SSI (consolidated) reported strong Q2 2026 results, with revenue at VND3.3tn (+11% YoY) and PBT at VND1.5tn (+28% YoY). For H1 2026, revenue was VND6.5tn (+26% YoY), while PBT was VND3.1tn (+39% YoY), fulfilling 44%/56% of our full-year forecasts and 41%/53% of the company’s guidance, respectively. Overall, SSI's H1 2026 results track slightly ahead of our expectations due to better net investment yields from FVTPL assets. We see upside potential to our earnings forecasts, pending a fuller review. A defensive investment portfolio comprised mostly of fixed income assets was the key to the company's resilient earnings performance amid a volatile market environment. We currently have a BUY rating for SSI.
1. Investment activities:
* Investment activities continued to be the largest contributor to H1 2026 revenue, generating VND2.7tn (+8.8% YoY). SSI's FVTPL portfolio remained primarily allocated to fixed-income assets, with certificates of deposit and bonds accounting for 62% and 33% of the portfolio, respectively.
* SSI's H1 2026 annualized net investment yield from FVTPL assets was 8.1% vs 6.6% in H1 2025 and 7.7% in Q1 2026.
2. Margin lending services:
* H1 2026 margin lending revenue increased 47% YoY to VND2.1tn as loans reached VND40.5tn at end-Q2 2026 (+22% YoY, +10% QoQ, and +4% YTD).
* SSI's Q2 2026 effective margin lending yield was 11.28% (+21 bps QoQ, +28 bps YoY) while borrowing cost was 6.55% (+122 bps QoQ, 213 bps YoY). This implies a Q2 2026 margin lending spread (lending yield minus borrowing cost) of 4.73% (-101 bps QoQ, -185 bps YoY). Given continued intense competition in the margin lending segment, we continue to believe it will be difficult for SSI to fully pass through the impact of higher funding costs to its customers.
3. Brokerage & IB services:
* H1 2026 securities brokerage revenue was VND1.1tn (+35% YoY), supported by higher brokerage market share, with SSI's average market share across the three trading venues increasing from 9.9% in H1 2025 to 10.6% in H1 2026. This was also supported by a 34% YoY increase in H1 2026 ADTV.
* The average commission rate in H1 2026 was 0.147% (-1.2 bps YoY).
* SSI's H1 2026 brokerage income was VND362bn (+86% YoY). Q2 2026 brokerage income alone was VND121bn (-7.9% YoY, -49.7% QoQ).
* IB revenue was VND73bn in H1 2026 vs VND58bn in H1 2025.
SSI’s consolidated H1 2026 results
VND bn | H1 2025 | H1 2026 | YoY | Q2 2025 | Q2 2026 | YoY |
Operating income | 5,152 | 6,497 | 26.1% | 2,993 | 3,319 | 10.9% |
Gains from FVTPL | 2,481 | 2,700 | 8.8% | 1,440 | 1,422 | -1.3% |
Gains from HTM | 188 | 258 | 36.7% | 103 | 129 | 25.2% |
Gains from AFS | 29.9 | 16.7 | -44.1% | 28.9 | 16.0 | -44.8% |
Margin lending revenue | 1,458 | 2,141 | 46.9% | 830 | 1,091 | 31.6% |
Brokerage revenue | 795 | 1,068 | 34.5% | 484 | 462 | -4.4% |
Commission rate | 0.16% | 0.15% | -1 bp | 0.16% | 0.15% | -1 bp |
IB revenue | 58 | 73 | 25.4% | 37 | 50 | 35.4% |
Others | 142 | 239 | 68.2% | 71 | 148 | 108.5% |
Operating expenses | 1,742 | 1,790 | 2.8% | 1,117 | 892 | -20.1% |
Loss from FVTPL | 965 | 953 | -1.3% | 666 | 448 | -32.7% |
Expenses for brokerage | 600 | 706 | 17.7% | 352 | 341 | -3.1% |
Others | 177 | 131 | -25.9% | 99 | 103 | 4.1% |
Gross operating profit | 3,410 | 4,707 | 38.0% | 1,876 | 2,426 | 29.3% |
Financial income | 69 | 155 | 123.9% | 36 | 38 | 5.5% |
Gains from affiliates/ divestments | 40 | 118 | 197.1% | 18 | 26 | 50.1% |
Financial expenses | 1,111 | 1,622 | 46.0% | 642 | 868 | 35.2% |
Borrowing costs | 1,085 | 1,520 | 40.1% | 619 | 812 | 31.2% |
G&A expenses | 125 | 115 | -8.4% | 72 | 67 | -6.8% |
Net other income | 2 | (2) | N.A | 0.2 | - | N.A |
PBT | 2,245 | 3,122 | 39.1% | 1,198 | 1,529 | 27.6% |
NPAT | 1,812 | 2,509 | 38.5% | 968 | 1,232 | 27.3% |
Margin lending book | 33,134 | 40,473 | 22.1% | 33,134 | 40,473 | 22.1% |
GPM % | 66% | 72% | +6 ppts | 63% | 73% | +10 ppts |
NPM % | 35% | 39% | +4 ppts | 32% | 37% | +5 ppts |
Source: SSI, Vietcap (Units are in VND bn unless otherwise stated)
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