SHS Bonus Share Issue: 45 Million Shares at 100:5 Ratio

Overview

Saigon-Hanoi Securities (SHS), listed on the HNX, has finalized a plan to issue 44,973,111 bonus shares to existing shareholders at a 100:5 ratio, lifting charter capital by nearly VND 450B to more than VND 9,444B. The plan was approved at the annual general meeting on 17 April 2026 and forms the first component of a broader 2026 capital-raising program. The company is chaired by Đỗ Quang Vinh.

Key Facts

• Bonus issue size: 44,973,111 shares, funded from owner’s equity.
• Exercise ratio: 100:5, meaning shareholders receive 5 new shares for every 100 held.
• Current charter capital: VND 8,994.6B; post-issue target: over VND 9,444B.
• Post-issue share count: approximately 944 million shares.
• Full 2026 capital plan: up to 106.97 million new shares, including a 47 million-share private placement and 15 million ESOP shares.
• If all components complete, charter capital would reach roughly VND 10,064B.
• 2026 targets: revenue of VND 3,739B and pre-tax profit of VND 1,718B; H1 2026 actuals were VND 1,017B revenue and VND 370B pre-tax profit.
• Total assets at 30 June 2026: VND 27,567B, up nearly 20% from end-2025.
• Reference price: SHS closed at VND 14,900 per share on 10 September 2026.

What Happened

SHS finalized the implementation plan for the bonus share issuance, drawing on owner’s equity to increase share capital. Under the approved terms, existing shareholders on the record date will receive five new shares for every 100 held, a 5% entitlement ratio. The issuance adds 44,973,111 shares, taking total shares outstanding to roughly 944 million and charter capital to more than VND 9,444B from VND 8,994.6B.

The bonus issue is one of three components in the 2026 capital plan approved by shareholders at the 17 April 2026 annual general meeting. Alongside the bonus shares, SHS intends to privately place 47 million shares with investors and issue 15 million shares under an employee stock ownership plan (ESOP). If all three components are completed, the company would issue a maximum of more than 106.97 million shares, lifting charter capital to approximately VND 10,064B. The article does not disclose the pricing or timetable for the private placement and ESOP tranches.

Market Context

SHS trades on the HNX, Vietnam’s smaller of the two main stock exchanges. The stock closed at VND 14,900 per share on 10 September 2026, and the most recent session on 11 September 2026 saw a close of VND 15,000, down 1.34% on volume of 4,147,200 shares. The bonus issue comes as SHS reports total assets of VND 27,567B at 30 June 2026, up nearly 20% from end-2025, and H1 2026 pre-tax profit of VND 370B against a full-year target of VND 1,718B. The securities sector in Vietnam has been sensitive to margin lending demand and market liquidity, both of which influence brokerage capital needs.

Strategic Significance

For long-term investors, the bonus issue is primarily a capital-structure event rather than a change in underlying value: it increases share count without raising new cash. The more consequential elements are the private placement and ESOP tranches, which would bring fresh capital and could dilute existing holders depending on pricing. The full plan, if completed, would expand charter capital by roughly 12% from current levels, giving SHS more balance-sheet capacity for margin lending and proprietary activity. The company’s H1 2026 pre-tax profit of VND 370B represents about 22% of the full-year target, leaving a heavy second-half weighting to meet the VND 1,718B goal.

What to Watch

• Record date and ex-rights date for the 100:5 bonus issue, not yet disclosed.
• Terms, pricing and timetable for the 47 million-share private placement.
• ESOP issuance details, including exercise price and vesting conditions.
• Q3 2026 earnings, to assess progress against the VND 1,718B pre-tax profit target.
• Any HNX or State Securities Commission filings confirming the post-issue charter capital update.