Kafi Securities (KAI) Lists 750M Shares on UPCoM at VND 15,000 Reference Price

Overview

Kafi Securities (ticker KAI) began trading 750 million shares on UPCoM on 9 September at a reference price of VND 15,000 per share. The listing follows a rapid capital build-out that lifted charter capital from roughly VND 1,000B in 2022 to VND 7,500B in 2025, and management is now positioning the company around capital efficiency rather than further balance-sheet expansion. For investors, KAI offers a new listed proxy in the securities sector with a margin-lending book already among the ten largest in the market.

Key Facts

• 750 million KAI shares listed on UPCoM on 9 September at a reference price of VND 15,000 per share.
• Charter capital rose from about VND 1,000B in 2022 to VND 5,000B in 2024 and VND 7,500B in 2025.
• H1 2026 revenue reached approximately VND 2,024B, up 104% year-on-year; pre-tax profit was nearly VND 370B, up 155%.
• Total assets stood at more than VND 26,100B and equity at more than VND 8,200B as of 30 June 2026.
• Margin lending balance reached nearly VND 11,675B at 30 June 2026, more than double the VND 5,300B at end-2024.
• Client trading value in H1 2026 exceeded VND 93,000B, up 101% year-on-year.
• Brokerage market share remains around 1%, while the top 10 HoSE brokers’ combined share fell from 69.05% in Q1 to 65.19% in Q2 2026.

What Happened

In an interview accompanying the listing, Kafi CEO Trinh Thanh Can said the market will form its own view of the company over time, but that management’s priority is demonstrating execution: how efficiently capital is used, whether market share improves, and whether profit growth is sustainable. He described the 2022-2026 period as one of rapid scaling, during which Kafi expanded from brokerage and margin lending into derivatives, asset management, covered warrants, investment banking and capital markets activities.

According to the reviewed H1 2026 financial statements, interest income from loans rose 79% and brokerage revenue rose 41% year-on-year. The CEO said a larger capital base only matters if it generates more customers, revenue and profit, and that the next phase will focus on capital efficiency, asset quality and return ratios. The article does not disclose a specific listing valuation or a forward profit target.

Market Context

KAI closed at VND 12,100 on 15 September 2026, below the VND 15,000 reference price set at listing, after the article noted sharp early price swings before the stock sought a balance range. The shares trade on UPCoM, Vietnam’s unlisted public company market, which typically carries wider price bands and thinner liquidity than HOSE or HNX. The securities sector has been a direct beneficiary of rising market turnover, and Kafi’s margin book places it in the top 10 by lending balance even as its brokerage share remains near 1%.

Strategic Significance

The core thesis for KAI is a capital-efficiency catch-up story: the company has already built the balance sheet, and the question is whether margin lending and trading activity convert into durable market share and returns. The dispersion in HoSE brokerage share, with roughly 35% of the market outside the top 10, gives mid-tier firms a structural opening if they can convert lending relationships into execution flow. For long-term investors, the key variable is not asset growth but return on equity and asset quality as the margin book seasons.

What to Watch

• Q3 2026 financial statements for margin lending balance, provisioning and return on equity trends.
• Monthly or quarterly HoSE brokerage market share data to see whether Kafi moves above the 1% level.
• UPCoM price stabilization and liquidity in KAI shares relative to the VND 15,000 reference price.
• Any disclosure on capital-raising plans, convertible bonds or further charter capital increases.
• Regulatory filings on foreign ownership limits and shareholder structure for the newly listed shares.