An Binh Securities (ABS) 9M2026 Profit Up 4.6x, Beats Full-Year Plan

Overview

An Binh Securities (ABS) reported 9M2026 operating revenue of VND 941 billion, up 176% year on year, and pre-tax profit of VND 602 billion, 4.6 times the same period of 2025. The result means the HOSE-listed broker has already met 100.3% of its VND 600 billion full-year 2026 pre-tax profit target after only three quarters, with margin lending and FVTPL investment gains as the principal drivers.

Key Facts

• 9M2026 operating revenue: VND 941 billion, +176% versus 9M2025.
• 9M2026 pre-tax profit: VND 602 billion, 4.6x year on year; after-tax profit VND 496 billion, +371%.
• Full-year 2026 pre-tax profit plan of VND 600 billion was 100.3% complete after three quarters.
• Core services (brokerage, margin, custody) contributed about VND 189 billion, +5.4% year on year.
• Interest from loans and receivables reached VND 124.5 billion, +18.4%; Q3/2026 loan interest alone was about VND 48 billion, +18% year on year and +28% quarter on quarter.
• Brokerage revenue for 9M2026 was nearly VND 59.8 billion; custody revenue was VND 4.9 billion, +19.2%.
• FVTPL gains in Q3/2026 were estimated at about VND 412 billion; charter capital was raised from VND 1,011.5 billion to VND 3,011.5 billion in Q2.

What Happened

According to the company’s 9M2026 financial statements, An Binh Securities recorded operating revenue of VND 941 billion and pre-tax profit of VND 602 billion, with after-tax profit of VND 496 billion, up 371% year on year. The core brokerage, margin lending and custody businesses together generated roughly VND 189 billion, a modest 5.4% increase, with margin lending the standout as interest from loans and receivables rose 18.4% to VND 124.5 billion. Brokerage contributed close to VND 59.8 billion and custody VND 4.9 billion.

The larger swing came from the investment book. FVTPL gains in Q3/2026 were estimated at about VND 412 billion, which the report frames as the main growth engine alongside margin. The company also completed a charter capital increase from VND 1,011.5 billion to VND 3,011.5 billion in Q2, which it says provides additional financial headroom for margin lending and competitiveness. ABS said it continues to upgrade its core securities system and is preparing the conditions required to list ABW shares on the Ho Chi Minh City Stock Exchange (HOSE).

Market Context

ABS trades on HOSE and last closed at VND 2,900 on 19 October 2026, a low absolute price that places the stock among the smaller-cap names in the Vietnamese securities sector. The 9M result is a sharp acceleration from a low base, and the earnings mix matters: core fee and margin income grew at a mid-teens pace, while the bulk of the profit jump came from FVTPL gains that depend on mark-to-market conditions in the equity and bond portfolios. The Vietnamese brokerage sector has benefited through 2026 from higher market liquidity and margin demand, but earnings quality across the group has diverged widely depending on proprietary trading exposure.

Strategic Significance

The capital raise to VND 3,011.5 billion is the more durable signal. It roughly triples the equity base, which directly expands margin lending capacity and is a prerequisite for the ABW listing on HOSE. If ABS can convert that capital into recurring margin and brokerage income rather than one-off trading gains, the earnings base becomes less dependent on FVTPL swings. The ABW listing is the second lever: a separate listed vehicle could give the group a currency for future capital raising and sharpen the market’s valuation of the securities arm. The near-term thesis rests on whether the Q3 trading gain is repeatable or a single-quarter mark-to-market event.

What to Watch

• Q4/2026 financial statements, to show whether FVTPL gains persist or reverse.
• The company’s 2027 profit plan, expected with the annual general meeting materials, as a test of the new capital base’s earning power.
• Progress filings on the ABW listing with HOSE, including eligibility and timetable disclosures.
• Margin lending balances and the loan-to-equity ratio in the next quarterly report, given the tripled charter capital.
• Daily trading liquidity and foreign-ownership data for ABS on HOSE, which the source article does not address.