CVS Securities Posts 17th Straight Quarterly Loss, Accumulated Deficit Tops VND 183.5 Billion

Overview

CTCP Chứng khoán CV (ticker CVS) reported a Q3/2026 after-tax loss of more than VND 2.6 billion, its 17th consecutive loss-making quarter running from Q3/2022. The result, disclosed in the company’s quarterly financial statements, lifted accumulated losses to nearly VND 183.5 billion even as nine-month revenue grew about 31% year on year.

Key Facts

• Q3/2026 operating revenue reached more than VND 8.3 billion, up nearly 7% year on year.
• Q3/2026 after-tax loss was more than VND 2.6 billion, narrowing about 51% from a loss of nearly VND 5.3 billion in Q3/2025.
• Nine-month 2026 operating revenue was more than VND 24 billion, up roughly 31%; pre-tax loss was more than VND 38.6 billion versus VND 18.4 billion a year earlier.
• A VND 27.3 billion other-expense item in Q2/2026 drove a VND 31 billion loss in that single quarter.
• At 30 September 2026, total assets were nearly VND 279 billion, down more than VND 38 billion from the start of the year; held-to-maturity investments fell to VND 72 billion from VND 230 billion.
• Margin lending balance reached more than VND 67.5 billion, versus nearly VND 25.6 billion at end-2025; total loans reached nearly VND 79 billion.
• Accumulated losses reached nearly VND 183.5 billion against charter capital of VND 456.75 billion, leaving equity at about VND 273.3 billion.

What Happened

CVS’s Q3 filing shows operating revenue of more than VND 8.3 billion, up nearly 7% year on year. Interest from held-to-maturity (HTM) investments fell 9.2% to more than VND 3.5 billion, while income from loans and receivables jumped 115% to more than VND 2.8 billion. Brokerage revenue fell 27.7% to nearly VND 1.9 billion, and custody revenue rose 159% to a still-small VND 39 million. Operating costs fell sharply from VND 9 billion to more than VND 5.7 billion, mainly through cuts to brokerage expenses, but securities-firm administration costs rose from nearly VND 4 billion to VND 5 billion.

In its explanation, CVS attributed the revenue improvement to margin lending, advances against securities sales and custody activity as the market recovered, and said cost reduction helped narrow the year-on-year loss. The nine-month picture is weaker: revenue rose about 31% to more than VND 24 billion, but the pre-tax loss doubled to more than VND 38.6 billion, largely because of a VND 27.3 billion other-expense item booked in Q2/2026 that produced a VND 31 billion loss in that quarter alone. CVS was founded in 2009 as Chứng khoán Hồng Bàng, renamed Chứng khoán Hưng Thịnh in 2015 and Chứng khoán CV in 2018; it is associated with the owner of the MoMo e-wallet, CTCP Dịch vụ Di động Trực tuyến.

Market Context

CVS trades on the HNX. The company sits at the small end of Vietnam’s securities sector, where scale, margin-lending capacity and proprietary investment books separate profitable brokers from sub-scale operators. Its balance sheet shifted markedly during 2026: HTM holdings, all term bank deposits, fell from VND 230 billion to VND 72 billion while margin loans more than doubled, concentrating risk in a lending book that depends on sustained market liquidity. The article does not provide a share price or valuation context block, so recent price action is not assessed here.

Strategic Significance

The core issue for long-term holders is capital erosion rather than a single quarter’s result. Accumulated losses of nearly VND 183.5 billion now equal roughly 40% of charter capital, and equity has fallen to about VND 273.3 billion. Under Vietnamese securities regulations, sustained losses and shrinking equity can constrain a broker’s ability to expand margin lending, launch new products or meet capital-adequacy thresholds, which in turn limits the revenue base needed to break the loss cycle. The Q2 other-expense item also shows how a single non-recurring charge can erase an entire year of operating progress at this scale. The MoMo affiliation is a potential distribution channel but has not, on the reported numbers, translated into brokerage or margin share.

What to Watch

• Q4/2026 and full-year 2026 financial statements, to see whether the loss narrows for a third consecutive quarter.
• Disclosure of the nature of the VND 27.3 billion other expense booked in Q2/2026 and whether any further charges are pending.
• Equity and accumulated-loss figures relative to charter capital in the 2026 annual report, and any regulatory correspondence on capital adequacy.
• Margin lending balance and any bad-debt provisioning on the VND 67.5 billion margin book as market liquidity shifts.
• Any capital-raising plan, shareholder support from the MoMo-linked parent, or restructuring announcement from CVS.