CRV Real Estate Group shares hit ceiling price on HCMC bourse debut

672 million CRV shares of CRV Real Estate Group JSC debuted on the Ho Chi Minh Stock Exchange (HoSE) on Friday, with a reference price of VND26,000 (nearly $1) apiece, equivalent to a valuation of VND17,470 billion ($663 million).

Within minutes of the debut in the morning, CRV shares hit the 20% daily limit, rising to VND31,200 ($1.18) per share, with a trading volume of about 90,000 shares and an excess buy order of over 330,000 units at the ceiling price.

As a result, the company’s market capitalization surged to nearly VND21,000 billion ($796.96 million), showing strong investor confidence and expectations for further price gains.

CRV Real Estate Group is a major player in the property sector with ambitions to become one of Vietnam’s leading real estate developers.

The company has focused resources on key real estate projects in the northern port city of Hai Phong, including large-scale developments such as Hoang Huy-So Dau (VND1,500 billion), Hoang Huy Commerce (VND3,700 billion), and Hoang Huy New City II (VND15,100 billion or $573.06 million). CRV aims to continuously strengthen its reputation and brand position in the northern real estate market.

The company is a core member of the Hoang Huy Group ecosystem, founded by businessman Do Huu Ha. On June 18, Hoang Huy Service Investment JSC (HoSE: HHS) officially acquired 51% of CRV, securing controlling ownership.

This transaction marked the completion of Hoang Huy Group’s corporate restructuring, under which Hoang Huy Financial Service Investment JSC (HoSE: TCH) owns 51% of HHS, while HHS holds 51% of CRV.

The 2025-2026 fiscal period is expected to be the harvest phase for CRV after years of project development. The company has set ambitious targets for 2025, with VND4,000 billion ($151.8 million) in revenue and VND1,600 billion ($60.72 million) in post-tax profit, up 82% and 250% year-on-year, respectively.

In 2026, the targets rise further to VND5,000 billion in revenue and VND2,000 bllion ($75.9 million) in net profit. If achieved, this would mark the strongest growth phase in CRV’s history.

Key growth drivers include the Hoang Huy Commerce-Tower H1 and Hoang Huy New City II projects. The Hoang Huy Commerce-Tower H1 project has been completed, with 336 units remaining in inventory, generating VND750 billion ($28.46 million) in revenue and VND283 billion in pre-tax profit.

Meanwhile, the Hoang Huy New City II project is under development, featuring 1,146 townhouses, 39 villas, 510 social housing units, and 2,494 apartments. The products are expected to be fully sold between 2025 and 2028.

CRV anticipates that in 2025, the project will contribute VND4,780 billion in revenue and VND2,300 billion ($97.29 million) in pre-tax profit, and in 2026, VND5,390 billion in revenue and VND2,691 billion in pre-tax profit.