VIX Securities Q3 2026 Profit Falls 93% as FVTPL Losses Hit VND 1,717B

Overview

VIX Securities (ticker VIX, HOSE) reported Q3 2026 after-tax profit of VND 174 billion, down 93% from VND 2,449 billion a year earlier, on revenue of VND 2,048 billion, down 36%. The collapse was driven by a swing to FVTPL losses of VND 1,717 billion and a jump in operating costs to VND 1,744 billion, while margin lending fell about VND 1,500 billion from the prior quarter.

Key Facts

• Q3 2026 operating revenue: VND 2,048 billion, down 36% from VND 3,222 billion in Q3 2025.
• Q3 2026 after-tax profit: VND 174 billion, down 93% from VND 2,449 billion; pre-tax profit VND 192 billion, down 94%.
• Operating costs rose from VND 50 billion to VND 1,744 billion, an increase of 3,357%.
• FVTPL losses reached VND 1,717 billion versus a negative VND 11 billion a year earlier; the revaluation differential alone was about VND 1,363 billion.
• FVTPL gains fell 41% to VND 1,630 billion, with gains from sold financial assets dropping from VND 1,375 billion to about VND 89 billion.
• Margin lending stood at about VND 12,415 billion at 30 September 2026, down roughly VND 1,500 billion from end-Q2 and nearly VND 2,944 billion from the start of the year.
• 9M 2026 after-tax profit: VND 388 billion, down 91% from VND 4,123 billion; total assets reached VND 39,860 billion, up 16.7% year-to-date.

What Happened

VIX Securities, formally CTCP Chứng khoán VIX, published its Q3 2026 financial statements showing a sharp reversal from a strong prior-year base. Revenue from proprietary trading and brokerage both weakened: brokerage revenue fell 60% year-on-year to VND 37 billion, while lending and receivables brought in VND 337 billion, down only 1%. The decisive factor was the FVTPL book, where losses of VND 1,717 billion against gains of VND 1,630 billion left a net shortfall of about VND 87 billion, compared with a positive VND 2,762 billion a year earlier.

The statements show operating costs climbing to VND 1,744 billion from VND 50 billion, which the company attributes largely to revaluation and provisioning items tied to the financial asset portfolio. For the nine months to 30 September 2026, operating costs rose 425% to VND 4,239 billion. Total assets nevertheless expanded to VND 39,860 billion, with FVTPL investments at fair value of VND 23,099 billion, including VND 12,311 billion in listed equities and VND 7,603 billion in investment mandates. The filing does not disclose the composition of the FVTPL loss by individual holding.

Market Context

VIX closed at 12,050 on 19 October 2026 on HOSE. The securities sector has been sensitive to daily turnover and margin balances through 2026, and VIX’s results reflect a quarter in which proprietary books moved against the firm while brokerage activity slowed. The 60% drop in brokerage revenue and the VND 1,500 billion reduction in margin loans point to a more cautious client base and tighter collateral management, consistent with a market where retail participation has cooled from 2025 levels.

Strategic Significance

The key issue for long-term holders is the concentration of VIX’s earnings in FVTPL gains rather than recurring brokerage and margin income. With listed equities of VND 12,311 billion and investment mandates of VND 7,603 billion on the balance sheet, quarterly profit will remain highly geared to mark-to-market moves. The 9M result of VND 388 billion against VND 4,123 billion a year earlier shows how quickly that model can reverse. The offsetting positive is a larger asset base and a margin book still above VND 12,000 billion, which can generate steady interest income if market conditions stabilise.

What to Watch

• Q4 2026 financial statements, expected in January 2027, for any reversal of the VND 1,363 billion revaluation differential.
• Monthly HOSE turnover data, which drive both brokerage revenue and margin demand.
• Disclosure of the listed-equity portfolio composition behind the VND 12,311 billion FVTPL holding.
• Further margin balance trends after the VND 1,500 billion quarterly decline.
• Any capital-raising or bond issuance plans tied to the expanded VND 39,860 billion balance sheet.