SSI released its consolidated results for 2025 with PBT of VND5.1tn (+43% YoY), achieving 102% of our consolidated forecast. Earnings were supported by broad-based revenue growth across most business lines, driven by favorable market conditions and a meaningful improvement in operational efficiency. Overall, SSI’s results were in line with our forecasts. We see no material changes to our forecasts, pending a fuller review.
1. Brokerage services:
- SSI’s brokerage market share on the three trading venues increased in Q4 2025 to 12.1% from 8.9% in Q4 2024. The company has consistently grown its market share in both the retail and institutional segments over the past four quarters. SSI also shared that it achieved the top institutional brokerage market share in H2 2025. We attribute the share gains to (1) a reduction in average brokerage commissions to 0.15% from 0.19% in 2024, (2) partnerships with global brokers that helped attract incremental institutional flows, and (3) stronger promotion of margin lending to capture more active retail investors.
- As a result, SSI’s 2025 brokerage revenue reached VND2.3tn (+41% YoY), outpacing the 35% YoY increase in market average daily trading value (ADTV).
- 2026 outlook: SSI expects to increase its overall brokerage market share to 15% with its expansion in both the retail and institutional segments.
2. Margin lending services:
- SSI’s margin lending balance was VND38.9tn in Q4 2025 (flat QoQ, +77% YoY), supporting strong growth in 2025 margin lending revenue to VND3.6tn (+71% YoY).
- With new capital from its recent private placement and rights issue, SSI is likely to further scale its margin lending business and capture share from brokers constrained by margin capacity.
3. Crypto exchange services:
- Per SSI’s management, currently SSI Digital (SSID) has submitted the required documentation to the relevant authorities to apply for a crypto exchange services license.
- SSID’s shareholder base includes SSI, an entity affiliated with SSI’s Chairman, a company under SSIAM, and a strategic partner with expertise in international crypto markets.
- SSI expects the license approval process to be completed by late 2026.
SSI’s consolidated 2025 results
VND bn | 2024 | 2025 | YoY | Q4 2024 | Q4 2025 | YoY |
Operating income | 8,529 | 12,931 | 51.6% | 2,221 | 3,602 | 62.1% |
Gains from FVTPL | 4,022 | 6,161 | 53.2% | 1,069 | 1,614 | 50.9% |
Gains from HTM | 328 | 440 | 34.2% | 70 | 154 | 118.3% |
Gains from AFS | 6 | 31.3 | 435.2% | (1.9) | 0.7 | N.A |
Margin lending revenue | 2,079 | 3,562 | 71.3% | 571 | 1,098 | 92.5% |
Brokerage revenue | 1,667 | 2,345 | 40.6% | 319 | 628 | 97.0% |
Commission rate | 0.19% | 0.15% | -4 bps | 0.17% | 0.14% | -3 bps |
IB revenue | 72 | 91 | 25.7% | 25 | 22 | -8.9% |
Others | 355 | 301 | -15.2% | 169 | 84 | -50.2% |
Operating expenses | 3,288 | 5,107 | 55.3% | 1,205 | 1,750 | 45.2% |
Loss from FVTPL | 1,458 | 3,081 | 111.3% | 661 | 1,094 | 65.5% |
Expenses for brokerage | 1,311 | 1,587 | 21.1% | 312 | 454 | 45.6% |
Others | 519 | 438 | -15.5% | 233 | 202 | -13.0% |
Gross operating profit | 5,241 | 7,824 | 49.3% | 1,016 | 1,852 | 82.3% |
Financial income | 179 | 182 | 1.4% | 44 | 78 | 76.5% |
Gains from affiliates/ divestments | 113 | 101 | -9.8% | 27 | 48 | 78.0% |
Financial expenses | 1,575 | 2,668 | 69.4% | 411 | 859 | 108.9% |
Borrowing costs | 1,506 | 2,562 | 70.1% | 406 | 790 | 98.4% |
G&A expenses | 302 | 261 | -13.6% | 93 | 72 | -22.6% |
Net other income | (0) | 6 | N.A | (1.3) | 4.5 | N.A |
PBT | 3,544 | 5,083 | 43.4% | 555 | 1,003 | 80.8% |
NPAT | 2,845 | 4,107 | 44.3% | 438 | 820 | 87.0% |
Margin lending book | 21,999 | 38,940 | 77.0% | 21,999 | 38,940 | 77.0% |
GPM % | 61% | 61% | 0 ppts | 46% | 51% | 6 ppts |
NPM % | 33% | 32% | -1 ppts | 20% | 23% | 3 ppts |
Source: SSI, Vietcap (Units are in VND bn unless otherwise stated)
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