TDH, DIG, IJC, SZC Project 2026 Profit Declines in Cautious Real Estate Outlook

Overview

Multiple Vietnamese real estate developers, including Thuduc House (TDH), DIC Corp (DIG), Becamex IJC (IJC), and Sonadezi Châu Đức (SZC), are presenting 2026 business plans to shareholders with projected profit declines compared to 2025. This trend, emerging during the annual general meeting season, signals a cautious and conservative outlook across the sector as companies adjust to ongoing market challenges.

Key Facts

• Thuduc House (TDH, HOSE) projects 2026 consolidated revenue of nearly VND 249.7B (down slightly from 2025) and net profit of VND 38.5B, a 64% year-on-year decline.
• DIC Corp (DIG, HOSE) 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, while planning capital expenditure of over VND 4,371.5B for key projects.
• Becamex IJC (IJC, HOSE) expects 2026 total revenue of VND 2,454B (up 36% year-on-year) but net profit of VND 541B, a 9% decrease.
• Sonadezi Châu Đức (SZC, HOSE) targets 2026 revenue of approximately VND 518.1B and net profit over VND 56B, representing declines of 54% and 84% respectively from a record 2025.
• DIC Corp plans to borrow approximately VND 1,400B to fund projects while restructuring and divesting from inefficient investments to improve cash flow.
• Thuduc House attributes its 2025 profit performance to restructuring measures, cost control, and resolution of legacy legal issues.

What Happened

According to company filings prepared for annual general meetings, several listed real estate firms have submitted 2026 business plans that anticipate lower profitability compared to 2025. Thuduc House (TDH) stated it will present a plan with consolidated revenue expected to reach nearly VND 249.7B, a slight decrease from 2025, while net profit is projected at VND 38.5B, down 64% year-on-year. The company noted that its 2025 profit of over VND 108B was driven by restructuring, cost control, and resolving long-standing legal issues.

DIC Corp (DIG) described its 2026 plan as taking “a step back” after strong 2025 growth, forecasting consolidated revenue and other income of VND 3,000B and pre-tax profit of VND 600B, down 37% and 27% respectively. Despite the profit decline, the company plans capital expenditure exceeding VND 4,371.5B for key projects such as Nam Vĩnh Yên, Long Tân, the CSJ complex, and the Chí Linh center. It also intends to borrow about VND 1,400B while restructuring and divesting from inefficient investments to improve cash flow.

Market Context

The guidance cuts come as real estate stocks on the Ho Chi Minh Stock Exchange (HOSE) show mixed trading. On April 10, 2026, DIG closed unchanged at VND 15,000 with volume of 7.86 million shares, while IJC fell 1.87% to VND 10,000 on volume of 2.62 million shares, and SZC edged up 0.35% to VND 29,000. The sector has faced persistent challenges including tight credit conditions, slow project approvals, and subdued demand, which may be reflected in these conservative projections for the year ahead.

Strategic Significance

The coordinated downward revisions indicate management teams are prioritizing financial stability and risk management over aggressive growth targets. For long-term investors, this suggests a sector-wide shift toward consolidation, with companies like DIC Corp continuing to invest in core projects while simultaneously restructuring portfolios to improve efficiency. The emphasis on resolving legacy issues, as seen with Thuduc House, points to efforts to clean up balance sheets amid a prolonged market adjustment phase.

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 conservative guidance.
• Updates on DIC Corp’s planned VND 1,400B borrowing and project investment progress.
• Any regulatory or policy changes from the State Bank of Vietnam or government that could ease sector financing constraints.
• Execution of restructuring and divestment plans at DIC Corp and Thuduc House to improve cash flow.