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_KDH EquityReport_The Galdia as the primary growth catalyst for 2025-2026_25Nov2025

26/11/2025

3Q2025 Earnings Update At the end of the third quarter of Q2025, KDH recorded notably positive business results with revenue reaching VND 1,098 bilion...

(EN) GTJASVN Research_Vietnam Securities Sector_EMBRACING NEW HORIZONS, REACHING REGIONAL PROMINENCE_Nov 2025

20/11/2025

Vietnamese securities companies are still mainly operating under the traditional business model, with key characteristics: Expanding brokerage market share...

(EN)GTJASVN RS_PAN Equity Report _9M2025 Business Results Update_Oct 28 2025

30/10/2025

(EN)GTJASVN RS_PAN Equity Report _9M2025 Business Results Update_Oct 28 2025

Contact

    For compliance information, please contact:

    compliance@gtjas.com.vn

    • Stock index
    • VNINDEX: 1701.67   10.68   (0.63%)
    • HNX: 257.91   -2   (-0.77%)