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SSI Securities Corporation (SSI) has announced board resolutions to implement an employee stock ownership plan (ESOP) for 2025, with the company planning to issue 10 million ESOP shares at 10,000 dong per share to board members and key personnel of the subsidiary and its subsidiaries. The expected proceeds are about 100 billion dong, which SSI plans to add to its margin lending activities. The implementation is scheduled for 2026–2027, or another period as decided by the board and after approval from UBCKNN (the State Securities Commission of Vietnam).
Based on the disclosed list, 295 employees are eligible to purchase ESOP shares. Notable expected purchases include:
The ESOP is one of two capital-raising options approved at SSI’s 2026 annual general meeting. Alongside the ESOP, SSI plans to issue bonus shares from retained earnings at a 5:1 ratio, meaning holders of 5 existing shares will receive 1 new share. The total additional shares to be issued under this plan would be about 500.6 million units. If both measures are successful, SSI’s charter capital is expected to increase to 30,000 billion dong.
SSI’s stock is currently trading around 28,000 dong per share, implying the ESOP issue price of 10,000 dong per share is significantly below the market price.
SSI disclosed 1Q2026 consolidated results showing pre-tax profit of 1.6 trillion dong, up 52% year-on-year (YoY). The figure represented 25% of VCSC’s full-year forecast. Profit growth was supported by a broad revenue increase across most business lines. Pre-tax profit rose 59% YoY from the previous quarter, helped by lower losses from FVTPL investments, with overall results aligning with VCSC’s forecast. VCSC indicated no material changes to its forecast for SSI, though further detailed assessment was still required.
In brokerage services, SSI’s market share across three exchanges reached 10.9% in 1Q2026, down from 12.1% in 4Q2025. The average brokerage commission remained stable at 0.15%. Despite the sequential decline, SSI’s market share was up 1.2 percentage points YoY. Accordingly, 1Q2026 brokerage revenue reached 606 billion dong, up 95% YoY, outpacing the market’s daily value traded growth by 85%.
For margin lending, SSI’s outstanding margin loans were 36.9 trillion dong in 1Q2026, down 5.2% quarter-on-quarter (QoQ) but up 36% YoY. VCSC estimated the actual margin lending rate increased by 85 basis points YoY to 11.1%, supporting growth in margin lending revenue to about 1.1 trillion dong in 1Q2026, up 67% YoY. However, VCSC estimated SSI’s cost of funds rose by 1.6 percentage points YoY, outpacing the increase in margin lending rates and partially pressuring margins in this segment.
In investment banking (IB), SSI recorded 15.4 billion dong in underwriting revenue in 1Q2026, compared with 7.1 billion dong in all of 2025. VCSC attributed the increase largely to SSI’s role in BID’s private placement completed in 1Q2026. In addition, interest income from FVTPL reached 1.3 trillion dong in 1Q2026 (up 22.8% YoY but down 20.8% QoQ). With lower FVTPL losses, net interest income from FVTPL was 774 billion dong (up 4.2% YoY and up 48.8% QoQ), which VCSC viewed as a key driver of quarterly pre-tax profit growth in 1Q2026.
SSI has set 2026 targets of revenue of 15,660 billion dong and net profit of 5,838 billion dong.
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