AGM, but make it a victory lap
VPS Securities Joint Stock Company didn’t exactly show up to its 2026 annual meeting empty-handed. It rolled in with a 2025 performance update that looked more like a flex than a footnote: total operating revenue hit VND 8,261 billion, up 27.7% year over year, while profit after tax rose 42.1% to VND 3,579 billion.
The engine was humming in every lane
This wasn’t one of those “one segment saved the whole company” stories. Brokerage revenue rose to VND 3,770 billion, margin lending brought in VND 2,504 billion, treasury and capital business added VND 1,694 billion, and advisory revenue more than doubled on a percentage basis. In other words: the whole machine was working, not just one lucky gear.
Still the market-share king
VPS also said it kept its No. 1 spot in stock brokerage market share for a fifth straight year. It held 15.95% on HOSE, 19.49% on HNX, 17.76% on UPCOM, and a monster 38.99% in derivatives. If you’re looking for the local equivalent of a heavyweight champion, that’s pretty much it.
The catch: no cash dividend
The company’s balance sheet got a big glow-up too, with total assets at VND 48,402 billion and equity jumping 153.8% to VND 28,835 billion after its IPO. But here’s the tradeoff investors need to clock: VPS said it will not pay cash dividends in 2026, preferring to keep capital around for growth. Big picture: strong results, stronger capital base, and a management team that seems very much in “build first, payout later” mode.