VPX

VPB reported Q2 2026 pre-tax profit of VND 10,959B, up 76% YoY, bringing H1 total to VND 18,880B (+68%). TPBank (TPB) also posted solid growth with Q2 profit of VND 2,562B (+26%). Among other names, PPC saw a 1,019% profit surge from a low base, while securities firms like BVS, VIX, and CTS reported sharp declines. The mixed results highlight divergent sector performance.

STB was the most sold stock by proprietary trading desks on July 17, with net selling of VND 78 billion, as part of a broader VND 479 billion sell-off by proprietary desks on HOSE. Foreign investors also net sold approximately VND 690 billion across the market, adding to selling pressure on Vietnamese equities.

VPX reported Q2 2026 net profit of VND 2,159B, quadruple the prior year, and H1 profit of VND 2,673B, tripling YoY and exceeding its 6-month target. Revenue surged nearly 4x to VND 7,013B, led by proprietary trading (VND 3,461B), margin lending (VND 1,904B), and investment banking (VND 1,176B). The results underscore VPX's rapid market share gains and operational scaling, with ROE at 14%.

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.

VPX (VPBank Securities) is now eligible for margin trading on HOSE after a mandatory 6-month listing period. The company reported Q1 2026 net profit of VND 436B (+55% YoY) and revenue of VND 2,871B (4x YoY), supporting its full-year pre-tax profit target of VND 6,453B.

NSI forecasts securities industry debt could rise at least 40-50% in 2026, boosting margin lending and liquidity for firms like SSI, TCX, VPX, HCM, and VCI. However, higher capital costs lead NSI to cut 2026 revenue and profit forecasts by 3.8% and 5.4% respectively, while new provisioning rules add cost pressure.

On May 19, proprietary trading desks of securities companies net sold VND 190 billion on HOSE, with MBB (-VND 95B), VIB (-VND 50B), and VCB (-VND 47B) leading the sell-off. In contrast, they net bought VIC (VND 123B) and VHM (VND 71B). Foreign investors also net sold VND 830 billion across the market, adding to the negative sentiment.

GEL, a Gelex infrastructure stock, was the most sold by proprietary trading desks on Monday, with net selling of VND 268 billion, contributing to a total proprietary net sell of VND 430 billion on HOSE. Foreign investors also net sold nearly VND 1,004 billion across the market, adding pressure on Vietnamese equities.

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%.