VDSC (VDS) Q3 2026: First VND 105 Billion Pre-Tax Loss of Earnings Season

Overview

Chứng khoán Rồng Việt (VDSC, ticker VDS on HOSE) reported a parent-company pre-tax loss of VND 105 billion for Q3 2026, against a VND 310 billion pre-tax profit in the same quarter of 2025, according to the company’s freshly released quarterly financial statements. It is the first listed company in this Q3 2026 reporting round to post a hundred-billion-dong loss, and the swing drags the nine-month parent-company result to a VND 81 billion pre-tax loss from a VND 318 billion profit a year earlier.

Key Facts

• Q3 2026 parent-company pre-tax loss: VND 105 billion, versus a VND 310 billion pre-tax profit in Q3 2025.
• Nine-month 2026 parent-company pre-tax loss: VND 81 billion, versus a VND 318 billion profit in the same period of 2025.
• The figures are stated on a parent-company basis, as reported in the Q3 2026 financial statements released on 18 October.
• VDS closed at VND 9,900 on 17 October 2026.
• Peer KAFI Securities booked Q3 2026 pre-tax profit of VND 171 billion, down 13% year on year, with nine-month pre-tax profit of VND 541 billion, up 58%.
• Among the other reporters, Thủy điện Nước Trong (NTH) posted Q3 pre-tax profit of VND 3 billion, down 78%, and Sông Ba (SBA) VND 27 billion, down 49%.
• Kim loại màu Thái Nguyên (TMG) reported Q3 pre-tax profit of VND 84 billion, up 305%, and Gas Shipping (GSP) VND 11 billion, up 212%.

What Happened

The loss disclosure came in the company’s Q3 2026 financial statements, part of the 18 October earnings roundup. The filing shows a full reversal from profitability at the parent level: a VND 105 billion pre-tax loss in the quarter against a VND 310 billion profit a year earlier, and a nine-month loss of VND 81 billion against a VND 318 billion profit over January-September 2025. The source article does not break out the revenue, proprietary trading, margin lending or provision lines that drove the swing, and it does not disclose consolidated figures.

The same reporting batch showed a mixed securities sector. KAFI Securities earned VND 171 billion pre-tax in the quarter, down 13% year on year, but its nine-month profit of VND 541 billion was up 58%, implying a strong first half. Outside financials, the results were similarly divergent: NTH fell 78% in the quarter, SBA fell 49%, SBM slipped 6% and SBL dropped 89%, while TMG rose 305%, GSP rose 212% and Bia Hà Nội - Hải Dương (HAD) rose 33%. VP Tanker (VPA) narrowed its quarterly loss to VND 4 billion from VND 9 billion.

Market Context

VDS last traded at VND 9,900 on 17 October 2026, a low absolute price that reflects a small-cap brokerage valuation and leaves limited room for further de-rating on a per-share basis. The result lands in a quarter where securities firms overall have benefited from elevated market liquidity, making VDSC’s loss an outlier rather than a sector signal; KAFI’s 58% nine-month profit growth underlines the divergence. The broader Vietnamese market has been sensitive to brokerage earnings as a proxy for retail participation, so a hundred-billion-dong loss at a HOSE-listed broker will draw scrutiny of margin debt and proprietary books across the small-cap segment.

Strategic Significance

The strategic question for VDS is whether the Q3 loss reflects a one-off mark-to-market hit on the proprietary portfolio or a structural squeeze on brokerage and margin economics. A single quarter can erase a year of accumulated profit, as the nine-month swing from VND 318 billion profit to an VND 81 billion loss demonstrates, which argues for investors to weight capital adequacy and funding cost over headline revenue growth. For the wider sector, the dispersion between VDSC and KAFI in the same quarter suggests that scale and product mix, not market direction alone, are separating winners from laggards in 2026.

What to Watch

• The full Q3 2026 financial statements, including revenue, proprietary trading and provision line items, once published in detail.
• Any consolidated figures versus the parent-company numbers cited here.
• Q4 2026 trading liquidity and margin lending balances across HOSE brokers.
• Further securities-sector Q3 results to confirm whether VDSC is an isolated case.
• Company disclosure on the drivers of the proprietary trading result, if any.