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Construction JSC No. 5 (HOSE:SC5) has set a 2026 target of VND2,500 billion in revenue, VND40 billion in pre-tax profit and VND32 billion in after-tax profit. Those targets are broadly flat to slightly below the company’s audited 2025 results, so the estimate is best read as a plan for stabilisation rather than growth. Through June 2026, SC5 reported VND746 billion of revenue and VND17.04 billion in parent-company profit. Revenue was only about 29.8% of the full-year target, while parent profit reached roughly 53.3% of the after-tax goal. Construction revenue recognition is uneven, however, and a half-year run rate is not a forecast.
What are SC5’s disclosed estimates for 2026?
SC5’s disclosed 2026 plan calls for VND2,500 billion of revenue, VND40 billion of profit before tax and VND32 billion of profit after tax. These are company targets, not an attributable sell-side consensus estimate; no current analyst consensus model is established in the available public material.
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| Metric | 2025 audited actual | 2026 company plan | Change versus 2025 |
|---|---|---|---|
| Revenue | VND2,503.867 billion | VND2,500 billion | About 0.15% lower |
| Profit before tax | VND52.094 billion | VND40 billion | About 23.2% lower |
| Profit after tax | VND41.117 billion | VND32 billion | About 22.2% lower |
The plan therefore assumes almost unchanged sales but materially lower profit than 2025. That gap makes margin control, project mix and financing costs more important than headline revenue growth when assessing SC5.
How much of the 2026 target had SC5 delivered by June?
First-half 2026 revenue was VND746 billion and parent-company profit was VND17.04 billion. Against the stated full-year targets, those figures equal approximately 29.8% of revenue and 53.3% of after-tax profit.
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| First-half 2026 measure | Reported amount | Share of 2026 target |
|---|---|---|
| Revenue | VND746 billion | 29.8% of VND2,500 billion |
| Parent profit | VND17.04 billion | 53.3% of VND32 billion |
| Borrowings at June 30 | VND1,344.57 billion | 53.33% above year-end borrowings |
A mechanical doubling of the first-half figures would produce VND1,492 billion of revenue and VND34.08 billion of parent profit for the year. That calculation is only a run-rate illustration. Construction companies commonly recognise revenue when contract milestones are accepted, so quarterly results can shift sharply; in the cited market-data series, the fourth quarter of 2025 alone contributed about VND999 billion.
What did SC5 actually earn in 2025?
Audited 2025 net revenue was VND2,503.867 billion, profit before tax was VND52.094 billion and profit after tax was VND41.117 billion. Revenue missed the company’s plan, but both profit targets were exceeded. Gross profit was approximately VND143.880 billion, and diluted earnings per share increased to VND2,744 from VND2,348 in 2024.
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Historical revenue reported by StockAnalysis, citing S&P Global Market Intelligence, was VND2.609 trillion in 2022, VND2.608 trillion in 2023, VND2.757 trillion in 2024 and VND2.504 trillion in 2025. The 2025 figure represented a 9.18% year-over-year decline from 2024, despite the higher diluted EPS.
Where does SC5’s revenue come from?
SC5 remains overwhelmingly a construction contractor. Of the VND2,503.867 billion recorded in 2025, VND2,463.638 billion came from construction contracts.
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| 2025 revenue source | Amount | Approximate share of total |
|---|---|---|
| Construction contracts | VND2,463.638 billion | 98.4% |
| Equipment leasing, condominium management and premises rental | VND20.113 billion | 0.8% |
| Real estate | VND20.116 billion | 0.8% |
This concentration means estimates depend primarily on contract awards, backlog conversion, certified work and collection from project owners. The smaller leasing, management, rental and real-estate lines do not currently provide a meaningful offset if construction activity slows.
What backlog supports the estimate?
Management reported that SC5 won eight contracts worth more than VND2,439 billion in 2024 to maintain its work backlog. That award value is not the same as 2026 revenue: projects may span multiple periods, and accounting revenue is recognised as performance obligations are completed. Investors should therefore track the remaining backlog, work completed but not yet billed, contract margins and acceptance milestones rather than adding the award value directly to the annual target.
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What are the main risks to SC5’s 2026 plan?
SC5’s vice-chairman and chief executive Nguyen Dinh Dung identified unstable material prices, difficult access to capital and intense competition from Vietnamese and overseas companies. AGM reporting also highlighted delayed owner payments and arrears, which can constrain cash flow even when accounting revenue is recognised.
- Materials inflation: Steel, cement, fuel and other input-price increases can compress fixed-price contract margins unless escalation clauses or repricing are available.
- Funding and interest expense: Borrowings reached VND1,344.57 billion at June 30, 2026, 53.33% above year-end. Higher debt raises sensitivity to interest rates and to delays in collecting receivables.
- Payment timing: Owner arrears can force SC5 to finance payroll, suppliers and subcontractors before cash is received.
- Competitive bidding: Aggressive pricing can secure backlog while producing lower margins, which is consistent with the 2026 plan’s lower profit targets.
- Recognition timing: Delayed approvals or handovers can move a large contract’s revenue and profit between quarters or financial years.
How should investors monitor whether the estimate is on track?
Use the company plan as a baseline, then test the operating indicators that determine whether earnings can convert into cash.
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- Compare each quarter’s cumulative revenue and parent profit with the VND2,500 billion and VND32 billion targets, while allowing for milestone timing.
- Check gross margin and contract-level provisions for cost overruns; revenue growth without margin protection does not validate the plan.
- Track trade receivables, contract assets and owner advances alongside reported profit to identify delayed collections.
- Review borrowings and finance costs after the June increase to VND1,344.57 billion.
- Reconcile new contract awards with remaining backlog, expected completion dates and disclosed payment terms.
The central question is not whether SC5 can book VND2,500 billion of sales in a single period, but whether that sales volume can be delivered at margins and cash-collection terms consistent with at least VND32 billion of after-tax profit.
Frequently Asked Questions
Is SC5’s 2026 target higher than its 2025 revenue?
No. The VND2,500 billion target is slightly below audited 2025 revenue of VND2,503.867 billion. It represents a near-flat sales objective rather than a top-line growth target.
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Construction revenue and profit are recognised when milestones are completed and accepted, so the mix of projects delivered in a period can produce an uneven margin pattern. First-half profit should not be annualised without examining contract timing and cost accruals.
What does SC5’s borrowing increase mean for the estimate?
Borrowings were VND1,344.57 billion at June 30, 2026, up 53.33% from year-end. That increases the importance of interest expense, refinancing access and prompt collection from project owners.
Does SC5’s contract backlog equal expected 2026 revenue?
No. The eight contracts worth more than VND2,439 billion announced in 2024 support future work, but award value is spread across project periods and is not a direct revenue forecast. Completion, certification and payment schedules determine when amounts enter the accounts.
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