HSC (HCM) Q1 2026 Revenue Jumps 48% YoY on Brokerage, Margin Lending Growth

Overview

Hồ Chí Minh City Securities Corporation (HSC, HOSE: HCM) reported Q1 2026 revenue of VND 1,280 billion, a 48% increase year-on-year, with pre-tax profit rising 28% to VND 363 billion. The results were driven by growth in core brokerage and margin lending activities. The company also announced ambitious full-year targets and a planned capital increase of nearly VND 5,000 billion.

Key Facts

• Q1 2026 revenue reached VND 1,280 billion, up 48% compared to Q1 2025.
• Q1 2026 pre-tax profit was VND 363 billion, a 28% year-on-year increase.
• Brokerage revenue surged 97% to VND 324 billion, with HSC’s market share on HOSE rising from 6.7% in Q4 2025 to 7.3%.
• Margin lending revenue grew 46% to VND 765 billion, supported by capital from a 2025 share issuance.
• Total assets stood at VND 40,467 billion as of March 31, 2026, with equity of VND 14,402 billion.
• The 2026 Annual General Meeting is scheduled for April 23, 2026, to present a business plan targeting revenue over VND 6,500 billion and pre-tax profit of VND 2,302 billion for the full year.
• A capital increase plan, including offerings to existing shareholders, private placements, and ESOP, totals nearly VND 5,000 billion to fund margin lending in 2026-2027.

What Happened

According to its business results filing, HSC’s Q1 2026 performance was bolstered by improved market liquidity. Brokerage revenue nearly doubled, outpacing the 92% increase in the market’s average daily trading value, which reached nearly VND 35,000 billion per day. The company attributed this to gaining market share on the HOSE exchange. Margin lending revenue also saw robust growth, facilitated by the deployment of capital raised from a share issuance in late 2025. Proprietary trading, focused on market-making for ETFs and covered warrants, contributed VND 172 billion in revenue, a 55% increase.

The company disclosed its full-year 2026 targets, aiming for revenue exceeding VND 6,500 billion and pre-tax profit of VND 2,302 billion, representing year-on-year growth of 50% and 56%, respectively. HSC stated that Q1 revenue achieved 19% of the annual plan and expects acceleration in subsequent quarters from fully deploying new capital, executing corporate finance advisory deals, and expanding brokerage amid anticipated foreign capital inflows following a market upgrade. A detailed capital increase proposal will be presented at the upcoming AGM.

Market Context

HSC’s stock (HCM) closed at VND 27,000 on April 15, 2026, up 3.08% on volume of 32.9 million shares, reflecting positive market reception to the earnings release. As a leading securities firm on the HOSE, its performance is closely tied to Vietnamese equity market activity and liquidity trends. The strong Q1 results and elevated full-year guidance come amid a period of improved market conditions, which the company cited as a key driver for its brokerage growth.

Strategic Significance

The results underscore HSC’s strategy to leverage capital strength to expand high-margin businesses like margin lending and gain brokerage market share. The planned VND 5,000 billion capital increase, if approved, would directly fund further margin lending growth over the next two years, positioning the firm to capture more revenue from securities-backed financing as market activity rises. This capital-intensive expansion reflects a bet on sustained retail and institutional participation in Vietnam’s capital markets.

What to Watch

• The 2026 Annual General Meeting on April 23, 2026, for shareholder approval of the business plan and capital increase details.
• Subsequent quarterly earnings releases to track progress toward the VND 6,500 billion revenue target.
• Announcement of specific terms for the capital increase, including ratios, pricing, and timing.
• Market share data for HSC’s brokerage on HOSE in Q2 2026 and beyond.
• Updates on the corporate finance advisory pipeline, including IPO and M&A deals mentioned in the filing.