SSI Q1 2026 Profit Surges 52% to VND 1.6 Trillion; Multiple Firms Report Losses

Overview

SSI Securities Corporation (SSI) reported Q1/2026 consolidated pre-tax profit of VND 1,593 billion, a 52% year-on-year increase. Other notable earnings beats include Sabeco (SAB) with VND 1,548 billion (+51%), Navico (ANV) with VND 237 billion (+64%), and NTP with VND 303 billion (+19%). In contrast, VEFAC (VEF) saw profit plunge 99% to VND 175 billion due to a high base from a prior-year project transfer, while PVC-MT (PXM), Du lich Phu Tho (DSP), and Nosco (NOS) reported losses.

Key Facts

• SSI Q1/2026 pre-tax profit: VND 1,593 billion, +52% YoY.
• Sabeco (SAB) Q1/2026 profit: VND 1,548 billion, +51% YoY.
• Navico (ANV) Q1/2026 pre-tax profit: VND 237 billion, +64% YoY.
• NTP Q1/2026 profit: VND 303 billion, +19% YoY.
• VEFAC (VEF) Q1/2026 profit: VND 175 billion, -99% from VND 18,605 billion in Q1/2025 (due to project transfer).
• Thaiholdings (THD) Q1/2026 profit: VND 38 billion, +14% YoY.
• Buon Don Hydropower (BSA) Q1/2026 profit: VND 17 billion, +77% YoY.
• Losses: PXM lost VND 5 billion, DSP lost VND 7 billion, NOS lost VND 36 billion.

What Happened

On April 23, 2026, multiple listed companies released their Q1/2026 financial statements. SSI led the securities sector with a 52% profit surge, driven by strong brokerage and investment income. Sabeco and Navico also posted robust growth, reflecting resilient consumer demand and export performance. NTP maintained steady expansion with 19% profit growth. However, VEFAC’s profit collapsed 99% from an exceptionally high base of VND 18,605 billion in Q1/2025, which had been boosted by a one-time project transfer. Meanwhile, PXM, DSP, and NOS continued to report losses, indicating ongoing operational challenges.

Market Context

SSI shares closed at VND 29 on April 15, 2026, up 0.17% with high volume of 22.2 million shares, reflecting active trading. The broader market has seen mixed sentiment amid Q1 earnings season. SSI’s strong results may reinforce investor confidence in the securities sector. SAB closed at VND 46 (+1.55%) and ANV at VND 25 (-0.40%) on April 10, 2026. The divergence between profit growth and stock performance suggests market participants are pricing in other factors such as valuation and macro outlook.

Strategic Significance

SSI’s Q1 earnings beat underscores its dominant position in Vietnam’s securities industry, benefiting from rising retail participation and corporate finance activity. The 52% profit growth signals robust operational leverage as revenue scales. For SAB and ANV, the results highlight resilience in consumer staples and seafood exports, respectively. VEFAC’s profit plunge is a reminder of the volatility from one-off items; investors should focus on recurring earnings. The persistent losses at PXM, DSP, and NOS indicate structural issues that may require restructuring or capital injection.

What to Watch

• Q2 2026 earnings guidance from SSI and peers for sustainability of growth.
• VEFAC’s Q2 results to assess normalization of earnings after the project transfer.
• Any corporate actions or restructuring plans from loss-making firms (PXM, DSP, NOS).
• Sector-wide trading volumes and brokerage commission trends for securities companies.
• Macroeconomic indicators such as interest rates and FDI flows affecting consumer and export sectors.