Ha Do Group's stock, known by its ticker HDG, has recently faced a significant downturn, plummeting after two consecutive trading sessions. As of July 6, 2026, the stock price dropped to 18,600 VND per share, marking a 7% decrease from the previous session. This decline resulted in a loss of around 875 billion VND in market capitalization, bringing the total down to below 7.6 trillion VND.

The sharp fall in stock price has raised eyebrows, especially since the company has not disclosed any adverse information that could directly explain this unusual market behavior. Prior to this drop, HDG had already been undergoing a prolonged adjustment phase, with its stock price steadily declining to its lowest levels since late April 2025.

Recently, Ha Do Group announced a change in the number of listed securities due to the issuance of a second dividend stock for 2025. According to the Ho Chi Minh City Stock Exchange, the company added over 36.99 million shares, increasing the total number of listed shares to nearly 406.96 million. This additional listing took effect on June 26 and is expected to officially begin trading on July 8.

Founded in 1990, Ha Do Group originated as a construction enterprise under the Ministry of Defense. The company specializes in real estate development and construction, with key products including villas, townhouses, offices, hotels, and various civil and industrial projects in Hanoi and Ho Chi Minh City. Additionally, Ha Do is involved in energy production, primarily through hydropower, solar, and wind energy plants.

According to forecasts from VDSC Securities, Ha Do's business results for the second quarter of 2026 will largely stem from its energy sector, as the Charm Villas phase 3 project has yet to be launched. Due to the impact of El Niño and the traditionally low season for hydropower in the second quarter, the energy revenue is estimated to decrease by approximately 10% year-on-year, amounting to about 400 billion VND. Overall, the company’s total revenue for the second quarter is projected to reach 555 billion VND, a 5% decline compared to the same period last year.

However, the net profit attributable to the parent company's shareholders may reach 173 billion VND, showing a significant improvement compared to the losses recorded in the same quarter of 2025. This improvement is expected as the company is anticipated to avoid unusual financial costs such as currency losses or large provisions.

Looking ahead, VNDirect Securities recently reported that Ha Do's business outlook could gradually improve starting in 2026, despite some operational segments facing short-term challenges. Following a less favorable 2025, the real estate sector is expected to rebound with the delivery of the Charm Villas 3 project, which could become a primary revenue source for the company in the coming years. VNDirect forecasts that the project will contribute approximately 205 billion VND and 418 billion VND in profits in 2026 and 2027, respectively, accounting for 24% and 30% of the company’s total net profit.

In the long term, projects like 62 PĐG and Minh Long are expected to commence from 2027, with revenue recognition starting in 2029. In the energy sector, Ha Do has set aside an additional 193 billion VND for its Infra 1 project in the first quarter of 2026. VNDirect believes this provision will help the company mitigate most risks associated with two problematic energy projects, and they expect these issues to be resolved soon, allowing Ha Do to enter a new investment cycle.

Upcoming hydropower projects, including La Trọng, Sơn Nham, and Phước Hữu wind power, are set to commence operations between 2026 and 2027, contributing around 13% to the company’s total electricity output. However, the hydropower outlook for 2026 is predicted to be less favorable due to the El Niño phase, which may result in below-average rainfall. VNDirect estimates that Ha Do's hydropower production will decrease by 17.3% year-on-year, totaling approximately 1.23 billion kWh. Overall, VNDirect assesses that the risks associated with Ha Do's energy projects have been largely provisioned for, while the long-term outlook is gradually improving.