F88 Q1 Profit Surges 25%, Targets HOSE Listing in H2 2026

Overview

F88, a Vietnamese financial services company, reported strong Q1 2026 results with revenue of VND 1,310 billion, up nearly 60% year-on-year. The company targets 2026 pre-tax profit of VND 1,133 billion, a 25% increase, and announced a capital increase plan alongside a goal to list on HOSE in the second half of 2026.

Key Facts

• Q1 2026 revenue reached VND 1,310 billion, up nearly 60% YoY.
• Lending activities contributed 87% of total revenue.
• Net loan balance rose to VND 7,897 billion, up 62.3% YoY.
• Cost-to-income ratio (CIR) improved from 56.2% to 45.3%.
• 2026 pre-tax profit target is VND 1,133 billion, up 25% from 2025’s VND 907 billion.
• Charter capital to increase by VND 1,365 billion to approximately VND 2,467 billion via rights issue, public offering, and ESOP.
• Company aims to list on HOSE in H2 2026.

What Happened

F88 announced its Q1 2026 financial results, showing revenue of VND 1,310 billion, a nearly 60% increase year-on-year. Lending remained the primary driver, contributing 87% of total revenue. Net loan balance expanded to VND 7,897 billion, up 62.3% from the same period last year. The company also reported improved operational efficiency, with the cost-to-income ratio declining from 56.2% to 45.3%, attributed to digitalization and system optimization.

During an investor meeting on April 24, management highlighted a supportive macroeconomic environment with Q1 GDP growth of 7.8%, but noted rising financial pressures from deposit rates nearing 8% and USD/VND exchange rate around 26,400, which added 4-5% to hedging costs. For 2026, F88 targets pre-tax profit of VND 1,133 billion, up 25% from 2025’s VND 907 billion, which itself exceeded the plan by 35%.

Market Context

F88 is currently traded on UPCOM. The company’s strong Q1 performance and ambitious 2026 targets come amid a growing consumer finance sector in Vietnam. The planned capital increase and HOSE listing aim to enhance liquidity and transparency, potentially attracting more institutional investors. The stock’s valuation will likely reflect the company’s growth trajectory and execution risks.

Strategic Significance

The capital increase of VND 1,365 billion will provide F88 with additional resources to expand its lending portfolio and invest in technology, supporting its growth targets. The planned listing on HOSE in H2 2026 marks a strategic shift to a more regulated exchange, which could improve corporate governance and investor confidence. The company’s focus on cost control and digitalization is evident in the improved CIR, positioning it to navigate rising interest rates and currency pressures.

What to Watch

• Completion of the stock split in June 2026 and first trading day of new shares in August.
• Regulatory approval from the State Securities Commission for the HOSE listing.
• Q2 2026 earnings report to assess revenue and profit momentum.
• Trends in lending growth and asset quality amid rising interest rates.
• Execution of the capital increase and its impact on dilution.