What factors helped the stock double in value in just two weeks?

THD shares doubled in value in just two weeks, pushing market capitalization up to VND 24,700 billion thanks to news about a $5 billion mega-project in Ninh Binh. This phenomenal surge is reviving memories of the historic wave in 2021, although the old momentum is now completely absent.

Thời báo Ngân hàng•21/05/2026

Information about the $5 billion mega-project of its affiliated company, Thaigroup, has fueled investor expectations for THD shares.

Information about the $5 billion mega-project of its affiliated company, Thaigroup, has fueled investor expectations for THD shares.

The stock market in mid-May 2026 is witnessing a phenomenon called THD of Thaiholdings Joint Stock Company. Closing the trading session on May 20th, THD continued its upward trend, reaching 64,100 VND/share, marking a streak of 10 consecutive sessions with price increases reaching the ceiling limit.

In less than two weeks (May 8th - May 20th), the stock price surged 102%, bringing it back to its highest level in four years. Along with this, the company's market capitalization jumped to 24,700 billion VND. Liquidity improved significantly, reaching tens of thousands of units per session. However, this trading volume remains relatively low compared to the billion-dollar market capitalization, indicating a high concentration of free-float shares on the market, making the price susceptible to being pushed higher.

The impetus behind this sharp price increase is predicted to come from the plans of Thaigroup Corporation (an affiliated company in which Thaiholdings holds 48% of the capital). This entity has just revealed plans to begin construction of a mega-project spanning over 1,000 hectares in Ninh Binh by the end of this year. With a total investment of 128,000 billion VND (approximately 5 billion USD), the complex, designed by POPULOUS and SOM (USA), will include a 6km FIA-standard F1 racetrack, an international football academy, and 15,000-20,000 high-end accommodation rooms. Notably, the project is estimated to contribute over 35,000 billion VND in land use fees to the State budget.

This sharp increase in THD's share price is reminiscent of the 2020-2021 cycle. From around 16,000 VND when it first listed, THD climbed steadily to a peak of 277,000 VND/share in December 2021 (an increase of nearly 14 times), bringing its market capitalization to the number one position on the HNX exchange with 43,750 billion VND.

However, from a fundamental analysis perspective, Thaiholdings' current business results have not generated a significant surge commensurate with the share price. In Q1 2026, net revenue reached VND 239 billion (a 9% increase year-on-year), and after-tax profit reached VND 30 billion (a 14.5% increase). This year, the company aims for VND 967 billion in revenue and VND 91 billion in after-tax profit. This growth reflects expectations of future cash flow from the Ninh Binh project, rather than immediate intrinsic profit.

A key factor investors need to understand is that THD is no longer associated with Mr. Nguyen Duc Thuy (Bau Thuy). In June 2022, Mr. Thuy sold all 87.4 million shares (25% of the capital), earning over 3,350 billion VND and completely withdrawing from the real estate segment of this ecosystem.

This businessman has shifted his focus to the banking and finance sector, leaving a significant mark by restructuring LPBank and officially taking the position of CEO of Sacombank from the beginning of March 2026.

Overall, with a 100% increase in a short period, THD is a magnet for speculative capital. However, given the insufficient liquidity, investors need to carefully observe supply and demand developments, avoiding falling into psychological traps before the multi-billion dollar project makes substantial legal progress and has a clear impact on its financial statements.

Source: https://thoibaonganhang.vn/luc-day-nao-giup-co-phieu-tang-gap-doi-chi-sau-2-tuan-182339.html