According to CafeF, more than 149 million shares of Ton Dong A JSC (ticker GDA) will officially trade on the Ho Chi Minh City Stock Exchange (HoSE) from 12 November 2026, leaving UPCoM. The first-session reference price is VND12,000 per share, with a 20% trading band on debut, equivalent to a market capitalisation of about VND1,789.2 billion.

A multi-year listing journey

The coated-steel maker had planned to list on HoSE as early as 2021 but paused because its financial position did not yet meet the standards. GDA began trading on UPCoM in September 2023, filed its HoSE listing application in October 2025 and was approved for listing in October 2026.

Moving to an exchange with stricter disclosure requirements gives the company wider access to institutional investors and raises its profile in the capital market.

Business results

In the third quarter of 2026, Ton Dong A reported consolidated net revenue of nearly VND4,501 billion, up 22% year on year. Gross profit reached VND400 billion, double the same period last year. However, profit after tax fell 11% to VND75 billion due to cost pressure and lower financial income.

For the first nine months of 2026, net revenue reached nearly VND11,156 billion and profit after tax VND220 billion, both down 6% year on year.

Financial position

As of 30 September 2026, total assets stood at VND13,233 billion, up 11.2% from the start of the year. Inventories were VND3,979 billion; cash and short-term financial investments VND3,832 billion; and short-term receivables VND1,815 billion.

The sharp rise in third-quarter gross profit points to improved core margins, a positive sign as the company steps up to a larger exchange.

Key takeaways