BMS Plans HOSE Listing with 215 Million Shares, Market Cap Near VND 2.9 Trillion

Overview

Bao Minh Securities (BMS), a mid-sized Vietnamese brokerage with a market capitalization of nearly VND 2.9 trillion, has announced plans to list its shares on the Ho Chi Minh Stock Exchange (HOSE). The company will register 215,148,036 shares for listing, a move that could enhance liquidity and visibility for the stock, currently trading on the UPCOM market.

Key Facts

• BMS plans to list 215,148,036 shares on HOSE, as per a board resolution.
• The stock currently trades on UPCOM at VND 13,300 per share, giving a market cap of approximately VND 2.9 trillion (about USD 116 million).
• In Q2/2026, BMS reported operating revenue of VND 167 billion, up 17% year-on-year.
• Q2/2026 after-tax profit reached nearly VND 75 billion, up 21% year-on-year.
• First-half 2026 cumulative after-tax profit stood at nearly VND 111 billion.
• The board has authorized the CEO to proceed with all necessary steps for the listing.

What Happened

Bao Minh Securities (BMS) announced via a board resolution that it has updated its plan to list its shares on HOSE. The resolution specifies the number of shares to be listed at 215,148,036 units. The board has delegated and authorized the General Director to continue organizing and deciding all related matters to complete the listing registration in accordance with legal regulations.

Currently, BMS shares are traded on the UPCOM market, with a recent closing price of VND 13,100 on August 2, 2026, and a market capitalization of roughly VND 2.9 trillion. The company’s business performance has been solid: in Q2/2026, operating revenue reached VND 167 billion, up 17% year-on-year, driven mainly by gains from FVTPL assets (over VND 143 billion), plus VND 12 billion from HTM assets and nearly VND 5 billion from loans and receivables. After-tax profit for the quarter was nearly VND 75 billion, up 21% year-on-year, bringing first-half profit to almost VND 111 billion.

Market Context

BMS is currently listed on UPCOM, the unlisted public company market, where it has a market cap of about VND 2.9 trillion. The move to HOSE is likely aimed at improving trading liquidity and attracting broader institutional interest. In the Vietnamese securities sector, several brokerages have recently upgraded their listings to HOSE to gain better valuation and access to capital. BMS’s recent price action shows the stock closing at VND 13,100 on August 2, 2026, slightly below the VND 13,300 level cited in the announcement.

Strategic Significance

For long-term investors, the HOSE listing represents a strategic step for BMS to enhance its corporate profile and potentially increase its valuation. A main-board listing typically brings greater transparency, stricter governance standards, and higher trading volumes, which can be beneficial for shareholders. The company’s solid earnings growth, with a 21% increase in quarterly profit, suggests a stable operational base. This move could also position BMS to raise capital more efficiently in the future, supporting its expansion in Vietnam’s growing securities market.

What to Watch

• Official approval from HOSE and the State Securities Commission (SSC) for the listing.
• Timeline for the actual listing date and any share price adjustment.
• Q3/2026 earnings results to confirm sustained profit growth.
• Any changes in foreign ownership limits or investor interest post-listing.
• Potential capital raising activities following the listing.