MBS forecast VND 1.82 trillion profit for Becamex IDC stock

Published on 10/14/2026 at 15:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

MBS forecast VND 1.82 trillion profit for Becamex IDC stock. First-half profit fell 82.60 percent to VND 320.50 billion, with debt at VND 26.33 trillion.

Profit forecast and funding pressure

MBS forecast VND 1.82 trillion in third-quarter profit on September 24, 2026.
First-half revenue fell 65.00 percent to VND 1.66 trillion in 2026.
Becamex IDC committed VND 266.34 billion to Becamex Binh Phuoc on September 28, 2026.
Debt reached VND 26.33 trillion at June 30, 2026.

Becamex IDC, VN000000BCM3, Illustration mit AI erstellt.

MBS forecast VND 1.82 trillion in Becamex IDC's third-quarter 2026 net profit, a 337.00 percent increase from the same period of 2025. According to DNSE on September 24, 2026, the forecast depends on profit from the Hoa Loi resettlement project and contributions from associates.

Three dates shape the investment case

In July 2026, Becamex formed Becamex Khanh Hoa with capital of VND 694.70 billion for the Ninh Xuan 1 industrial park, according to Tin nhanh chung khoan.

On September 15, 2026, the group paid VND 2.57 trillion to settle principal and interest on the BCMH2126005 bond, as reported by Tin nhanh chung khoan.

On September 28, 2026, Becamex approved an additional VND 266.34 billion investment in Becamex Binh Phuoc to preserve its 40.00 percent ownership, according to Tin nhanh chung khoan.

What supports the forecast?

The forecast is tied to the Hoa Loi project, where MBS expected profit recognition from 400 homes during the third quarter of 2026. Associate earnings were also projected to rise 15.00 percent, with VSIP, IJC and Becamex Binh Phuoc identified as contributors by DNSE.

That prospective improvement contrasts with the reported first-half figures. Becamex recorded VND 1.66 trillion in revenue for the first half of 2026, down 65.00 percent year over year, while net profit fell 82.60 percent to VND 320.50 billion. The company had achieved 8.30 percent of its full-year net profit plan of VND 3.88 trillion by June 30, 2026, according to Tin nhanh chung khoan.

Debt restructuring sets the next test

Funding remains central to the earnings picture. Total borrowings and financial leases reached VND 26.33 trillion at June 30, 2026, up 10.00 percent from the start of the year and equal to 117.30 percent of shareholders' equity. Becamex also issued VND 710.00 billion of three-year bonds at an 11.00 percent annual interest rate to restructure bank debt, as Tin nhanh chung khoan reported on September 25, 2026. For investors, the key tension is clear: the third-quarter forecast points to a sharp profit rebound, while the first-half report shows heavy leverage and weaker operating revenue.

Funding and profit remain linked

Becamex IDC's industrial real estate strategy offers a path to higher profit recognition through project handovers and associate income. The 337.00 percent forecast increase for the third quarter therefore rests on execution at Hoa Loi and on cash generation from related businesses, not on the first-half revenue trend.