“Rare” company on the stock exchange: Holding 830 billion VND in cash, no debts but a market capitalization of only 640 billion VND

The High-Tech Rubber Industrial Park Joint Stock Company (stock code MH3) is a unique case on the UPCOM exchange with a market capitalization of 638 billion VND but holding nearly 830 billion VND in cash. The company has virtually no debts, with total liabilities mainly consisting of unrecognized revenue. Despite a strong financial structure, MH3 is undervalued by the market, evident from its stock price of only 26,600 VND and low liquidity. Two major shareholders control 80% of the capital, reducing stock liquidity. The entire 336 billion VND raised from issuing shares is reserved for the second phase of the Minh Hung III industrial park project, expected to break ground in Q2 2026, with a total investment of 2,282 billion VND. MH3’s revenue and profit are rising sharply, with Q3 revenue reaching 25.5 billion VND, up 11.7%, and net profit of 12.1 billion VND, up 202.5%. The substantial cash reserves will underpin investments in the new project.