SSI Securities Corporation Projects Broad-Based Earnings Growth for Non-Bank Listed Enterprises in the Third Quarter of 2026
The Vietnamese corporate landscape is bracing for a robust performance period as the third quarter of 2026 draws to a close. According to a comprehensive earnings preview recently published by SSI Securities Corporation (SSI), a significant majority of non-bank listed enterprises are projected to register positive net profit growth compared to the same period last year. This anticipated upswing is primarily driven by recovering domestic consumer demand, firmer commodity pricing, accelerated manufacturing output, robust mining operations, and vital contributions from ongoing real estate and industrial park projects.
Despite the generally optimistic macroeconomic backdrop, industry-wide trajectories exhibit pronounced differentiation. Financial analysts point to high comparative bases from previous years, fluctuating input costs, tightening financing conditions, and varied timelines for project handovers as key variables creating a disparate corporate landscape. As institutional investors and market participants parse through the data ahead of official financial disclosures, the third-quarter outlook offers a nuanced portrait of an economy navigating both structural momentum and sector-specific headwinds.
Real Estate and Industrial Parks: Divergent Fortunes Across Residential and Commercial Sectors
The real estate sector presents a mixed picture characterized by contrasting performances between residential developers and industrial park operators. Within the residential real estate segment, market leader Vinhomes (HoSE: VHM) is projected by SSI to post a third-quarter net profit of approximately VND 4,601 billion. While this figure represents a modest 3.7% increase year-on-year, it marks a significant 83% contraction compared to the stellar performance recorded in the second quarter of 2026. SSI attributes the quarterly moderation to the specific timing of project handovers, with current earnings primarily supported by deliveries across major ongoing developments such as Golden City, Wonder City, Royal Island, and Green Paradise.
Similarly, Nam Long Investment Corporation (HoSE: NLG) is forecast to achieve a net profit after tax of VND 236 billion. This projection translates to a marginal 1% rise compared to the same period in 2025, but a remarkable 255% surge relative to the preceding quarter. The anticipated recovery is anchored in steady property handovers at key urban projects, including Southgate, Central Lake, and Izumi City.
Conversely, Khang Dien House Trading and Investment JSC (HoSE: KDH) faces a downward revision. SSI estimates KDH’s third-quarter net profit at VND 185 billion, representing a 22% decline year-on-year and a 75% drop from the second quarter. Although low-rise product deliveries at the Gladia project continue to contribute positively, the sharp sequential decrease stems from the high base effect in the previous quarter, which included extraordinary financial gains from the discontinuation of the Binh Trung Moi consolidation.
Within the industrial real estate arena, IDICO Corporation (HoSE: IDC) is projected to report a net profit of VND 457 billion, down 53% year-on-year and 29% quarter-on-quarter. The reduction correlates with a lower volume of industrial land handovers, estimated at approximately 10 hectares—down 71% compared to the corresponding period last year—concentrated primarily in the Hau Thanh and expanded Phu My II industrial zones. Nevertheless, average rental rates remained resilient, estimated at $140 per square meter per lease term, reflecting a 3% annual increase.
On the other hand, Kinh Bac City Development Holding Corporation (HoSE: KBC) is anticipated to experience a stellar rebound. SSI forecasts KBC’s third-quarter net profit to reach VND 579 billion, surging 44% year-on-year and an exponential 2,162% sequentially. This dramatic turnaround is fueled almost entirely by the accelerated delivery of industrial land plots at the expanded Que Vo Industrial Park.
Rubber Sector Bolstered by Rubber Pricing and Land Compensation
The agricultural and industrial rubber sector is poised for substantial financial gains, propelled by favorable global pricing trends and strategic land conversions. Phuoc Hoa Rubber Company (HoSE: PHR) is projected to achieve a net profit after tax of VND 576 billion for the third quarter, representing a dramatic 118% year-on-year increase and a 56% rise over the previous quarter.
While PHR’s rubber sales volume may contract by roughly 8% compared to the same period last year due to persistent seasonal rainfall impacting harvesting activities, average selling prices are forecasted to jump by 18%. This pricing strength is largely driven by supply disruptions in Thailand caused by severe monsoon conditions. Furthermore, beyond its core rubber production—which is expected to yield approximately VND 120 billion in pre-tax profit—PHR is slated to record about VND 600 billion in land compensation income related to the conversion of rubber plantations for the VSIP 3 Industrial Park project.
Vietnam National Rubber Group (HoSE: GVR) shares a similarly optimistic trajectory, with projected third-quarter net profit reaching VND 2,513 billion—a 15% increase year-on-year, though down 2% sequentially. GVR’s core natural rubber segment is expected to benefit from an 18% recovery in rubber prices, boosting segment profits by 10% despite minor weather-related harvesting constraints. Additionally, GVR will continue to bolster its bottom line with approximately VND 1,000 billion in non-core land compensation income.
Power and Oil & Gas Enterprises Tap into Double-Digit Growth
The energy sector emerges as one of the standout performers for the third quarter of 2026, benefiting from shifting weather patterns, elevated global oil prices, and rising domestic electricity consumption.
In the power generation segment, Nhon Trach 2 Petroleum Power JSC (HoSE: NT2) is projected to record a net profit of VND 428 billion, doubling its earnings compared to the same period last year and rising 39% quarter-on-quarter. This strong performance is underpinned by a 40% to 50% surge in electricity generation output, driven by less favorable hydrological conditions for competing hydropower sources compared to the third quarter of 2025. Coupled with a stable natural gas supply and declining depreciation expenses, NT2’s operational efficiency has significantly improved.
PV Power (HoSE: POW) is expected to achieve a net profit of VND 1,103 billion, reflecting a 36% year-on-year increase, though down 67% from the previous quarter’s high peak. SSI estimates a 35% to 45% expansion in power output driven by existing thermal power plants and early contributions from the Nhon Trach 3 and 4 projects. However, rising fixed costs associated with these newly operational facilities continue to weigh on margins.
Within the oil and gas vertical, PV GAS (HoSE: GAS) is forecast to report a net profit of VND 4,076 billion, up 60% year-on-year but down 30% sequentially. The year-on-year growth is fueled by higher global oil benchmarks and robust end-user demand for gas-fired electricity amid tight hydrological conditions.
Meanwhile, Petrovietnam Transportation Corporation (HoSE: PVT) is projected to earn VND 595 billion in net profit, marking a 71% annual increase. Prolonged geopolitical shipping disruptions have maintained structural pressure on the global energy transportation market, driving strong demand for oil tankers and pushing freight rates higher following the normalization of geopolitical tensions in early September.
Conversely, Petrovietnam Drilling & Well Service Corporation (HoSE: PVD) anticipates a temporary dip, with projected net profit easing 28% year-on-year to VND 200 billion. The result reflects upfront investment and operational costs associated with the PVD IX jack-up rig, the full market earnings of which have yet to be fully realized. Company leadership maintains an optimistic outlook, expecting earnings to normalize from the fourth quarter of 2026 onward.
Consumer Goods and Retail Maintain Steady Momentum
Consumer-facing sectors are demonstrating resilient growth as domestic purchasing power steadily recovers. Masan Group (HoSE: MSN) is projected to record a stellar net profit of VND 4,200 billion in the third quarter—a 125% surge year-on-year—driven by exceptional contributions from its mining division alongside steady, moderate growth in its core consumer retail operations.
Masan Consumer Holdings (HoSE: MCH) is forecast to achieve a net profit of VND 1,530 billion, up 14% year-on-year. This growth is supported by the ongoing recovery of traditional wholesale and retail distribution channels from a low base last year, alongside expanding market share in core product categories.
Dairy giant Vinamilk (HoSE: VNM) is expected to post a net profit of VND 2,760 billion, representing a 10% increase compared to the same period in 2025. The positive result is underpinned by expanding domestic market share, growing export revenues, and improved gross profit margins resulting from recent pricing adjustments.
In the retail arena, Mobile World Investment Corporation (HoSE: MWG) is projected to reach VND 3,000 billion in net profit, soaring 68% year-on-year. Growth is heavily supported by replacement and upgrade cycles for technology and electronic products, alongside continuous operational efficiency gains across the Bach Hoa Xanh grocery chain.
FPT Retail (HoSE: FRT) is anticipated to achieve a net profit of VND 530 billion, nearly doubling year-on-year with a 99% increase. The impressive expansion is driven by the continued rollout of its pharmacy network, improved operational efficiency at existing outlets, and robust consumer demand for technology upgrades. Concurrently, Digiworld (HoSE: DGW) expects a net profit of VND 230 billion, up 37% year-on-year, supported by strong replacement cycles for laptops and mobile phones, as well as rising enterprise demand for office equipment driven by corporate artificial intelligence integration trends.
Construction Materials and Technology Sectors Present Mixed Results
The construction materials sector displays contrasting trends. Viglacera Corporation (HoSE: VGC) is projected to record a net profit of VND 331 billion, jumping 183% year-on-year. Growth is anchored by the initial recognition of land rental revenues at the newly established Tran Yen Industrial Park—generating approximately VND 290 billion in revenue—and a robust recovery in the glass manufacturing segment, which is further protected by recent anti-dumping tariffs ranging from 15.17% to 63.39% imposed on imported float glass from Indonesia and Malaysia.
Hoa Phat Group (HoSE: HPG), Vietnam’s leading steel producer, is forecast to achieve a net profit of VND 5,500 billion, up 37% year-on-year but down 14% sequentially. The quarterly contraction is primarily attributed to raw material costs escalating at a faster pace than finished steel prices, combined with a higher interest rate environment that has increased corporate borrowing costs.
In the technology space, FPT Corporation (HoSE: FPT) continues its steady upward trajectory, with projected third-quarter net profit reaching VND 2,781 billion, marking a 14% increase year-on-year. The global technology services segment remains the primary growth engine, delivering double-digit revenue expansion that successfully offsets flat or slightly lower revenues in the education division.
Broader Market Implications and Analyst Outlook
SSI’s third-quarter earnings projections underscore an economy moving past cyclical troughs, characterized by uneven yet widening recovery across non-financial sectors. While export-driven industries, energy producers, and consumer retail giants demonstrate strong resilience, companies burdened by high comparative bases or climbing input costs face temporary margin pressures.
As listed enterprises prepare to release their official financial reports in the coming weeks, market analysts suggest that investors closely monitor inventory management strategies, foreign exchange fluctuations, and the execution timelines of major infrastructure and real estate projects. These elements will likely dictate market momentum and sector rotation trends as the Vietnamese stock market transitions into the final stretch of fiscal year 2026.
