Contrary to the
market's volatility trend, One Capital Hospitality (OCH) stock has posted a strong uptrend, hitting the ceiling price for three consecutive sessions at around 7,300 dong per share. This is the stock's highest price in the past 14 months. Liquidity surged to more than 400,000 shares, well above the recent average. Nevertheless, the stock remains on the Hanoi Stock Exchange (HNX) alert list.
The rally occurred as investors expect the company's multi-year restructuring to move into a new pivotal phase.
The uptrend continued as investors anticipate the company’s long-running restructuring to enter a new turning point.
At the 2026 annual general meeting held on May 21, the company disclosed plans to substantially raise capital to support M&A activities. Specifically, OCH proposed a private placement of 130 million shares at 10,000 dong per share, aiming to raise up to 1.3 trillion dong. The proceeds would be primarily used to increase its stake in IDS Equity Holdings.
Currently, IDS is an associate company of OCH with an indirect stake and voting rights of 30% via a subsidiary. If the private placement is completed, OCH would raise its stake in IDS to 48.68% and intends to continue increasing ownership in the future, thereby consolidating assets and cash flows toward the parent company.
Management stressed that the successful execution of the M&A plan and capital raise would be the key to erasing all accumulated losses in 2026. The Chairman of the Board also stated that after losses are eradicated and the business generates positive cash flow, the company would present a dividend plan to shareholders.
Explaining the rationale behind the 10,000 dong per share issue price at the May 20 meeting, Nguyen Duc Minh, OCH's CEO, noted that over the past year OCH shares traded around 5,000–6,000 dong. However, as of the end of 2025, the book value per share stood at about 8,092 dong, and under current regulations, the private placement price cannot be below the par value of 10,000 dong per share.
'The market price is 5,000–6,000 dong, but there are buyers willing to pay 10,000 dong per share. This is a very significant vote of confidence in the company by the management,' Minh said.
For 2026, OCH targets consolidated net revenue of 1,704 billion dong, up 47% from 2025. Pretax profit is expected to reach 407.6 billion dong, about three times last year's result.
The company continues to pursue growth based on three core pillars—real estate, hospitality, and food—sectors believed to have substantial growth potential in the coming period.
The leadership acknowledged that the 2026 plan is ambitious but considered within reach. When the capital increase succeeds and OCH becomes the largest shareholder in IDS, OCH will have greater decision-making power to ensure IDS contributes more effectively and sustainably to the group’s consolidated results.
Mai Chi
Market Life News
