LPBS Gets HoSE Listing Approval, Posts Record Q2 Profit of 628B VND

Overview

LPBank Securities (LPBS) has received approval from the Ho Chi Minh City Stock Exchange (HoSE) to list its shares, following a successful IPO in June 2026. The company also reported a record quarterly pre-tax profit of 628 billion VND for Q2/2026, up 140% year-on-year, on revenue that surged 276% to nearly 1,664 billion VND. The listing adds a major new securities firm to the main board, with a charter capital of over 14,086.6 billion VND.

Key Facts

• HoSE approved the listing of over 1.4 billion LPBS shares, equivalent to a charter capital of 14,086.6 billion VND.
• LPBS completed an IPO of 141.86 million shares to 1,005 domestic investors on June 16, 2026, at 30,000 VND per share, raising over 4,256 billion VND.
• Q2/2026 pre-tax profit reached a record 628 billion VND, up 140% year-on-year.
• Q2/2026 operating revenue was nearly 1,664 billion VND, up 276% year-on-year.
• The largest revenue contributor was gains from financial assets at FVTPL (940 billion VND, +230%), followed by margin lending (351 billion VND, +426%).
• H1/2026 pre-tax profit was over 718 billion VND, up 2.3x year-on-year, achieving 42% of the full-year target of 1,700 billion VND.
• Total assets as of June 30, 2026, stood at 38,088 billion VND, up 27% from the start of the year.

What Happened

The Ho Chi Minh City Stock Exchange announced its decision to approve the listing of LPBS shares (ticker LPS) on July 21, 2026. The listing follows the company’s IPO of 141.86 million shares on June 16, 2026, which was oversubscribed by domestic investors. The IPO price was set at 30,000 VND per share, raising over 4,256 billion VND. Proceeds will be allocated primarily to margin lending (45%), other financial product investments (42.75%), proprietary trading (11.75%), and IT infrastructure (0.5%).

Concurrently, LPBS reported its Q2/2026 financial results, showing record profitability. Pre-tax profit surged 140% year-on-year to 628 billion VND, while operating revenue jumped 276% to nearly 1,664 billion VND. The strong performance was driven by a 230% increase in gains from FVTPL financial assets and a 426% surge in margin lending income. The company also recorded 150 billion VND from underwriting and agency issuance, compared to none in the same period last year. However, the brokerage segment reported a gross loss of over 1 billion VND due to rising costs.

Market Context

LPBS is a subsidiary of LPBank (LPB), which trades on HOSE. LPB shares closed at 54,600 VND on July 21, 2026. The listing of LPBS on HoSE adds a well-capitalized securities firm to the main exchange, with a charter capital of 14,086.6 billion VND. The Vietnamese securities sector has seen increased competition, but LPBS’s strong capital base and connection to LPBank may provide a competitive edge in margin lending and underwriting. The company’s H1/2026 results show it is on track to meet its full-year profit target of 1,700 billion VND.

Strategic Significance

The HoSE listing enhances LPBS’s visibility and access to capital, allowing it to expand its market share in brokerage, margin lending, and investment banking. The IPO proceeds will significantly boost its lending capacity, which is already growing rapidly (margin loans up 30% in H1). The company’s focus on FVTPL assets and margin lending aligns with the current market trend of rising retail participation and credit demand. LPBS’s connection to LPBank provides a stable funding source and client base, potentially differentiating it from standalone securities firms.

What to Watch

• First day of trading on HoSE and price performance relative to IPO price of 30,000 VND.
• Q3/2026 earnings release to see if profit growth momentum continues.
• Margin loan growth and asset quality metrics, given the rapid expansion.
• Any further capital raising plans or M&A activity to support growth.
• Regulatory changes affecting securities margin lending or proprietary trading.