On November 11, 2026, Taseco Land (HoSE: TAL), formally Taseco Real Estate Investment Joint Stock Company, announced an updated 2026 business plan: consolidated revenue of VND 7,756 billion and consolidated net profit of VND 1,811 billion.Tin nhanh Chứng khoán The two figures equal 70.1% and 72.1% of the plan approved by the annual shareholders' meeting in April, which puts the old profit target at roughly VND 2,512 billion (backed out from those ratios).
The plan has come down but remains steep. In the first nine months, Taseco Land earned consolidated net profit of VND 510.84 billion, up more than 80% year on year.Diễn đàn Doanh nghiệp The new plan is still nearly 2.7 times 2025 profit. But to reach VND 1,811 billion the company needs about VND 1,300 billion in the fourth quarter alone,Market Times roughly 72% of full-year profit booked in a single quarter.
This piece explains why a property developer can set a plan like that, what sits on the balance sheet waiting to be recognized, and which milestones will show how far the new plan gets.
A lower plan than April, far above 2025
In 2025, Taseco Land reported revenue of VND 3,730.13 billion and net profit of VND 673.2 billion. Against that base, the updated plan implies revenue up nearly 108% and profit almost 2.7 times higher.Tin nhanh Chứng khoán If met, it would be the company's highest revenue and profit on record.
Nine-month results also point up. Net revenue reached VND 2,486.63 billion, up 14.54%, and gross margin improved from 34.73% to 36.52%.Diễn đàn Doanh nghiệp Q3 consolidated net profit was VND 196.18 billion, below the VND 222.75 billion of Q3 2025 but above Q2 2026's VND 149.43 billion.
On why it revised the plan, the company said the property market is still under pressure from funding costs and credit access, and that mortgage rates directly affect buyers' ability to pay. Taseco Land said it had "balanced the timing of handovers and revenue recognition to fit actual conditions, aiming to ease the financial pressure on customers."Diễn đàn Doanh nghiệp
Why profit is bunched into the last quarter
For a homebuilder, profit is not booked when a contract is signed or when a buyer pays. Revenue is recognized only when the home is handed over. So a quarter with several handovers can carry most of a year's profit, while quarters without big handovers show low earnings even if sales continue steadily.
Taseco Land has shown this rhythm before. In 2025, Q4 consolidated net profit was VND 389.87 billion, about 58% of the full-year VND 673.2 billion, while the first nine months produced only VND 283.36 billion. This year the bar is much higher. About VND 1,300 billion in Q4 2026 is roughly 3.3 times Q4 2025, and roughly 2.7 times Q4 2024's VND 482.92 billion, the best quarter of the past two years.
On revenue, the VND 7,756 billion plan minus the VND 2,486.63 billion booked in nine months implies about VND 5,270 billion in Q4, more than twice the revenue of the entire nine months before it.
These numbers rest on three projects. Per Tin nhanh Chứng khoán, the company is focused on completing Long Bien Central, Central Lakeside in Trung Van and Central Square Thai Nguyen, speeding up acceptance and handing over units in November and December 2026.Tin nhanh Chứng khoán The Central Square Thai Nguyen pedestrian street opened on October 31, 2026.Diễn đàn Doanh nghiệp
Customer money waiting to become revenue
The line that ties most directly to Q4 is customer prepayments. At September 30, 2026, prepayments from customers in Taseco Land's property business stood at VND 4,963.65 billion, up 104.86% from the start of the year.Tin nhanh Chứng khoán
This is money buyers have paid under contract schedules. On the books it is still a liability: the company has the cash but has not yet delivered the home. When the unit is handed over, the amount converts gradually into revenue. Put differently, the moment buyers in the three projects receive their homes is also the moment their money is recognized as the company's revenue.
Setting the two numbers side by side shows the dependence. Q4 needs about VND 5,270 billion of revenue, more than the nearly VND 4,964 billion of prepayments on the books. Not every prepayment belongs to units due this year, and the report does not split the amount by project. So the Q4 plan needs both on-time handovers and enough sold units in the projects that fall due.
The company's own phrase, "balanced the timing of handovers," shows that handover pace is both the support for the plan and its biggest variable. Hand over early and the revenue lands this year. Slip into January 2027 and that revenue moves to next year, even though the money customers paid is unchanged.
The balance sheet while waiting
Consolidated total assets at September 30, 2026 were VND 22,270.75 billion, up 45.44% from the start of the year.Tin nhanh Chứng khoán The biggest increase was inventory, from VND 7,306 billion to VND 12,568 billion,Báo Pháp luật up about 72%, mostly construction in progress at the projects.
Operating cash flow for the nine months was negative VND 2,902 billion, versus negative VND 2,043 billion in the same period of 2025. The gap was covered mainly by positive financing cash flow of VND 3,323 billion. Negative operating cash flow during construction is common for developers, because cash goes into the build before revenue is recognized.
Borrowings at September 30 were VND 7,662.13 billion, equal to 34.4% of total assets, of which 78.5% is long-term. BIDV, Agribank, VietinBank and Vietcombank account for about 88.4% of total debt. The company holds about VND 687 billion in cash and equivalents plus about VND 970 billion of held-to-maturity investments, mainly term deposits.Tin nhanh Chứng khoán
On-time handovers would move both sides of the balance sheet. Inventory becomes cost of goods sold, prepayments become revenue, and the balance owed by buyers at handover flows into operating cash flow.
Milestones to watch
Taseco Land's 2026 result depends more on handover pace in November and December than on new sales. Most Q4 new bookings will not become revenue this year, while units already sold in the three projects that fall due can.
The nearest milestone is the handover rounds planned from the second half of November. The deciding one is the consolidated Q4 2026 financial statements, with two concrete questions: how far the VND 4,963.65 billion of prepayments falls, and whether Q4 revenue reaches about VND 5,270 billion. If prepayments drop sharply and quarterly revenue rises in step, the projects were handed over on schedule. If the balance barely moves, most of the plan's profit has slipped into 2027.