Ha Do Group Joint Stock Company

Ha Do Group Joint Stock Company

HHOSE:HDG
15,450.00
VND
-150.00
(-0.96%)
2,255.44EPS
12.65P/E
8.46TMarket Cap
Dec 02Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
2,617.67
4,112
3,911.65
5,225.04
6,402.09
8,978.82
11,655.93
13,390.67
9,895.3
8,853.97
7,425.39
6,677.85
6,847.22
6,800.92
Basic EPS, GAAP
325.07
392.24
326.32
618.99
497.16
1,765.51
2,501.56
2,623.02
2,872.36
2,708.75
1,709.17
855.88
1,893.04
1,643.79
Free Cash Flow per Basic Share
780.36
307.35
-1,231.76
-1,520.75
3,505.04
-1,552.27
-3,845.28
-1,095.29
-2,452.62
3,741.71
1,659.65
2,537.97
2,714.91
2,310.65
Dividend per Share
90.31
88.98
37.15
116.42
362.15
341.5
559.62
327.92
795.62
660.49
343.6
702.91
312.54
307.94
Book Value per Share
1,984.48
2,268.8
2,590.91
3,091.4
3,337.87
4,962.65
6,569.68
8,162.16
14,069.94
13,031.25
14,539.39
14,985.76
16,860.63
16,681.82
Tangible Book Value per Share
1,984.1
2,070.45
2,390.77
3,059.04
3,308.03
4,935.28
5,713.39
7,096.46
12,604.97
11,958.29
13,959.95
14,445.94
16,270.35
16,120.78
Basic Weighted Avg Shares
378
378
378
381
359
359
370
373
382
404
389
407
407
407
Sales/Revenue/Turnover
988,683
1,554,415
1,479,927
1,988,494
2,296,976
3,221,442
4,307,261
4,998,578
3,777,436
3,581,191
2,889,384
2,717,613
2,786,540
2,767,697
Operating Margin (%)
11.08
11.56
10.61
16.71
17.92
30.34
35.8
37.42
52.41
57.2
53.65
34.65
52.55
48.19
Depreciation Expense
31,440
31,535
28,681
85,692
116,094
128,846
205,065
234,002
315,777
528,433
519,856
525,104
525,196
518,131
Net Income, GAAP
122,776
148,275
123,459
235,570
178,375
633,433
924,409
979,142
1,096,498
1,095,618
665,078
348,310
770,390
668,955
Effective Tax Rate (%)
21.37
23.37
24.84
13.99
15.53
17.49
19.94
18.6
18.22
15.12
10.08
21.92
7.19
8.67
Profit Margin (%)
12.42
9.54
8.34
11.85
7.77
19.66
21.46
19.59
29.03
30.59
23.02
12.82
27.65
24.17
Working Capital
371,017
479,009
1,174,313
2,110,434
3,457,720
2,921,717
54,922
154,938
-176,796
569,394
1,025,191
1,087,765
1,435,730
1,320,832
LT Debt
1,419
1,457
674,956
2,249,971
1,592,430
2,058,922
4,694,147
5,717,906
6,086,216
5,160,179
4,800,920
4,253,054
4,018,328
3,817,382
Total Equity
848,650
1,051,315
1,306,733
1,834,018
2,084,146
2,690,685
3,275,932
3,977,421
5,390,330
6,548,012
7,228,748
7,375,981
8,398,383
8,317,721
Return on Invested Capital (%)
8.82
14.91
8.43
6.23
6.47
15.75
15.08
12.54
11.38
10.67
6.77
5.17
8.01
7.6
Return on Capital (%)
11.75
13.17
7.27
9.75
4.25
12.16
12.78
10.17
10
9.93
7.12
4.15
6.51
5.41
Return on Common Equity (%)
17.49
18.44
13.44
21.83
14.55
40.77
43.38
35.97
29.83
22.74
11.85
5.8
11.89
10.28

Capital Structure

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
681,144
637,389
574,776
LT Borrowings
4,018,328
3,935,139
7,634,764
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
407
407
407
Market Capitalization
10,099,991
10,950,906
8,464,754

Working Capital

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
3,621,268
3,485,553
3,324,719
Cash, Cash Equivalents & STI
1,413,370
1,602,253
1,709,187
Accounts Receivable, Net
1,609,992
1,485,443
1,333,666
Inventories
768,889
772,356
777,121
Total Current Liabilities
2,185,538
2,108,018
2,003,887
Payables & Accruals
- -
- -
- -
ST Debt
681,144
637,389
574,776
Deferred Revenue
- -
- -
- -

Growth Rates

VND

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
20.96%
16.66%
13.86%
Free Cash Flow
-47.66%
-24.62%
6.97%
Net Income, GAAP
41.97%
9.23%
121.18%
Sales/Revenue/Turnover
8.75%
-10.47%
2.54%
Total Cash Common Dividend
57.53%
28.91%
-55.54%

Quarterly Revenue

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,695,591
549,939
566,916
752,962
2,717,613
2025
598,582
589,767
712,510
884,861
2,786,540
2026
683,900
486,426
- -
- -
- -

Quarterly Earnings Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
543.9
157.04
338.13
274.06
855.88
2025
381.04
-45.14
700.28
697.58
1,893.04
2026
122.74
123.19
- -
- -
- -

Quarterly Dividends Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
167.96
702.91
2025
- -
- -
- -
307.94
312.54
2026
- -
- -
- -
- -
- -

Company Description

Full Time Employees
700
Sector
Finance
Industry
Real estate development
Address
Ha Noi Vietnam
IPO Date
Jan 19, 2010
Business
Ha Do Group Joint Stock Company is a diversified Vietnamese conglomerate primarily engaged in real estate development, renewable and clean energy generation, civil and industrial construction, and commercial hospitality services. Founded in 1990 and headquartered in Hanoi, Vietnam, the company operates across four primary business divisions: Real Estate, Energy, Construction and Installation, and Trade and Services. The company provides a comprehensive portfolio of products and services across its operational segments: in Real Estate Development, it undertakes the investment, construction, sale, and leasing of master-planned urban areas, high-rise residential condominiums, luxury landed villas, townhouses, and shophouses under proprietary developments such as Hado Centrosa Garden, Hado Charm Villas, Hado Garden Villas, Hado Park View, Hado Riverside, Hado Green Lane, and Hado Minh Long, in addition to leasing commercial office complexes and retail spaces such as Hado Airport Building and Hado Building, as well as developing industrial and logistics real estate; in Energy Generation and Utilities, it owns, constructs, and operates a broad portfolio of clean power generation facilities, including hydropower plants such as Dak Mi 2, Song Tranh 4, Za Hung, Ngan Truoi, and Nhan Hac, solar power installations including the Hong Phong 4 and Infra 1 solar farms, and wind power facilities such as the 7A Thuan Nam Wind Power Plant, alongside power transmission infrastructure and electrical engineering services; in Construction and Engineering, it delivers general procurement and construction (EPC) contracting, civil and industrial building construction, transportation infrastructure works, electromechanical (M&E) systems installation, foundation engineering, and interior design and decoration services; and in Hospitality and Facility Management, it manages and operates upscale hotels and resorts, including the Ibis Saigon Airport Hotel and Mercure Vung Tau Resort, while delivering integrated building management, residential security, operational maintenance, and asset administration services. Ha Do Group concentrates its primary real estate operations in Vietnam's key metropolitan markets, notably Hanoi and Ho Chi Minh City, while its renewable energy assets are strategically situated across central and southern provinces, including Quang Nam, Ha Tinh, Nghe An, Ninh Thuan, and Binh Thuan. The group serves individual homebuyers, commercial tenants, corporate clients, and state utility providers such as Vietnam Electricity (EVN), operating through multiple dedicated subsidiaries and affiliates, including Ha Do Real Estate Joint Stock Company, Za Hung Joint Stock Company, Ha Do 756 Saigon Joint Stock Company, and Ha Do Binh Thuan Energy Joint Stock Company. In recent developments, Ha Do Group has accelerated the operational scaling of its renewable energy portfolio in alignment with Vietnam's National Power Development Plan VIII (PDP8), optimizing power generation and revenue streams from major installations including the 147 MW Dak Mi 2 Hydropower Plant, the 48 MW Song Tranh 4 Hydropower Plant, and the 50 MW 7A Wind Power Plant. The company is actively expanding its energy pipeline through research and investment planning for prospective wind, rooftop solar, and pumped-storage hydropower projects. In the real estate division, Ha Do Group has advanced the commercial delivery, monetization, and handover phases of its Hado Charm Villas township project in Hanoi while expediting statutory procedures and pre-development preparations for key residential and industrial pipeline projects, such as Hado Green Lane in Ho Chi Minh City and industrial park assets in northern provinces. Furthermore, the company has implemented corporate governance reorganizations and optimized capital allocation across its energy and real estate subsidiaries to improve capital efficiency, bolster liquidity, and support sustained multi-sector expansion.