HSC Securities expects 1Q2026 net profit to rise 26%, presents capital-raising plans totaling nearly VND 5 trillion

On April 23, 2026, Ho Chi Minh City Securities Joint Stock Company (HSC, ticker HCM) will hold its 2026 annual general meeting of shareholders online. The company plans to present a growth-oriented business plan for 2026, including revenue of 6,567 billion dong, up 50% year-on-year, and pre-tax profit of 2,302 billion dong, up 56%.

2026 business plan and revenue structure

HSC expects margin lending to remain the core business, contributing about 58% of total revenue—equivalent to more than 3,800 billion dong. The brokerage segment is projected to generate 1,635 billion dong, up 38%, supported by expanded promotional programs and flexible sales policies aimed at increasing trading activity from existing clients and attracting new investors.

Proprietary trading is forecast to contribute 859 billion dong, up 30% from 2025.

Balance sheet outlook and capital use

By end-2026, HSC projects total assets of 47,200 billion dong, up 2% year-on-year. The asset base is expected to be mainly composed of margin loans, financial assets, and cash deposits used to secure settlement obligations.

On capital mobilization, HSC said it will optimize the advantage of new funds to expand the scale of margin lending and proprietary trading, primarily market-making and risk management activities. The company also plans to actively balance its debt structure to optimize funding costs in a rising interest-rate environment.

Recent performance and dividend plan

For Q1 2026, HSC expects earnings before tax to rise 26% year-on-year. The company also plans to pay a cash dividend for 2025.

In its latest 3-month results, HSC reported revenue of 1,264 billion dong and net profit after tax of 285 billion dong, up 26% year-on-year. The main contributors were margin lending at 777 billion dong, followed by brokerage at 312 billion dong and proprietary trading at 162 billion dong.

Looking back at 2025, HSC posted revenue of 4,366 billion dong and pre-tax profit of 1,474 billion dong. Based on these results, HSC proposed an additional cash dividend of 4% for the second installment, bringing the total dividend to 8% of par value (with the first installment of 4% already paid). For 2026, HSC plans to continue cash dividends at 7% of par value.

Planned corporate actions and capital raising

In addition to core operations, HSC plans to establish a single-member limited liability company with charter capital of at least 800 billion dong to participate in the international financial center.

The documents also show HSC plans to present share issuance options totaling about 492 million shares to raise funds for margin lending and to expand its business. Specifically, HSC plans to offer 270 million shares to existing shareholders at a ratio of 4:1, at 10,000 dong per share, raising about 2,699 billion dong. The proceeds are intended to support margin lending and increase lending capacity and competitiveness.

HSC will also propose a private placement plan for up to 200 million shares to professional investors. The issue price will be determined based on market conditions at the time of implementation and will not be lower than book value.

Alongside the two main issuances, HSC plans to continue an ESOP program with up to 22 million shares.