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LDG Investment Joint Stock Company (LDG) reported a difficult start to 2026, posting a net loss of nearly VND 16.3 billion in Q1 2026. The company also disclosed that more than VND 1,500 billion of its deposits are blocked at banks, while cash flow from operating activities remained negative by nearly VND 1,577 billion, underscoring ongoing liquidity stress amid a still-challenging real estate market.
In the quarter, LDG recorded no revenue from selling goods. The company also recognized returns of goods totaling more than VND 9.8 billion, which pulled net revenue to negative more than VND 9.8 billion. This marked another quarter of negative revenue, reflecting pressure in project development and handover.
From Q3 2023 to date, LDG has recorded six quarters with net revenue below zero. The weakest period was Q1 2024, when net revenue was negative by more than VND 130 billion, indicating that the company’s core operations have not yet found a recovery driver.
A rare positive factor in Q1 2026 came from financial income, which reached VND 22.1 billion—nearly 30 times the level of the prior year. The income mainly came from interest on deposits and lending. However, it was not enough to offset the company’s financing costs.
LDG recorded almost VND 27.6 billion in financing costs in Q1. Interest expense accounted for more than VND 10.2 billion, and the company also recognized over VND 17.4 billion related to the allocation of investment cooperation benefits. After deducting these costs, LDG posted a net loss of nearly VND 16.3 billion, compared with a profit of over VND 12.3 billion in the same period last year.
LDG’s cash flow performance further drew attention. Net cash from operating activities in Q1 2026 was negative by nearly VND 1,577 billion, compared with positive cash flow of over VND 183 billion in the same period last year.
The company attributed the deterioration to a sharp increase in receivables. By the end of Q1 2026, receivables rose to more than VND 1,581 billion—about 130 times the figure in the same period—tying up cash and raising liquidity concerns.
Inventories continued to rise. By the end of Q1 2026, inventory value reached nearly VND 1,322 billion, up 52.7% from the start of the year. Most inventories are concentrated in ongoing real estate projects, including:
LDG also indicated that some production and business costs in progress were used as collateral for loans with VPB and STB, pointing to substantial funding pressure in a market where liquidity has not clearly recovered.
Beyond inventories, several long-term projects remained in a “capital-locked” state. Work-in-progress costs included:
LDG’s debt burden remained heavy. By the end of Q1 2026, overdue principal debt exceeded VND 734 billion, and the company recognized more than VND 116.3 billion in late interest.
Among the overdue obligations is bond LDGH2123002, with principal outstanding of more than VND 186.4 billion. The bond was initially issued at VND 400 billion and matured since December 2023, but LDG has not yet fully settled the related obligations.
Separately, after LDG’s 2026 annual general meeting failed due to insufficient attendance, the company plans to hold a second online meeting on May 21, 2026.
On the stock market, as of May 8, LDG shares fell 2.1% to VND 3,270 per share, with traded volume of nearly 1.2 million shares. The price was the stock’s lowest since July 2025. With the current price, LDG’s market capitalization stands at roughly VND 835.8 billion, substantially lower than earlier peaks.
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