Will real estate stocks take off after the holidays?

(NLĐO) - According to experts, only when liquidity improves significantly can money flow back into real estate sustainably.

The Q1 2026 profit picture for listed real estate companies reveals a clear divergence. Some "big players" recorded a surge in profits thanks to project handovers or financial activities, while many others continue to face pressure on cash flow and market liquidity.

Names with impressive results

In the first quarter of the year, Vinhomes Joint Stock Company (VHM) continued to lead the market with a profit of approximately VND 25,625 billion, an increase of 866% compared to the first quarter of 2025. Handover activities at Vinhomes Ocean City and Vinhomes Royal Island projects continued to be the main driving force contributing to the company's business results.

Novaland Group Joint Stock Company also recorded a profit of VND 860 billion thanks to accelerated product handover at major projects such as Aqua City, NovaWorld Phan Thiet... and the effectiveness of debt swaps.

Among medium-sized enterprises, Phat Dat Real Estate Development Joint Stock Company (PDR) achieved a profit of approximately VND 137 billion, 2.7 times higher than the same period last year, mainly due to project transfers and portfolio restructuring.

Novaland - one of the real estate companies with the highest profits in Q1/2026.

Khang Dien Investment and Business Corporation (KDH) recorded a net profit of over VND 327 billion in the first quarter of 2026, more than double the figure for the same period last year.

This profit comes from other income generated through the acquisition of capital in An Lap Real Estate Development Joint Stock Company, offsetting the decline in core business revenue.

At Nam Long Investment Corporation (NLG), net revenue in the first quarter reached VND 1,279 billion, almost unchanged compared to the same period last year, with a significant contribution from the transfer of projects worth approximately VND 490 billion.

Pre-tax profit reached VND 177 billion, a 24.3% increase compared to the same period last year. However, after- tax profit attributable to shareholders of the parent company only reached VND 68 billion, a 37.1% decrease compared to VND 108 billion in the same period last year.

Meanwhile, Dat Xanh Group Joint Stock Company (DXG) recorded a clear recovery. Consolidated revenue reached over VND 1,467 billion, a 59% increase compared to the same period last year. The main source of revenue still came from the sale of apartments and land plots, totaling over VND 860 billion, a 29% increase. Notably, the real estate brokerage services segment brought in nearly VND 604 billion, more than three times higher than the same period last year.

After deducting expenses, Dat Xanh reported a net profit of over 214 billion VND, an increase of 173% compared to Q1/2025 – one of the highest growth rates among listed real estate companies.

The market still lacks the "sufficient conditions".

According to Mr. Nguyen The Minh, Director of the Investment Banking Division at An Binh Securities Joint Stock Company, while the first-quarter profit results of real estate companies were positive, they do not yet reflect a sustainable recovery of the market.

The majority of current profits come from project transfers or the recognition of financial revenue, not from actual cash flow from sales to the market. This indicates that the market is still in a state of stagnation, slowing down after a period of decline.

Furthermore, the removal of legal obstacles only addresses the "necessary condition" of supply. The market still lacks the "sufficient conditions," including real liquidity and stable purchasing power.

According to the new regulations of the 2024 Land Law, businesses wishing to implement projects must simultaneously meet the requirements of both financial capacity and implementation capacity. Meanwhile, many businesses are still undergoing restructuring, and some are even forced to transfer projects due to insufficient resources.

Despite remaining challenges, the market is seeing positive developments stemming from the removal of legal obstacles. With the legal framework finalized, businesses can use projects as collateral for loans or transfers, thereby reducing pressure on cash flow and inventory.

However, according to this expert, further monitoring over the following quarters is needed to accurately assess market trends. Only when liquidity improves significantly can capital flow back into real estate sustainably.

In the coming period, the real estate market is predicted to become highly differentiated. Businesses with strong financial resources and good project implementation capabilities will continue to survive and take advantage of the recovery opportunities. Conversely, weaker businesses may have to exit the market by selling off their projects.

The role of banks will also become increasingly important as credit institutions tighten disbursement criteria, prioritizing businesses with strong financial capacity and practical implementation capabilities.

Source: https://nld.com.vn/co-phieu-bat-dong-san-co-cat-canh-sau-ky-nghi-le-196260503104503494.htm