VPBank Securities (VPX) Approves 45% Bonus Share Issue, Capital to VND 27,187.5B

Overview

Shareholders of Công ty Cổ phần Chứng khoán VPBank (VPX), listed on HOSE, approved a bonus share issuance of 843.75 million shares, equal to 45% of shares outstanding, funded from share premium. The issuance would raise charter capital from VND 18,750 billion to VND 27,187.5 billion, with execution expected during 2026. The approval lands alongside a sharp Q3/2026 profit decline, making the capital build-out and earnings quality the two central questions for investors.

Key Facts

• Bonus issue of 843.75 million shares, a 45% ratio (100:45), funded from share premium as of 31/12/2025 per audited 2025 financial statements.
• Charter capital to rise from VND 18,750 billion to VND 27,187.5 billion if completed.
• All bonus shares carry no transfer restrictions; issuance expected in 2026 or another date set by the Board of Directors.
• Shareholders approved the plan by written ballot closing 4/11/2026.
• Q3/2026 pre-tax profit of nearly VND 843 billion, down 64% year-on-year; operating revenue roughly flat at VND 3,575 billion while operating costs rose 2.8 times to VND 1,766 billion.
• 9M/2026 operating revenue of VND 10,544 billion, up 93%, with pre-tax profit of VND 3,516 billion, up 8%.
• Margin loan balance of about VND 39,691 billion at 30/9/2026, up 17.1%; total assets VND 83,312 billion, up 14% since the start of the year.

What Happened

VPBank Securities issued a resolution to implement the bonus share plan after shareholders approved it by written ballot, according to the company’s announcement. The 45% ratio means holders of 100 ordinary shares at the record date receive 45 new shares. The funding source is the share premium account as of 31 December 2025, based on the audited 2025 financial statements, and the new shares will not be restricted from transfer. The company said timing is expected within 2026 or at another point determined by the Board of Directors.

Shareholders also approved providing securities clearing and settlement services under applicable law and registering as a clearing member at the Vietnam Securities Depository and Clearing Corporation (VSDC) once the clearing and settlement licence is granted. On operations, VPX reported Q3/2026 pre-tax profit of nearly VND 843 billion, down 64% year-on-year. Revenue was broadly flat at VND 3,575 billion, but operating expenses rose 2.8 times to VND 1,766 billion. Gains on FVTPL financial assets reached VND 1,779 billion, offset by VND 1,638 billion of FVTPL losses, leaving net gain of VND 135 billion. Brokerage brought in just over VND 80 billion versus more than VND 185 billion a year earlier, and financial advisory revenue fell more than 62% to VND 258 billion, while lending revenue rose 1.9 times to nearly VND 1,100 billion.

Market Context

VPX closed at VND 23,450 on 5 November 2026 on HOSE. The bonus issue is large relative to the share count and, all else equal, implies a mechanical adjustment to the reference price on the ex-rights date, so the near-term price context should be read against that dilution of per-share metrics rather than as a change in underlying value. The securities sector has been driven by margin lending and proprietary trading returns; VPX’s 9M revenue growth of 93% was led by lending revenue up 147.6% to more than VND 3,000 billion, while proprietary trading gains fell to nearly VND 1,200 billion. Total liabilities rose 20% to more than VND 47,029 billion, of which short-term borrowings were VND 46,356 billion, underscoring the funding intensity of the margin book.

Strategic Significance

The bonus issue converts share premium into permanent charter capital, which matters for a securities firm because charter capital underpins risk limits and the capacity to extend margin lending and proprietary positions. With margin loans near VND 39,691 billion against total assets of VND 83,312 billion, VPX is effectively a leveraged lender to retail investors, and a larger capital base supports that book without new cash from shareholders. The clearing membership approval points to a bid to capture more of the post-trade value chain, a fee stream less correlated with market direction than proprietary trading. The offsetting signal is earnings quality: Q3 profit fell 64% as costs tripled and FVTPL losses nearly matched gains, so the capital raise expands capacity while the revenue mix shifts toward lending and away from trading.

What to Watch

• The record date and ex-rights date for the 45% bonus issue, and the resulting reference price adjustment on HOSE.
• Q4/2026 and full-year 2026 results, particularly whether operating costs stay near the Q3 level of VND 1,766 billion.
• FVTPL gain and loss lines in coming quarters, to gauge whether proprietary trading drag persists.
• Grant of the securities clearing and settlement licence and confirmation of VSDC clearing membership.
• Margin loan balance and short-term borrowings in the next financial statements, given VND 46,356 billion of short-term debt.