SHS: Do Quang Vinh Exits Vietravel Airlines Board as H1 Profit Falls 52.4%

Overview

Saigon-Hanoi Securities (SHS) disclosed that Vietravel Airlines is no longer a related party of its chairman, Do Quang Vinh, effective August 18, after he left the airline’s board of directors. The same announcement cycle carried SHS’s audited H1 2026 results, which showed operating revenue down more than 19% and after-tax profit down 52.4% year-on-year. Both items matter to SHS holders because they touch governance-linked party disclosure and the broker’s core earnings power at the same time.

Key Facts

• Do Quang Vinh ceased to be a board member of Vietnam Travel Aviation JSC (Vietravel Airlines), ending the company’s related-party status with SHS from August 18.
• Vinh, born 1989, is chairman of SHS, vice chairman and deputy general director of SHB, and chairman of fund manager BVIM.
• He joined the Vietravel Airlines board in April 2025; his younger brother, Do Vinh Quang, was elected airline chairman at that time, replacing Nguyen Quoc Ky.
• SHS audited H1 2026 operating revenue reached more than VND 1,015 billion, down over 19% year-on-year.
• FVTPL gains fell 81% to VND 149 billion; lending and receivables income rose 110% to nearly VND 589 billion; brokerage revenue rose nearly 47% to over VND 181 billion.
• Operating expenses fell nearly 29% to more than VND 239 billion; after-tax profit came in at VND 307.6 billion, down 52.4%.
• Vietravel Airlines received an additional Airbus A321 on September 21, with entry into service planned from October 1, plus two new domestic routes from Ho Chi Minh City to Hai Phong and Thanh Hoa and a Hanoi-Shenzhen international route in preparation.

What Happened

SHS published a notice of change in related parties of internal persons, stating that Vietravel Airlines no longer qualifies as a related organization of Do Quang Vinh as of August 18. The stated reason is that Vinh no longer holds a seat on the airline’s board. Vinh had joined that board in April 2025 during a governance reshuffle at the carrier, when his brother Do Vinh Quang was elected chairman in place of Nguyen Quoc Ky.

The disclosure landed alongside SHS’s reviewed half-year financial statements. Management attributed the profit decline mainly to proprietary trading, which was hit by fair-value movements in the FVTPL portfolio at period end. The filing does not disclose a transaction value or any shareholding change tied to the board exit, and it does not state whether SHS or its affiliates hold any stake in Vietravel Airlines.

Market Context

SHS trades on HNX and closed at 13,900 on September 24, 2026. The stock sits in the securities sector, where earnings are highly geared to proprietary trading marks and margin lending volumes. The H1 mix shows that gearing clearly: FVTPL gains collapsed 81% while lending income more than doubled, a rotation typical of a market where margin demand holds up but mark-to-market gains on the house portfolio do not. The related-party disclosure is a governance item rather than a capital event, but it removes a formal link between the listed broker and a private airline.

Strategic Significance

For long-term holders, the board exit simplifies SHS’s related-party map: Vietravel Airlines is a privately held carrier with an aggressive fleet and route expansion plan, and its removal from SHS’s disclosure perimeter reduces the governance surface investors must track. The more material issue is earnings quality. SHS’s H1 result shows a broker increasingly dependent on lending and brokerage spreads, with proprietary trading no longer carrying the P&L. That is a more durable revenue base if margin balances hold, but it also means reported profit will track interest income and market turnover rather than portfolio marks. The overlap of Do family interests across SHS, SHB and BVIM remains the key governance lens for the stock.

What to Watch

• SHS Q3 2026 results and whether FVTPL gains recover from the H1 trough.
• Margin lending balances and lending income, which offset the proprietary trading decline in H1.
• Any further related-party filings from SHS involving SHB, BVIM or Vietravel Airlines.
• Vietravel Airlines’ October route launches and A321 deployment, which affect the carrier’s standalone risk profile.
• HNX disclosure updates on Do Quang Vinh’s board and officer positions across the group.