Many plans to increase capital by thousands of billions
By the last week of April 2025, the first quarter business picture of securities companies in the market has gradually emerged. Accordingly, most securities companies with large capital and market share reported positive profits and proposed plans to increase revenue and profit by times in the whole year of 2025.
Specifically, LPBank Securities (LPBS) recorded operating revenue in the first quarter of 2025 reaching nearly VND 103.4 billion, an increase of more than 26 times over the same period last year. The company's after-tax profit in the first quarter of 2025 also reached VND 40.38 billion.
In the document for the 2025 shareholders' meeting, LPBS plans to offer 878 million shares to increase its charter capital by VND8,780 billion. If the capital increase plan is successful, LPBS expects revenue for the whole year of 2025 to reach VND1,015 billion and pre-tax profit to reach VND503 billion, both more than 5 times higher than in 2024.
Other securities companies such as Kafi, SSI, MBS, TCBS, VDSC, FPTS, SHS, ACBS... have also planned to increase revenue and profit equally well. For example, at the end of the first quarter of 2025, Kafi Securities reported a profit of VND 73 billion, an increase of 175%. This year, Kafi plans to list 500 million shares on UPCoM and offer 250 million shares to increase its charter capital to VND 7,500 billion.
Meanwhile, with revenue and profit growth in the first quarter at 10% and 13% respectively, SSI confidently approved the plan to increase charter capital by nearly VND 5,800 billion in 2025 and expects consolidated revenue to reach nearly VND 9,700 billion; increasing pre-tax profit for the whole year to 20% - the highest level in the business history of this enterprise.
In general, according to analysts, by the end of the first quarter, after the capital increase period of 2021 - 2024, many securities companies under commercial banks were profitable and continued to promote the issuance of shares and bonds to increase capital in the new period.
In March 2025 alone, according to HNX statistics, the group of securities companies issued VND 5,800 billion in corporate bonds, more than 11 times higher than the same period last month. A series of large and medium-sized securities companies, such as VPS, VDSC, DNSE, VNDirect... have all participated in bond issuance activities and are planning to continue issuing in the second quarter.
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| The upgraded stock market will create opportunities for securities companies to expand their attraction of FII capital and enhance their reputation and competitiveness. |
Join forces with foreign banks and funds
In the context that the stock market is receiving many favorable factors from the possibility of upgrading, at the same time intertwined with uncertain challenges, especially the impact of new US tariff policies. Currently, many securities companies have promoted cooperation with commercial banks to take advantage of the customer ecosystem, while expanding cooperation with international financial funds to enhance reputation and capacity.
In terms of cooperation with commercial banks, observations up to the end of March showed that the increasingly deeper participation of banks in securities companies has become quite common. For example, at the General Meeting of Shareholders held last week, MSB planned to divest from TNEX Finance, and at the same time, researched the acquisition of a securities company with a charter capital of VND300-500 billion in 2025.
Similarly, Sacombank and SeABank have recently expressed their intention to invest more deeply in the securities business by considering buying back charter capital to turn securities companies into subsidiaries of the bank. In particular, Sacombank plans to spend a maximum of about VND1,500 billion to own 50% of the charter capital of the securities company selected to contribute capital. SeABank will also decide this week to participate in buying capital, possibly up to 100% of the charter capital of ASEAN Securities Company.
Regarding strategic cooperation activities, it is noted that recently Kafi Securities Company and VIB Bank have cooperated to integrate digital financial products and services and optimize user experience. This cooperation will significantly support Kafi in its plan to list shares on UPCoM and increase charter capital in the near future. Meanwhile, recently, another securities company, APG, was unexpectedly purchased by Pando 1 Investment Pte.Ltd (Singapore) Fund to buy an additional 850,400 shares, increasing its ownership ratio to 5.25% of charter capital. This securities company also expressed that it will continue to cooperate with foreign partners by planning to borrow 16 million USD from foreign funds to supplement capital for business activities...
With the above developments, along with the information that the Vietnamese stock market is about to be considered for upgrading to the level of a secondary emerging market, experts believe that the ability of Vietnamese securities companies to attract international capital in the remaining months of 2025 and the coming years is quite open, especially indirect investment capital flows, because currently the valuation of Vietnam's stock market is quite attractive compared to the region.
“The forecast for corporate profits in 2025 could bring the P/E ratio to its lowest level in 10 years, creating a strong attraction for international investors. When upgraded, Vietnam will strongly attract indirect investment (FII) flows, while improving the quality of corporate governance and the ability to mobilize capital,” said Ms. Dang Nguyet Minh, Director of Research at Dragon Capital Vietnam.
Source: https://thoibaonganhang.vn/cong-ty-chung-khoan-tang-von-va-mo-rong-hop-tac-163369.html
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