Accelerating CCP preparations, securities stocks show signs of recovery

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• Brokerage charts VN-Index path for 2027, target 220 points above current level

  SSI Research sets a base-case target of 1,940 points for the VN-Index in its 2027 investment strategy outlook, 219 points (about 13%) above the 1,720-point close on Oct. 12, based on expected market-wide earnings growth of 10.1% in 2027. The first half of 2027 may remain choppy due to high interest rates, with a more sustainable recovery expected in the second half if rates ease and foreign capital returns; Vietnam's GDP is forecast to grow 9–9.5% in 2027. Earnings growth is set to slow from 30% in 2026, though SSI says this is partly priced in, as the VN-Index is down about 9% from its 2026 peak and the index excluding Vingroup-linked stocks has fallen about 16% since early September 2025. Vietnam meets 10 of 18 MSCI market-accessibility criteria, and flows from FTSE-tracking passive funds are seen as an important liquidity driver. Key risks include credit growing faster than borrowers' cash generation, high global bond yields, tariff uncertainty and geopolitical tensions.

  CafeF·12/10, 10:14VNINDEXinterest ratesGDP growth
• TVC fails to complete purchase of 500,000 TVB shares

  TVC, chaired by Nguyễn Thị Hằng, bought only 140,300 of the 500,000 TVB shares it registered between 21/9 and 20/10/2026, citing unfavorable market conditions. Its stake rose from 79.98 million shares (73.29%) to 80.12 million (73.42%). The company has repeatedly failed to complete large trades: it bought just 69,500 of 1.87 million shares registered from 6/8 to 4/9/2026, and sold none of 24.8 million shares registered from 29/6 to 28/7/2026. Ms. Hằng is also TVB's CEO. On 15/9/2026, the State Securities Commission fined TVB VND 92.5 million for late reporting and exceeding investment limits.

  CafeF·22/10, 03:48brokeragesinsider tradingVietnam
• VPBankS submits plan to shareholders to raise charter capital above VND 27,100 billion

  VPBankS is seeking shareholder approval in writing, with ballots due by 4:00 PM on November 2, 2026, for a plan to issue 843.75 million bonus shares at a 100:45 ratio, equal to 45% of outstanding shares, funded from share capital surplus. If completed, charter capital would rise from VND 18,750 billion to VND 27,187.5 billion, with issuance expected in 2026 or at a time decided by the board. The company also proposed providing securities clearing and settlement services and registering as a clearing member with VSDC once licensed. In the third quarter of 2026, pre-tax profit was nearly VND 843 billion, down 64% year on year, as FVTPL losses of VND 1,638 billion and operating costs that rose 2.8 times to VND 1,766 billion outweighed growth in lending. For the first nine months, pre-tax profit reached VND 3,516 billion, up 8%.

  CafeF·22/10, 02:35• VPBbrokeragesearningsVietnam
• Stock market after upgrade: Can IPOs accelerate and mid-day trading become feasible?

  After the market upgrade, Vietnam’s stock market needs better trading infrastructure, more quality supply and stronger IPOs to help raise a target of 5.4 million billion VND in medium- and long-term capital over 2026–2030. Deputy Chairwoman of the State Securities Commission Lê Thị Việt Nga said 10 companies have carried out IPOs since late 2025, raising a total of 60,900 billion VND, more than nine times the 2021–2024 total, with 7 already listed. On mid-day trading, VNX Chairman Lương Hải Sinh said the exchange is still studying the option, which requires careful assessment of technology readiness, operating costs and the burden on securities firms, noting Singapore returned to a trading break in 2017 after continuous trading from 2011. In the first nine months, capital raised through the stock market reached 731,600 billion VND, up 85.6% year on year, and market capitalization exceeded 10.3 million billion VND by end-September.

  CafeF·21/10, 17:03▲ VNINDEXIPOVNINDEXbrokerages
• Industry Profits Plunge and Investors Lose Money, Yet Securities Firms Earn Heavily From Lending

  Industry-wide profit for securities firms in Q3/2026 fell 42% year on year to about VND 11,000 billion, while average matched trading value on HoSE dropped to VND 13,000-14,000 billion per session, less than half of last year's level. In contrast, interest income from lending and receivables across the industry reached a record VND 12,300 billion, up 34% year on year and rising for 11 consecutive quarters. The main drivers were margin lending outstanding of VND 455,000 billion, of which VND 440,000 billion was margin, the highest ever, along with high interest rates. The article notes that this is gross income rather than net income, since firms still bear funding costs for the lending business, and that gains are uneven, with firms backed by banks such as TCBS, VPBankS and ACBS leading.

  CafeF·21/10, 17:01▼ VNINDEX▲ SSI▲ VCI▲ VNDbrokeragesmargin lendingVNINDEX
• Securities sector Q3 update as of 20/10: another major firm reports trillion-dong profit, and profit growth tops 500%

  As of the afternoon of 20 October, 53 securities companies had published their Q3 2026 financial reports, showing sharply divergent results. VPS (VCK) led with Q3 pre-tax profit of nearly 1,119 billion VND, down 20% year-on-year, though its nine-month pre-tax profit reached 4,044 billion VND, up 27%. HD Securities (HDS) posted Q3 pre-tax profit of over 769 billion VND, up 208%, while VTG's profit rose about 538% to nearly 52 billion VND. In contrast, HSC, DSE, FTS and TCSC saw Q3 profit fall between 33% and 90%, and Beta recorded a pre-tax loss of about 5.4 billion VND.

  CafeF·20/10, 09:30▲ VNINDEXbrokeragesearningsVietnam

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• Musk's wants to merge SpaceX and Tesla: Here's what to know

  Musk said SpaceX and Tesla have formed special committees to study a merger, which would be worth about $3.5 trillion combined and would be the largest corporate deal in history. SpaceX, valued at about $2 trillion after a record listing this year, absorbed Musk's AI startup xAI in February, while Tesla is valued at about $1.5 trillion. Musk holds about 82 percent of SpaceX's voting power but only about 20 percent at Tesla. Dan Ives puts the odds of a deal at 90 percent by early 2027, though Musk called the requirement of a majority of all Tesla shares 'quite a high hurdle'. Loyal retail investors hold an estimated 25 to 27 percent of Tesla shares, and legal obstacles appear slight because both companies moved their incorporation to Texas from Delaware.

  Yahoo Finance·22/10, 20:54• TSLATSLAElon MuskSpaceX
• CoreWeave and Nebius Stocks Are Crashing. Time to Buy the Dip?

  Shares of Nebius and CoreWeave each fell 25% in the week of October 12 to 16. The sell-off stems from the yield on CoreWeave's debt in the secondary market surging to 15%, versus roughly 5% on Treasuries, which pushes the debt into 'distressed' territory and signals doubts about its ability to meet obligations. Nebius sold off in sympathy as a fellow neocloud company. The bigger concern is that both companies must keep issuing debt to fund data centers, and if yields are high at issuance, the assumption of nearly unlimited cheap capital could be challenged. The author says it is unclear whether now is the time to buy.

  Yahoo Finance·22/10, 20:47▼ NVDACoreWeaveNebiusbonds
• Disney’s multiplatform Super Bowl plan frustrates ABC affiliates

  ABC station owners are irritated that Disney is airing the Super Bowl across several platforms, including Disney+, ESPN2, NFL Network and ESPNU, even though the game is already on ABC and ESPN. A station group CEO estimates that the combined platforms could cut broadcast ad revenue by up to 35% compared with last year. Local affiliates typically earn about 3% of annual ad revenue from the Super Bowl and pay network owners reverse retransmission fees, but Disney+ lacks geofenced ad insertion, so affiliates cannot sell ads to streaming viewers. Disney says national commercials will be identical on all platforms and that streaming major live events is standard industry practice. Super Bowl LX drew 125.6 million viewers in February.

  CNBC·22/10, 20:44Disneyadvertisingstreaming
• Meta’s deal to keep Zuckerberg in California adds fuel to wealth tax debate ahead of election

  Meta says Mark Zuckerberg will remain in California for eight years and has created a new stock plan that could help cover his taxes if Proposition 40, a 5% tax on Californians worth over $1 billion, passes on Election Day on Nov. 3. According to a filing released with its third-quarter earnings, Meta will issue non-voting Class C shares starting in January, and Zuckerberg can sell or transfer up to 20% of the shares granted to him without affecting his majority voting control. The filing says Zuckerberg’s leadership is crucial to the company’s growth and its AI ambitions, including Meta Superintelligence Labs. Most of the tech industry opposes the measure, while a recent Citrin-Politico poll found 46% in favor and 43% against, suggesting it may fall short of the majority support it needs.

  CNBC·22/10, 20:37METAtaxesMark Zuckerberg
• Nasdaq sell-off: A momentum unwind 'for the record books'

  Matt Stucky, chief portfolio manager for equities at Northwestern Mutual Wealth Management, calls Thursday’s sell-off in the Nasdaq Composite (^IXIC) a momentum unwind “for the record books.” He says the market spent the first half of 2026 driven by a beta and momentum trade led by semiconductors, but in the third quarter, as rates rose, money shifted into quality stocks. He does not think the sell-off is justified by fundamentals, arguing that institutional portfolio managers swapping out of factor positions can drag down whole baskets of stocks. In semiconductors, spot rental rates for Nvidia Blackwell chips are higher than a month ago, showing tightening compute supply, even as financing costs rise and investors worry about neocloud business models and the rising cost of insuring their bonds.

  Yahoo Finance·22/10, 20:37▼ QQQ▼ SPYNasdaqsemiconductorsNvidia
• Dune launches real-time data feeds covering 200 onchain trading venues

  Blockchain analytics platform Dune has launched real-time market data feeds covering more than 200 onchain trading venues, aiming to bring this data into the systems of traditional financial institutions. The feeds draw trade data from 12 blockchains, including Ethereum, Solana and Base, about one second after execution, covering both spot trading on decentralized exchanges and perpetual futures on Hyperliquid and Lighter. Early clients include quant funds, market makers, asset managers and bank trading desks, which use the data to assess liquidity and compare prices, though Dune did not name them. Meanwhile, the tokenized stock market has grown sharply, with distributed value reaching $3.58 billion, but 16 companies, including Microsoft, Alphabet and Goldman Sachs, have objected to their shares being traded on OKXICE’s proposed platform, and liquidity remains fragmented.

  Cointelegraph·22/10, 20:36cryptotokenized assetsliquidity