VPS Securities (VCK) 9M Profit Up 26.7% to VND 4,044B, Holds 11.54% HOSE Brokerage Share

Overview

VPS Securities (ticker VCK, HOSE) reported 9-month 2026 pre-tax profit of VND 4,044 billion, up 26.7% year-on-year, on operating revenue of VND 6,949 billion (+17.8%). The firm retained its leading brokerage market share on HOSE at 11.54% even as Q3 market liquidity fell sharply, with margin lending emerging as the main growth driver.

Key Facts

• 9M 2026 pre-tax profit: VND 4,044 billion, +26.7% YoY; after-tax profit: VND 3,233 billion, +26.1%.
• 9M operating revenue: VND 6,949 billion, +17.8% YoY; pre-tax margin improved to 58.2% from 54.1%.
• Q3 2026 operating revenue: VND 2,076 billion (-23.3% YoY); pre-tax profit: VND 1,119 billion (-19.8%); after-tax profit: VND 894 billion (-20.7%).
• Q3 average daily trading value across the three exchanges: about VND 18,600 billion per session, down 58% YoY.
• Margin lending income 9M: VND 2,926 billion, +68.3% YoY; outstanding margin loans at 30 September 2026: VND 25,363 billion, +14.9% year-to-date.
• Brokerage revenue 9M: VND 2,122 billion, -25.6% YoY; HOSE market share: 11.54%, ranking first.
• 9M results fulfilled 60.4% of the 2026 revenue plan and 70.3% of the pre-tax profit plan approved by the Annual General Meeting of Shareholders.

What Happened

VPS Securities, listed on HOSE under ticker VCK, closed the first nine months of 2026 with pre-tax profit of VND 4,044 billion, an increase of 26.7% from the same period last year, according to the company’s earnings release. Operating revenue for the nine months reached VND 6,949 billion, up 17.8%, while after-tax profit rose 26.1% to VND 3,233 billion. The faster growth in profit than revenue lifted the nine-month pre-tax margin to 58.2% from 54.1% a year earlier.

The third quarter was weaker on a year-on-year basis, reflecting a broad contraction in market activity. Q3 operating revenue fell 23.3% to VND 2,076 billion, pre-tax profit declined 19.8% to VND 1,119 billion, and after-tax profit dropped 20.7% to VND 894 billion. VPS attributed the decline to low market liquidity: average daily trading value across the three exchanges in Q3 was about VND 18,600 billion per session, down 58% from Q3 2025. Despite the lower top line, the Q3 pre-tax margin improved to 53.9% from 51.5%. Margin lending remained the key growth engine, with nine-month income from margin loans up 68.3% to VND 2,926 billion and outstanding margin balances reaching VND 25,363 billion at 30 September 2026, up 14.9% since the start of the year. Brokerage revenue fell 25.6% to VND 2,122 billion, but VPS kept its No. 1 position on HOSE with an 11.54% market share. Gains from FVTPL financial assets rose 56.8% to VND 1,251 billion, and the investment banking unit recorded VND 61 billion in Q3 revenue from M&A advisory and securities issuance services.

Market Context

VCK closed at VND 28,250 on 21 October 2026. The securities sector has been pressured by a sharp drop in market turnover, with Q3 average daily value down 58% year-on-year, which weighs on brokerage commissions across the industry. VPS’s ability to grow profit despite that backdrop reflects its shift toward margin lending and proprietary trading gains. The stock’s recent price level should be read against the company’s 70.3% completion of its full-year pre-tax profit plan after only nine months, which leaves room for either an upgrade to guidance or a buffer against a weak fourth quarter.

Strategic Significance

VPS’s results highlight a structural shift in its earnings mix: margin lending now generates more revenue than brokerage, and its 68.3% growth in that segment came while market liquidity was contracting and interest rates stayed high. That combination suggests pricing power and risk management discipline rather than a cyclical tailwind. The 11.54% HOSE market share, defended during a volume slump, supports the thesis that VPS’s retail franchise is sticky and can monetise through lending even when trading activity is muted. For long-term investors, the key question is whether margin growth can continue without a rise in funding costs or credit losses, and whether the FVTPL gains that boosted nine-month profit are repeatable.

What to Watch

• Q4 2026 trading liquidity on HOSE, HNX and UPCOM, and whether average daily value recovers from the Q3 level of VND 18,600 billion.
• Growth and asset quality of the margin loan book, which stood at VND 25,363 billion at 30 September 2026.
• Any update to the 2026 pre-tax profit plan, given 70.3% completion after nine months.
• Funding cost trends and the company’s access to capital as margin lending expands.
• Sustainability of FVTPL gains, which contributed VND 1,251 billion in the nine-month period.