the legal case could affect investor sentiment.

Strategic Significance

The prosecution of top executives introduces governance risk that may temper the positive earnings momentum. TV2’s ability to maintain normal operations and secure new contracts will be crucial. The company’s strong H1 profit, largely driven by non-operating financial income, raises questions about the sustainability of earnings quality. Long-term investors should monitor the investigation’s outcome and its potential impact on management stability and project pipeline.

What to Watch

• Further updates on the criminal investigation and any formal charges or conclusions.
• Q3 2026 earnings release to see if profit growth continues and whether core operations improve.
• Management changes and any additional departures or appointments.
• The company’s ability to maintain its dividend policy and capital allocation.
• Any impact on TV2’s bidding for new power transmission and construction projects.