SHS Q1 2026 Earnings: Pre-Tax Profit Hits VND 280B, Loan Balance Up 126%

Overview

Sài Gòn – Hà Nội Securities JSC (SHS) reported strong Q1 2026 financial results, with pre-tax profit reaching VND 280 billion. The securities firm saw its loan balance surge 126% year-on-year to a record VND 10,502 billion, while brokerage revenue increased 86% and total assets grew 47%. These figures reflect execution of the company’s broader restructuring and growth strategy outlined at its 2026 AGM.

Key Facts

• Pre-tax profit for Q1 2026 was VND 280 billion.
• Loan balance as of March 31, 2026, reached approximately VND 10,502 billion, up 126% year-on-year and 15% from the start of 2026.
• Brokerage revenue for the quarter was nearly VND 97 billion, an 86% increase compared to Q1 2025.
• Total assets stood at VND 22,367 billion as of March 31, 2026, a 47% year-on-year rise.
• The company’s 2026-2030 strategy, approved at its 2026 AGM, targets 2026 revenue of VND 3,739 billion and pre-tax profit of VND 1,718 billion.
• Strategic goals include reaching Top 10 positions among securities firms for operational efficiency and brokerage market share.

What Happened

According to its Q1 2026 financial report, Sài Gòn – Hà Nội Securities JSC (SHS) recorded a pre-tax profit of VND 280 billion. The company highlighted a record loan balance of approximately VND 10,502 billion, which increased 126% compared to the same period in 2025 and 15% from the beginning of 2026. SHS stated this reflects enhanced funding capacity, risk management, and client base expansion.

Brokerage revenue saw significant growth, reaching nearly VND 97 billion, up 86% year-on-year. The company attributed this performance to its strategy of improving service quality, customer experience, and expanding its investor base amid intense competition. Total assets grew 47% to VND 22,367 billion. These results were disclosed alongside the firm’s broader strategic direction, which was formally announced at its 2026 Annual General Meeting of Shareholders (AGM).

Market Context

SHS trades on the Ho Chi Minh City Stock Exchange (HOSE). The stock closed at VND 18,000 on April 15, 2026, up 1.10% on volume of 23.4 million shares. The Q1 results come during a period of high volatility in the Vietnamese stock market, characterized by strong liquidity driven by expectations of a market upgrade, stable interest rates, and improved investor sentiment. However, the securities sector faces pressure from short-term profit-taking, global economic fluctuations, and increasing competition.

Strategic Significance

The Q1 2026 performance provides early validation of SHS’s 2026-2030 restructuring plan, which aims to build a sustainable growth platform focused on core business segments like financial services, asset management, and investment banking. The dramatic expansion in the loan book, now the largest in the company’s history, signals a strategic pivot toward leveraging its balance sheet for growth, potentially diversifying revenue away from pure brokerage dependence in a competitive market.

What to Watch

• Subsequent quarterly earnings releases to assess consistency against the full-year 2026 targets of VND 3,739 billion in revenue and VND 1,718 billion in pre-tax profit.
• Monthly brokerage market share data from the Ho Chi Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) to gauge progress toward the Top 10 goal.
• Updates on the implementation of the 2026-2030 restructuring plan, particularly regarding operational model changes and platform development.
• Management commentary on sustaining loan growth while maintaining asset quality and risk controls.