NHSV forecasts VND 4.90 trillion profit for Sabeco stock

Published on 10/12/2026 at 09:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter gross margin reached 38.70 percent, a multi-year high. A 50.00 percent cash payout is planned for Sabeco stock in 2026.

NHSV forecasts VND 4.90 trillion in Sabeco net profit for 2026, above the company target.
Sabeco reported a 38.70 percent gross margin in the second quarter of 2026.
First-half 2026 net profit rose 21.40 percent to VND 2.49 trillion.
Sabeco is listed on HOSE under ticker SAB.VN and is included in the VN30 index.

Sabeco, VN000000SAB4, Illustration mit AI erstellt.

Sabeco (ISIN VN000000SAB4) drew a higher 2026 profit forecast after its second-quarter gross margin reached 38.70 percent. On September 28, 2026, Doanh Nhan reported that NH Securities Vietnam, known as NHSV, forecast 2026 net profit of VND 4.90 trillion. That estimate is 6.30 percent above Sabeco's VND 4.61 trillion profit target.

Three milestones shape 2026

Sabeco reported first-quarter 2026 net profit of VND 1.25 trillion, up 55.80 percent year over year, while net revenue reached VND 6.46 trillion, according to Bao Moi on September 27, 2026.

For the first half of 2026, revenue rose 5.80 percent year over year to VND 13.35 trillion and net profit increased 21.40 percent to VND 2.49 trillion. Tin nhanh chung khoan published those figures on September 21, 2026.

The current event is the September 28, 2026 NHSV forecast of VND 4.90 trillion in full-year profit, following the second-quarter margin of 38.70 percent. The sequence points to improving profitability even as revenue growth remains restrained.

What does the forecast imply?

NHSV expects 2026 revenue of VND 27.00 trillion, up 4.30 percent from the previous year, but below Sabeco's VND 28.32 trillion target. The forecast therefore places greater weight on margin improvement than on volume expansion.

The second-quarter report also showed a mixed earnings profile. Net revenue reached VND 6.89 trillion, up 1.00 percent year over year, while net profit fell 3.00 percent to VND 1.17 trillion as selling expenses increased, according to Doanh Nhan.

A separate October 1, 2026 analysis from MoneyF projected third-quarter revenue of VND 6.76 trillion, up 5.00 percent year over year, while net profit attributable to the parent company was projected at VND 1.30 trillion, down 4.10 percent year over year. That contrast makes selling costs and demand the key variables for the second half.

Cash and dividends add support

Sabeco held VND 20.73 trillion in cash and cash equivalents as of June 30, 2026, while total debt stood at VND 367.20 billion. Operating cash flow reached VND 1.48 trillion in the first half of 2026, and the company planned a 50.00 percent cash dividend for 2026, according to Tin nhanh chung khoan.

That balance sheet gives Sabeco room to fund marketing, absorb input-cost volatility and maintain distributions while beer demand develops. The profit forecast is stronger than the company target, but the lower revenue estimate shows that margin execution remains central to the investment case.