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On the afternoon of April 20, VPBankS held its annual general meeting in Hanoi. Shareholders raised questions about the company’s valuation and its growth strategy within the VPBank ecosystem. In response, Chairwoman Ho Thuy Nga said VPBankS shares have been listed since December 2023 and described how post-listing price movements have been influenced by broader market conditions.
Ms. Ho Thuy Nga noted that in the post-listing period, the share price at times rose to about 34,500 dong per share in March, above the IPO price of 33,900 dong per share. She said the stock later corrected toward the end of the month, adding that such movements are not unique to VPBankS but reflect the overall stock market trend.
She said March’s market performance was affected by geopolitical tensions, oil price volatility, and a higher interest-rate environment, which weighed on investor sentiment. On valuation, she cited a price-to-book (P/B) ratio of 1.62x and a price-to-earnings (P/E) ratio of 12.69x. Compared with the industry average, these figures are below peers, with an average P/B of around 2.1x and an average P/E of around 14.4x.
Based on these metrics, Ms. Ho Thuy Nga said the current valuation is considered relatively reasonable and still leaves room for improvement versus the sector average. She also pointed to factors that could influence the stock in the coming period, including the market outlook, the potential upgrade of the stock market, and the implementation of the company’s long-term investment strategies. She added that, going forward, the stock price may better reflect the company’s value and growth potential.
Regarding shareholders’ concerns about how rising interest rates could affect the company’s margins, VPBankS CEO Nham Ha Hai said higher rates would bring some challenges, but the longer-term market outlook remains positive.
Mr. Hai said the company’s margin in Q1 remained around 30 trillion dong per session, up slightly from about 29 trillion dong in 2025. He also said that even with foreign selling, market absorption is seen as stable.
On this basis, Mr. Hai expects that if economic conditions remain favorable, market liquidity and margin demand could continue to improve in the coming quarters. He added that margin expansion at the current level is not expected to affect the company’s debt-growth targets.
Looking ahead to 2026, VPBankS targets revenue of 11,074 billion dong and pre-tax profit of 6,453 billion dong, representing increases of 39% and 44%, respectively, compared with 2025.
By the end of Q1 2026, the company reported pre-tax earnings of nearly 515 billion dong, up 46.8% year-on-year. Revenue was mainly driven by margin lending and proprietary trading, contributing 880 billion dong and 1,822 billion dong, respectively.
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