DSC Securities Reports 39.4% Q1 Revenue Growth, Targets 2026 M&A in Pharma

Overview

DSC Securities Joint Stock Company (DSC) reported Q1/2026 financial results, with revenue reaching VND 184 billion, a 39.4% year-on-year increase. The company is advancing a strategic co-investment initiative with TC Group to build a closed pharmaceutical ecosystem through acquisitions, targeting full-year revenue of VND 747 billion.

Key Facts

• Q1/2026 revenue: VND 184 billion, up 39.4% year-on-year, achieving 25% of the full-year 2026 revenue plan.
• Q1/2026 pre-tax profit: VND 72 billion, up 7% year-on-year.
• Full-year 2026 revenue target: VND 747 billion, with pre-tax profit scenarios of VND 356 billion (cautious) or VND 400 billion (positive).
• Margin lending balance maintained near VND 2,600 billion in Q1, contributing VND 72 billion to revenue.
• Strategic pharmaceutical holdings: 19.77% stake in Vidipha Pharmaceutical Joint Stock Company (VDP) and 14.92% stake in Central Pharmaceutical Joint Stock Company - Codupha (CDP) as of Q1/2026.
• Target to increase margin lending balance to VND 3,500 billion by year-end 2026.
• The company’s research team forecasts the VN-Index could reach 1,950-2,000 points in 2026.

What Happened

According to its Q1/2026 financial report, DSC Securities achieved revenue of VND 184 billion, a 39.4% increase compared to the same period last year. This growth is attributed to optimized capital efficiency following a successful capital increase in 2025 and an improved securities business environment. The company’s pre-tax profit reached VND 72 billion, up 7% year-on-year, though profit growth lagged revenue due to input capital cost pressures and underperformance in proprietary trading.

Strategically, DSC is not just acting as a financial intermediary but is implementing a ‘co-invest’ role with TC Group to acquire leading pharmaceutical companies. As of Q1/2026, DSC holds significant stakes in two pharmaceutical firms: 19.77% in Vidipha (VDP) and 14.92% in Codupha (CDP). The company representative stated that in Q2 and Q3/2026, DSC plans to complete one to two additional acquisition deals with TC Group, aiming to build a closed pharmaceutical ecosystem from production to hospital services.

Market Context

DSC trades on the Ho Chi Minh Stock Exchange (HOSE) under the ticker DSC. The Q1 results come amid a broader recovery in Vietnam’s securities sector, supported by improved market liquidity and investor sentiment. The company’s own research team projects the VN-Index could reach 1,950-2,000 points in 2026, reflecting optimism about the market’s trajectory. DSC’s performance and strategic pivot into pharmaceutical M&A through its partnership with TC Group differentiate it from peers focused solely on traditional brokerage and margin lending.

Strategic Significance

The news underscores DSC’s shift from a pure-play securities firm to an integrated financial and strategic investor. By co-investing with TC Group in pharmaceutical acquisitions, DSC aims to build a closed ecosystem that could provide stable, non-cyclical revenue streams to complement its volatile securities business. This diversification strategy targets higher return on equity (above 10%) and reduces reliance on market-sensitive income, positioning DSC for more resilient long-term growth amid Vietnam’s evolving capital markets.

What to Watch

• Q2 and Q3 2026 financial results to assess progress toward the VND 747 billion full-year revenue target.
• Announcement of one to two new pharmaceutical acquisition deals with TC Group, as planned for Q2/Q3 2026.
• Margin lending balance updates, targeting VND 3,500 billion by year-end 2026.
• Execution of six large financial advisory deals with a total value of approximately VND 2,000 billion, as referenced in the company’s plans.
• The VN-Index’s movement toward the 1,950-2,000 point range forecast by DSC’s research team for 2026.