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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