HSC (HCM) Disburses VND 2,700B Margin Capital as Q3 Profit Falls 32.5%

Overview

CTCP Chứng khoán TP.HCM (HSC, ticker HCM on HOSE) reported that it has fully disbursed the nearly VND 2,700 billion raised from its public offering of roughly 270 million shares at VND 10,000 per share, with the proceeds directed to margin lending. The deployment was disclosed in a report on the use of offering proceeds filed under the public offering certificate issued by the State Securities Commission. The news lands alongside a softer Q3/2026 result, with revenue down 25.3% and net profit down 32.5% year-on-year.

Key Facts

• HSC sold nearly 270 million shares at VND 10,000 per share on 22 September 2026, raising close to VND 2,700 billion.
• Net proceeds after issuance costs were approximately VND 2,699.8 billion.
• The full amount was disbursed between 30 September 2026 and 30 October 2026, per the stated use-of-proceeds plan.
• Q3/2026 total operating revenue was approximately VND 1,243.6 billion, down 25.3% year-on-year; net profit was approximately VND 297.2 billion, down 32.5%.
• Brokerage revenue fell from approximately VND 506.7 billion to approximately VND 152 billion, leaving net brokerage profit of about VND 6.7 billion after VND 145.3 billion of operating costs.
• Nine-month 2026 revenue was approximately VND 3,945.4 billion (+5.6%) and net profit approximately VND 861.1 billion, equal to 46.8% of the VND 1,841 billion full-year target.
• Total assets stood at approximately VND 43,044.4 billion at 30 September 2026, down 7.4% from the start of the year; total liabilities were approximately VND 28,539.3 billion, down 10.7%.

What Happened

HSC filed a report on the progress of using proceeds from its public share offering, made under public offering certificate No. 317/GCN-UBCK granted by the State Securities Commission on 30 June 2026. According to the filing, the company completed the sale of nearly 270 million shares at VND 10,000 each on 22 September 2026, raising close to VND 2,700 billion. After deducting issuance expenses, net proceeds came to approximately VND 2,699.8 billion.

The stated plan was to add capital to the company’s margin lending business. HSC said it disbursed the entire net amount between 30 September and 30 October 2026, in line with the approved use of funds. Separately, the Q3/2026 financial statements showed total operating revenue of approximately VND 1,243.6 billion, down 25.3% year-on-year, and net profit of approximately VND 297.2 billion, down 32.5%. The decline was driven mainly by brokerage, where revenue fell to roughly VND 152 billion from VND 506.7 billion, and by weaker proprietary trading, with gains on FVTPL assets down 60.7% to about VND 142.3 billion against more than VND 62.2 billion of losses on those assets. Interest income from loans and receivables rose 18.1% to approximately VND 757.7 billion, though borrowing costs for lending rose to more than VND 508.1 billion from VND 391.3 billion.

Market Context

HCM on HOSE last closed at VND 23,550 on 6 November 2026. The offering price of VND 10,000 per share sits well below the current market price, a gap that reflects both the dilution from the roughly 270 million new shares and the discount typical of Vietnamese rights-style offerings. The securities sector has been pressured through 2026 by cooling brokerage turnover and thinner proprietary gains, and HSC’s Q3 numbers fit that pattern: margin and lending income grew while trading and brokerage contracted. The company’s balance sheet also shrank, with total assets down 7.4% and liabilities down 10.7% since the start of the year, even as fresh equity was raised.

Strategic Significance

For long-term holders, the central question is whether the VND 2,700 billion of new equity can earn more than its cost. HSC has chosen to route the entire raise into margin lending, the one segment still growing, with interest income up 18.1% year-on-year. That is a deliberate bet that loan demand will absorb the capital at spreads wide enough to offset rising funding costs, which already climbed to more than VND 508.1 billion in the quarter. The trade-off is that the raise dilutes earnings per share just as headline profit is falling, and nine-month profit at 46.8% of the annual plan implies a demanding fourth quarter. How quickly the new margin book is deployed, and at what yield, will determine whether the capital raise is accretive or simply defensive.

What to Watch

• Q4/2026 financial statements, expected in late January 2027, for margin lending balances and the yield on the newly deployed capital.
• The full-year 2026 profit outturn against the VND 1,841 billion target, given the 46.8% nine-month completion rate.
• Monthly brokerage market-share data from HOSE and the Hanoi exchange for signs of a turnover recovery.
• Any further shareholder or foreign-ownership filings following the dilution from the 270 million new shares.
• Borrowing-cost trends and SBV policy signals, which feed directly into HSC’s margin funding expense.