In the first trading session of May, shares of No Va Real Estate Investment Group (Novaland; code NVL) became the focus of attention of the real estate group when they fell to the floor price of 19,100 VND/share, with the number of stocks waiting for sale reaching more than 22 million units and no buyers. Liquidity also surged to more than 35 million shares, an increase of 34% compared to the total trading volume of the previous session.
The deep decline of NVL shares is assessed by investors as just profit-taking activities taking place immediately after an impressive winning streak lasting from mid-March to now. NVL shares increased sharply, doubling, from about 10,000 VND/share to 20,500 VND/share (closing session on April 29, 2026), the highest peak since mid-September 2023.
However, NVL shares are still up 43% compared to the beginning of this year, with an average liquidity of more than 16.7 million shares/session. The unusual increase in liquidity in the late April period is considered a sign of distribution pressure.
Novaland's stock price decreased in the context that Novaland just announced its Q1/2026 business results with many positive signs. Net revenue was nearly 3,587 billion VND, up 102%; net profit was more than 901 billion VND, reversing the trend compared to a loss of more than 443 billion VND in the same period.
In 2026, Novaland set a record net revenue target of 22,715 billion VND, 3.2 times higher than in 2025. However, after-tax profit is only equivalent to the previous year of 1,852 billion VND. Compared to the plan, the Company has achieved 16% and 46% after the first 3 months of the year.
Total assets of Novaland at the end of March increased slightly compared to the beginning of the year, reaching more than 253.100 billion VND, mostly from inventory of more than 154.600 billion VND, mainly the value of real estate for sale under construction with more than 146.200 billion VND.
Payables are still more than 193.300 billion VND, a slight increase compared to the beginning of the year. With outstanding loans increasing by 2%, to nearly 69,000 billion VND, mainly from long-term bank loans. Conversely, bond debt decreased by nearly 5%, to more than 23,800 billion VND. Representatives of the Group said that debt restructuring will continue. Domestic loans are still within maturity, no bad debts have arisen. The enterprise also plans to pay about 3,000 billion VND by the end of April 2026, mainly for restructuring between credit institutions.
With bonds, more than 95% of the amount held by the organization has been processed and is expected to be completed in 2026. Retail bonds continue to be processed by extending to 2027, stock swaps or asset payments, based on the expectation that cash flow will return from mid-year.
Overall, Novaland said it is focusing on increasing equity, restructuring debt and maintaining a safe credit status to maintain cash flow. When legal issues are resolved, projects will be accelerated, gradually converting inventory into revenue in the next 2-3 years.
To date, for the projects being implemented alone, more than 6,000 products have been handed over, thousands of products have been certified. The enterprise has also reduced about 18% of outstanding individual bonds compared to the end of 2022 and reduced more than 3,300 billion VND of outstanding debt through swaps and conversions. The total credit limit that has been granted and is expected to be granted more is currently nearly 30,500 billion VND.
This year, Novaland is expected to hand over more than 2,600 products and deploy new sales of more than 2,100 products. Further, the total potential cash flow from projects by 2030 is estimated to be more than 470,000 billion VND.
In April, NovaGroup announced that Mr. Bui Cao Nhat Quan would take over the position of Chairman of the Board of Directors, replacing Mr. Bui Thanh Nhon according to the planned transfer roadmap. After the transfer, Mr. Bui Thanh Nhon, the founder of the Group, continued to participate in strategic orientation, leading long-term vision, and also holding the role of Chairman of Nova Holding - the unit holding the controlling stake in NovaGroup, and Chairman of Novaland.
