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DSC’s analyst team expects the VN-Index to trade in a range of about 1,950 to 2,000 points in 2026, as the securities firm advances its “Co-invest” strategy with TC Group to acquire leading pharmaceutical companies and build a closed ecosystem.
In Q1 2026, DSC reported total revenue of 184 billion VND, up 39.4% year-on-year (YoY). The figure represents 25% of the company’s 2026 annual revenue target.
DSC attributed the growth to improved capital efficiency following a successful capital increase in 2025, alongside a more supportive stock market environment. Margin lending remained near 2.6 trillion VND, contributing 72 billion VND to Q1 revenue.
DSC posted pre-tax profit (LNTT) of 72 billion VND in Q1 2026, up 7% YoY. Despite strong revenue growth, profit growth slowed due to input cost pressures and the self-managed trading segment failing to meet prior-year expectations.
Even so, DSC said the profit level keeps it on track to meet its annual plan.
DSC’s M&A strategy is positioned as the cornerstone of its pharmaceutical ecosystem. The company’s strategic focus in this period is investment banking and corporate advisory (IB), but it is also taking on a “co-investor partner” role with TC Group to acquire pharmaceutical firms rather than acting only as a financial intermediary.
As of the end of Q1 2026, DSC held major shareholder positions in two pharmaceutical companies: Vidipha (VDP) with a 19.77% stake as of the end of 2025, and Codupha (CDP) with a 14.92% stake in Q1 2026.
For Q2 and Q3 2026, DSC expects to complete 1–2 additional acquisition deals with TC Group. The goal is to build a closed pharmaceutical ecosystem spanning production, distribution, and hospital services, following the 2024 international hospital M&A worth 1,100 billion VND.
DSC’s board approved a 2026 plan with targets described as cautious yet ambitious. The company aims for total annual revenue of 747 billion VND.
For pre-tax profit, DSC outlined two scenarios:
A key objective is to maintain ROE above 10%. To support this, DSC plans to increase margin debt to 3,500 billion VND by year-end and expects a breakthrough in the financial advisory segment with six large deals totaling around 2,000 billion VND to be completed in 2026.
DSC analysts forecast the VN-Index reaching 1,950–2,000 points in 2026. They cite Vietnam’s “Innovation 2.0” cycle, with GDP growth expected to exceed 10%, and market upgrading that could attract about 5–8 billion USD of foreign capital.
With a financial base supported by its margin lending and capital efficiency efforts, and with its co-investment strategy alongside a multi-industry conglomerate, DSC said it is steadily building a more dynamic financial institution profile with a deeper investment footprint in Vietnam.
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