HVS Vietnam Securities Q3/2026: Profit Up 387% on HTM Interest

Overview

CTCP Chứng khoán HVS Việt Nam (HVS) became the first Vietnamese securities firm to publish Q3/2026 financial statements, reporting after-tax profit up 387% year-on-year on revenue growth of nearly 77%. The result was driven almost entirely by interest from held-to-maturity (HTM) investments rather than core brokerage activity, a structure that matters for how investors read the quality of the earnings beat.

Key Facts

• Q3/2026 operating revenue exceeded VND 5B, up nearly 77% YoY.
• Q3/2026 pre-tax profit exceeded VND 2B, up 264% YoY; after-tax profit also exceeded VND 2B, up 387% from VND 439M in Q3/2025.
• HTM investment income exceeded VND 5B in the quarter, versus nearly VND 3B a year earlier; brokerage contributed insignificantly.
• 9M/2026 operating revenue reached nearly VND 14B, roughly double 9M/2025, with HTM interest at more than VND 13.6B, over 3x YoY.
• 9M/2026 pre-tax profit was over VND 5.2B (+238%) and after-tax profit nearly VND 4.7B (+240%).
• At 30/9/2026, total assets were over VND 267B (from VND 262.5B at the start of the year); HTM holdings were VND 240.2B versus zero at the start of 2026.
• Cash and cash equivalents fell from over VND 251B to about VND 11B; accumulated losses stood at roughly VND 34B despite the profit surge.

What Happened

According to the company’s Q3/2026 financial statements, HVS recorded operating revenue of more than VND 5B for the quarter, up nearly 77% from the same period in 2025. Pre-tax profit reached over VND 2B, an increase of 264%, while after-tax profit also exceeded VND 2B, up 387% from VND 439M a year earlier. Operating expenses rose 27% to nearly VND 478M, and securities-company management costs increased 37% to more than VND 2.54B, but the revenue expansion more than offset the higher cost base.

The filing attributes the earnings jump almost entirely to interest on held-to-maturity investments, which generated more than VND 5B in Q3 and more than VND 13.6B over the first nine months, versus nearly VND 3B in Q3/2025. Brokerage activity contributed negligibly. On the balance sheet, HVS shifted its asset mix decisively: HTM holdings reached VND 240.2B at 30/9/2026 from zero at the start of the year, while cash and equivalents dropped from over VND 251B to roughly VND 11B. Total assets were over VND 267B, and equity exceeded VND 266B, with charter capital maintained at VND 300B. The company still carried accumulated losses of about VND 34B as of end-September 2026.

Market Context

HVS trades on the Hanoi Stock Exchange (HNX), where smaller securities names often show sharper earnings swings than HOSE-listed peers. The Q3 result reflects a firm that has effectively converted its balance sheet into a fixed-income carry book: nearly all revenue now comes from HTM interest rather than brokerage, margin lending, or proprietary trading. That profile is less sensitive to daily market turnover but highly dependent on deposit and bond yields. The article does not provide HVS’s recent share price performance, so no price-context comparison is available.

Strategic Significance

For long-term investors, the key question is not the 387% headline but the durability of an HTM-driven earnings model. HVS has moved roughly VND 240B, or about 90% of total assets, into held-to-maturity instruments, which locks in interest income but also locks up liquidity and removes optionality to scale brokerage or margin lending if Vietnamese equity volumes recover. With accumulated losses still near VND 34B against charter capital of VND 300B, the company needs sustained HTM yields to fully clear the deficit. The strategy is defensible in a high-rate environment but leaves HVS with limited operating leverage if securities trading activity accelerates across the market.

What to Watch

• Full Q3/2026 financial statement disclosures, including the maturity profile and issuer composition of the VND 240.2B HTM portfolio.
• Whether HVS restores cash and equivalents from the current VND 11B level or continues shifting assets into HTM.
• Q4/2026 and FY2026 results to confirm whether HTM interest income remains above VND 5B per quarter.
• Any change in State Bank of Vietnam deposit or policy rate settings, which directly affect HTM yields.
• Progress in reducing the VND 34B accumulated loss through retained earnings.
• Peer securities firms’ Q3/2026 earnings for comparison of brokerage-driven versus carry-driven results.