Kafi Securities (KAI) Lists 750 Million Shares on UPCoM at VND 15,000

Overview

Kafi Securities (ticker KAI) began trading 750 million shares on UPCoM on September 9, 2026, at a reference price of VND 15,000 per share, following more than four years of restructuring. The listing gives the Ho Chi Minh City-based brokerage a public market valuation for the first time and shifts investor focus toward capital efficiency and market share. KAI closed at VND 11,900 on September 16, below its debut reference price.

Key Facts

• 750 million KAI shares commenced trading on UPCoM on September 9, 2026, at a reference price of VND 15,000 per share.
• H1 2026 operating revenue reached approximately VND 2,024 billion, up 104% year on year.
• Pre-tax profit for H1 2026 was nearly VND 370 billion, up 155% year on year.
• Total assets stood at more than VND 26,100 billion and equity at more than VND 8,200 billion as of June 30, 2026, per reviewed semi-annual financial statements.
• Margin lending balance reached nearly VND 11,675 billion at end-June 2026, more than double the VND 5,300 billion recorded at end-2024.
• Charter capital rose from roughly VND 1,000 billion in 2022 to VND 5,000 billion in 2024 and VND 7,500 billion in 2025.
• Interest income from lending rose 79% and brokerage revenue rose 41% year on year in H1 2026.
• KAI closed at VND 11,900 on September 16, 2026.

What Happened

Kafi Securities listed its entire 750 million-share register on UPCoM on September 9, 2026, at a VND 15,000 reference price. Trading in the first sessions showed relatively wide price swings before the band gradually narrowed, a pattern typical of newly listed shares as the market establishes a price level from supply, demand and investor expectations. The company said the listing marks a new phase in which it is publicly valued by the market, while the longer-term story rests on converting scale into market share, profit and higher returns on capital.

Chief Executive Officer Trinh Thanh Can said the market always applies its own valuation at each point in time and that the company must respect those signals. He added that for management, the more important factor is demonstrating efficiency through actual results, pointing to how effectively capital is used, whether market share improves and whether profit growth is sustainable. The comments were made in an interview published alongside the listing.

Market Context

KAI trades on UPCoM, Vietnam’s unlisted public company market, which typically carries wider price bands and thinner liquidity than the HOSE or HNX main boards. The stock closed at VND 11,900 on September 16, about 21% below the VND 15,000 reference price set at listing, indicating that early secondary-market demand settled below the debut level. The listing adds another brokerage to a Vietnamese securities sector that has seen strong margin lending growth and rising competition for retail market share, with the VN-Index’s direction and daily turnover remaining the key swing factors for sector earnings.

Strategic Significance

Kafi’s investment case now rests on whether a balance sheet built over four years of rapid capital raising can generate returns above its cost of funding. Margin lending of VND 11,675 billion against equity of VND 8,200 billion implies meaningful financial leverage, so the spread earned on margin loans versus funding costs, and the credit quality of that loan book, will drive return on equity more than headline asset growth. The company’s push into derivatives, asset management, covered warrants and investment banking is an attempt to diversify fee income away from brokerage and lending, which are cyclical and price-competitive. For long-term investors, the key question is whether Kafi can lift market share among Vietnam’s top-ten brokerages without compressing margins, and whether the UPCoM listing improves access to capital and disclosure discipline.

What to Watch

• Q3 2026 financial statements, which will show whether the 104% revenue growth rate and 155% profit growth rate are sustained after listing.
• Monthly and quarterly market share data for brokerage and margin lending, to test whether Kafi is closing the gap with larger peers.
• Any plan to move from UPCoM to a main board such as HOSE or HNX, which would require additional disclosure and listing criteria.
• Changes in the margin lending balance and any provisions for doubtful loans, given leverage relative to equity.
• Foreign ownership room and shareholder structure filings, which will indicate institutional demand for the newly listed shares.