LPS Securities 9M2026 Pre-Tax Profit Hits VND 895B, Up 107% YoY

Overview

Công ty Cổ phần Chứng khoán LPS (HOSE: LPS) reported 9M2026 pre-tax profit of nearly VND 895 billion, up 107% year-on-year, according to its newly published financial statements. Operating revenue reached VND 4,273 billion, almost 4.4 times the same period last year, while total assets rose 33% from the start of the year to VND 39,909 billion. The result stands out because it was achieved while overall market liquidity fell sharply.

Key Facts

• 9M2026 pre-tax profit: nearly VND 895 billion, +107% year-on-year.
• 9M2026 operating revenue: VND 4,273 billion, roughly 4.4x the prior-year period.
• Q3/2026 operating revenue: VND 1,556 billion, +261.5% year-on-year.
• Total assets at 30/9/2026: VND 39,909 billion, +33% year-to-date; equity VND 17,912 billion, +36% versus 2025.
• Margin lending and advances against securities sales: VND 12,417 billion, +18% year-to-date; FVTPL portfolio VND 17,457 billion, +53%.
• FVTPL gains: VND 937 billion in Q3/2026 (more than 5x YoY) and VND 2,494 billion for 9M2026; lending interest reached VND 409 billion in Q3 and VND 1,061 billion for 9M.
• Credit rating of A- assigned by VIS Rating on 11/9/2026; LPS reports relationships with more than 40 banks and financial institutions and total credit lines above VND 50,000 billion.

What Happened

The figures come from LPS’s newly disclosed financial statements, as reported in the Vietnamese financial press. The company said total assets reached VND 39,909 billion at 30 September 2026, up 33% from the beginning of the year, while equity rose 36% to VND 17,912 billion, which it describes as placing it among the top seven securities firms by equity. LPS attributed the expansion in part to its listing on HOSE.

Revenue growth was driven mainly by proprietary trading and lending. Gains on FVTPL financial assets reached VND 937 billion in Q3/2026, more than five times the prior-year quarter, and VND 2,494 billion for the nine months. Interest from loans and receivables reached VND 409 billion in Q3, five times year-on-year, and VND 1,061 billion for 9M2026. Underwriting and securities issuance agency revenue contributed VND 50 billion in Q3 and VND 200 billion for the nine months. On funding, LPS said it completed two bond issuances this year and expects a third in Q4/2026, and it received an A- credit rating from VIS Rating, an affiliate of Moody’s Singapore Pte Ltd, on 11 September 2026. The article does not disclose the full-year 2026 profit plan figure against which the company says it is tracking.

Market Context

LPS trades on HOSE and closed at VND 17,200 on 20 October 2026. The reported profit growth contrasts with a domestic market in which liquidity has contracted sharply, a backdrop that has weighed on brokerage and margin-lending revenue across the securities sector. LPS’s revenue mix, weighted toward FVTPL gains and lending interest rather than pure brokerage, helps explain the divergence from peers more exposed to trading turnover. The company’s equity base places it in the upper tier of Vietnamese securities firms by capital, a segment where scale increasingly determines access to margin funding and bond issuance.

Strategic Significance

The thesis for LPS rests on balance-sheet scale rather than market beta. Equity of VND 17,912 billion and credit lines above VND 50,000 billion give it room to expand margin lending and proprietary positions even when retail turnover falls, and the A- rating from a Moody’s-affiliated agency is a credential that foreign institutional counterparties weigh when extending funding. The concentration in FVTPL income is the key risk: those gains are mark-to-market and depend on the firm’s own trading book, so the 107% profit growth is not a purely recurring earnings base. How much of the nine-month result came from realized versus unrealized gains is not disclosed in the source article.

What to Watch

• Q4/2026 and full-year 2026 results, including the split between realized and unrealized FVTPL gains.
• Completion of the planned third bond issuance in Q4/2026 and its coupon and tenor.
• Whether the company discloses the 2026 pre-tax profit plan and the percentage achieved against it.
• Margin lending balances and any change in the VND 12,417 billion figure as market liquidity evolves.
• Any rating action or update from VIS Rating following the 11/9/2026 A- assignment.