APG Securities Posts VND 108B Q3 Loss as KOS Bet Collapses 83%

Overview

APG Securities (APG, HOSE) reported a Q3/2026 after-tax loss of VND 108 billion, reversing a VND 19 billion profit a year earlier, after a VND 119 billion fair-value loss on financial assets held through profit or loss (FVTPL). The loss stems from a listed equity portfolio with a VND 227 billion cost basis concentrated entirely in KOS of Kosy Group, a stock that has fallen 83% over 25 consecutive floor sessions.

Key Facts

• Q3/2026 after-tax loss of VND 108 billion versus a VND 19 billion profit in Q3/2025; pre-tax loss also VND 108 billion against a VND 20 billion profit a year earlier.
• Operating revenue fell 21% year on year to VND 69 billion; FVTPL gains dropped 93% to VND 2 billion and brokerage revenue fell 81% to VND 425 million.
• Operating expenses rose 751% to VND 124 billion, including a VND 119 billion FVTPL revaluation loss and a VND 563 million loss on disposal of financial assets.
• The listed equity portfolio carried a VND 227 billion cost basis at 30 September 2026, unchanged from end-2025, but fair value fell from VND 228 billion to VND 100 billion, 56% lower and VND 127 billion below cost.
• APG’s reviewed H1/2026 financial statements show the listed portfolio consists solely of KOS shares of Kosy Group.
• KOS closed at VND 5,050 per share on 23 October 2026, down 83% since the floor-price streak began on 21 September 2026.
• Nine-month 2026 revenue reached VND 214 billion, down 22%, with an after-tax loss of VND 105 billion versus a VND 21 billion profit in the same period of 2025.

What Happened

In its Q3/2026 financial statements, APG Securities attributed the VND 108 billion after-tax loss mainly to the mark-to-market revaluation of FVTPL financial assets. Interest income from held-to-maturity investments reached VND 42.5 billion, up 121%, and income from loans and receivables was VND 23 billion, down 8%, but neither offset the revaluation charge. The company’s notes to the accounts show the listed equity portfolio’s fair value fell to VND 100 billion at 30 September 2026 from VND 228 billion at 31 December 2025, leaving it VND 127 billion below its VND 227 billion cost.

APG’s reviewed H1/2026 statements identify KOS of Kosy Group as the sole holding in that listed portfolio, and the cost basis is unchanged, suggesting the position was held through the quarter. KOS has hit the floor price in every session since 21 September 2026, 25 sessions in a row, closing at VND 5,050 on 23 October. In a filing, Kosy Group attributed the decline to market factors, citing continued market weakness, margin lending cuts by securities firms on its shares and forced liquidation. Local press has reported the forced sale of more than 560,000 KOS shares held by the Kosy Group chairman on 14 October 2026.

Market Context

APG closed at VND 4,080 on 24 October 2026, while KOS closed at VND 5,050, extending a slide that has erased most of the property developer’s market value in about a month. The episode sits within a softer phase for Vietnamese equities in which securities firms have been trimming margin ratios on higher-risk names, feeding forced selling in already illiquid small caps. For APG, a HOSE-listed broker with a modest revenue base, the concentration risk has moved from a disclosure item to a direct hit on book value and earnings.

Strategic Significance

The core issue for long-term holders is portfolio governance rather than quarterly volatility. APG committed its entire listed equity book, VND 227 billion against nine-month operating revenue of VND 214 billion, to a single property developer, so the firm’s earnings and net asset value now move with KOS rather than with brokerage or treasury activity. The offsetting strength in held-to-maturity interest income shows the fixed-income book is performing, but it cannot absorb a VND 127 billion unrealized shortfall. Until APG discloses any reduction of the KOS stake or a diversification of the listed portfolio, the investment case depends on a recovery in a stock that has been unable to trade above its floor for 25 sessions.

What to Watch

• APG’s Q4/2026 and full-year 2026 financial statements, and whether the KOS position is reduced or reclassified.
• Further disclosures on the KOS cost basis and any additional provisioning at the 31 December 2026 measurement date.
• Kosy Group filings on margin lending, forced liquidation and insider transactions in KOS shares.
• Liquidity in KOS: the first session without a floor-price close and any change in foreign-ownership or free-float data.
• Any HOSE or regulatory query on APG’s portfolio concentration and risk-management disclosures.