SSI delivered resilient 9M 2026 results with revenue of VND9.9tn (+5% YoY) and PBT of VND4.5tn (+11% YoY). The results fulfill 66%/81% of our respective full-year revenue/PBT forecasts and 63%/77% of the company’s full-year targets. In Q3 2026, SSI recorded revenue of VND3.2tn (-23% YoY, -5% QoQ) and PBT of VND1.4tn (-24% YoY, -9% QoQ). The YoY decline was partly due to a high base in Q3 2025 that included a gain from the company’s VPB investment. Overall, SSI’s 9M 2026 results were better than our expectations with stronger-than-expected net investment gains as the company’s defensive asset allocation this year has paid off amid weaker market activities. However, SSI’s margin loans growth (-5.4% QoQ, -1.7% YTD) was weaker than we anticipated as the company continued to cede market share to bank-backed players. We see upside potential for our earnings forecast for SSI, pending a more extensive review.
1. Investment activities:
* A defensive investment portfolio supported earnings resilience. Investment activities remained the largest revenue contributor, generating VND4.1tn in 9M 2026 (-10.3% YoY) with net FVTPL gains at VND2.6tn (+2.1% YoY). As of end-Q3 2026, certificates of deposit and bonds continued to account for most of SSI’s FVTPL portfolio (51% and 45%, respectively).
* SSI's 9M 2026 annualized net investment yield from FVTPL assets was 8.2% vs 7.4% in 9M 2025 and 8.0% in H1 2026.
2. Margin lending services:
* Outstanding loans declined to VND38.3tn at end-Q3 2026 (-5% QoQ; -2% YoY), due to weaker market performance amid elevated interest rates and intense competitive pressure from bank-backed brokers. Revenue from margin lending increased 32% YoY to VND3.3tn in 9M 2026.
* SSI’s lending spread continued to compress in Q3 2026 as the effective margin lending yield edged up 5 bps QoQ to 11.3% (+21 bps YoY), while funding costs rose 26 bps QoQ to 6.4% (+240 bps YoY). In 9M 2026, the lending yield rose 42 bps YoY while funding costs rose 189 bps YoY.
3. Brokerage & IB services:
* Brokerage revenue weakened as market turnover declined sharply. Revenue fell 17% YoY to VND1.4tn in 9M 2026, with Q3 revenue dropping 62% YoY to VND350bn. SSI maintained a strong brokerage market share of around 11% in Q3 2026, but market ADTV in Q3 2026 contracted sharply to USD705mn (-58% YoY, -22% QoQ), weighing on revenue.
* The average commission rate in 9M 2026 was 0.146% - broadly stable YoY.
* IB revenue was VND83bn in 9M 2026 vs VND68bn in 9M 2025.
SSI’s consolidated 9M 2026 results
VND bn | 9M 2025 | 9M 2026 | YoY | Q3 2025 | Q3 2026 | YoY |
Operating income | 9,329 | 9,665 | 3.6% | 4,177 | 3,168 | -24.2% |
Gains from FVTPL | 4,547 | 4,078 | -10.3% | 2,066 | 1,378 | -33.3% |
Gains from HTM | 287 | 398 | 38.8% | 98 | 140 | 42.8% |
Gains from AFS | 31 | 92 | 201.7% | 1 | 76 | 10279.2% |
Margin lending revenue | 2,464 | 3,257 | 32.2% | 1,006 | 1,115 | 10.9% |
Brokerage revenue | 1,716 | 1,417 | -17.4% | 922 | 349 | -62.1% |
Commission rate | 0.15% | 0.15% | 0 bp | 0.15% | 0.14% | -1 bp |
IB revenue | 68 | 83 | 21.5% | 10 | 10 | -1.4% |
Others | 217 | 340 | 56.5% | 75 | 100 | 34.4% |
Operating expenses | 3,357 | 2,645 | -21.2% | 1,615 | 855 | -47.0% |
Loss from FVTPL | 1,987 | 1,466 | -26.2% | 1,022 | 513 | -49.8% |
Expenses for brokerage | 1,134 | 990 | -12.6% | 534 | 284 | -46.8% |
Others | 236 | 189 | -19.7% | 59 | 58 | -1.2% |
Gross operating profit | 5,972 | 7,019 | 17.5% | 2,562 | 2,313 | -9.7% |
Financial income | 104 | 191 | 83.8% | 35 | 37 | 5.0% |
Gains from affiliates/ divestments | 53 | 145 | 173.6% | 13 | 28 | 104.8% |
Financial expenses | 1,809 | 2,524 | 39.5% | 698 | 902 | 29.2% |
Borrowing costs | 1,772 | 2,369 | 33.7% | 687 | 850 | 23.7% |
G&A expenses | 189 | 188 | -0.3% | 64 | 73 | 15.5% |
Net other income | 1 | 12 | 739.4% | (0) | 14 | N/A |
PBT | 4,080 | 4,511 | 10.6% | 1,835 | 1,389 | -24.3% |
NPAT | 3,287 | 3,634 | 10.6% | 1,476 | 1,125 | -23.8% |
Margin lending book | 39,231 | 38,294 | -2.4% | 39,231 | 38,294 | -2.4% |
GPM % | 64% | 73% | +9 ppts | 61% | 73% | +12 ppts |
NPM % | 35% | 38% | +2 ppts | 35% | 36% | +1 ppt |
Source: SSI, Vietcap (Units are in VND bn unless otherwise stated)
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