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LDG Investment Joint Stock Company (HoSE: LDG) reported a near-freeze in core business performance in its consolidated financial statements for Q1 2026, with no revenue from sales and returns on goods sold of more than VND 9.8 billion, pulling net revenue into negative territory.
LDG’s negative revenue trend is not new. From Q3/2023 to the present, the company has recorded negative net revenue for six quarters. The weakest period was Q1/2024, when negative revenue reached a record high of more than VND 130 billion.
In Q1 2026, the only notable offset came from financial revenue, which rose to VND 22.1 billion (nearly 30 times the same period), mainly driven by interest income from deposits and lending. However, this was insufficient to cover financing costs, which remained high.
In the first quarter, LDG spent nearly VND 27.6 billion on financing costs, including interest expense of more than VND 10.2 billion. The company also recorded more than VND 17.4 billion in profit contributions from joint investment arrangements. As a result, LDG posted a net loss of nearly VND 16.3 billion, compared with a profit of more than VND 12.3 billion in the same period last year.
The most concerning issue is cash flow. LDG reported net cash from operating activities of negative nearly VND 1,577 billion in Q1 2026, while the same period last year remained positive at more than VND 183 billion.
The main driver was an abrupt increase in accounts receivable to over VND 1.581 trillion, about 130 times year-ago. The Tan Thinh Residential Area project remains a major component of LDG’s inventory.
LDG’s cash reserves were nearly exhausted. At the beginning of the year, the company had more than VND 1.612 trillion in cash and cash equivalents, but by the end of Q1 only VND 4.9 billion remained.
Notably, time deposits with maturity of under 3 months totaling nearly VND 1.561 trillion were blocked by MB Bank (MBB) to secure the company’s financial obligations. This item was reclassified to other current assets in the financial statements.
As of the end of Q1 2026, LDG’s inventories rose sharply to nearly VND 1.322 trillion, up 52.7% from the start of the year. Of this amount, the Tan Thinh project accounted for about VND 527.5 billion. The Residential Block C1 project at Bình Nguyên New Urban Area (Đông Hòa ward, Ho Chi Minh City) appeared with a value of about VND 452 billion.
In addition to large inventories, many long-term projects are described as being “tied up” with hundreds of billions in costs. Specifically, the Võ Văn Kiệt Avenue apartment project has more than VND 168 billion stuck, while the project at An Duong Vuong Street shows more than VND 90 billion in ongoing costs.
LDG also faces significant debt pressure. The company reported overdue payables totaling more than VND 734 billion. It also stated that it has used some products from work-in-progress costs as collateral for loans at VPBank (VPB) and Sacombank (STB).
By the end of the period, total overdue principal exceeded VND 734 billion, along with more than VND 116.3 billion in overdue interest. Among the creditors is the LDGH2123002 bond tranche, with overdue principal of more than VND 186.4 billion. This bond issue had an initial issuance value of VND 400 billion, matured in December 2023, and has yet to be resolved.
Separately, after the 2026 AGM failed to organize, LDG plans to hold the 2026 AGM for the second time online on May 21, 2026.
On the stock market, LDG shares closed on May 8 at VND 3,270 per share, down 2.1% from the previous session, with nearly 1.2 million shares traded. This is the stock’s lowest price since July 2025. LDG’s market capitalization is currently about VND 835.8 billion.
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