HDG - Brief - [NONRATED] - 2Q26: Earnings improved on a low base

In 2Q26, revenue reached VND486bn (-17% yoy). The result was mainly supported by the service and property leasing segment. Gross profit reached VND280bn (+10% yoy), with the gross margin improving to 57.6% (+14.1%p yoy). As a result, NPAT reached VND103bn (+206% yoy), exceeding KIS's forecast by VND45bn, mainly driven by (i) the factors discussed above; (ii) the improvement in gross margin.