HD Securities (HDS) 9M 2026 Profit Jumps 3.7x, Tops Full-Year 2025

Overview

HD Securities (HDS) reported 9M 2026 pre-tax profit of VND 2,241 billion, 3.7x the year-earlier period and already 1.7x the full-year 2025 figure of VND 1,314 billion. The result was driven by a near tenfold jump in bond underwriting and issuance agency revenue, which lifted the investment banking segment to 36.5% of operating revenue. HDS has completed 66% of its 2026 pre-tax profit plan after three quarters.

Key Facts

• Q3 2026 operating revenue reached VND 1,130 billion, nearly 3x year-on-year; pre-tax profit was VND 769 billion and after-tax profit VND 615 billion, both more than 3x Q3 2025.
• 9M 2026 operating revenue totaled VND 3,018 billion (2.6x year-on-year) and after-tax profit VND 1,804 billion.
• Bond underwriting and issuance agency revenue for 9M 2026 reached VND 982 billion, 9.8x year-on-year; combined with financial advisory, the investment banking segment contributed VND 1,102 billion, or 36.5% of operating revenue.
• Q3 2026 underwriting and agency revenue alone was VND 371 billion, 14x the VND 26.5 billion recorded in Q3 2025, though below the VND 601 billion booked in Q2.
• Capital and investment activities contributed VND 1,477 billion, or 48.9% of 9M operating revenue; brokerage, custody and margin lending added VND 438 billion (14.5%).
• 87% of 9M pre-tax profit was realized, with a pre-tax margin of 74% and annualized ROE of 27.5%, despite equity rising roughly 4x since the start of the year.
• Retail investor bond trading value through HDS in Q3 2026 was approximately VND 100,300 billion; in 2025 the company ranked second among non-bank corporate bond advisory firms with an 18% market share.

What Happened

According to the Q3 2026 financial statements released by HD Securities (CTCP Chứng khoán HD), the company booked operating revenue of VND 1,130 billion for the quarter, close to three times the prior-year figure. Pre-tax profit came in at VND 769 billion and after-tax profit at VND 615 billion, each more than triple Q3 2025. On a cumulative basis, nine-month operating revenue reached VND 3,018 billion and pre-tax profit VND 2,241 billion, respectively 2.6x and 3.7x year-on-year, with after-tax profit of VND 1,804 billion.

The filing attributes the expansion to the investment banking franchise. Bond underwriting and issuance agency revenue for the nine months reached VND 982 billion, 9.8x the prior-year period, and the segment’s Q3 contribution of VND 371 billion was 14x the VND 26.5 billion booked a year earlier. HDS noted that the first and third quarters are typically low season for corporate bond issuance, which explains the sequential decline from VND 601 billion in Q2. The company also flagged a shift in revenue mix: brokerage, custody and margin lending rose to 20.4% of Q3 revenue from 11% in the first half, part of a stated goal of balancing four core business lines.

Market Context

HDS trades on UPCOM, the unlisted public company market, which typically carries thinner disclosure and liquidity than the HOSE or HNX main boards. The earnings release follows a broad pattern of Vietnamese securities firms reporting multiplicative profit growth in Q3 2026, with the source article noting a wave of companies posting year-on-year increases, some above 500%. The price-context block was not provided, so this note does not comment on HDS’s recent share price performance or valuation. Sector-wide, brokerage earnings have been supported by active retail participation and a recovering corporate bond market, and HDS’s 18% share of non-bank bond advisory in 2025 places it among the larger independent underwriters.

Strategic Significance

The quality of the result matters more than the headline multiple. With 87% of pre-tax profit realized rather than mark-to-market, and a 74% pre-tax margin, HDS is demonstrating that its underwriting franchise converts into cash earnings rather than paper gains. The 27.5% annualized ROE is achieved on an equity base roughly four times larger than at the start of the year, which suggests the new capital is being deployed productively rather than diluting returns. The concentration in FVTPL assets, where bonds make up more than 95% of the portfolio, is the key risk: gains from financial asset sales contributed VND 842 billion of the VND 1,332 billion FVTPL income, and a widening of credit spreads or a slowdown in primary issuance would pressure both the investment banking and proprietary books simultaneously.

What to Watch

• Q4 2026 and full-year results, to confirm whether the seasonal rebound in corporate bond issuance lifts underwriting revenue back above the VND 601 billion Q2 level.
• The remaining 34% of the 2026 pre-tax profit plan, and whether management revises the target upward at the next shareholder or investor update.
• Composition of the FVTPL bond portfolio and any credit-loss provisions, given that bond holdings exceed 95% of financial assets.
• Market share in non-bank corporate bond advisory through 2026, against the 18% recorded in 2025.
• Any UPCOM disclosure on capital increases or convertible issuance, following the roughly 4x expansion in equity during 2026.