[TISCO Beats 2026 Profit Target but Faces Mounting Pressure From Stalled Phase 2 Expansion Project]

Published: Jul 29, 2026 16:06

Save

Thai Nguyen Iron and Steel (TISCO) reported first-half 2026 revenue of VND 6.9 trillion, up 10.8% year-on-year, while pre-tax profit climbed more than 2.5-fold to over VND 33 billion, exceeding its full-year profit target by more than five times. However, the company remains under significant financial strain from its long-delayed Phase 2 expansion project, which has been suspended since 2013. Unfinished construction assets linked to the project total VND 6.66 trillion, while capitalized interest has reached VND 3.42 trillion, or more than half of the project's investment value. With total liabilities of VND 9.29 trillion, financial borrowings of VND 4.39 trillion, and cash nearly halved to VND 69.8 billion, TISCO continues to face heavy debt and liquidity pressures despite its improved operating performance.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

7 mins ago

[SMM Sheets & Plates Daily Review] Inventory Buildup Expected, Fundamental Pressure Continues to Accumulate

The most-traded HRC contract closed at 3,286 today, up 0.15%. In the spot market, cold-rolled and hot-rolled coil prices held steady with an increase of 10 yuan/mt, while trading was average. City HRC inventory data showed slight declines in Zhangjiagang and Shenyang, while Lecong, Ningbo, and Shanghai extended their inventory buildup. Social inventory is expected to continue its off-season buildup trend this week. Cost side, the second round of coke price cuts was officially implemented today. Demand side, off-season sentiment is strong, downstream procurement largely adopts a wait-and-see stance, and demand lacks new growth drivers for now. Looking ahead, with the Politburo meeting at month-end approaching, the market maintains positive expectations for the meeting’s content. However, given weak fundamentals, price fluctuation room remains limited. Sheets & plates prices are expected to stay in a bottom-range consolidation, waiting for a new upward period.

7 mins ago

23 mins ago

[SMM HRC Daily Trading Volume] Spot Trading Volume Improved Slightly

[SMM HRC Daily Trading Volume] On July 29, the total daily HRC trading volume of sampled enterprises across SMM’s four cities (Shanghai, Lecong, Tianjin, Ningbo) reached 12,460 mt, up 480 mt (+3.6%) on a daily basis, up 27.66% Gregorian calendar YoY and down 26.40% lunar calendar YoY.

23 mins ago

36 mins ago

[Brief Commentary on China's Iron Ore] Iron ore concentrate prices in west Liaoning may remain in the doldrums and consolidate.

36 mins ago