Stock Market

Newcomer in Construction Sector Receives HOSE Approval to List Over 40 Million Shares

After more than seven months of filing, the shares of Truong Son Investment and Construction Joint Stock Company (UPCoM: TSA) have officially been approved for listing on HOSE, marking the addition of another construction industry code to the group of enterprises preparing to join the largest stock exchange in the market.

Administrator

12 December, 2025

The Ho Chi Minh City Stock Exchange (HOSE) has approved the listing of over 40.4 million shares of TSA, equivalent to a charter capital of more than VND 404 billion. The decision, issued on December 8, 2025, marks a significant step for this construction industry newcomer as it prepares to transition from the Unlisted Public Company Market (UPCoM) to the main bourse.

Prior to the listing approval, TSA increased its capital in August 2025 by issuing a 5% stock dividend for 2024, boosting its capital to the current level. The company submitted its listing application on May 20, 2025, with an initial share volume of 38.5 million. The approval process took over seven months.

Notably, TSA shares began trading on UPCoM on June 25, 2024, with a reference price of VND 10,600 per share. The stock quickly peaked at VND 16,000 per share in the second session before dropping to nearly VND 10,000 per share in early 2025. Since then, it has recovered to a high of VND 14,600 per share on October 7.

On the morning of December 12, TSA shares traded at a reference price of VND 13,600 per share, up nearly 23% year-to-date, though liquidity remains low with an average trading volume of over 26,000 shares per session.

TSA Share Price Movement Since UPCoM Listing

Established in 2002, TSA specializes in electrical construction. The company is chaired by Mr. Nguyễn Văn Trường, who is also the largest shareholder with a 20% stake, significantly down from 95% before the listing. His wife, Mrs. Hoàng Kim Huế, owns 10%, and their daughter, Mrs. Nguyễn Diệu Linh, holds 5%, bringing the family’s total ownership to 35%.

The leadership team includes familial ties, with Mr. Trường’s brother-in-law, Mr. Đặng Văn Thuyết, serving as Vice Chairman, and his brother, Mr. Nguyễn Xuân Chính, as a Board Member.

Mr. Nguyễn Văn Trường – Chairman of TSA

Financially, TSA maintained its growth momentum in the first nine months of 2025 after a record-breaking 2024. Revenue reached VND 442 billion, up 31%, while net profit hit VND 17 billion, a 70% increase year-on-year. The company attributed this performance to the recovery of a portion of its non-performing debt. As of Q3, TSA achieved 64% of its revenue target and 63% of its profit goal for the year.

TSA’s Business Results from 2021 to 9M2025

TSA Joins the Wave of Companies Moving from UPCoM to HOSE in 2025

In 2025, eight companies have transitioned from UPCoM to HOSE. In December alone, AFX and VVS began trading on HOSE on December 10 and 11, respectively, after delisting from UPCoM in late November. TSA is the next in line, though its debut date on HOSE remains undisclosed.

In addition to TSA, HOSE recently approved the listing of MCH shares from Masan Consumer Corporation on December 10. Earlier, VCK shares of VPS Securities were approved, with trading expected to commence on December 16 at a reference price of VND 60,000 per share.

Thế Mạnh

– 10:58 12/12/2025