VPX

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%.

MSN was the most sold stock by proprietary trading desks of securities companies on May 8, with net selling of VND 47 billion, as the group turned net sellers overall at VND 25 billion. VNM was the most bought stock at VND 29 billion. The activity reflects short-term profit-taking after the VN-Index hit an all-time high.

SSI plans to raise approximately 9,262 billion VND in 2026, potentially becoming the first Vietnamese brokerage to exceed 30,000 billion VND in charter capital. The sector-wide capital increase, estimated at ~100,000 billion VND, is driven by regulatory changes including 100% foreign ownership limits and margin lending constraints. Investors should monitor dilution risks and capital deployment efficiency.

VPBankS (VPX) reported Q1 2026 pre-tax profit of 515 billion VND, up 47% YoY, with revenue quadrupling to an undisclosed figure, driven by margin lending and proprietary trading. Margin loans reached 39,000 billion VND as of early Q2, supporting management's confidence in achieving the full-year plan. The results underscore VPX's ability to grow market share despite rising rates and geopolitical headwinds.

VPBank Securities (VPX) approved an ambitious 2026 business plan targeting total revenue of VND 11,074B (+59% YoY) and pre-tax profit of VND 6,453B (+44% YoY), with a key goal to double its average margin loan balance to nearly VND 50,000B. The plan is the second year of a 2025-2030 strategy targeting 32% annual growth to become a top securities firm, leveraging its banking ecosystem for investment banking.

VPBank Securities (VPX) reported Q1 2026 pre-tax profit of VND 515 billion, a 47% year-over-year increase, as disclosed in its financial statement filing on April 18. This performance significantly outpaces the broader Vietnamese securities sector's mixed results for the quarter.

VPBank Securities (VPX) acquired 1.15 million KBC shares on April 13, raising its ownership to 5.044% and becoming a major shareholder in Kinh Bac Urban Development (KBC). The move aligns with VPX's broader strategy to expand its investment portfolio and participate in Vietnam's real estate sector.