ABS

ABS reported an estimated H1 2026 pre-tax profit of over VND 200 billion, a 300% YoY surge and a record high, driven by a 700% jump in investment gains and 118% growth in margin lending income. Q2 profit alone rose over 600% QoQ. The company also completed a capital increase to nearly VND 3,000 billion, targeting full-year profit of VND 600 billion.

ABS board member Vu Khanh Linh, daughter of ABBank Chairman Vu Van Tien, resigned after only four months citing personal reasons. The departure reduces the board to four members as ABS pursues ambitious 2026 profit targets and a planned HoSE listing.

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.

HOSE has removed margin eligibility for 67 stocks effective May 2026, citing warning/control status, negative earnings, or listing under six months. The list includes AAN (listed May 22), ABS, HVN, and DLG, restricting leverage for retail investors and potentially reducing trading liquidity in these names.

Vietnam's Ministry of Finance proposes a draft circular requiring biometric authentication for the first online securities transaction per login session to prevent account lending and market manipulation. Experts support the move but caution it may inconvenience investors and reduce market liquidity, potentially affecting securities firms like ABS and BID.

The Vietnamese securities sector (40 firms) reported total profit of nearly 7,600 billion VND in Q1 2026, the lowest in four quarters, with 17 out of 40 companies posting losses or declines. Proprietary trading losses and margin lending margin compression were the main drags, with EVS alone losing 157.5 billion VND. The results highlight the risk of aggressive proprietary trading strategies amid geopolitical volatility.