Hodeco (HDC: HoSE), a leading real estate developer in Ba Ria – Vung Tau, recently disclosed the minutes of its 2025 Extraordinary Shareholders’ Meeting held on September 30th.
The company’s leadership announced a remarkable pre-tax profit of VND 666 billion for Q3 2025, a staggering 35-fold increase compared to the same period last year. For the entire year, Hodeco projects a pre-tax profit of VND 755 billion, an eightfold surge from 2024.
This exceptional Q3 performance stems from the successful sale of shares in the Ocean Tourism Complex project (Rach Dua Ward, Vung Tau City). According to HDC’s management, the partner completed the initial payment upon project transfer, with the remaining VND 291 billion guaranteed by a bank and scheduled for Hodeco’s receipt in June 2026.
Additionally, Hodeco is progressing with the sale of the Thong Nhat apartment project in Vung Tau Ward, Ho Chi Minh City (formerly Vung Tau City), to HUB Company. Once finalized, HUB will undertake development, while Hodeco will recognize revenue and profit from this transaction in 2026.
In its core business segment, the company acknowledged limited sales activity in the first nine months of 2025, primarily involving units in the Ngoc Tuoc 2 villa area and Phase 1 of The Light City. However, Hodeco plans to launch new sales phases at The Light City in Q4 and introduce the CC1 – Ecotown Phu My social housing project.
Hodeco is set to launch a new sales phase at The Light City in Q4.
During the extraordinary meeting, Hodeco also outlined its plan to issue convertible bonds to existing shareholders, totaling up to VND 500 billion. The company has submitted the necessary documents to the State Securities Commission and anticipates approval in October 2025.
Furthermore, shareholders approved a bonus share issuance plan at a 12% ratio, equivalent to approximately 21.4 million shares. The capital for this issuance will be sourced from the company’s capital surplus and development fund.
According to Vietcombank Securities’ (VCBS) 2025 business forecast, the residential real estate sector is unlikely to see significant growth in the final two quarters, as companies remain focused on legal compliance, capital mobilization, and project implementation.
However, many firms have witnessed substantial improvements in sales volume and cash flow, with ample room for stock price appreciation. VCBS recommends prioritizing companies with projects in the Southern region, where property prices are expected to rise further in the coming year.
Apart from Hodeco, Phat Dat (PDR) stands out with a projected 19,041% revenue increase to VND 503 billion and a 23% rise in net profit to VND 63 billion, driven by land transfers in the Bac Ha Thanh project and a project in Binh Duong.
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Restoring Land Prices to Their True Market Value
The government should implement an anti-speculation tax, imposing progressive taxation on vacant land or short-term transactions.
