DSC Securities Targets Record Profit in 2026, Leverages TC Group Ecosystem

Overview

DSC Securities (DSC) held its 2026 Annual General Meeting on April 16, approving a business plan targeting record pre-tax profit of VND 356 billion and revenue of VND 747 billion, representing year-on-year growth of 3% and 7% respectively. The company aims to maximize margin lending profitability and leverage the ecosystem of TC Group (Tập đoàn Thành Công) for sustainable client revenue.

Key Facts

• DSC targets 2026 pre-tax profit of VND 356 billion, up 3% from 2025’s VND 344 billion.
• 2026 revenue target is VND 747 billion, up 7% from 2025’s VND 695 billion.
• In 2025, DSC achieved revenue of VND 695 billion (+38% YoY) and pre-tax profit of VND 344 billion (+55.9% YoY), exceeding plans by 123% and 132% respectively.
• The 2026 plan focuses on maximizing margin lending net interest income and flexibly restructuring proprietary trading portfolios.
• DSC will deepen client exploitation from the TC Group ecosystem rather than pursuing market share at all costs.
• Vietnam’s stock market was upgraded by FTSE Russell from Frontier to Secondary Emerging Market, effective September 2026, which DSC expects to attract international capital.

What Happened

On April 16, 2026, DSC Securities (DSC) held its Annual General Meeting of Shareholders, approving the 2026 business plan with record-high targets. The company’s leadership cited expectations of continued macroeconomic recovery, stable foreign investment flows, and supportive government policies for capital market development. However, they acknowledged global uncertainties including geopolitical tensions, trade protectionism, and policy shifts in major economies.

DSC’s strategy for 2026 centers on maximizing profitability from margin lending, targeting record outstanding loan balances, and flexibly adjusting its proprietary trading portfolio to align with market cash flows. The company also emphasized leveraging the TC Group ecosystem to generate stable, sustainable client revenue, reducing reliance on short-term market fluctuations.

Market Context

DSC trades on HOSE. The company’s 2025 results significantly exceeded targets, with revenue up 38% and profit up 55.9% year-on-year. The 2026 targets represent a more moderate growth trajectory, reflecting cautious optimism amid global headwinds. The broader Vietnamese stock market is expected to benefit from the FTSE Russell upgrade to Secondary Emerging Market status, effective September 2026, which could boost liquidity and foreign investment.

Strategic Significance

DSC’s focus on margin lending and ecosystem-based client acquisition differentiates it from peers pursuing aggressive market share growth. By deepening ties with TC Group, DSC aims to build a more resilient revenue base less sensitive to market volatility. The moderate growth targets suggest management prioritizes profitability and stability over rapid expansion, which may appeal to risk-averse investors. The FTSE upgrade provides a favorable macro tailwind for the securities sector.

What to Watch

• DSC’s quarterly margin loan balances and net interest margin trends in 2026.
• Client acquisition metrics from the TC Group ecosystem versus organic growth.
• Impact of FTSE Russell upgrade on DSC’s brokerage and custody revenues from September 2026.
• DSC’s proprietary trading performance and portfolio composition changes.
• Any dividend or capital increase announcements following the record profit target.