On September 8, 2026, Created Future JSC completed the purchase of 2 million DGW shares, two sessions ahead of the September 10 registration deadline. At that day's closing price of VND 41,950 per share, the deal cost roughly VND 83.9 billion.Người Quan Sát After the transaction, Created Future held more than 71.6 million shares, equivalent to over 32% of Digiworld.Người Quan Sát
Created Future is not an ordinary financial shareholder. Mr. Đoàn Hồng Việt, Chairman of the Board at Digiworld Corporation (HOSE: DGW), also serves as Chairman of Created Future, while his wife, Ms. Tô Hồng Trang, is both a Board member at Digiworld and CEO of Created Future.Vietstock In other words, this is the controlling family putting its own money into the company it runs, after six months of the stock being sold down by the market. Looking at the numbers, the more interesting story isn't this trade: it's what happened in Digiworld's financial statements over the first half of the year.
First half: best profit in four years, share price moving the other way
In Q1 2026, Digiworld posted revenue of over VND 8,500 billion, up roughly 54% year-on-year, and after-tax profit of over VND 200 billion, up nearly 90%, its best result in four years.StockBiz Those are the kind of numbers any tech retailer would want, yet the share price went in the opposite direction entirely.
From a closing peak of VND 54,675 on February 3, DGW shares slid all the way down to a closing trough of VND 33,150 on July 27, a drop of 39.4%. More strikingly, the decline continued even after the Q1 report came out: the stock closed at VND 43,447 on April 24, and three months later it had lost another 23.7% of its value. What the market was reacting to wasn't the profit line: it was what sat behind it.
In that same Q1, Digiworld's operating cash flow was negative VND 641.62 billion, cash on hand fell from VND 1,742 billion to just VND 989.67 billion in a single quarter, and the company still held a trading securities portfolio worth nearly VND 790 billion, including TCB, VPB and HPG shares.StockBizCongluan For a distributor, that's the balance sheet of a business selling hardware and trading stocks at the same time. The profit mix told the same story: in Q2 2025, financial income of VND 77.5 billion accounted for 58.9% of pre-tax profit. More than half of profit coming from outside the core business was reason enough for the market to price down every dong of earnings.
Q2 2026: the company answers the question it was asked
Digiworld's consolidated Q2 financial statements, released on July 30, came just three sessions after the stock bottomed out. Net revenue reached VND 7,273.3 billion, up 26.9%, while after-tax profit hit VND 309 billion, 2.6 times the year-earlier figure and the highest quarterly profit since Q4 2021.MekongASEAN
The more telling number is the margin. Gross profit came in at VND 943.2 billion, up 93.6% — far outpacing revenue growth — pushing the gross margin from 8.5% to 13%.MekongASEAN For a distributor accustomed to razor-thin margins, a 4.5-percentage-point improvement is a major shift.
Just as important, the share of profit coming from financial activities shrank sharply. In Q2 2026, financial income of VND 84.7 billion made up only 21.8% of pre-tax profit, down from 58.9% a year earlier. Net of financial expenses, that contribution was just 8.7% of pre-tax profit. Digiworld also trimmed its trading securities portfolio to VND 300.5 billion, down 61.1% from the start of the year, exiting TCB and VPB entirely and cutting its HPG position from VND 227.2 billion to VND 100.6 billion, a sale that booked a VND 15 billion loss for the quarter.MekongASEAN
Where did the margin gain come from? To be direct about it: mostly the component pricing cycle, not a structural shift on its own. Samsung's average DRAM selling price rose more than 90% in Q1 2026 and another roughly 50% in Q2.Soha Digiworld passed that increase through to its own pricing, with average laptop selling prices up roughly 20%, while also benefiting from inventory bought earlier at lower cost. Laptop and tablet revenue reached VND 2,511 billion, up 37%, office equipment revenue hit VND 2,014 billion, up 47% on server sales, while mobile phone revenue grew just 5%.MekongASEAN
What's still unresolved
Better profit quality doesn't mean the balance sheet got lighter. As of June 30, 2026, Digiworld's inventory grew 29.2% to VND 5,731 billion, largely financed by short-term debt: short-term borrowings and finance lease liabilities stood at VND 3,214.5 billion.MekongASEAN The consequence shows up directly on the income statement: Q2 financial expenses jumped from VND 20.1 billion to VND 50.9 billion, 2.5 times the year-earlier figure. Selling expenses also rose 40.2% to VND 528 billion, outpacing revenue growth.
The trading securities portfolio may be smaller, but it's also more concentrated. Of the remaining VND 300.5 billion in trading securities, a new position in KBC alone accounts for nearly VND 200 billion.MekongASEAN Share-price risk hasn't disappeared from Digiworld's books. It just moved from bank stocks to an industrial real estate name.
Dividends, the holding-company model, and valuation
In late August, Digiworld put forward a proposal to shareholders for a 2026 cash dividend of 30%, equivalent to VND 3,000 per share, split into three VND 1,000 payments in Q4 2026, Q1 2027 and Q2 2027, for a total payout of about VND 663 billion.CafeFVietnamBiz This is still a proposal under written shareholder consultation, with a deadline of noon on September 15, 2026, not yet a final decision.CafeF If approved, it would be triple the 2025 cash dividend of VND 1,000 per share.
Mr. Việt explained the reasoning behind choosing a cash dividend at a recent meeting: the company ran into regulatory obstacles trying to carry out a share buyback, so it opted to pay cash and let shareholders decide for themselves whether to hold or increase their stake.Vietstock Created Future's purchase is a direct example of that mechanism in action. In parallel, the plan to restructure into a holding-company model, with a parent entity managing capital and subsidiaries running each business line, was approved at the annual shareholder meeting back in April 2026.
On valuation, DGW closed at VND 41,850 on September 9, putting market capitalization at roughly VND 9,300 billion, a P/E of about 11.1x and ROE of 24.4%. That's close to MWG (10.7x) and notably cheaper than FRT (21.0x), and well below the 15-19x range DGW itself traded at during 2023-2025.
What to watch in the coming quarters
The more than 26% rally from the July 27 trough to the September 8 session has several contributing factors, not just one. The Q2 report released on July 30 was the closest catalyst in time; the tripled cash dividend proposal announced in late August added further support; and the broader market also recovered after a sharp decline, as Vietstock noted.Vietstock The evidence leans most heavily toward the Q2 report, since the price trough and the release date were just three sessions apart, while the controlling shareholder's purchase came two weeks later and produced no unusually large trading session other than August 13, with volume of 4.21 million shares.
Over the first six months, Digiworld generated revenue of VND 15,773.5 billion and after-tax profit of VND 510.9 billion, reaching about 50% of its full-year revenue target and 77% of its full-year profit target.MekongASEAN That pace suggests a strong chance of beating the VND 660 billion profit target, though the second half will be measured against a higher 2025 base.
Putting the full picture together, the core thesis is this: Digiworld's profit quality has genuinely improved and no longer depends on stock-trading gains the way it did a year ago, but that improvement came at the cost of a riskier balance sheet, with inventory and short-term debt both climbing fast. Three upcoming data points will test this thesis more reliably than any commentary today. First is the outcome of the shareholder vote on dividends, due September 15. Second is the Q3 gross margin: if it holds above 11% even as DRAM prices are expected to rise only about 20% in Q3 — a clear slowdown from the first two quarters — that would suggest the margin gain has a structural component, not just a cyclical one.Soha Third, and most important, is operating cash flow: the metric that got the stock discounted throughout the first half, and the only one with no evidence yet of a turnaround.