LPBank Securities (LPS) Debuts on HoSE, Q2 Profit Surges 140%

Overview

LPBank Securities (LPBS) officially listed on HoSE under ticker LPS on August 18, with shares rising about 6% in the first session. The company posted strong Q2/2026 results, with revenue up 276% and pre-tax profit up 140% year-on-year. The listing also brought the substantial shareholdings of two Gen Z children of chairman Nguyen Duc Thuy onto the exchange.

Key Facts

• LPS began trading on HoSE on August 18 with a reference price of VND 30,000 per share; shares rose to VND 31,800 by midday, up ~6%.
• Over 1.4 billion LPS shares were listed, with charter capital exceeding VND 14,086 billion.
• Nguyen Ngoc My Anh (born 2001) and Nguyen Xuan Thai (born 2003) each hold 190.02 million LPS shares, equivalent to 13.49% of post-IPO capital.
• At VND 31,800 per share, each sibling’s stake is worth approximately VND 6,043 billion; combined, they hold about VND 12,085 billion in LPS shares.
• Q2/2026 revenue reached nearly VND 1,664 billion, up 276% YoY; pre-tax profit was VND 628 billion, up 140% YoY, a record quarterly profit.
• H1/2026 revenue was VND 2,717 billion, nearly 5x YoY; pre-tax profit exceeded VND 718 billion, up 2.3x YoY, completing ~42% of the 2026 target of VND 1,700 billion.
• Revenue from FVTPL financial assets was about VND 940 billion in Q2, while lending revenue reached VND 351 billion, up over 5x YoY.

What Happened

LPBank Securities (LPBS) made its debut on the Ho Chi Minh City Stock Exchange (HoSE) on August 18, with over 1.4 billion shares trading under ticker LPS. The reference price was set at VND 30,000 per share, matching the IPO price. In the first session, the stock quickly advanced to VND 31,800, a gain of about 6%.

The listing highlighted the significant wealth of two young shareholders: Nguyen Ngoc My Anh (born 2001) and Nguyen Xuan Thai (born 2003), children of Nguyen Duc Thuy, a prominent banker and chairman of LPBS. According to company disclosures, each holds 190.02 million LPS shares, representing 13.49% of post-IPO capital. At the midday price, each stake was worth about VND 6,043 billion, totaling over VND 12,085 billion for the siblings.

Both siblings hold executive roles: My Anh is Assistant to the CEO of Sacombank and Chairman of Ninh Binh Football Club; Thai is a board member of LPBS, Vice Chairman of Sacom Digital Asset Exchange (SCEX), and Chairman of Thai Hoang Capital. The company’s strong financial performance underpins the listing, with Q2/2026 revenue and profit surging, driven mainly by gains on financial assets and a fivefold increase in lending revenue.

Market Context

LPS’s debut comes amid a robust performance for Vietnamese securities stocks, as market activity and retail participation remain elevated. The stock’s 6% first-day gain is modest compared to some recent listings, but the company’s strong earnings growth and large market cap (approximately USD 482.8 million) position it as a notable player. LPBS is now among the larger securities firms on HoSE, with charter capital exceeding VND 14,086 billion. The listing also adds to the wealth of the Thuy family, whose stakes are now publicly valued.

Strategic Significance

The listing of LPBS on HoSE provides the company with greater access to capital and enhances its visibility among institutional investors. The strong Q2 results, particularly the surge in FVTPL income and lending revenue, indicate that LPBS is capitalizing on favorable market conditions and expanding its credit activities. The involvement of the Thuy family, with ties to Sacombank, may also signal closer integration between banking and securities operations, potentially offering cross-selling opportunities. For long-term investors, LPBS’s growth trajectory and strategic positioning within the LPBank ecosystem are key factors to monitor.

What to Watch

• Q3/2026 earnings release, expected in October, to see if growth momentum continues.
• Progress toward the 2026 pre-tax profit target of VND 1,700 billion; H1 completion was 42%.
• Any regulatory changes affecting securities margin lending or proprietary trading, which could impact FVTPL income.
• Further moves by the Thuy family or related entities to increase or decrease stakes in LPBS.
• Market share data for LPBS in brokerage and underwriting, to assess competitive positioning.