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Further disclosures of first-quarter 2026 results have been released by additional securities brokerage firms. As of the morning of 20 April 2026, 37 brokerages had published their Q1 2026 financial statements.
HD Securities (HD) remained among the brokers posting “hundreds of billions” in profit in the first quarter. In Q1 2026, operating revenue reached nearly VND 461 billion. Profit from fair value through profit or loss (FVTPL) accounted for VND 358 billion, more than double the year-ago period.
Operating costs rose more slowly, to VND 125 billion in the quarter (up 30% year over year). As a result, HD’s profit before tax (LNTT) exceeded VND 352 billion, up about 260% year over year.
As of 31/3/2026, HD’s FVTPL financial assets on its balance sheet carried a cost of VND 1,942 billion, of which VND 1,736 billion were unlisted bonds.
Petro Securities (PSI) recorded pre-tax profit of VND 32 billion in Q1 2026, up 3.2 times year over year.
In contrast, DSE Securities (DSE) posted Q1 pre-tax profit of VND 14 billion, down 79% year over year. The main driver was a sharp increase in operating costs by 120% year over year to nearly VND 300 billion. The costs were largely attributed to provisions for financial assets, write-offs of overdue receivables, impairment of financial assets, and borrowing costs on loans (VND 123 billion) and brokerage costs (VND 138 billion).
Pinetree Securities reported pre-tax profit of VND 8 billion for Q1 2026, down 22% year over year.
Tan Viet Securities (TVSI) reported positive performance in Q1 2026 with pre-tax profit of VND 6 billion, compared with a loss of VND 21 billion in Q1 2025.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
