HD Securities reveals IPO plan, targets pretax profit above VND 3.3 trillion

At the upcoming annual general meeting, HD Securities (HDS) will present to shareholders a business plan with total revenue of VND 4,747 billion and pretax profit of VND 3,375 billion.

2026 outlook and market context

HD Securities said 2026 is expected to remain affected by geopolitical instability and trade risks, keeping the international investment environment highly volatile. While monetary policy in major economies is expected to gradually shift toward a growth-supportive stance, the timing and pace are likely to vary and remain subject to unpredictable factors, including risks related to supply chains, commodity prices and market sentiment.

For Vietnam, the company described 2026 as a pivotal year for the 2026–2030 period, with a growth objective tied to science and technology, private-sector development and institutional reform. The government is expected to continue prioritizing public investment and infrastructure development, improve the business environment, and increase value addition in the production–export chain while balancing growth with macro stability, particularly in managing interest rates, exchange rates and system liquidity.

On the capital markets, HDS expects 2026 to deepen further due to foundations built in the prior year, including KRX trading infrastructure, a standardized legal framework and a reform trajectory for market upgrading. The FTSE Russell upgrade expected to take effect from September 2026 is anticipated to improve the market’s position, broaden the international investor base, and support IPOs and new listings, which could increase market depth and product quality.

Despite these positives, HDS noted risks to monitor, including geopolitical volatility (especially in the Middle East), rising protectionism, and inflation–interest rate pressures and exchange-rate volatility as international capital flows shift.

HDS business plan for 2026

In 2026, the management board will present to shareholders a plan targeting revenue of VND 4,747 billion and pretax profit of VND 3,375 billion. The company’s plan aims for revenue growth of 2.2 times and pretax profit growth of nearly 2.6 times compared with 2025.

Directional focuses

To achieve these targets, HDS outlined the following priorities:

• Corporate finance advisory: broaden the client base and intensify public bond issuances.
• Bond business: design structured products to adapt to regulatory changes, manage yield distribution to match coupon payments, and ensure the target NIM.
• Brokerage: expand broker offices, recruit high-quality brokers, apply competitive policies and products for different client segments, and develop technology-driven brokerage channels.
• Technology investment: invest in technology to digitalize products, services and client utilities.

Performance and dividend in 2025

End of 2025 results showed total revenue of VND 2,121 billion and pretax profit of VND 1,313 billion, up 95%. HDS did not propose a dividend in 2025.

Board personnel proposal

Regarding personnel, the management proposed appointing one additional member to the Board of Directors for the remaining term 2025–2030.

IPO plan for 2026

One of the highlights for 2026 is a plan to conduct an initial public offering. The planned number of shares to be offered is 164.4 million, and the offer price will not be lower than book value. The IPO is planned from Q2 to Q4 2026.

If the IPO and the plan to offer nearly 950 million shares are completed, the registered capital would rise to about VND 11,180 billion.

Earlier issuance components

Previously, the company planned an issuance of nearly 950 million shares with two components: a rights issue to existing shareholders at VND 10,000 per share, ratio 1:6 (about 877 million shares), and a stock dividend issuance, ratio 2:1 (more than 73 million shares).

Use of IPO proceeds and IFC participation

The capital plan from the IPO is intended to support the company’s mid- and long-term growth. HDS also views joining the International Finance Centre (IFC) as a strategic move to expand its network, raise domestic and international brand recognition, and connect with financial institutions and foreign investors. The management said IFC could serve as a channel to help build an ecosystem of finance, technology and intermediation.