Dai Quang Minh Real Estate Investment JSC, a member of Truong Hai Group (THACO), reported consolidated profit after tax of nearly VND 1,044 billion for the first half of 2026, 6.4 times the VND 162.5 billion of a year earlier.Mekong Asean Over the same period, liabilities to equity at 30 June fell from 1.55x to 1.09x.VietnamFinance On the numbers, this is a good report. The open question is where the improvement came from, and what it tells someone who holds the company's bonds.
The figures come from a periodic financial update that Dai Quang Minh posted on the Hanoi Stock Exchange (HNX) on 9 November.Mekong Asean According to VnBusiness, it is Official Letter No. 1608/2026/CV-ĐQM dated 6 November, based on consolidated interim statements reviewed by Ernst & Young Vietnam with an unqualified conclusion.VnBusiness
An Unlisted Company That Still Has to Disclose
Dai Quang Minh has no shares on any exchange. It discloses periodically because it has privately placed bonds outstanding. From late 2025 to September 2026 it raised VND 3,000 billion in total across three lots:Vietstock
- DQM12501: VND 1,500 billion, issued 30 December 2025, coupon 9.75% a year.
- DQML12601: VND 1,000 billion, issued 29 August 2026, coupon 11% a year.
- DQML12602: VND 500 billion, issued in late September 2026, three-year tenor, initial coupon 11% a year.
Within the THACO ecosystem, Dai Quang Minh runs the construction investment arm, from urban rail, roads and ports to urban areas, industrial parks and real estate.Mekong Asean Based on mid-2025 figures cited by VietnamFinance, THACO owns 77.5% of the company and the family of Mr. Tran Ba Duong, Chairman of the Board of THACO (Truong Hai Group JSC), holds 22.5%.VietnamFinance Mr. Tran Dang Khoa is currently Chairman of the Board of Dai Quang Minh Real Estate Investment JSC.Vietstock
Profit Up 6.4x, Set Against Nearly VND 47,300 Billion of Equity
First-half pre-tax profit was VND 1,513.8 billion, against VND 178.6 billion a year earlier. Profit after tax was VND 1,043.9 billion.VnBusiness The gap between the two lines is about VND 469.9 billion, roughly 31% of pre-tax profit, versus about 9% in the prior-year period, according to VnBusiness's calculation.
To judge whether that profit is large or small, it has to be set against the capital base. Return on equity (ROE) for the six months was 2.21%, up from 0.73%.Mekong Asean Return on assets (ROA) was 1.06%, against 0.29%. Put simply, for every VND 100 of equity the company earned about VND 2.2 in the first half, roughly three times last year's first-half level. These are six-month figures, not full-year ones.
Assets Up Nearly VND 41,800 Billion, Mostly From New Equity
At 30 June 2026 total assets stood at about VND 98,850 billion, up 73.3% from VND 57,055.6 billion a year earlier, an increase of about VND 41,795 billion.VnBusiness By source, equity rose from VND 22,391.6 billion to VND 47,266 billion, about VND 24,874 billion more. Share capital went from VND 16,620 billion to VND 32,000 billion, and a VND 5,940 billion share premium appeared. Together, owners put in roughly VND 21,320 billion, about half of the rise in total assets. Undistributed after-tax profit rose by about VND 3,370 billion to VND 8,481 billion.Mekong Asean
Liabilities rose from VND 34,664 billion to VND 51,584.5 billion, up about VND 16,920 billion.VnBusiness The largest item is other payables at VND 30,387.2 billion, 58.9% of liabilities and up about VND 12,000 billion in a year. Short-term other payables alone went from VND 11,373 billion to VND 24,784.6 billion, while long-term other payables fell from VND 6,952.4 billion to VND 5,602.6 billion. VnBusiness notes that for a property developer this line typically includes buyers' advance payments, amounts owed to business-cooperation partners, related-party payables and deposits.
Bank loans were VND 19,697 billion, up 21% year on year, or about VND 3,358 billion more.VietTimes Bonds were VND 1,500 billion, with none a year earlier.Mekong Asean So of the roughly VND 41,795 billion of added assets, about 60% came from equity and about 40% from liabilities. Interest-bearing debt (bank loans plus bonds) accounts for only about VND 4,858 billion of the increase.
What the 30 June Ratios Say About Debt Service
Because equity grew faster than liabilities, the leverage ratios all fell. Liabilities to equity dropped to 1.09x from 1.55x, and liabilities to total assets to 0.52x from 0.61x.Mekong Asean On liquidity, the current ratio eased from 1.91x to 1.8x, while the quick ratio rose from 0.78x to 1.28x.VietTimes The interest coverage ratio was 3.09x, against 2.86x a year earlier.VnBusiness
For a bondholder, the good side of the report is that coverage improved and the equity cushion thickened. The line to read closely is short-term other payables. At VND 24,784.6 billion it is larger than bank loans plus bonds combined (VND 21,197.3 billion).VnBusiness Because it sits within short-term liabilities, its payment schedule bears directly on the current ratio, now 1.8x against 1.91x a year ago.
Where the Bond Money Goes
According to the official letter as cited by VnBusiness, the VND 1,500 billion of bond proceeds is split evenly, VND 750 billion to each of two projects.VnBusiness The first is the Thadico - Binh Duong specialized mechanical-engineering industrial park, covering 785.86 hectares with total investment of VND 12,702 billion.VietnamFinance The project owner is Thadico - Binh Duong Industrial Park Development Investment Co., Ltd., and Dai Quang Minh uses VND 750 billion to settle an amount payable under a business cooperation contract on the project.
The second is a commercial, services and shopping complex in the central zone of the Tay Ho Tay urban area in Hanoi, covering 23,901 m² with total investment of VND 4,863 billion.VietnamFinance According to the company, the debt-to-equity ratios of the two projects are 0.38x and 2.37x respectively, within the limits of Decree 96.
After 30 June, Both Debt and Equity Have Changed
The 30 June snapshot does not yet include the two lots issued afterwards, DQML12601 (29 August) and DQML12602 (late September), VND 1,500 billion in total.Vietstock Equity has moved too: since the start of 2026 the company has raised its charter capital six times, from VND 18,200 billion to VND 36,895 billion on 23 October. The two latest increases, on 13 and 23 October, added VND 4,895 billion on top of the VND 32,000 billion level.Mekong Asean
Under a 5 November decision of the Ho Chi Minh City People's Committee, as reported by VietTimes, the company is to be allocated four plots of nearly 43,000 m² in the Thu Thiem new urban area as payment for the BT contract for Thu Thiem 2 Bridge (now Ba Son Bridge), signed in 2015. The Department of Finance will reconcile the land value with the payment once land prices are determined.VietTimes
On plans, Mr. Duong's start-of-year message set 2026 targets of disbursing more than VND 21,000 billion, breaking ground on 42 projects, completing 12, and booking revenue above VND 12,000 billion. For 2027 the company aims for revenue of VND 37,000 billion.Mekong Asean
What to Watch
The half-year report supports a fairly clear conclusion: at 30 June, Dai Quang Minh was earning more, covering interest more easily and using less leverage than a year earlier, mainly because its owners put in more capital. The 2026 annual report will be the first to show both 11% bond lots and the two October capital increases on the books.
For bondholders, three metrics are worth setting against the June marks: interest coverage (3.09x), liabilities to equity (1.09x) and short-term other payables (VND 24,784.6 billion). If coverage holds around 3x while interest-bearing debt has risen, debt-service capacity is still keeping pace with borrowing. If it falls clearly, the extra interest from the new bonds is growing faster than profit.