F88 raises 2026 profit target to 1.5 trillion VND after strong H1
This Aveluro analysis covers F88 on UPCOM in the Financial Services sector. The classified event type is earnings beat, with positive sentiment and a deterministic market-impact score of 9.8/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from VnExpress - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
F88 (UPCOM: F88) announced strong first-half results, with pre-tax profit surging 140.5% to 686 billion VND, and raised its 2026 pre-tax profit target to 1,500 billion VND, up 65% from 2025. The company’s loan book reached 9,400 billion VND, and it expects to exceed 1,000 branches in September.
Key Facts
- Pre-tax profit for H1 2026: 686 billion VND, up 140.5% year-on-year, reaching 61% of the annual plan.
- Total revenue for H1 2026: 2,758 billion VND, up 51% year-on-year.
- 2026 pre-tax profit target raised to 1,500 billion VND, up 65% from 2025 and 32% above the shareholder-approved plan.
- Loan book: approximately 9,400 billion VND.
- Branch network: over 980 branches in 34 provinces, expected to exceed 1,000 in September.
- New borrowers: nearly 89,000, with mobile app downloads approaching 1 million by end of June.
- Net write-off ratio in Q2: 3.6%, up slightly from 3.5% in Q1; on-time payment ratio at 83.6%.
What Happened
F88’s Chief Financial Officer, Trần Mai Thảo, announced the results during a recent update, noting that the company is close to achieving its full-year profit target. The H1 financial statements, reviewed by KPMG, show robust growth driven by credit demand in F88’s target segment and the opening of 27 new branches. The combination of physical branches and bank partnerships brought nearly 89,000 new borrowers.
F88 also highlighted that lower-cost capital products launched in late 2025 have attracted new customers and boosted repeat business. Thảo emphasized that growth comes from disciplined execution and market share gains, not from aggressive credit loosening. The company has implemented tighter credit measures across the system to prepare for adverse scenarios, with risk indicators expected to improve in Q4.
Market Context
F88 trades on UPCOM, with shares closing at 60,000 VND on August 24, 2026. The company operates in the alternative finance sector, focusing on secured consumer lending. The broader Vietnamese market has seen increasing demand for consumer credit, and F88’s expansion aligns with this trend. The company’s risk metrics, such as the B0-to-B1 migration ratio at 3.2%, remain below warning thresholds, indicating controlled asset quality.
Strategic Significance
F88’s raised guidance signals confidence in its growth trajectory and risk management capabilities. The company is balancing portfolio expansion with risk control, aiming to optimize net profit efficiency. Its focus on disciplined underwriting and branch expansion positions it well to capture market share in the underserved consumer lending segment. The 2026 target of 1,500 billion VND pre-tax profit implies continued strong growth, supported by a growing loan book and improved operational leverage.
What to Watch
- Q3 2026 results: Monitor whether risk indicators, such as net write-off ratio, remain within control.
- Branch expansion: Confirm if F88 exceeds 1,000 branches in September as planned.
- Loan book growth: Track whether the 9,400 billion VND loan book continues to expand at a sustainable pace.
- Regulatory changes: Watch for any policy shifts affecting consumer lending or alternative finance.
- Q4 2026 earnings: Assess if asset quality improves as management expects, supporting the raised profit target.