Research Center

GTJASVN Research_Vietnam Securities Sector Report _Jul2024 Eng vers_

02/08/2024

Share:

Vietnam’s stock market is in the stage of development in both breadth and depth. Along with market development, securities services companies are implementing business strategies with the following main trends:

  • Zero fee
  • The emergence of AI broker
  • Asset management consulting products go hand in hand with the economy development, the rising income and middle class and the increased demand for accumulation, savings and asset management consulting.
  • Capital raising and M&A is an inevitable trend that helps securities companies improve their competitiveness and maintain resources for investment and expansion.
  • Other business trends and efforts to improve the market: cross-selling cooperation.
  • Network security issues in the context of increasing investment in technology and digitalization.

Business prospects of the securities services industry

  • Vietnam’s securities industry’s profits are expected to grow by 35% in 2024 thanks to improvements in liquidity, good market performance help securities companies record increasing profits from brokerage and proprietary trading activities.
  • With the current industry structure, margin and proprietary trading activities are the main profit growth drivers of securities companies. Meanwhile, brokerage plays an important role in the strategy of expanding market share and is a premise for profits from margin activities.
  • The revenue and profit of the margin lending segment are expected to increase slightly given that the total market margin lending reached a new peak in Q2/2024.

Investment recommendations

After a period of overheating (2020-2023), the valuation of securities stocks has returned to a more appropriate level. The industry average P/E is 16.31. For listed securities businesses, we favor a company owning industry advantages such as SSI, VCI, HCM, MBS, FTS.

Danh sách báo cáo liên quan

(EN) GTJASVN RS_DGC Equity Report _Strengthen the value chain_TP120,000_Oct 16 2025

17/10/2025

Strengthen the value chain KEY HIGHLIGHTS DGC is a leading chemical enterprise in Vietnam, holding a dominant position in the supply of yellow phosphorus...

GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025

15/10/2025

GTJASVN_MWG Equity Report_Back to the growth trajectory_TP80496VND Hold_Oct 14 2025 MWG is returning to a new growth cycle in 2025–2030 with three key...

(EN) GTJAVN_DBC Equity Report _Positive medium-term outlook _TP29500_Sep 30 2025

02/10/2025

Positive medium-term outlook KEY HIGHLIGHTS DBC is one of the leading pig farming enterprises in Vietnam. During the period 2024–6M2025, the company’s...

Contact

    For compliance information, please contact:

    compliance@gtjas.com.vn

    • Stock index
    • VNINDEX: 1731.19   -35.66   (-2.02%)
    • HNX: 276.11   -0.97   (-0.35%)