VCK

VPS Securities (VCK) posted Q2/2026 pre-tax profit of VND 1,378 billion, up 57% YoY, with a record pre-tax margin of 58.6%. Margin lending surged 80% to VND 31,311 billion, driving revenue growth. H1 profit of VND 2,925 billion (+63%) already completes 50.8% of the full-year target.

VCK posts Q2/2026 after-tax profit of VND 1,104 billion (+57% YoY), driven by a 95% surge in margin lending income to VND 1,031 billion. After six months, the firm has completed 51% of its full-year pre-tax profit target of VND 5,750 billion. However, brokerage revenue fell 15% and market share on HoSE slipped to a 22-quarter low of 12.61%.

VPS (VCK) leads Vietnamese securities firms with Q2 2026 pretax profit of VND 1,378B (+57% YoY), while BSI, KBSV, and VTG also report gains. SmartInvest (AAS) and VSC saw sharp declines. The mixed results reflect divergent performance among mid- and small-cap brokers amid higher market activity.

Three foreign ETFs (VNM, FTSE, Fubon) managing $1.3B in Vietnamese stocks have seen net outflows since early 2026, with Fubon ETF losing $111M despite a 4.8% return. VIC remains the top holding across all three funds, while VHM, HPG, MSN, and SSI also feature prominently.

Foreign investors net sold 789 billion VND on HOSE on July 3, with TCB, MSN, and VIC seeing the largest outflows of 90B, 71B, and 64B VND respectively. Proprietary trading desks net bought 551 billion VND, notably accumulating EIB shares worth 300 billion VND. The divergence highlights ongoing foreign selling pressure against domestic institutional buying.

MCH (Masan Consumer) has been removed from HOSE's margin-ineligible list after satisfying the 6-month listing requirement, effective June 29, 2026. The move allows margin trading on MCH, potentially boosting liquidity and investor access. VCK and VPX were also cleared.

Foreign investors net sold over VND 510 billion on June 11, with NVL, VHM, VIC and several bank stocks (TCB, VPB, HDB, EIB) as the most sold. VNM was the top net bought stock, while KBC and GVR also saw modest inflows. The selling pressure contributed to the VN-Index closing down 5 points at 1,799.

VanEck Vietnam ETF's Q2 2026 rebalancing is expected to add VPL and MSB while removing HDG and CTR, with significant net buying in MSB, VCK, and VPL. Net selling pressure is forecast on NVL, VHM, and VIC. Foreign investors net sold VND 3,124 billion (~USD 124.96 million) on the Vietnamese market.

ITD was added to HOSE's margin-cut list after receiving a tax penalty for fiscal years 2022-2025, totaling VND 630.6 million. The list now includes 68 stocks, many under warning, control, or with negative profits, restricting leverage for investors.

VPS Securities (VCK) plans to issue up to 240 million private shares in 2026, equivalent to 9.9% of outstanding shares, to raise capital for margin lending. The company also reported Q1 2026 pre-tax profit of VND 1,547 billion, up 68% YoY, driven by strong brokerage and lending income. The placement, subject to shareholder approval, will dilute existing holders but bolsters VCK's capacity in a growing market.