Hoang Huy Investment Financial (HOSE: TCH) | 3Q26 Earnings First Take, BUY – Upside +69.4%

Strong Handover-Driven 2Q26 Earnings, But FY26 Delivery And Cash Deployment Remain Key

3Q26 Results (2Q FY26): New City II Handovers Drive Earnings Recovery. TCH reported revenue of VND1,958bn (+466.0% YoY, +334.2% QoQ), driven by low-rise property handovers at Hoang Huy New City II. Real estate revenue reached approximately VND1,752bn, accounting for 89% of total revenue, with segment GPM of 52.5%. Consolidated GPM expanded to 48.8% from 31.1% in the previous quarter, lifting NPAT-MI to VND538bn (+1,237% YoY, +329% QoQ). The strong earnings rebound reflects higher-margin project deliveries, although quarterly profitability remains sensitive to handover timing and product mix.

1H FY26 Results: Strong Recovery, with Minority Interests Diluting Shareholder Earnings. Revenue rose 227.2% YoY to VND2,409bn, including VND1,955bn from real estate (81.1%). Consolidated NPAT surged 712.2% YoY to VND914bn, but VND251bn was attributable to minority shareholders, leaving approximately VND663bn for TCH shareholders. This distinction is important given TCH's indirect 68.02% economic interest in CRV, which develops New City II.