EARNINGS RELEASE

VIETCAP ACHIEVES PROFIT BEFORE TAX OF VND427BN IN Q3 2026

Vietcap Securities (HOSE: VCI, “Vietcap,” or “the Company”) announces its business results for the third quarter of 2026 (Q3 2026) and first nine months of 2026 (9M 2026).

 

Q3 2026 and 9M 2026 financial summary

Profit before tax (PBT): For Q3 2026, PBT was VND427bn (USD16.1mn), 58% higher than Q2 2026 (VND271bn) but 18% lower than Q3 2025 (VND519bn). For 9M 2026, PBT was VND1,101bn (USD41.6mn), 1% higher than 9M 2025 (VND1,086bn), and fulfilling 48% of Vietcap’s 2026 guidance of VND2,300bn (USD86.8mn).

Return on equity (ROE): TTM ROE was 9.5% for 9M 2026. Excluding the net of differences in equity due to asset revaluation (amounting to VND836bn/USD31.5mn as of end-September 2026), Vietcap’s TTM ROE stood at 10.2%.

Total equity: VND16,948bn (USD639.5mn) as of end-September 2026 — 6% lower than at end-December 2025 (VND18,010bn).

 

Q3 2026 and 9M 2026 business segment highlights

Brokerage

  • Brokerage recorded Q3 2026 revenue of VND211bn (USD8.0mn; 3% lower than Q2 2026 – VND217bn). For 9M 2026, brokerage recorded revenue of VND735bn (USD27.7mn; 5% lower than 9M 2025 – VND770bn). The slight quarter-on-quarter decline in brokerage revenue reflected softer market liquidity in Q3 2026, which was partly offset by Vietcap’s higher brokerage market share. The average daily trading value in Q3 2026 was USD708mn, 23% lower compared to USD916mn in Q2 2026. For 9M 2026, the average daily trading value was USD974mn, 13% lower than in 9M 2025 (USD1.13bn).
  • Vietcap ranked fourth on HOSE in Q3 2026 with brokerage market share of 7.80%, up from 7.00% in Q2 2026 and 6.55% in full-year 2025.

 

Margin Lending

  • Margin lending recorded revenue of VND490bn in Q3 2026 (USD18.5mn; 2% higher than Q2 2026 – VND481bn). For 9M 2026, margin lending recorded revenue of VND1,413bn (USD53.3mn; 57% higher than 9M 2025 – VND898bn). Revenue growth was driven by both higher average margin lending balance and higher margin rates during the quarter.
  • Vietcap’s margin lending balance reached a new record-high of VND17,308bn (USD653.1mn) as of end-September 2026, compared to VND17,146bn (USD647.0mn) at end-June 2026. Vietcap’s margin lending balance to total equity ratio stood at 1.02x as of end-September 2026.

 

Investment Banking

  • Investment banking recorded revenue of VND84bn in Q3 2026 (USD3.2mn; compared with VND22bn in Q2 2026 and VND2bn in Q3 2025). For 9M 2026, investment banking recorded revenue of VND153bn (USD5.8mn; compared with VND16bn in 9M 2025). The strong year-on-year improvement reflects advisory fees recognized during 9M 2026, including, among others, Vietcap’s role as exclusive financial advisor and lead bookrunner for the initial public offering (IPO) of Dien May Xanh Investment JSC (DMX); financial advisor and distribution agent for F88 Investment JSC (F88)’s public offering of additional shares, and advisor on its listing on HOSE; exclusive financial advisor and lead bookrunner for the IPO of Hoa Phat Agriculture Development (HPA); and exclusive sell-side advisor on the acquisition of the remaining 51% stake in Hop Tri by Summit Agro International (a wholly owned subsidiary of Sumitomo Corporation).

 

Investment 

  • Investment recorded Q3 2026 revenue of VND531bn (USD20.1mn; 13% higher than Q2 2026 – VND471bn). The quarter-on-quarter increase came despite a more challenging market backdrop, with the VN-Index closing at 1,768.62 points as of end-September 2026, down 4.9% from 1,860.01 points as of end-June 2026, and market liquidity contracting 23% quarter-on-quarter. 
  • For 9M 2026, investment recorded revenue of VND1,635bn (USD61.7mn; 9% lower than 9M 2025 – VND1,804bn).

 

9M 2026 financial position highlights

  • Vietcap’s total debts were VND22,709bn (USD857.0mn) as of end-September 2026, 41% higher than at end-December 2025 (VND16,065bn). These debts were all short-term and mainly used to fund margin lending activities.
  • Vietcap’s total debt to equity ratio increased to 134.0% at end-September 2026 compared to 89.2% at end-December 2025.
  • Vietcap’s total assets were VND40,401bn (USD1.5bn) at end-September 2026 — 12% higher than at end-December 2025 (VND36,006bn).

 

  Notable corporate actions in 9M 2026

  • In January 2026, Vietcap paid a 2025 first interim cash dividend of VND500/share.
  • In April 2026, Vietcap paid a 2025 second interim cash dividend of VND250/share.
  • In April 2026, Vietcap completed a 20:7 bonus share scheme (equivalent to 297.5 million new shares issued), bringing Vietcap’s total outstanding shares to 1,147.6 million shares.
  • In June 2026, Vietcap completed the issuance of 4.6 million ESOP shares under its 2026 ESOP program (equivalent to 0.4% of total outstanding shares prior to the ESOP issuance). The new shares became effective in July 2026, bringing Vietcap’s total outstanding shares to 1,152.2 million shares as of end-September 2026.
  • In June 2026, Vietcap signed an unsecured syndicated loan facilities agreement for USD170mn (equivalent to VND4,471bn) with a greenshoe option for a facility size of up to USD370mn (equivalent to VND9,731bn) — Vietcap’s largest financing to date. The loan was arranged and/or committed by, among others, the following banks: Maybank Securities Pte. Ltd., Bank of China (Hong Kong), CTBC Bank Co., Ltd., Singapore Branch, Cathay United Bank Co., Ltd., First Commercial Bank, Offshore Banking Branch, Hua Nan Commercial Bank, Offshore Banking Branch, KGI Bank Co., Ltd. and Taipei Fubon Commercial Bank Co., Ltd.

  

Income Statement Highlights

 

VND bn

Q1
 2025

Q2
 2025

Q3
 2025

Q4
 2025

Q1
 2026

Q2
 2026

Q3
 2026

QoQ

YoY

9M
 2025

9M
 2026

YoY

2025

Total revenue and income

875

1,164

1,449

1,533

1,428

1,191

1,316

11%

-9%

3,488

3,935

13%

5,021

Brokerage

159

226

384

299

306

217

211

-3%

-45%

770

735

-5%

1,069

Margin Lending

293

274

331

389

441

481

490

2%

48%

898

1,413

57%

1,287

Investment Banking

13

2

2

37

48

22

84

279%

N.M.

16

153

840%

53

Investment

410

662

732

807

633

471

531

13%

-27%

1,804

1,635

-9%

2,611

Operating expenses

314

772

686

619

632

516

403

-22%

-41%

1,772

1,550

-12%

2,391

Loss on FVTPL (1)

155

591

411

379

443

309

144

-53%

-65%

1,157

896

-23%

1,536

Provisions (2)

0

0

0

0

0

0

0

N.M.

N.M.

0

0

N.M.

0

Other operating expenses /(Net of (1) and (2))

 

159

181

274

240

189

206

258

25%

-6%

614

654

6%

855

Financial expenses

183

153

203

314

346

360

452

26%

123%

540

1,158

115%

854

Profit before tax

355

211

519

544

404

271

427

58%

-18%

1,086

1,101

1%

1,629

Net profit after tax

295

184

420

443

341

251

367

47%

-13%

899

959

7%

1,342


Balance Sheet Highlights

VND bn

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

Q3 2026

Balance sheet highlights

 

 

 

 

 

 

 

Cash and cash equivalents

643

1,132

3,424

788

4,744

3,214

3,010

FVTPL

615

1,222

665

122

846

2,238

4,237

Held-to-maturity (HTM)

106

754

886

380

598

412

822

Margin lending

3,882

7,701

5,279

7,992

11,222

16,167

17,308

Available-for-sale (AFS)

2,713

5,324

3,734

6,604

8,409

13,308

13,618

Debt

3,364

8,327

6,873

9,099

12,574

16,065

22,709

Short-term debts

3,364

8,327

6,873

9,099

12,574

16,065

22,709

Long-term debts

0

0

0

0

0

0

0

Total Assets

8,382

16,636

14,243

17,255

26,592

36,006

40,401

Total Liabilities

3,861

10,094

7,747

9,884

13,648

17,996

23,453

Total Equity

4,522

6,542

6,495

7,371

12,944

18,010

16,948

Key financial ratios

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

Q3 2026

Total Debts / Equity

74.4%

127.3%

105.8%

123.4%

97.1%

89.2%

134.0%

Net Debts (*) / Equity

60.2%

110.0%

53.1%

112.8%

60.5%

71.4%

116.2%

Total Liabilities / Total Assets

46.1%

60.7%

54.4%

57.3%

51.3%

50.0%

58.1%

ROAA (TTM)

9.8%

12.0%

5.6%

3.1%

4.2%

4.3%

4.0%

ROAE (TTM)

17.9%

27.1%

13.3%

7.1%

9.0%

8.7%

9.5%

ROAE (TTM) (**)

19.7%

33.4%

16.8%

8.8%

11.1%

10.4%

10.2%

BVPS (VND)

5,984

8,611

8,499

9,600

13,352

15,693

14,709

(*) Net debt = Total debts – CCE (cash & cash equivalents)

(**) This ROAE ratio is calculated based on total equity net of differences due to asset revaluation


 

 

 

Powered by Froala Editor