TDH, DIG, SZC Slash 2026 Profit Targets in Real Estate Guidance Cuts

Overview

Multiple HoSE-listed real estate developers, including Thuduc House (TDH), DIC Corp (DIG), and Sonadezi Chau Duc (SZC), have submitted 2026 business plans to shareholders featuring significant downward revisions to profit and revenue targets compared to 2025. This trend, described as ‘shifting into reverse gear,’ highlights ongoing sector-wide pressures despite some companies maintaining aggressive investment schedules.

Key Facts

• Thuduc House (TDH) projects 2026 consolidated revenue of nearly VND 249.7B, a slight decrease, but net profit of VND 38.5B, down 64% from 2025’s VND 108B+.
• DIC Corp (DIG) forecasts 2026 consolidated revenue and other income of VND 3,000B and pre-tax profit of VND 600B, down 37% and 27% respectively from 2025.
• DIC Corp plans capital expenditure of over VND 4,371.5B for key projects and intends to borrow approximately VND 1,400B, alongside restructuring and divestment.
• Sonadezi Chau Duc (SZC) targets 2026 revenue of about VND 518.1B and net profit over VND 56B, representing year-on-year declines of 54% and 84%.
• Becamex IJC (IJC) expects 2026 total revenue of VND 2,454B, up 36%, but net profit of VND 541B, down 9%.
• Vietcombank Securities (VCBS) forecasts growth for other developers like Khang Dien House (KDH), projecting a 44.8% revenue increase to VND 6,768B.

What Happened

According to company filings and shareholder meeting materials, several real estate firms have prepared 2026 business plans with markedly reduced profitability expectations. Thuduc House (TDH) attributed its 2025 profit of over VND 108B to restructuring, cost control, and resolving legacy legal issues, but its 2026 plan anticipates a sharp 64% contraction in net profit. DIC Corp (DIG), following a strong 2025, described its 2026 strategy as ‘taking a step back,’ with planned double-digit percentage declines in both revenue and pre-tax profit.

Sonadezi Chau Duc (SZC) implemented the most aggressive adjustment, targeting an 84% drop in net profit after a record 2025. In contrast, Becamex IJC (IJC) projected revenue growth but a 9% profit decline. The article notes a divergence within the sector, with analysts like VCBS forecasting robust growth for other players such as Khang Dien House, expected to enter a revenue recognition cycle from accelerated project sales.

Market Context

The guidance cuts come amid mixed trading for the affected HoSE-listed tickers. On April 10, 2026, DIC Corp (DIG) closed unchanged at VND 15,000 with moderate volume, while IJC fell 1.87% to VND 10,000 and SZC edged up 0.35% to VND 29,000. The Vietnamese real estate sector has faced prolonged challenges related to liquidity, legal procedures, and market sentiment, making these conservative forecasts a reflection of company-specific and broader operational headwinds.

Strategic Significance

The coordinated downward revisions signal management teams are bracing for continued pressure on margins and sales velocity, potentially due to slower project launches, higher financing costs, or persistent inventory challenges. Notably, DIC Corp’s plan to maintain high investment (VND 4,371.5B) while cutting profit targets suggests a strategic pivot towards long-term project development over near-term earnings, funded by significant new debt. This highlights a sector bifurcation between companies retrenching and those, like KDH, positioned to capitalize on completed project cycles.

What to Watch

• Shareholder approval of the 2026 business plans at upcoming annual general meetings.
• Q1 2026 financial results to see if early performance aligns with the new, lower guidance trajectories.
• Updates on DIC Corp’s planned VND 1,400B borrowing and progress on its key project investments.
• Sector-wide sales and inventory data from the Ministry of Construction or the General Statistics Office.
• Contrasting performance from firms like Khang Dien House (KDH) to validate the divergence thesis within real estate.