EARNINGS RELEASE

VIETCAP ACHIEVED PROFIT BEFORE TAX OF VND228BN IN Q1 2024

Vietcap Securities (HOSE: VCI, “Vietcap,” or “the company”) announces its business results for the first quarter of 2024 (Q1 2024).

Q1 2024 financial summary

Profit before tax (PBT): For Q1 2024, PBT was VND228bn (USD9.1mn), surging 53% from last quarter Q4 2023 and 182% from Q1 2023. 

Return on equity (ROE): Trailing-twelve-month (TTM) ROE was 7.9% for Q1 2024 (10.5% net of differences in equity due to asset revaluation). 

Total equity: VND8,177bn (USD327.1mn) as of end-March 2024 — 11% higher than at end-December 2023.

 

Q1 2024 business segment highlights

Brokerage

  • Brokerage recorded Q1 2024 revenue of VND186bn (USD7.5mn; 30% higher compared to last quarter- Q4 2023) and PBT of VND65bn (USD2.6mn; compared to VND12bn/USD0.5mn in Q4 2023). Vietcap ranked sixth on HOSE with a brokerage market share of 5.57%, increasing from 4.60% in Q4 2023. 

Investment Banking

  • Investment Banking revenue was VND4bn in Q1 2024 (USD0.2mn; 76% lower than in Q4 2023) but recorded a net loss of VND6bn (USD0.2mn; compared to a net loss of VND9bn/USD0.4mn in Q4 2023). Vietcap’s Investment Banking Department has been in the process of conducting notable advisory deals. 

Investment 

  • Investment recorded Q1 2024 revenue of VND433bn (USD17.3mn; 3% lower than in Q4 2023 but 111% higher than Q1 2023) and PBT of VND126bn (USD5.1m; 24% higher than Q4 2023). In Q1 2024, Vietcap made several trades in FPT, MBB, HPG, and MCH, among other stocks. 

Margin Lending

  • Margin Lending achieved revenue of VND190bn in Q1 2024 (USD7.6mn; 5% lower compared to Q4 2023) and PBT of VND42bn (USD1.7mn; 5% lower compared to Q4 2023 but 14% higher compared to Q1 2023).
  • Vietcap’s margin lending balance as of end-March 2024 was VND8,573bn (USD342.9mn; 7% higher compared to end-December 2023). 

 

Q1 2024 financial position highlights

  • Vietcap’s debts were VND10,240bn (USD409.6mn) as of end-March 2024, increasing 14% compared to end-December 2023. These debts were all short-term and mainly used to fund margin lending activities.
  • Vietcap’s total debt to equity ratio increased to 125.2% at end-March 2024 compared to 121.8% at end-December 2023. 
  • Vietcap’s total assets were VND19,545bn (USD781.8mn) at end-March 2024 — 13% higher compared to end-December 2023.

Notable corporate actions in Q1 2024 

  • In January 2024, Vietcap signed syndicated loan financing for USD34mn, incorporating a greenshoe option up to USD100mn. The loan was arranged by Bank SinoPac and Bank of Kaohsiung – Offshore Banking branch.

Income Statement Highlights

Balance Sheet Highlights

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