APG Securities Posts VND 108B Q3/2026 Loss, Worst in Vietnamese Brokerage Sector

Overview

APG Securities (HOSE: APG) reported a pre-tax loss of nearly VND 108 billion for Q3/2026, reversing a profit of nearly VND 20 billion in the same period last year and marking the largest loss among Vietnamese securities firms that have published quarterly results. The result erased the company’s first-half gains and left a nine-month pre-tax loss of nearly VND 105 billion, against a full-year 2026 profit plan of VND 20 billion.

Key Facts

• Q3/2026 pre-tax loss of nearly VND 108 billion, versus a profit of nearly VND 20 billion in Q3/2025.
• Q3 operating revenue of nearly VND 69 billion, down 21% year on year.
• FVTPL income fell 93%, from more than VND 32 billion to about VND 2 billion; FVTPL losses reached VND 119 billion versus under VND 1 billion a year earlier.
• Brokerage revenue was about VND 425 million, down more than 81% year on year.
• Operating costs rose to nearly VND 124 billion; financial expenses reached VND 43.5 billion, up nearly 33%, mainly interest on borrowings.
• Nine-month 2026 revenue of nearly VND 214 billion, down 22%, with a pre-tax loss of nearly VND 105 billion versus a profit of more than VND 28 billion a year earlier.
• At 30 September 2026, total assets were more than VND 5,507 billion, down about VND 179 billion from the start of the year; short-term borrowings stood at nearly VND 2,888 billion.

What Happened

According to the Q3/2026 financial statements the company has just published, APG’s revenue contraction was concentrated in its proprietary trading book. Income from financial assets measured at fair value through profit or loss (FVTPL) collapsed 93% to roughly VND 2 billion, while the FVTPL line swung to a loss of VND 119 billion from under VND 1 billion a year earlier. Brokerage revenue fell more than 81% to about VND 425 million. Interest from loans and receivables slipped about 8% to VND 23 billion, while income from held-to-maturity (HTM) investments more than doubled to VND 42.5 billion.

Costs moved in the opposite direction. Operating expenses climbed to nearly VND 124 billion, driven by the FVTPL losses, and financial expenses rose nearly 33% to VND 43.5 billion on higher borrowing costs. Securities management expenses exceeded VND 13 billion. After-tax profit was negative at nearly VND 108 billion, against a profit of more than VND 19 billion a year earlier. The filing also shows a listed-equity portfolio with an original cost of more than VND 227 billion carried at a fair value of about VND 100 billion at end-September, implying an unrealised loss of roughly VND 127 billion.

Market Context

APG trades on HOSE and closed at VND 4,180 on 22 October 2026, placing it among the lowest-priced brokerage shares on the exchange. The company’s balance sheet is dominated by HTM investments of more than VND 2,772 billion, roughly half of total assets, and loan balances of nearly VND 692 billion, against cash and equivalents of more than VND 328 billion. Equity fell from more than VND 2,382 billion at the start of the year to about VND 2,277 billion, with accumulated losses of more than VND 29 billion at the end of Q3. The result stands out in a quarter where several brokers have reported earnings, making APG the sector’s weakest performer so far.

Strategic Significance

APG’s model leans on proprietary trading and margin lending rather than fee-based brokerage, and the quarter exposes how little cushion that structure provides when mark-to-market positions turn. The VND 119 billion FVTPL loss, combined with an unrealised VND 127 billion shortfall on the listed-equity book, suggests further mark-to-market pressure could persist into Q4 if prices do not recover. With short-term borrowings of nearly VND 2,888 billion against equity of about VND 2,277 billion, the company carries meaningful leverage relative to its capital base, and rising interest costs are now a structural drag rather than a one-off. Meeting the VND 20 billion full-year profit target would require a swing of roughly VND 125 billion in Q4, which the reported numbers do not support.

What to Watch

• Q4/2026 financial statements, expected in January 2027, to confirm whether FVTPL losses reverse.
• Fair value of the listed-equity portfolio at year-end, given the VND 127 billion unrealised loss at 30 September.
• Any change to the 2026 profit plan of VND 20 billion, or disclosure of a revised target.
• Margin lending balances and short-term borrowings, which drive the VND 43.5 billion quarterly interest burden.
• Accumulated losses, which stood at more than VND 29 billion and could constrain dividend capacity.