V68 Debuts on UPCoM Aug 18 with High Debt, No Dividends

Overview

V68, the ticker for CTCP Đầu tư Sản xuất và Thương mại Tuấn Anh (Tuan Anh Investment JSC), will begin trading on the UPCoM exchange on August 18, 2026, with a reference price of VND 12,800 per share. The listing implies a market capitalization of VND 422.4 billion. The company, a manufacturer of mattresses and bedding products, has not paid dividends for several years and carries debt exceeding VND 500 billion, raising concerns about its financial health as it enters the public market.

Key Facts

• V68 will debut on UPCoM on August 18, 2026, with a reference price of VND 12,800 per share, implying a market cap of VND 422.4 billion (approximately USD 16.9 million).
• The company has not paid dividends for multiple years; the chairman’s family holds over 78% of the shares.
• As of June 30, 2026, total liabilities exceeded VND 500 billion, nearly 1.5 times the company’s equity.
• Revenue grew from VND 390.2 billion in 2024 to VND 520 billion in 2025; first-half 2026 revenue reached VND 272.4 billion.
• Net profit after tax was VND 2.1 billion in 2024, VND 4.3 billion in 2025, and VND 4.9 billion in the first half of 2026.
• Gross margin fluctuated: 12.54% in 2024, 10.06% in 2025, and 13.97% in H1 2026.
• Financial costs rose from VND 17.7 billion in 2024 to VND 21.4 billion in 2025, with VND 14.2 billion in H1 2026, primarily interest expenses.

What Happened

According to the company’s listing documents, V68 will officially trade on UPCoM starting August 18, 2026. The company was originally established as Tuan Anh Trading Co., Ltd. in Hai Phong on April 11, 2002, with an initial charter capital of VND 3.6 billion. It converted to a joint-stock company on April 3, 2019, and subsequently increased capital to VND 68 billion, then VND 168 billion in the same year, and VND 330 billion in 2021, which remains the current level.

V68’s core business involves manufacturing, processing, and trading bedroom furniture products, including rubber mattresses, foam mattresses, spring mattresses, cotton mattresses, and mixed mattresses, as well as blankets, sheets, and pillows. The company also engages in goods trading and leasing part of its factory and warehouse space. A notable asset is its Hai Phong factory, covering 96,020 square meters, with Phase 2 operational since 2025, boosting capacity to 1.5 million mattresses and 3 million bedding products per year.

Market Context

V68 will list on the UPCoM exchange, which is part of the Hanoi Stock Exchange (HNX) system, typically hosting smaller and less liquid companies. The reference price of VND 12,800 per share values the company at VND 422.4 billion, a modest size compared to many HOSE-listed peers. The company’s financial profile shows high leverage, with liabilities exceeding VND 500 billion, and thin profitability, with net margins below 2% in recent years. The bedding and mattress sector in Vietnam is competitive, with established players like Everpia and others, and V68’s listing comes amid a broader market recovery, though investor sentiment may be cautious given the company’s dividend history and debt load.

Strategic Significance

For long-term investors, V68’s listing presents a mixed picture. The company has invested heavily in expanding its Hai Phong factory, which could support future revenue growth, as evidenced by the revenue increase from 2024 to 2025. However, the lack of dividends and high debt levels suggest that cash flows are being reinvested or used to service debt, limiting shareholder returns. The company’s gross margin improved in H1 2026, but financial costs remain a significant drag on net profit. The strategic question is whether the capacity expansion will translate into sustainable profitability and whether the company will eventually initiate dividend payments to attract income-focused investors. The chairman’s family’s 78% stake also limits free float, which could impact liquidity and price discovery.

What to Watch

• Q3 2026 earnings release: Monitor whether revenue growth continues and if net profit improves, especially given the H1 2026 net profit of VND 4.9 billion.
• Debt levels: Watch for any reduction in total liabilities or changes in the debt-to-equity ratio, which stood at nearly 1.5x as of June 30, 2026.
• Dividend policy: Any announcement regarding future dividend payments, as the company has not paid dividends for years.
• Capacity utilization: Updates on the Hai Phong factory’s Phase 2 output and whether it meets the 1.5 million mattress and 3 million bedding product targets.
• Financial cost trends: Monitor interest expenses, which have been rising, and their impact on net margins.