VIX Securities Targets 48% Profit Drop in 2026 After Weak Q1 Proprietary Trading

Overview

VIX Securities (VIX) has announced a 2026 business plan targeting after-tax profit of VND 2,800 billion, a 48% decline from the record VND 5,410 billion achieved in 2025. The cautious guidance follows a weak first quarter where net profit fell 63% year-on-year, driven by a VND 82 billion loss in proprietary trading. The plan will be submitted for shareholder approval at the annual general meeting on June 26, 2026.

Key Facts

• VIX targets 2026 pre-tax profit of VND 3,500 billion and after-tax profit of VND 2,800 billion, down 48% from 2025.
• In Q1 2026, VIX reported pre-tax profit of VND 156 billion and after-tax profit of VND 138 billion, down 66% and 63% year-on-year, respectively.
• Proprietary trading recorded a loss of VND 82 billion in Q1 2026, versus a profit of over VND 330 billion in the same period last year.
• In 2025, VIX achieved record pre-tax profit of VND 6,717 billion and after-tax profit of VND 5,410 billion, 8.2 times higher than 2024 and exceeding the revised plan by 4%.
• VIX plans a 5% stock dividend for 2025, issuing 122.5 million shares in Q3 2026, increasing charter capital from VND 24,503 billion to VND 25,728 billion.
• The company will propose electing 2 new board members and 3 new supervisory board members for the 2026-2031 term, replacing outgoing members.
• VIX also seeks approval to provide central counterparty clearing and settlement services.

What Happened

VIX Securities released its 2026 business plan ahead of the annual general meeting scheduled for June 26, 2026. The company targets pre-tax profit of VND 3,500 billion and after-tax profit of VND 2,800 billion, representing a 48% decline from the record results of 2025. The cautious outlook is attributed to poor proprietary trading performance in the first quarter, where the company reported a VND 82 billion loss compared to a VND 330 billion profit in Q1 2025. VIX explained that the VND 410 billion swing was due to the downturn in the Vietnamese stock market.

In 2025, VIX twice raised its annual business plan and ultimately delivered record profits, with pre-tax profit reaching VND 6,717 billion and after-tax profit VND 5,410 billion, exceeding the final plan by 4%. The company now proposes a 5% stock dividend for 2025, to be executed in Q3 2026, which will increase charter capital to VND 25,728 billion. Additionally, the board will seek shareholder approval for changes in board and supervisory board composition, as well as the launch of central counterparty clearing services.

Market Context

VIX shares closed at VND 17,750 on June 5, 2026, down 0.84% with volume of 25.96 million shares. The stock trades on HOSE. The securities sector has faced headwinds from a weaker market in early 2026, impacting brokerage and proprietary trading revenues. VIX’s Q1 results and cautious full-year guidance reflect broader market challenges, though the company’s 2025 record performance sets a high base.

Strategic Significance

The 48% profit decline target signals management’s realistic assessment of near-term market conditions and the normalization of earnings after an exceptional 2025. The focus on expanding into central counterparty clearing services could diversify revenue streams and reduce reliance on proprietary trading. The stock dividend plan maintains shareholder returns while conserving cash. The board reshuffle may indicate a strategic shift as the company prepares for the next growth cycle.

What to Watch

• Shareholder approval of the 2026 business plan and stock dividend at the AGM on June 26, 2026.
• Q2 2026 earnings results to gauge whether the profit trajectory aligns with the full-year target.
• Market conditions and proprietary trading performance in the coming quarters.
• Progress on the central counterparty clearing service launch and its revenue contribution.
• Any further guidance updates or plan revisions by management.