From the November 13, 2026 session, shares of Ton Dong A Joint Stock Company (GDA) trade under the standard rules of the Ho Chi Minh City Stock Exchange (HoSE). Each day the price can move by at most 7% from the reference price, down from the 15% limit that applied while the stock was on UPCoM. For existing holders, this is the first change they will feel, ahead of any business numbers.
The business picture has two halves. Consolidated net profit for the first nine months of 2026 was VND 216.28 billion, about 8% below the same period last year, yet already 86.5% of the full-year plan of VND 250 billion.CafeF The gross margin improved. In Q3, though, selling and financial expenses together rose by nearly as much as gross profit did. The sections below take each piece in turn.
The first session on HoSE
On the morning of November 12, HoSE handed Ton Dong A its listing decision. The same day, 149,098,851 GDA shares began trading at a reference price of VND 12,000 per share with a ±20% limit for the first session.Thời báo Tài chính VN According to Người Đưa Tin, the reference price is the average of the last 30 UPCoM sessions before the stock was deregistered there. In its last UPCoM session on October 28, GDA closed at VND 12,200.
GDA ended the November 12 session at VND 12,400, VND 400 (3.33%) above the reference price and about 1.6% above its last UPCoM close. Volume for the day was 161,300 shares, and the closing price implies a market capitalization of roughly VND 1,849 billion. The VN-Index fell 0.70% to 1,734.75 points the same day.
This is not Ton Dong A's first attempt at a larger exchange. CafeF reports the company intended to list as early as 2021 but stopped because its finances did not yet meet the standards. The shares joined UPCoM in September 2023, the listing application was filed in October 2025, and HoSE approved it in October 2026. The switch involves no new share issue, so the company raises no fresh capital from the market.
What the move changes for shareholders
The clearest change is the price limit. On UPCoM, a GDA session could move up or down by as much as 15%. On HoSE the limit is 7%. From a close of VND 12,400, GDA can swing only about VND 850 either way on November 13, between a floor of VND 11,550 and a ceiling of VND 13,250.
The second change is margin lending. HoSE's list of securities ineligible for margin trading includes stocks that have been listed for less than six months. The most recent case is DSH of Dong Son Holdings, which also moved from UPCoM to HoSE on October 26 and was added to that list for this reason. Counting from November 12, 2026, GDA reaches six months of listing around mid-May 2027. Time served is only a necessary condition: whether a brokerage lends margin still depends on HoSE's updated list and on each brokerage's own policy.
The third change is disclosure. According to the Vietnam Financial Times, a HoSE representative said the exchange will help the company meet the obligations of a listed company, including information disclosure. At the listing ceremony, Mr. Nguyen Thanh Trung, Chairman of the Board of Ton Dong A Joint Stock Company, said the move to HoSE will widen access to capital markets and set a higher bar for governance and transparency.CafeF
What the company does and how big it is
Ton Dong A was founded in 1998 and became a joint stock company in 2009 with charter capital of VND 120 billion. After 14 capital increases, charter capital now exceeds VND 1,490 billion.Thời báo Tài chính VN It runs two plants, Thu Dau Mot and Song Than 1, with total roofing-sheet capacity of 800,000 tonnes a year. Products are sold through more than 1,700 dealers at home and exported to more than 50 countries and territories, including the US, Japan and Europe.CafeF
Revenue has shrunk compared with two years ago. According to consolidated financial statements, 2024 net revenue was more than VND 19,135 billion with net profit of about VND 341.8 billion. In 2025 the two figures were VND 15,310 billion and about VND 271.9 billion.Thời báo Tài chính VN
Nine-month results: profit lower, plan nearly met
The figures below are consolidated results of Ton Dong A Joint Stock Company. In the first nine months of 2026, net revenue was VND 11,155.65 billion, 93.6% of the prior-year period. Net profit was VND 216.28 billion, 91.9% of the prior-year period, a drop of about 8%. Against the full-year profit plan of VND 250 billion, the company has completed 86.5% after three quarters, which leaves about VND 33.7 billion for Q4, well below the profit of each quarter so far this year.
The VND 250 billion plan was set below 2025's profit of about VND 271.9 billion, so the high completion rate should be read against that lower baseline. On the positive side, the nine-month gross margin rose from 6.9% to 7.5%: revenue is lower than a year ago, but each dong of revenue leaves more gross profit.
On why revenue fell, VietnamFinance quotes Ton Dong A's own explanation: export markets are struggling as countries step up anti-dumping measures, which cut sales volume.
Q3: gross profit doubled, expenses also surged
Q3 shows two forces pulling in opposite directions. According to consolidated statements cited by Tuổi Trẻ, net revenue was nearly VND 4,501 billion, up 22% year on year. Gross profit exceeded VND 400 billion, double the prior-year quarter, and the gross margin rose from 5.4% to 8.9%.
Costs also climbed sharply. Selling expenses were more than VND 213.7 billion, 3.2 times the prior-year quarter, and financial expenses were nearly VND 120 billion, up 43%. Gross profit rose by about VND 200 billion, while selling expenses rose by about VND 147 billion and financial expenses by about VND 36 billion. Together the two cost lines absorbed nearly all of the gross-profit gain. Net profit attributable to Ton Dong A shareholders in Q3 came to more than VND 74 billion, down 13% year on year. That figure excludes the share of non-controlling shareholders, so it differs from consolidated net profit.
The pattern is not unique to Ton Dong A. According to VietnamFinance, coated-steel makers diverged in Q3 even though revenue rose across the group: Hoa Sen's revenue grew 24% but net profit fell 34%, while Nam Kim's net profit rose 155%.
The balance sheet and the expansion plan
At September 30, 2026, total assets were VND 13,233.2 billion, up 11.2% from the start of the year. Inventories stood at VND 3,979.2 billion, and cash plus short-term financial investments at VND 3,832 billion.CafeF
On the funding side, liabilities were more than VND 9,217 billion, nearly 70% of total assets. Within that, short-term borrowings and finance leases were nearly VND 5,689 billion, about VND 1,857 billion more than the cash and short-term financial investments the company holds.Tuổi Trẻ Interest on borrowings is a significant part of the financial expenses that rose 43% in Q3.
On that balance sheet, Ton Dong A is expanding. A steel-pipe plant at Phu My 1 Industrial Park, with capacity of 60,000 tonnes a year, started operating in Q1 2026. In June 2026 the company broke ground on Plant No. 4 at Phu My 3 Specialized Industrial Park, designed for 1.2 million tonnes a year, with a first phase of 300,000 tonnes a year expected from 2027. A plant in Indonesia is expected to produce its first output in Q2 2027.CafeF
Under the plan approved at the 2026 annual general meeting, total investment for 2026–2030 is about VND 3,000–3,500 billion, focused on cold-rolled and coated steel for appliances, furniture, autos and infrastructure. That is a single budget for the whole period, with no figure broken out per plant. The new plants only begin contributing from 2027, so 2026 results still come mainly from the two existing factories.
Milestones that will show how far the plan goes
For a GDA holder, the changes start with the November 13 session: a 7% daily limit, no margin borrowing until roughly mid-May 2027 at the earliest, and the disclosure duties of a HoSE-listed company.
The nearest business milestone is the Q4 and full-year 2026 financial statements, and the line to read is selling expenses. If that line returns to near last year's level, the higher gross margin will show up in Q4 net profit. If it stays around the Q3 level, Q4 profit will likely remain below the prior-year quarter even with higher revenue. With only about VND 33.7 billion left to reach the plan, either path says more about Q4 profit against last year than about whether the VND 250 billion target is met.
The longer milestone is 2027, when the first phase of Plant No. 4 and the Indonesian plant are due to produce. By then, short-term borrowings of nearly VND 5,689 billion and quarterly financial expenses will show what funding the expansion is running on.