VLB Q3 Profit Jumps 86% on Long Thanh Airport Stone Demand, Shares Hit Record
This Aveluro analysis covers VLB on UPCOM in the Construction & Materials sector. The classified event type is earnings beat smallcap, with positive sentiment and a deterministic market-impact score of 5.6/10. 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
Bien Hoa Building Materials (VLB), listed on UPCOM, reported Q3 2026 revenue of approximately VND 442 billion (+35% year-on-year) and net profit of VND 117 billion (+86%), driven by higher stone prices and volumes supplied to the Long Thanh airport project. The stock rose more than 2% to VND 53,700 on 28 October, a record high, pushing market capitalisation above VND 2,500 billion for the first time.
Key Facts
- Q3 2026 revenue of about VND 442 billion, up 35% year-on-year.
- Q3 2026 net profit of VND 117 billion, up 86% year-on-year.
- Stone sales volume of nearly 2 million m³ in the quarter, up 19%.
- Gross margin expanded to 34.6% from 25.1% a year earlier.
- Nine-month pre-tax profit of about VND 708 billion, roughly 2.5 times the full-year plan, including a VND 344 billion one-off gain from overpaid mining-rights fees booked in Q2.
- Excluding the one-off item, nine-month pre-tax profit was about VND 364 billion, still up roughly 45% year-on-year.
- Average selling price rose an estimated 13% year-on-year in Q3, per Agriseco Research.
- Shares closed at VND 53,700 on 28 October 2026, a record, with market cap above VND 2,500 billion.
What Happened
VLB, formally CTCP Xây dựng và Sản xuất Vật liệu xây dựng Biên Hòa, disclosed the Q3 results alongside a share price move that took the stock to its highest level on record. The company attributed the profit surge to a combination of higher sales volumes and an upward revision in selling prices. Volume reached nearly 2 million m³ of stone in the quarter, up 19%, while the average selling price rose about 13% year-on-year, according to an Agriseco Research report cited in the coverage. The dual effect lifted gross margin by 9.5 percentage points to 34.6%.
The nine-month picture is flattered by a VND 344 billion one-off gain tied to overpaid mining-rights fees recognised in Q2. Stripping that out, pre-tax profit of about VND 364 billion still represents roughly 45% growth. Agriseco expects Q4 2026 net profit of about VND 115 billion, up 10% year-on-year, and full-year 2026 profit of around VND 680 billion. The source article does not disclose the exact full-year revenue forecast.
Market Context
VLB trades on UPCOM, the Hanoi-based unlisted public company market, and is a mid-cap in the construction materials sector with a market capitalisation of roughly USD 100 million. The record close of VND 53,700 on 28 October 2026 extends a rally built on infrastructure-linked demand rather than broad market momentum. The stock’s advance reflects a narrow, project-driven thesis: stone supply for the Long Thanh airport and the Ho Chi Minh City – Long Thanh expressway. Liquidity on UPCOM is typically thinner than on HOSE or HNX, which can amplify price moves on results days.
Strategic Significance
The investment case for VLB rests on a visible, multi-year order book rather than a single quarter. Agriseco notes that demand from Long Thanh airport and the HCMC – Long Thanh expressway may taper in 2027 as both near completion, but new projects should fill the gap. The main line of the Vành đai 4 (Ring Road 4) through Đồng Nai broke ground on 30 September 2026 and is scheduled for completion in 2029. The HCMC – Trung Lương – Mỹ Thuận expressway expansion, requiring about 3.6 million m³ of stone and due by end-2028, adds further volume. Agriseco flags one caveat: VLB’s price adjustments may lag the market because the company prioritises supply to priority projects under Đồng Nai provincial allocation. That caps upside margin but supports volume visibility.
What to Watch
- Q4 2026 results and whether net profit meets Agriseco’s VND 115 billion estimate.
- Full-year 2026 profit versus the VND 680 billion forecast.
- Progress and stone offtake schedules for the Vành đai 4 Đồng Nai section and the HCMC – Trung Lương – Mỹ Thuận expansion.
- Any further adjustment to Đồng Nai provincial mineral allocation affecting VLB’s priority-project supply obligations.
- UPCOM trading liquidity and foreign-ownership data, given the thin float and record price level.