ORS Leads 10 Vietnam Securities Firms with 1,961% Q1 Profit Surge

Overview

Ten Vietnamese securities companies reported strong Q1 2026 profit growth, with many posting triple-digit increases. ORS (Chứng khoán Tiên Phong) led with a 1,961% pretax profit surge to VND 42 billion, though most gains came from a low base. The group includes NHSV, PGSV, WSS, HDS, PSI, FNS, HVS, GTJA, and CASC.

Key Facts

• ORS pretax profit reached VND 42 billion in Q1 2026, up 1,961% from VND 2 billion in Q1 2025.
• ORS revenue was VND 270 billion, with operating costs down 71% year-on-year.
• ORS targets full-year 2026 pretax profit of VND 428 billion (+190%) and revenue of VND 2,250 billion (+50%).
• NHSV posted VND 22 billion profit, up 700% from VND 3 billion.
• PGSV profit rose 550% to VND 12 billion from VND 2 billion.
• HDS recorded the largest absolute profit in the group at VND 352 billion, up 259% from VND 98 billion.
• Ten companies reported triple-digit profit growth in Q1 2026, versus only three in Q1 2025.

What Happened

According to the company’s financial statements, ORS (Chứng khoán Tiên Phong) reported Q1 2026 pretax profit of VND 42 billion, a 1,961% increase from the same period last year. The strong result was driven by revenue of VND 270 billion and a sharp 71% reduction in operating costs, which improved profit margins. ORS has set ambitious full-year targets: revenue of VND 2,250 billion (+50%) and pretax profit of VND 428 billion (+190%).

Nine other small- and mid-cap securities firms also reported triple-digit profit growth. NHSV profit rose 700% to VND 22 billion, PGSV profit increased 550% to VND 12 billion, and WSS profit grew 321% to VND 12 billion. HDS, the largest in the group by profit, posted VND 352 billion (+259%). PSI, FNS, HVS, GTJA, and CASC also reported gains ranging from 122% to 239%. However, most of these companies started from a low base in Q1 2025, inflating the percentage growth.

Market Context

ORS closed at VND 14 on April 10, 2026, down 0.37% with volume of 1.99 million shares. The stock trades on HOSE. The broader securities sector has seen mixed performance amid moderate market turnover. While the Q1 earnings season shows strong growth for small-cap brokers, the absolute profit levels remain modest compared to larger peers. The sector’s outlook depends on market liquidity and brokerage fee income trends.

Strategic Significance

The Q1 results highlight a recovery in profitability for smaller securities firms after a weak 2025. ORS’s cost control and revenue growth suggest operational improvements, but the low base effect means investors should focus on absolute profit and full-year guidance. The 2026 targets imply a significant ramp-up in revenue and profit, which will test execution. For the group, sustained market activity and margin expansion are key to maintaining growth.

What to Watch

• ORS’s Q2 2026 earnings release to see if revenue and cost trends continue.
• Full-year 2026 guidance achievement for ORS and other firms.
• Market turnover on HOSE and HNX, which drives brokerage income.
• Any regulatory changes affecting securities company operations.
• Foreign ownership limits and capital raising plans among the group.