DSC Cuts 2026 Profit Target 57.3% to VND 152 Billion After Weak 9M Results

Overview

CTCP Chứng khoán DSC (HOSE: DSC) approved a downward revision to its 2026 business plan, cutting the pre-tax profit target 57.3% to VND 152 billion and the revenue target 14.3% to VND 640 billion. The adjustment follows nine-month results in which pre-tax profit fell 66.8% year on year, with third-quarter profit nearly erased. The revision also matters for BIDV (HOSE: BID), disclosed as DSC’s largest bank creditor.

Key Facts

• 2026 pre-tax profit target cut 57.3%, from the original plan to VND 152 billion.
• 2026 revenue target cut 14.3% to VND 640 billion.
• Q3/2026 operating revenue of nearly VND 161 billion, down 38% year on year.
• Q3/2026 operating costs rose 93% to VND 75.69 billion; pre-tax profit fell 97.5% to VND 4.1 billion.
• 9M/2026 revenue of nearly VND 492 billion (-5% YoY) and pre-tax profit of VND 96.66 billion (-66.8% YoY).
• FVTPL gains fell to nearly VND 54 billion from VND 116 billion; brokerage revenue dropped to just over VND 15 billion from VND 43 billion.
• Total assets of VND 6,823 billion at 30 September 2026 (-3.4% year to date); short-term bank loans of VND 3,680 billion, of which BIDV accounts for about VND 2,420 billion and PGBank VND 910 billion.

What Happened

DSC’s board approved the revised 2026 plan after the company reported weak nine-month figures, according to the company’s announcement and Q3/2026 financial statements. Under the original plan, DSC had completed roughly 66% of its revenue target but only 27% of its profit target; against the revised plan, it has already met 63.5% of the profit goal.

The third quarter drove the shortfall. Operating revenue fell 38% year on year to nearly VND 161 billion while total operating costs jumped 93% to VND 75.69 billion, leaving pre-tax profit of VND 4.1 billion. Gains on financial assets held at fair value through profit or loss (FVTPL) dropped to nearly VND 54 billion from VND 116 billion, and securities brokerage revenue fell to just over VND 15 billion from VND 43 billion. Lending contributed more than VND 73 billion to revenue, and financial advisory revenue rose from VND 640 million to more than VND 8 billion.

Market Context

DSC closed at VND 9,450 on 28 October 2026 on HOSE, a price level consistent with a small-cap brokerage trading well below book value on its listed-equity holdings. The securities sector has faced compressed margin lending spreads and thinner proprietary trading gains through 2026, and DSC’s Q3 shows both pressures at once. BID, the largest creditor to DSC at about VND 2,420 billion, closed at VND 33,650 on the same date; the exposure is small relative to BIDV’s balance sheet but illustrates how brokerage funding runs through the banking system.

Strategic Significance

The revision resets the earnings base investors should use for DSC. At VND 152 billion of pre-tax profit, the company is guiding to a level roughly one-third of its original ambition, and 9M delivery of VND 96.66 billion means the fourth quarter carries a low bar. The structural issue is revenue mix: DSC’s FVTPL portfolio of more than VND 3,064 billion is 45% of total assets and consists mainly of VND 2,550 billion in certificates of deposit, so proprietary gains depend on deposit yields rather than equity upside. Its listed-equity book of about VND 514 billion sits roughly VND 27 billion below cost, and the available-for-sale portfolio is VND 38.96 billion underwater. With VND 3,680 billion of short-term bank loans against VND 2,800 billion of margin lending receivables, funding cost sensitivity is the key variable for any recovery in margin income.

What to Watch

• Q4/2026 financial statements, to test whether the VND 152 billion revised target is met.
• Margin lending balances and the VND 3,680 billion short-term bank debt rollover, including the BIDV and PGBank facilities.
• FVTPL certificate-of-deposit yields and any reallocation into listed equities.
• Brokerage market share trends after Q3 brokerage revenue fell to just over VND 15 billion.
• Any further revision to the 2026 plan or disclosure on the AFS portfolio’s VND 38.96 billion unrealised loss.