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Self-trading activities proved challenging in the first quarter, with Vietcap Securities Joint Stock Company reporting a sharp rise in revenue alongside higher costs and significant swings in its equity investment portfolio.
Vietcap reported operating revenue of over 1,406 billion VND in Q1, up more than 65% year-on-year, driven by lending, brokerage, and financial investment activities.
Key components included profit from financial assets measured at fair value through profit or loss (FVTPL) of about 504 billion VND, up 42%; income from lending and receivables rising 61% to 414.5 billion VND; and brokerage income reaching 339.9 billion VND, up 2.3 times.
However, operating costs increased sharply to nearly 632 billion VND, more than double the same period, largely due to a 455 billion VND loss on sale of FVTPL financial assets. Financing costs also rose 89% to 346 billion VND, attributed to higher interest expense.
As a result, Vietcap posted net profit after tax of 340.7 billion VND, up 15.5%.
Vietcap’s equity investment portfolio showed large fluctuations as of March 31. Its investment in FPT, purchased for about 659 billion VND, had a market value of only 465.5 billion VND, implying an unrealized loss of over 193 billion VND (about 29%). Other holdings, including MWG and KDH, also saw declines in market value.
Despite these losses, Vietcap recorded sizable gains from some positions, including IDP (unrealized profit of about 1,898 billion VND), MCH (about 350 billion VND), and TDM (over 200 billion VND).
EVS Securities Joint Stock Company (EVS) reported an after-tax loss of more than 157 billion VND in Q1 2026, the largest among listed securities firms for the quarter, compared with profit of over 10 billion VND in the same period last year.
EVS attributed the decline to market volatility and reduced liquidity, saying that falling stock prices affected self-trading results and increased asset revaluation losses. EVS’s Q1 operating revenue was about 8.15 billion VND, down 91% year-on-year.
Total costs rose to over 204 billion VND, up 2.6 times. As of March 31, EVS’s FVTPL portfolio stood at about 1,335 billion VND, up around 46% from the start of the year, but the portfolio carried temporary losses because market value trailed book value by about 97 billion VND.
Source: Viet Linh, Tiền Phong
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