DatVietVAC secures HoSE listing approval as first-half profit climbs

The producer behind the “Say Hi” entertainment franchise plans to list 111.4 million DVV shares in early November at an expected reference price of VND 54,800.

The Ho Chi Minh City Stock Exchange (HoSE) has approved the listings of more than 111.4 million shares of DatVietVAC Group Holdings, the media company behind musical-reality programs including Anh Trai Say Hi, Tinh Ha Say Hi, Em Xinh Say Hi and Ca Si Mat Na - the revival version of Masked Singer Vietnam.

HoSE signed the listings approval on October 20. A first trading date has not been announced, though management expects DVV shares to commence trading in early November. 

The expected reference price is VND 54,800 per share, matching the company's initial public offering price.

Listing values DatVietVAC above VND 6.1 trillion

At the proposed price, DatVietVAC would carry a market capitalization of more than VND 6.1 trillion, or over US$234 million. By comparison, Yeah1 Group, trading under ticker name YEG and produces Anh Trai Vuot Ngan Chong Gai - the Vietnamese version of Call Me By Fire - closed October 23 with a market value of nearly VND 1.7 trillion.

DatVietVAC's IPO drew subscriptions equal to 106.6% of the shares offered. The company expects to direct most of the proceeds to subsidiaries, including about VND 528.5 billion for DatVietVAC Media and VND 36.5 billion for DatVietVAC Entertainment.

The company said the listing will broaden its investor base and improve access to capital as it pursues a 2026-2030 growth plan centered on an integrated entertainment value chain and the commercial use of intellectual property.

For 2026, DatVietVAC is targeting VND 3.382 trillion in revenue and VND 420 billion in after-tax profit, increasing of about 6% and 11%, respectively, from the prior year.

Management expects growth to come from its core IP portfolio, live performances and experimential events, commercial partnerships and an expanded artist ecosystem.

Revenue falls while profit margin reaches 10%

In its KPMG-audited results for the first six months of 2026, DatVietVAC reported net revenue of VND 1.366 trillion, down 15% from a year earlier.

Content revenue edged higher, but declines in media services and other services weighed on the top line.

The content segment generated VND 611 billion, up more than VND 8 billion year over year. Media services revenue fell VND 60 billion to nearly VND 776 billion, while other services dropped by more than 170 billion to just over VND 1 billion.

Financial activities contributed an additional VND 14 billion in revenue during the period.

Despite the revenue decline, operating profit nearly tripled to VND 169 billion as the company reduced selling expenses by more than VND 35 billion.

Pre-tax profit tripled from a year earlier, while after-tax profit rose nearly sixfold, from VND 23 billion to almost 135 billion. The result produced a net profit margin of about 10%.

Even with the improvement, the producer had reached only about a one-third of its full-year profit target at the halfway point.

Deposits rise as studio project advances

DatVietVAC ended June with total assets of more than VND 2.185 trillion, up nearly 15% from the beginning of the year. Short-term assets accounted for 94% of the total.

The company shifted part of its liquidity from cash into bank deposits. Cash fell by VND 140 billion from January 1 to just over VND 258 billion, while short-term investments rose more than 80% to nearly VND 998 billion.

According to the financial statement notes, nearly all of those short-term investments were six- to eight-month deposits carrying annual interest rates of 6% to 8.5%.

Long-term work in progress, included VND 93 billion tied to the purchase of land among other assets from Vie Studio JSC for a planned high-tech film studio.

The company also collected deversl significant receivables, including VND 51 billion from VieON JSC and VND 26 billion from MMS Vietnam Media Co., Ltd.

Total capital increased from VND 1.906 trillion at the start of the year to VND 2.185 trillion at the end of June. The increase partly reflected VND 107 billion in short-term loans from HSBC and UOB, carrying annual interest rates of 6.5% to 8%, as well as additional VND 93 billion in short-term payables.

Business & Integration - Vietnamese version: Chủ show 'Tinh Hà Say Hi' sắp lên HOSE, hé lộ biên lợi nhuận ròng 'đáng mơ ước'; reported by Thuy Duong