MBS Leads Early Q1/2026 Earnings with 50% Revenue Growth, DCM Profit Up 84%

Overview

MB Securities (MBS) reported preliminary Q1/2026 operating revenue of VND 1,019 billion, up over 50% year-on-year, leading a wave of early earnings disclosures from Vietnamese listed companies. PetroVietnam Cà Mau Fertilizer (DCM) posted an 84% profit jump, while Bình Sơn Refining and Petrochemical (BSR) exceeded its full-year net profit target in just three months. These results, disclosed via company filings and announcements, provide early indicators of sector performance for the quarter.

Key Facts

• MB Securities (MBS): Operating revenue VND 1,019B (+50% YoY), with margin lending revenue up ~60% to VND 440B and brokerage revenue up 80% to VND 241B; pre-tax profit VND 368B (+8% YoY).
• PetroVietnam Cà Mau Fertilizer (DCM): Revenue VND 5,370B (+58% YoY), pre-tax profit VND 837B (+84% YoY), marking its highest level in recent years.
• Bình Sơn Refining and Petrochemical (BSR): Q1 net profit VND 3,347B, already surpassing its full-year target of VND 2,162B; crack spread improved to USD 11 per barrel.
• Vietcap Securities (VCI): Estimated pre-tax profit ~VND 400B (+13% YoY).
• Hồ Chí Minh City Securities (HCM): Revenue VND 1,264B (+26% YoY), pre-tax profit VND 356B (+26% YoY).
• Asia Commercial Bank (ACB): Consolidated pre-tax profit ~VND 5,400B (+17% YoY), completing ~24% of its annual plan.
• Vietnam National Textile and Garment Group (Vinatex, VGT): Revenue VND 4,554B (+2% YoY), profit VND 355B (+31% YoY), achieving ~23-30% of its 2026 profit target.

What Happened

Several Vietnamese listed companies have released preliminary Q1/2026 business results, with many reporting double-digit growth. According to company filings and announcements, MB Securities (MBS) maintained its tradition of early disclosure, reporting operating revenue of VND 1,019 billion, up over 50% year-on-year. The growth was primarily driven by margin lending and brokerage activities, though proprietary trading profits fell 38%, limiting pre-tax profit growth to about 8%. Other securities firms followed suit: Vietcap Securities (VCI) estimated pre-tax profit of around VND 400 billion (+13% YoY), while Hồ Chí Minh City Securities (HCM) reported revenue and pre-tax profit both up 26%, with margin lending as a key driver.

In other sectors, PetroVietnam Cà Mau Fertilizer (DCM) recorded revenue of VND 5,370 billion (+58% YoY) and pre-tax profit of VND 837 billion (+84% YoY), its highest in recent years. Bình Sơn Refining and Petrochemical (BSR) announced Q1 net profit of VND 3,347 billion, already exceeding its full-year target of VND 2,162 billion, attributed to an improved crack spread of USD 11 per barrel and market-aligned pricing. Asia Commercial Bank (ACB) reported consolidated pre-tax profit of approximately VND 5,400 billion (+17% YoY), completing about 24% of its annual plan.

Market Context

MBS trades on the HOSE exchange and closed at VND 21 on April 10, 2026, down 0.95% with volume of 3.5 million shares. Other affected tickers showed mixed recent performance: ACB closed at VND 24 (+1.05%) on April 14, VCI at VND 28 (-0.53%), and HCM at VND 26 (+0.19%). The early earnings releases come amid ongoing volatility in Vietnamese equities, with securities and banking stocks often sensitive to market liquidity and interest rate trends. The strong preliminary results, particularly in sectors like fertilizers and refining, may signal underlying strength in commodity and industrial segments.

Strategic Significance

The disclosures highlight divergent performance within the securities sector, where revenue growth from margin lending and brokerage is offset by weakness in proprietary trading, as seen with MBS. For long-term investors, this underscores the importance of business mix diversification amid market fluctuations. In commodities, DCM’s profit surge and BSR’s target-beating performance reflect favorable pricing dynamics and operational efficiency, potentially supporting earnings resilience if global demand holds. The early achievement of annual targets by companies like BSR and partial completion by ACB and Vinatex suggests conservative planning or underestimated market tailwinds.

What to Watch

• Full Q1/2026 financial statements from MBS, DCM, BSR, and other disclosing companies, expected by late April or early May 2026.
• Crack spread trends and global fertilizer prices, which will influence DCM and BSR’s Q2 performance.
• Securities trading volume and margin lending data from the Ho Chi Minh Stock Exchange (HOSE) for April 2026, to gauge sustainability of brokerage revenue.
• State Bank of Vietnam (SBV) policy meetings on interest rates, impacting banking sector profitability and securities margin costs.
• Foreign ownership filings for affected tickers, particularly in sectors like textiles (VGT) and banking (ACB), to monitor institutional interest.