EVS Leads Securities Sector Turnaround in Q2 2026; Nine Firms Report Mixed Results

Overview

As of July 17, nine Vietnamese securities companies have released their Q2 2026 financial statements, revealing a predominantly positive earnings season. EVS (HNX: EVS) posted a dramatic turnaround from a loss to a VND 243 billion pre-tax profit, while TCBS continued to dominate the sector with VND 2,097 billion in quarterly profit. Only NESC reported a small loss, highlighting the uneven recovery across the industry.

Key Facts

• EVS reported Q2 2026 pre-tax profit of VND 243 billion, compared to a loss of VND 9 billion in Q2 2025.
• EVS’s FVTPL gains surged to VND 278 billion in Q2 2026, up 13x year-on-year.
• EVS’s first-half 2026 pre-tax profit reached VND 46 billion, up 411% from H1 2025.
• TCBS led the sector with Q2 2026 pre-tax profit of VND 2,097 billion, up 21% year-on-year; H1 profit was VND 3,555 billion (+17%).
• MSVN posted Q2 pre-tax profit of VND 68 billion (+35% y/y); H1 profit of VND 124 billion (+46%).
• GTJA reported Q2 pre-tax profit of VND 15 billion (+30% y/y); H1 profit of VND 28 billion (+72%).
• NESC recorded a Q2 pre-tax loss of VND 0.5 billion, slightly wider than the VND 0.4 billion loss a year ago.

What Happened

According to financial statements released by the companies, EVS (Chứng khoán EVS) achieved a remarkable turnaround in Q2 2026, with pre-tax profit of VND 243 billion versus a loss of VND 9 billion in the same period last year. The improvement was almost entirely attributable to a surge in gains from financial assets at fair value through profit or loss (FVTPL), which reached VND 278 billion, more than 13 times the prior-year figure. For the first half of 2026, EVS’s pre-tax profit totaled VND 46 billion, a 411% increase year-on-year.

Among other firms, MSVN (Chứng khoán Maybank) reported Q2 pre-tax profit of VND 68 billion, up 35% year-on-year, while GTJA (Chứng khoán Guotai Junan Việt Nam) posted VND 15 billion, up 30%. BIS (Chứng khoán BIS) also turned profitable with VND 8 billion in Q2 versus a loss of VND 2 billion a year ago. In contrast, NESC (Chứng khoán Kỷ Nguyên Mới) remained in the red with a pre-tax loss of VND 0.5 billion, slightly worse than the VND 0.4 billion loss in Q2 2025. Earlier reporters TCBS, MBS, JBSV, and HVS all showed positive results, with TCBS leading the sector.

Market Context

EVS shares closed at VND 5,900 on July 16, 2026, on the HNX. The securities sector has been recovering from a challenging 2025, driven by improved market liquidity and rising brokerage income. The Q2 2026 earnings season shows a clear divergence: large-cap firms like TCBS continue to generate substantial profits, while smaller players like NESC struggle. EVS’s strong rebound, however, suggests that even mid-tier brokers can benefit from favorable market conditions.

Strategic Significance

The Q2 2026 results underscore the cyclical nature of the Vietnamese securities industry, where profitability is highly sensitive to market turnover and investment gains. EVS’s reliance on FVTPL gains highlights the importance of proprietary trading for smaller brokers. For long-term investors, the key question is whether these gains are sustainable or reflect a temporary market upswing. TCBS’s consistent leadership indicates a competitive advantage in scale and client base, while NESC’s persistent losses raise concerns about its business model.

What to Watch

• Full Q2 2026 financial reports from remaining securities companies for sector-wide comparison.
• EVS’s Q3 2026 trading update to assess sustainability of FVTPL gains.
• Market turnover data on HOSE and HNX for Q3 2026, as a proxy for brokerage revenue.
• Any regulatory changes affecting margin lending or proprietary trading limits.
• NESC’s restructuring plans or capital increase announcements to address ongoing losses.