HDC

Hodeco (HDC) was fined VND 242.5 million by the State Securities Commission for multiple information disclosure violations, including delayed reports and failure to disclose related-party transactions. Separately, Vice Chairman Doan Huu Ha Vinh purchased 200,000 shares, raising his stake to 1.77% as the stock trades near multi-year lows.

HDC will pay a 15% stock dividend for 2025, issuing ~30 million shares with a record date of June 22, 2026. The move follows a strong Q1/2025 where net profit rose 4.3x YoY to VND 58.4B, though the company has only achieved 12% of its full-year profit target of VND 493B.

Vietnam real estate companies increased total debt to approximately VND 300 trillion by end-Q1 2026, while aggregate revenue surged 210% YoY to VND 76 trillion, driven by VHM and NVL. Gross profit margin recovered to 48.1%, near 2021 peaks, signaling improved pricing power in the high-end segment.

THA, QCG, HSG, and HDC are among firms whose HCMC projects were excluded from the pilot commercial housing list under Resolution 171, as announced by the city's Department of Agriculture and Environment. The exclusions, due to planning or documentation gaps, delay potential land monetization and highlight regulatory hurdles in Vietnam's largest real estate market.

Hodeco (HDC) will issue nearly 30 million shares as a 15% stock dividend for 2025, funded from retained earnings, with completion targeted in Q3 2026. The move will increase outstanding shares to 229.71 million and aligns with the company's growth strategy in Bà Rịa-Vũng Tàu real estate.

Only 3 of 20 tracked real estate stocks posted gains in early 2026, with NVL and VHM exceptions, as rising interest rates pressure the sector. VIS Rating warns of tighter credit controls and higher borrowing costs, which are expected to slow homebuyer demand and increase reliance on bonds and equity for developers.

VIC and other major real estate tickers (VHM, VRE, NVL) posted strong Q1/2026 earnings, with sector NPATMI up 32.3% YoY. However, primary supply surged 65% YoY to 78,000 units, while mortgage rates are resetting from 6-7% to 12-14%, creating downside risk for secondary market prices.

Foreign investors net sold nearly VND 1,000 billion on May 5, 2026, with net sell of VND 997.5B, while domestic individuals net bought VND 760.8B. The VN-Index rose 20.79 points, almost entirely from VIC and VHM, but breadth was negative with 213 declining stocks, indicating a narrow rally.

FPT reported Q1 2026 pre-tax profit of VND 2,804 billion, a 16.3% year-on-year increase, alongside revenue growth of 8.7%. The results, disclosed in a filing on April 23, 2026, highlight sustained momentum in the technology group's core operations. OCB and Hodeco also posted significant profit gains of 37% and 343%, respectively, in a mixed batch of early Q1 earnings releases.

HD Securities (HDC) reported Q1 2026 pre-tax profit of VND 352 billion, a 259% year-over-year surge, leading a wave of securities firm earnings. This performance contrasts with mixed results from peers like FPTS (+7%) and APEC Securities (loss of VND 38B), highlighting HDC's standout growth amid sector volatility.