SHS Q1 2026: Pre-Tax Profit Hits VND 280B, Loan Balance Up 126%

Overview

Công ty Cổ phần Chứng khoán Sài Gòn - Hà Nội (SHS) reported strong Q1 2026 financial results, with pre-tax profit reaching VND 280 billion. The securities firm saw its loan balance grow 126% year-on-year to a record VND 10,502 billion, while brokerage revenue increased 86% YoY. These figures come alongside the formal announcement of SHS’s comprehensive 2026-2030 transformation strategy, approved at its 2026 Annual General Meeting.

Key Facts

• Q1 2026 pre-tax profit: VND 280 billion.
• Loan balance as of March 31, 2026: VND 10,502 billion, up 126% YoY and 15% from the start of the year.
• Q1 2026 brokerage revenue: nearly VND 97 billion, up 86% YoY.
• Total assets as of March 31, 2026: VND 22,367 billion, up 47% YoY.
• Full-year 2026 targets: revenue of VND 3,739 billion and pre-tax profit of VND 1,718 billion.
• Strategic goal: achieve top-10 positions in brokerage market share and operational efficiency among Vietnamese securities firms.
• The 2026-2030 transformation strategy was formally approved at the SHS 2026 Annual General Meeting.

What Happened

According to its Q1 2026 financial report, SHS recorded a pre-tax profit of VND 280 billion. The firm’s loan balance reached approximately VND 10,502 billion as of March 31, 2026, marking a 126% increase compared to Q1 2025 and a 15% rise from the beginning of 2026. This represents a record high in the company’s operational history. Brokerage revenue for the quarter was nearly VND 97 billion, an 86% year-on-year increase, reflecting growth despite what the company describes as increasingly fierce competition in the sector.

At its 2026 Annual General Meeting, SHS officially announced a comprehensive transformation strategy for the 2026-2030 period, with 2026 designated as the starting point for restructuring its growth model. The approved plan sets a 2026 revenue target of VND 3,739 billion and a pre-tax profit target of VND 1,718 billion. The strategy aims to position SHS among the top 10 securities companies in terms of operational efficiency and brokerage market share. Management highlighted a focus on developing financial services and asset management segments as part of this direction.

Market Context

SHS trades on the Ho Chi Minh Stock Exchange (HOSE). The stock closed at VND 18,000 on April 15, 2026, up 1.10% on volume of 23.4 million shares. The Q1 results and strategic announcement come amid a volatile Vietnamese stock market characterized by high liquidity, driven by expectations of a market upgrade, stable interest rates, and improved investor sentiment. However, the securities sector faces pressure from short-term profit-taking, global economic fluctuations, and intensifying competition.

Strategic Significance

The Q1 performance demonstrates SHS’s ability to expand its core lending and brokerage businesses significantly, even in a competitive environment. The record loan balance suggests effective risk management and customer base expansion. The formal launch of the 2026-2030 transformation strategy provides a concrete, multi-year framework for investors to assess the company’s ambition to shift from a traditional brokerage model towards a more diversified financial services platform, with explicit targets for market position and profitability.

What to Watch

• Progress toward the full-year 2026 targets of VND 3,739 billion in revenue and VND 1,718 billion in pre-tax profit.
• Quarterly updates on loan balance growth and brokerage market share to gauge the execution of the transformation strategy.
• Further details on the implementation of the new operational philosophy and the development of the financial services and asset management segments.
• Market reaction to the competitive landscape, particularly as other securities firms also pursue growth and diversification.