Vinhomes (VHM) 9M 2026 Net Profit Hits Record VND 75,059B, Up 390% YoY
This Aveluro analysis covers VHM (Vinhomes) on HOSE in the Real Estate sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Vinhomes (HOSE: VHM) reported consolidated 9M 2026 net profit of VND 75,059 billion, up 390% year on year and already 25% above the company’s full-year plan, according to its Q3 2026 consolidated financial statements prepared under Vietnamese Accounting Standards (VAS). Net revenue reached VND 202,586 billion, up 302%, with Q3 gross margin at 60.3% and total assets up 69% since the start of the year.
Key Facts
- 9M 2026 net revenue of VND 202,586 billion, up 302% year on year; total converted net revenue including business cooperation contracts and bulk-sale transactions reached VND 232,593 billion, up 234% and about 82% of the full-year plan.
- 9M 2026 consolidated net profit of VND 75,059 billion, up 390% year on year and 25% above the annual target.
- Q3 2026 net revenue of VND 85,364 billion (+420% YoY) and net profit of VND 23,021 billion (+419% YoY); gross profit of VND 51,490 billion, nearly 13 times the prior-year quarter.
- Q3 gross margin of 60.3%, up 36 percentage points year on year.
- 9M sales of VND 219,600 billion, up 35% YoY; Q3 sales of VND 71,500 billion, 81% from retail channels; unbilled sales of VND 185,600 billion, about 1.7 times the 2021-2025 average.
- Total assets of VND 1,339,199 billion at 30 September 2026, up 69% since year-start; equity of VND 307,792 billion, up 24%.
- Debt-to-assets ratio of 0.18, with 99% of borrowings denominated in VND; interest coverage ratio of 11.3 times.
What Happened
Vinhomes attributed the profit surge to revenue recognition at Vinhomes Green Paradise, Vinhomes Global Gate Hạ Long, Vinhomes Ocean Park 2 and 3, and other projects. The company said the Q3 margin expansion reflects improved operating efficiency and its ability to execute projects and convert presales into recognised revenue. Inventory is roughly 85% land-use rights, site clearance, construction and project development costs, with completed units held for sale accounting for only about 2% of the total.
On the development side, Vinhomes said construction at Vinhomes Green Paradise and Vinhomes Global Gate Hạ Long is accelerating, with low-rise blocks nearing completion. In August 2026 the company broke ground on the Bình Minh - Tam Hưng multi-purpose urban area, spanning nearly 600 hectares in southern Hà Nội. The statements did not disclose a separate Q3 or 9M dividend plan, nor a breakdown of revenue by individual project.
Market Context
VHM closed at VND 62,100 on 29 October 2026 on HOSE. The result lands against a Vietnamese residential real estate sector still working through a multi-year presales-to-recognition lag, where earnings visibility depends on handover schedules rather than contract signings. Vinhomes is the largest listed residential developer by market capitalisation on HOSE, and its reported margin and leverage metrics are read as a bellwether for the sector’s funding conditions and buyer demand.
Strategic Significance
The core thesis here is conversion, not new demand. Unbilled sales of VND 185,600 billion, at roughly 1.7 times the 2021-2025 average, represent contracted revenue that has not yet hit the income statement, giving VHM an unusually long earnings runway relative to peers. A debt-to-assets ratio of 0.18 with 99% VND-denominated borrowings and interest coverage of 11.3 times limits currency and refinancing exposure at a time when several developers remain constrained by bond maturities. The 60.3% Q3 gross margin also suggests pricing power at the flagship Hạ Long and Ocean Park projects has held despite a slow broader market.
What to Watch
- Q4 2026 handover schedule at Vinhomes Green Paradise and Vinhomes Global Gate Hạ Long, which determines whether the 25% plan overrun widens further.
- Conversion pace of the VND 185,600 billion unbilled sales backlog into revenue across the next two to four quarters.
- Presales trajectory at Vinhomes Sài Gòn Park and the newly started Bình Minh - Tam Hưng project in southern Hà Nội.
- Any 2027 annual plan disclosure and dividend resolution at the next annual general meeting.
- Inventory composition updates, given that 85% sits in land and development costs rather than completed units.