TV3 Q3 2026: EVNPECC3 Revenue Falls 42% After Chairman Arrest

Overview

EVNPECC3 (ticker TV3, HNX) reported Q3 2026 net revenue of just over VND 66 billion, down 42% from nearly VND 115 billion a year earlier, according to the company’s quarterly financial statements. Net profit after tax fell only about 4% to nearly VND 5.6 billion, as cost cuts and financial income offset the revenue collapse. The filing follows the June 2026 detention of chairman Nguyen Nhu Hoang Tuan and two other senior executives.

Key Facts

• Q3 2026 net revenue: over VND 66 billion, down 42% year-on-year from nearly VND 115 billion.
• Cost of goods sold fell to VND 52 billion; gross profit was about VND 14 billion, also down 42%, with gross margin held near 21%.
• General and administrative expenses fell more than 40%, from VND 19 billion to VND 11 billion; selling expenses narrowed to under VND 1 billion.
• Financial income exceeded VND 5 billion, mainly dividends and profit sharing.
• Pre-tax profit was over VND 6 billion, down 9%; net profit after tax was nearly VND 5.6 billion, down about 4%.
• 9M 2026 revenue was nearly VND 147 billion, down 34%; pre-tax profit nearly VND 13 billion, down 7%; net profit about VND 12 billion, roughly flat year-on-year.
• Total assets at 30 September 2026 were over VND 312 billion, up about 8% from the start of the year; cash and equivalents exceeded VND 46 billion, nearly double the January level.
• On 9 June 2026 the company disclosed a Ministry of Public Security notice detaining chairman Nguyen Nhu Hoang Tuan, general director Lac Thai Phuoc and chief accountant Pham Hoang Vinh, in an expansion of a case involving EVNNPT and PC1 Group.

What Happened

EVNPECC3, formally CTCP Tư vấn Xây dựng Điện 3, published its Q3 2026 financial statements showing a sharp contraction in the top line. Revenue fell 42% year-on-year to just over VND 66 billion, and cost of goods sold dropped in step to VND 52 billion, leaving gross profit of about VND 14 billion at a gross margin of roughly 21%. The company said the profit line held up because it cut operating costs and booked more than VND 5 billion in financial income, mostly dividends and shared profits from investments.

The results were released after a leadership upheaval disclosed on 9 June 2026, when TV3 told shareholders it had received notice from the Ministry of Public Security’s investigative police that chairman Nguyen Nhu Hoang Tuan, general director Lac Thai Phuoc and chief accountant Pham Hoang Vinh had been detained. The detentions came as authorities widened a case centred on the National Power Transmission Corporation (EVNNPT) and PC1 Group. TV3 subsequently reorganised its board: board member Tran Quoc Dien was assigned to oversee the board pending a permanent appointment, and deputy general director Tran Le Minh took on the duties and powers of acting general director from 15 June 2026. The filing does not disclose the value of any contracts lost or the status of the criminal case.

Market Context

TV3 trades on the HNX and closed at VND 13,600 on 26 October 2026. The stock sits in the construction and infrastructure segment, where power-sector consultancies depend heavily on EVNNPT and related transmission and generation capex. A 34% decline in nine-month revenue points to a thinner order book rather than a one-quarter anomaly, and the near-flat nine-month net profit of about VND 12 billion has been supported by non-operating income and cost discipline rather than core activity. The broader Vietnamese market has been sensitive to governance and legal-risk headlines in the construction and energy-services space, and the EVNNPT-PC1 investigation has weighed on sentiment across the power-engineering supply chain.

Strategic Significance

The core question for long-term holders is whether TV3’s revenue decline reflects a temporary pause in contract awards tied to the leadership crisis or a structural loss of standing with its main state-owned clients. The company kept its gross margin near 21% and nearly doubled its cash position to over VND 46 billion, which gives it a buffer, but profit quality has deteriorated: financial income and cost cuts, not engineering work, carried the quarter. With the chairman, CEO and chief accountant all facing prosecution, counterparty confidence and the ability to win new transmission and power-plant consultancy mandates are the binding constraints on any recovery.

What to Watch

• Q4 2026 and full-year 2026 results, to see whether revenue stabilises or the order book keeps shrinking.
• Any HNX or regulatory disclosure on the criminal case and its effect on contracts with EVNNPT and PC1 Group.
• Resolution of the board and management appointments, including a permanent chairman and general director.
• The 2027 annual general meeting agenda and any dividend or capital plan.
• Foreign-ownership and major-shareholder filings for signs of institutional exit or entry.