Pyn Elite Fund Boosts SHS Stake to 7.82% Amid Strong 2025 Financial Results

Overview

Pyn Elite Fund, a Finnish investment fund, purchased 8 million shares of Sài Gòn - Hà Nội Securities Joint Stock Company (SHS) on April 1, 2026, increasing its ownership to 7.82% of the company’s charter capital. This transaction follows a series of recent purchases by the fund, which first became a major shareholder in late March. Concurrently, SHS disclosed its 2025 financial results, showing significant profit growth driven by strong market activity.

Key Facts

• Pyn Elite Fund purchased 8 million SHS shares on April 1, 2026, raising its stake from 6.93% to 7.82% of charter capital.
• The fund’s total holdings now exceed 70.3 million shares, following earlier purchases of 2.9 million shares on March 25 and 15 million shares on March 31, 2026.
• SHS reported 2025 net profit of VND 1,343 billion, a 32% increase year-over-year, exceeding its annual plan by 20.5%.
• Proprietary trading income rose 40% in 2025 compared to 2024, while income from lending and receivables increased 56%, with a loan portfolio reaching VND 9,098 billion.
• Brokerage revenue grew 18% in 2025 due to improved market liquidity and expanded market share among both retail and institutional clients.
• Total assets reached VND 23,032 billion at the end of 2025, up 64.2% from 2024, with equity accounting for 54.7% of total capital.
• Earnings per share (EPS) stood at VND 1,500, with return on average equity (ROAE) at 11.3% and return on average assets (ROAA) at 7.2%.

What Happened

Pyn Elite Fund submitted a filing to the State Securities Commission of Vietnam (SSC), the Ho Chi Minh City Stock Exchange (HOSE), and SHS on April 1, 2026, reporting a change in ownership as a major shareholder holding over 5% of shares. According to the filing, the fund acquired 8 million SHS shares via the exchange, increasing its stake from over 62.3 million shares (6.93%) to over 70.3 million shares (7.82%). This follows earlier purchases: on March 25, 2026, the fund bought nearly 2.9 million shares to reach a 5.26% stake, becoming a major shareholder, and on March 31, 2026, it acquired an additional 15 million shares.

Separately, SHS released its 2025 financial results, showing total revenue and other income of nearly VND 3,674 billion, a significant increase from approximately VND 1,998 billion in 2024. The company attributed the 32% rise in net profit to a 40% increase in proprietary trading income due to positive market developments. Income from lending and receivables grew 56% year-over-year, reflecting strong transaction demand, while brokerage revenue increased 18% thanks to improved market liquidity and expanded market share.

Market Context

SHS is listed on the Ho Chi Minh City Stock Exchange (HOSE) under the ticker SHS. The stock closed at VND 18 on April 14, 2026, up 1.68% with a volume of 11.73 million shares. The recent accumulation by Pyn Elite Fund coincides with the release of SHS’s strong 2025 earnings, which may have contributed to positive price momentum. The Vietnamese securities sector has shown signs of recovery in 2025, with improved liquidity and trading activity benefiting brokerage and proprietary trading operations.

Strategic Significance

The dual developments of foreign institutional accumulation and robust financial performance underscore SHS’s positioning in a recovering market. Pyn Elite Fund’s consistent buying, raising its stake from 5.26% to 7.82% within a week, signals strong conviction in the company’s prospects, likely driven by the earnings growth and sector tailwinds. For long-term investors, this highlights SHS’s ability to capitalize on market upturns through its diversified revenue streams, including proprietary trading, lending, and brokerage, which all posted double-digit growth in 2025.

What to Watch

• Q1 2026 earnings release to assess if the growth momentum in proprietary trading and lending continues.
• Further filings from Pyn Elite Fund or other foreign investors regarding changes in SHS ownership.
• Monthly trading volume and market share data from the Ho Chi Minh City Stock Exchange to gauge SHS’s brokerage performance.
• Updates on the loan portfolio size and interest income trends in subsequent quarters.
• Overall market liquidity indicators and regulatory developments affecting the securities sector.