MBS Q3 2026 Profit Falls 6% as HVS Vietnam Surges 264%

Overview

MB Securities (HNX: MBS) reported Q3 2026 pre-tax profit of approximately VND 394 billion, down 6% year on year, despite operating revenue rising 25% to VND 1,453 billion. HVS Vietnam Securities (HVS) delivered the quarter’s sharpest growth at 264%, while BIS Securities stayed in loss. The early filings offer the first read on how Vietnam’s securities sector is diverging as brokerage income weakens and proprietary gains carry results.

Key Facts

• MBS Q3 2026 pre-tax profit: ~VND 394 billion, down ~6% YoY; operating revenue ~VND 1,453 billion, up 25%.
• MBS Q3 brokerage revenue: ~VND 128 billion, down 65% YoY.
• MBS Q3 FVTPL gains: ~VND 593 billion, up ~145% YoY; loan and receivable interest income: ~VND 487 billion, up 19%; AFS gains: over VND 127 billion.
• MBS 9M 2026: operating revenue over VND 3,668 billion (+40%), pre-tax profit ~VND 1,140 billion (+11%), after-tax profit ~VND 908 billion (+10%), equal to ~62% of the VND 1,850 billion full-year pre-tax target.
• HVS Q3 2026: operating revenue over VND 5.16 billion (+77%), pre-tax profit over VND 2.1 billion (+264%), almost entirely from held-to-maturity (HTM) investment income.
• HVS 9M 2026: operating revenue ~VND 13.7 billion (+96%), pre-tax profit over VND 5.2 billion (+238%), after-tax profit ~VND 4.7 billion.
• BIS Securities Q3 2026 pre-tax loss ~VND 2 billion, narrowed from ~VND 7 billion a year earlier; 9M loss ~VND 2 billion versus ~VND 6.8 billion.

What Happened

According to company earnings disclosures compiled as of the morning of 15 October, three securities firms had reported Q3 and nine-month 2026 figures, showing clear divergence across the sector. MB Securities led the group by scale. Its pre-tax profit slipped about 6% year on year to nearly VND 394 billion, but revenue growth held up, with gains from financial assets measured through profit or loss (FVTPL) reaching almost VND 593 billion, up roughly 145%, and interest from loans and receivables at more than VND 487 billion, up 19%. Income from available-for-sale (AFS) financial assets exceeded VND 127 billion. Brokerage was the weak point: revenue fell 65% year on year to about VND 128 billion.

HVS Vietnam Securities posted the quarter’s largest percentage gain, with pre-tax profit of more than VND 2.1 billion, up 264%, on operating revenue of over VND 5.16 billion, up nearly 77%. Its income came almost entirely from held-to-maturity investments, which generated more than VND 5.16 billion versus VND 2.92 billion a year earlier, while brokerage contributed almost nothing. Operating costs were VND 478 million, and securities-company management costs rose 37% to more than VND 2.54 billion. BIS Securities remained loss-making, reporting a Q3 pre-tax loss of about VND 2 billion, narrower than the roughly VND 7 billion loss in the same period of 2025.

Market Context

MBS closed at VND 14,800 on 14 October 2026 on the Hà Nội Stock Exchange (HNX), where it is one of the larger securities listings by market capitalisation. The Q3 print lands in a sector where cash-equity brokerage has been squeezed by softer retail turnover, pushing earnings quality toward proprietary trading and margin-lending income. MBS’s 9M pre-tax profit of roughly VND 1,140 billion puts it at about 62% of its VND 1,850 billion full-year plan, leaving the fourth quarter to close a gap of roughly VND 710 billion. HVS trades on the unlisted public company market (UPCOM), where liquidity and disclosure standards differ from the main boards.

Strategic Significance

For MBS, the quarter confirms a structural shift rather than a cyclical dip: brokerage revenue fell 65% while FVTPL gains rose 145%, meaning earnings now depend on the firm’s proprietary book and margin lending rather than client flow. That model works while equity markets rise, but it concentrates risk in mark-to-market positions and credit exposure. The 62% target completion after three quarters implies a demanding Q4, and any market pullback would pressure both FVTPL gains and margin balances simultaneously. HVS illustrates the opposite end of the spectrum: a small balance sheet earning HTM coupon income, with negligible brokerage, so its 264% growth reflects a low base rather than a scalable franchise. BIS’s continued loss, even as it narrowed, shows that scale and funding access increasingly separate winners from laggards in the sector.

What to Watch

• MBS Q4 2026 and full-year results against the VND 1,850 billion pre-tax target, with roughly VND 710 billion still required.
• Monthly HNX trading-value data, to test whether the 65% brokerage decline persists or stabilises.
• MBS FVTPL and AFS position disclosures in the Q3 financial statements, to gauge mark-to-market sensitivity.
• Further Q3 filings from larger securities firms, to confirm whether the brokerage slowdown is sector-wide.
• Any HVS or BIS corporate announcements on capital plans, given their small operating bases and, for BIS, continued losses.