HSC

HSC Securities posts H1 2026 revenue of VND 2,452B (+44%) and pre-tax profit of VND 704B (+35%), with margin lending revenue surging 50%. The company is executing a rights offering to raise nearly VND 2,700B to further expand margin lending, which is the key growth driver.

Securities companies including SSI, VPS, and HSC achieved record Q1 margin lending revenue of over 11,200 billion VND, with total outstanding loans reaching 420,000 billion VND. The surge reflects capital optimization and strong customer demand, boosting the lending revenue share to 36% of total revenue, up from the typical 28-30%.

HCM and other Vietnamese securities firms plan to raise an additional 100 trillion VND in 2026, driven by regulatory changes, foreign ownership limits, and margin lending expansion. Most firms forecast double-digit profit growth, with HCM targeting 56%, VPX 44%, and VCI 41%.

HSC's AGM approved a capital increase from VND 10,808B to VND 15,800B through a rights issue (4:1 at VND 10,000/share), ESOP, and private placement, raising up to VND 5,000B. The firm also established a VND 800B subsidiary to join the Ho Chi Minh City International Financial Center, aiming to attract international capital and clients.

SSI posted Q1 2026 pre-tax profit of VND 1,593 billion, a 52% year-on-year increase, securing the top spot among Vietnamese securities firms. The broader sector saw total pre-tax profit rise ~21% YoY to over VND 9,642 billion, with VPS and TCBS also joining the trillion-VND profit club, while EVS reported a significant loss of nearly VND 200 billion.

ORS posted a Q1 2026 pre-tax profit of VND 42B, representing a 1,957% year-on-year surge, the most dramatic growth among reporting securities firms. HSC reported a 28% profit increase to VND 363B, while CTS saw a 38% decline to VND 82B. The divergent results highlight the uneven recovery in Vietnam's brokerage sector amid varying market conditions.