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On June 15, Coteccons Construction Joint Stock Company (HOSE: CTD) held its annual Shareholders’ Day with the participation of Chairman Bolat Duisenov and two Deputy General Directors, Tran Ngoc Hai and Nguyen Chi Thien. The event was facilitated by Ms. Nguyen Thi Thanh Huong, CTD’s Director of Governance, Human Resources and Workforce. Over four consecutive years, Shareholders’ Day has become Coteccons’ signature forum, where leadership answers questions from shareholders regardless of ownership stake. One of the most watched topics was CTD’s stock price.
An investor asked whether the recent departure of the company’s CFO was behind the stock price decline. Bolat said that if the change of a single individual could directly affect the stock price, that view is open to debate, adding that the previous CFO resigned for personal reasons. “This is a completely normal story and happens in many companies,” he said.
The chairman emphasized that company operations should not depend on one person. “Even if one day I am no longer leading the company, it could choose another direction. But the important thing is that Coteccons still has enough resources, a solid foundation and the capability to develop for the next 50 years.”
Bolat also noted that Coteccons has built its governance system so that no department is more important than another. “I acknowledge and value the contributions of the former CFO. However, currently the finance department has the capacity and personnel to take on the role.”
On why improved results have not yet been reflected in the share price, Bolat said the leadership cannot and should not focus on controlling the stock price. “If we only focus on controlling the stock price, Coteccons may lose itself.”
He said what Coteccons can control includes operational efficiency, governance quality, financial discipline, customer relations, and the ability to retain customers for repeat projects. Bolat cited a backlog of around VND 65,000 billion, saying it can continue to grow if the company sustains its execution. He added that the market forms its own assessments, while Coteccons’ responsibility is to create “real, transparent and sustainable value.”
Bolat also referenced backlog at an all-time high of about VND 65.5 trillion and repeat sales remaining above 90%. He said the company’s shared financial results, cash flow, and financial indicators are evidence of its current financial management capacity and growth potential.
To illustrate current operating capacity, Bolat presented preliminary figures for 2026. Revenue is projected at about VND 30,000 billion (approximately USD 1.2 billion), up about 30% year-on-year. Profit is expected to rise about 50% year-on-year, while net profit margin is expected to be around 4%, up from 3.4% in 2025.
The projected 2026 results also include a backlog of around VND 65.5 trillion, the highest in the company’s history, with repeat sales above 90%.
Bolat said Coteccons is not pursuing rapid growth at any cost and is shifting “from rapid growth to growth with quality.” He added that once revenue surpasses USD 1 billion, the company takes on more complex projects that require a stronger team, better systems, and more robust governance.
Looking to 2027, Bolat said market demand remains higher than supply, creating opportunities for growth. However, he said Coteccons will not pursue explosive short-term growth, instead focusing on operational efficiency, cash flow, liquidity, and sustainable development across a broader ecosystem, including subcontractors.
He also said the company is pursuing diversification across activities with long-term goals toward 2030. “USD 1 billion in revenue or USD 1 billion in market capitalization is only a starting point for Coteccons’ broader dream – to lead the construction industry.”
Bolat added that Coteccons aims to improve society’s view of the construction industry through transparency, sustainable development, and better waste management. He stressed that this requires teamwork: “We do not believe a single person or a single company can do this alone. We do not want to become Steve Jobs or Elon Musk on our own. A single crane cannot make spring.”
A topic of interest was Vingroup’s recent creation of VinCons. Bolat said Vingroup’s project portfolio is large and Coteccons remains a strategic partner, adding that it will continue collaborating with both Vingroup and VinCons on a range of projects. “We never compete with our customers.”
Deputy General Director Tran Ngoc Hai addressed Coteccons’ mutual debt repayment with Ricons, saying an agreement has been reached and there are no penalties. He also affirmed there is no need for provisioning for payables to Ricons, describing them as payables to be settled.
On Coteccons’ investment in Ricons, leadership said it does not see long-term value in the investment. “Currently Coteccons has no representation on the Ricons’ Board or management. We do not participate in strategic planning, and there is no alignment of interests. Therefore, Coteccons is ready to exit from Ricons when an appropriate time arrives.”
