News about brokerages

As of the afternoon of October 19, 20 securities companies had reported Q3 2026 results. TCBS (ticker TCX) posted pre-tax profit of VND 2,152 billion in Q3, its highest quarterly level on record, driven mainly by margin lending and advances on sales proceeds, which generated net income of VND 1,548 billion, up 55%. JBSV's pre-tax profit exceeded VND 46 billion, three times the same period last year, supported by lending and underwriting. In contrast, DSC's Q3 pre-tax profit fell 98% as proprietary trading weakened and costs rose; Pinetree's fell 28%; ASAM posted a pre-tax loss of over VND 1 billion, and VISC swung to a loss of over VND 812 million.

Securities stocks have remained weak despite expectations of gains from FTSE Russell's market upgrade and capital market development. According to VietstockFinance, as of 09/10/2026 the sector index was down 23.46% year-to-date, much deeper than the 2.77% decline of VN-Index, and had lost 39.92% over the past year. About 80% of the 43 sector stocks were more than 20% below their recent peaks, a threshold commonly used to define a bear market. Võ Kim Phụng of Chứng khoán Beta said the sector's earnings depend on liquidity, margin lending and interest rates, and that expected gains were priced in earlier; in Q3/2026, average daily trading value on HOSE and HNX fell 58% year-on-year.

The Hanoi civil enforcement agency selected Vietnam Consulting and Appraisal JSC to value the shares of Truong My Lan at Tan Viet Securities (TVSI), according to a notice dated Oct. 15, 2026. A total of 241,584,580 shares, about 91.54% of charter capital, are held in the names of six individuals and four companies, and no valuation result has been announced yet. The investigation in the Van Thinh Phat case found Lan controlled 88.23% to 88.73% of TVSI in 2018-2020 through nominee holders, and TVSI advised on and issued 25 bond packages for four issuers. For the half-year 2026, TVSI reported after-tax profit of nearly 16 billion VND, down from over 20 billion VND a year earlier, with total assets of over 4,007 billion VND at June 30, 2026. The company has charter capital of 2,639 billion VND and is unlisted.

As of October 19, 13 securities firms had reported Q3 2026 results, with 7 posting profits and 6 losses. KAFI recorded Q3 operating revenue of nearly 981 billion VND, up 15%, but pre-tax profit fell nearly 13% to 171 billion VND as financial expenses rose 53% to nearly 351 billion VND, mainly interest expense of over 319 billion VND. For the first nine months, KAFI posted operating revenue of over 3,004 billion VND (up 63%) and after-tax profit of over 431 billion VND. Guotai Haitong (Vietnam) saw Q3 pre-tax profit jump 165% to over 14 billion VND on lending and investment income, while Đại Việt still posted a pre-tax loss of nearly 3.9 billion VND, narrower than the 4.1 billion VND loss a year earlier.