Ton Dong A shares rise 3.33% on HoSE debut
The Vietnamese steelmaker transferred nearly 149.1 million shares from UPCoM after more than three years on that market.
Ton Dong A ended its first trading session on the Ho Chi Minh Stock Exchange (HoSE) at ₫12,400 a share, gaining 3.33% against a reference price of ₫12,000. The closing price put the galvanised steel producer’s market capitalisation at around ₫1.85 trillion.
Trading under the GDA ticker, the company moved nearly 149.1 million shares to HoSE following approval in October 2026. It had traded on the Unlisted Public Company Market (UPCoM) since September 2023. Chairman Nguyen Thanh Trung said the transfer would broaden investor access and improve corporate governance.
The listing followed a third-quarter earnings decline despite higher revenue. Ton Dong A reported nearly ₫4.5 trillion in net revenue for the quarter, a 22% year-on-year increase. Gross profit more than doubled, exceeding ₫400 billion, while its gross margin reached 8.9%, compared with 5.4% a year earlier.
Higher costs weighed on the bottom line. Financial expenses increased 43% to nearly ₫120 billion, and selling expenses rose 3.2-fold to more than ₫213.7 billion. Net profit fell 13% to over ₫74 billion. Across the first nine months, net revenue dropped 6.4% to more than ₫11.15 trillion, while net profit declined 8% to over ₫216 billion.
Ton Dong A plans to invest ₫3-3.5 trillion in cold-rolled and coated steel production during 2026-2030. Factory No. 4 at Phu My 3 Specialized Industrial Park is designed for annual output of 1.2 million tons, with its first phase expected to start operating in 2027. A factory under development in Indonesia is expected to begin production in the second quarter of 2027.
