National Securities to Buy 12M SAM Shares, Stake to 4.88%

Overview

National Securities Corporation (NSI) has registered to purchase 12 million shares of SAM Holdings (SAM) on the HOSE, aiming to increase its ownership from 1.9% to 4.88%. The transaction, scheduled from August 28 to September 26, 2026, comes as SAM reports robust Q2/2026 earnings with revenue up 60.7% year-on-year.

Key Facts

• NSI plans to buy 12 million SAM shares via negotiated and/or order-matching methods.
• The purchase will raise NSI’s stake from 1.9% (over 7.6 million shares) to 4.88% (over 19.6 million shares).
• The transaction window is August 28, 2026, to September 26, 2026.
• In late July 2026, NSI sold 10 million SAM shares, reducing its stake from 4.38% to 1.9%.
• SAM’s Q2/2026 net revenue reached VND 2,256 billion, up 60.7% year-on-year.
• Q2/2026 net profit was over VND 42 billion, up 23.5% from Q2/2025.
• For H1/2026, SAM’s revenue rose 57% to VND 4,031 billion, and net profit increased 45.6% to over VND 57 billion.

What Happened

National Securities Corporation (NSI) has announced a plan to acquire 12 million shares of SAM Holdings (SAM), a HOSE-listed technology company. The purchase, intended for portfolio restructuring, is set to occur between August 28 and September 26, 2026, using negotiated and/or order-matching methods. If successful, NSI’s stake in SAM will rise from 1.9% to 4.88%.

This move follows a recent sale: from July 27 to July 28, 2026, NSI sold 10 million SAM shares, cutting its holding from 4.38% to 1.9%. The transactions involve related parties: Tran Viet Anh, Chairman of SAM’s board, holds over 10% of NSI’s capital, and Bui Quang Bach, an NSI board member, is also an independent board member at SAM.

SAM’s Q2/2026 financial results show strong growth: net revenue of VND 2,256 billion (up 60.7%), gross profit of over VND 70 billion (up 28.2%), and financial revenue of VND 63 billion (up 105.9%). However, losses from associates and joint ventures were over VND 1 billion, versus a gain of nearly VND 12 billion a year earlier. Net profit for the quarter was over VND 42 billion, up 23.5%.

Market Context

SAM closed at VND 6,030 on August 24, 2026. The stock’s recent price action reflects investor sentiment around its earnings momentum and ownership changes. NSI’s planned accumulation, following a quick sell-and-buy cycle, may signal a strategic rebalancing rather than a directional bet. SAM operates in the technology sector on HOSE, and its fundamentals have improved, with total assets up 6.8% to VND 7,657 billion and liabilities up 19.1% to VND 2,866 billion by end-Q2.

Strategic Significance

For long-term investors, NSI’s stake increase to 4.88% could indicate growing institutional interest in SAM, potentially enhancing corporate governance and liquidity. The related-party links between NSI and SAM suggest a coordinated strategy, possibly to support SAM’s capital needs or to consolidate influence. SAM’s strong revenue growth, driven by financial activities and core operations, supports a positive outlook. However, the recent sale and repurchase pattern warrants caution, as it may reflect short-term trading rather than a long-term commitment.

What to Watch

• Completion of NSI’s purchase by September 26, 2026, and any further stake changes.
• SAM’s Q3/2026 earnings report for sustained growth in revenue and profit.
• Any regulatory filings or announcements regarding related-party transactions.
• SAM’s stock price reaction to the stake increase and earnings results.
• NSI’s portfolio strategy, including any additional buys or sells in SAM shares.