VPS Securities (VCK) Targets Record 2026 Revenue, Proposes No 2025 Dividend

Overview

VPS Securities Joint Stock Company (VCK) plans to present 2026 business targets to shareholders, aiming for record revenue of VND 11,500 billion (up 39%) and pre-tax profit of VND 5,750 billion (up 29%). The company also proposes retaining all profits and paying no dividend for 2025, according to documents released ahead of its Annual General Meeting of Shareholders scheduled for April 15, 2026, in Hà Nội.

Key Facts

• VPS Securities (VCK) targets 2026 revenue of VND 11,500 billion, a 39% increase from 2025, and pre-tax profit of VND 5,750 billion, a 29% increase.
• The company proposes no dividend for 2025, retaining all profits.
• The Annual General Meeting of Shareholders is scheduled for April 15, 2026, in Hà Nội.
• In Q1 2026, VPS reported operating revenue of VND 2,519 billion (up 72% year-on-year) and pre-tax profit of VND 1,547 billion (up 68%), achieving about 27% of its full-year profit target.
• Total assets as of March 31, 2026, were VND 53,217 billion, with margin lending outstanding at VND 29,979 billion (up 36%).
• The company expects Vietnam’s stock market to be upgraded to FTSE Russell emerging market status in September 2026, potentially attracting USD 5-6 billion in foreign capital.
• Proposed monthly remuneration for 2026 is VND 5 million per person for Board members and VND 3 million per person for Supervisors.

What Happened

VPS Securities (VCK) has released documents ahead of its Annual General Meeting of Shareholders scheduled for April 15, 2026, in Hà Nội. According to the filing, the company will present a 2026 business plan targeting revenue of VND 11,500 billion and pre-tax profit of VND 5,750 billion, representing year-on-year growth of 39% and 29%, respectively. Both figures would be the highest in the company’s history. VPS also proposes retaining all profits and paying no dividend for 2025.

The business plan is based on an assessment that Vietnam’s stock market in 2026 will continue to be supported by positive factors, including market upgrades, trading infrastructure reforms, and the development of new products and mechanisms such as extended trading hours. The company cites expectations that FTSE Russell will upgrade Vietnam to emerging market status in September 2026, potentially attracting USD 5-6 billion in foreign capital, with further inflows anticipated in subsequent years as the market targets MSCI Emerging Market status by 2027-2028.

Market Context

VPS Securities (VCK) trades on the HOSE exchange. The stock closed at VND 37 on April 10, 2026, down 0.80% on volume of 4.853 million shares. The guidance announcement follows strong Q1 2026 results, where the company reported record quarterly revenue and profit, driven by a 36% increase in margin lending to VND 29,979 billion. This performance positions VPS ahead of its annual targets, having already achieved about 27% of its full-year profit goal in the first quarter.

Strategic Significance

The no-dividend proposal for 2025 signals VPS’s intent to reinvest profits to capitalize on expected market growth, particularly from Vietnam’s potential stock market upgrades. By retaining earnings, the company can strengthen its balance sheet and expand margin lending and other services, aligning with forecasts of increased foreign investment. This strategy leverages VPS’s position as a major brokerage to capture higher trading volumes and fee income if market reforms and upgrades materialize as planned.

What to Watch

• Shareholder approval of the 2026 business plan and no-dividend proposal at the Annual General Meeting on April 15, 2026.
• Quarterly earnings reports to track progress against the VND 5,750 billion pre-tax profit target, starting with Q2 2026 results.
• FTSE Russell’s decision on Vietnam’s market upgrade in September 2026 and its impact on foreign capital inflows.
• Margin lending growth trends, as it is a key revenue driver for VPS, with outstanding balance already at VND 29,979 billion as of March 31, 2026.
• Regulatory developments on trading infrastructure reforms, such as extended trading hours, which could boost market activity.