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EARNINGS RELEASE
VIETCAP ACHIEVED PROFIT BEFORE TAX OF VND571BN IN H1 2024
Vietcap Securities (HOSE: VCI, “Vietcap,” or “the company”) announces its business results for the second quarter of 2024 (Q2 2024) and first half of 2024 (H1 2024).
Q2 2024 and H1 2024 financial summary
Profit before tax (PBT): For Q2 2024, PBT was VND344bn (USD13.5mn), growing 163% from Q2 2023. For H1 2024, PBT was VND571bn (USD22.4mn), growing 170% compared to H1 2023 and fulfilling 82% of Vietcap’s 2024 guidance of VND700bn (USD27.5mn).
Return on equity (ROE): Trailing-twelve-month (TTM) ROE was 9.6% for Q2 2024 (12.9% net of differences in equity due to asset revaluation).
Total equity: VND8,859bn (USD347.4mn) as of end-June 2024 — 20% higher than at end-December 2023.
Q2 2024 and H1 2024 business segment highlights
Brokerage
- Brokerage recorded Q2 2024 revenue of VND194bn (USD7.6mn; 4% higher compared to last quarter – Q1 2024) and PBT of VND77bn (USD3.0mn; 19% higher compared to Q1 2024). For H1 2024, brokerage recorded revenue of VND381bn (USD14.9mn; growing 84% compared to H1 2023) and PBT of VND142bn (USD5.6mn; growing 332% compared to H1 2023). Vietcap ranked sixth on HOSE with a brokerage market share of 5.44% in H1 2024, increasing from the seventh -ranking with a 4.82% market share in H1 2023.
Investment Banking
- Investment banking revenue was VND12bn in Q2 2024 (USD0.5mn; compared to VND4bn in Q1 2024) and PBT of VND2bn (USD0.1mn; compared to a net loss of VND6bn/USD0.2mn in Q1 2024). For H1 2024, investment banking recorded revenue of VND16bn (USD0.6mn; growing 7% compared to H1 2023) and a net loss of VND4bn (USD0.2mn; compared to a net loss of VND9bn in H1 2023). Vietcap’s Investment Banking Department has been in the process of conducting notable advisory deals.
Investment
- Investment recorded Q2 2024 revenue of VND484bn (USD19.0mn; 12% higher than in Q1 2024) and PBT of VND202bn (USD7.9m; 60% higher than Q1 2024). For H1 2024, investment recorded revenue of VND918bn (USD36.0mn; growing 132% compared to H1 2023) and PBT of VND328bn (USD12.9mn; growing 164% compared to H1 2023). In H1 2024, Vietcap made several trades in FPT, MBB, HPG, and MCH, among other stocks.
Margin Lending
- Margin lending achieved revenue of VND244bn in Q2 2024 (USD9.6mn; 29% higher compared to Q1 2024) and PBT of VND63bn (USD2.5mn; 50% higher compared to Q1 2024). For H1 2024, margin lending recorded revenue of VND433bn (USD17.0mn; 12% higher compared to H1 2023) and PBT of VND105bn (USD4.1mn; 67% higher compared to H1 2023).
- Vietcap’s margin lending balance as of end-June 2024 was VND7,947bn (USD311.6mn; 1% lower compared to end-December 2023).
H1 2024 financial position highlights
- Vietcap’s debts were VND12,392bn (USD486.0mn) as of end-June 2024, increasing 38% 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 139.9% at end-June 2024 compared to 121.8% at end-December 2023.
- Vietcap’s total assets were VND23,105bn (USD906.1mn) at end-June 2024 — 34% higher compared to end-December 2023.
Notable corporate actions in H1 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.
- In June 2024, Vietcap issued 4,400,000 ESOP shares (equivalent to 1.0% of total outstanding shares prior to the ESOP issuance). Vietcap’s total outstanding shares as of end-June 2024 were 441.9 million shares.
Income Statement Highlights
VND bn | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | QoQ | YoY | H1 2023 | H1 2024 | YoY | 2022 | 2023 |
Total revenue |
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Brokerage | 90 | 116 | 164 | 143 | 186 | 194 | 4% | 67% | 206 | 381 | 84% | 609 | 514 |
Margin Lending | 193 | 195 | 203 | 200 | 190 | 244 | 29% | 25% | 388 | 433 | 12% | 808 | 791 |
Investment Banking | 15 | 0 | 1 | 19 | 4 | 12 | 164% | N.M. | 15 | 16 | 7% | 431 | 35 |
Investment | 205 | 191 | 314 | 446 | 433 | 484 | 12% | 153% | 396 | 918 | 132% | 1344 | 1156 |
Operating expenses | 235 | 141 | 268 | 419 | 370 | 359 | -3% | 155% | 376 | 729 | 94% | 1399 | 1064 |
Loss on FVTPL (1) | 96 | 36 | 127 | 238 | 168 | 198 | 18% | 453% | 132 | 366 | 178% | 900 | 496 |
Provisions (2) | 0 | 0 | 0 | 0 | 0 | 0 | N.M. | N.M. | 0 | 0 | N.M. | 0 | 0 |
Other operating expenses (Net of (1) and (2)) | 139 | 105 | 141 | 182 | 202 | 161 | -20% | 53% | 244 | 363 | 49% | 498 | 567 |
Financial expenses | 161 | 211 | 178 | 191 | 185 | 197 | 6% | -6% | 371 | 382 | 3% | 700 | 740 |
Profit before tax | 81 | 131 | 210 | 149 | 228 | 344 | 51% | 163% | 211 | 571 | 170% | 1060 | 571 |
Brokerage | -2 | 35 | 57 | 12 | 65 | 77 | 19% | 122% | 33 | 142 | 332% | 192 | 102 |
Margin lending | 37 | 26 | 46 | 44 | 42 | 63 | 50% | 142% | 63 | 105 | 67% | 229 | 153 |
Investment banking | 1 | -10 | -14 | -9 | -6 | 2 | N.M. | N.M. | -9 | -4 | -54% | 342 | -32 |
Investment | 44 | 80 | 121 | 101 | 126 | 202 | 60% | 152% | 124 | 328 | 164% | 298 | 347 |
Net profit after tax | 73 | 117 | 180 | 123 | 198 | 279 | 41% | 139% | 190 | 477 | 151% | 869 | 493 |
Balance Sheet Highlights
VND bn | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY2023 | Q2 2024 |
Balance sheet highlights |
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Cash and cash equivalents | 1,144 | 795 | 643 | 1,132 | 3,424 | 788 | 3,903 |
FVTPL | 425 | 795 | 615 | 1,222 | 665 | 122 | 1,007 |
Held-to-maturity (HTM) | 0 | 262 | 106 | 754 | 886 | 380 | 310 |
Margin lending | 2,792 | 3,032 | 3,882 | 7,701 | 5,279 | 7,992 | 7,947 |
Available-for-sale (AFS) | 2,039 | 1,731 | 2,713 | 5,324 | 3,734 | 6,604 | 8,513 |
Debt | 2,320 | 2,563 | 3,364 | 8,327 | 6,873 | 8,979 | 12,392 |
Short-term debts | 2,320 | 2,563 | 3,364 | 8,327 | 6,873 | 8,979 | 12,392 |
Long-term debts | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Assets | 6,510 | 7,243 | 8,382 | 16,636 | 14,243 | 17,255 | 23,105 |
Total Liabilities | 2,867 | 3,191 | 3,861 | 10,094 | 7,747 | 9,884 | 14,247 |
Total Equity | 3,643 | 4,052 | 4,522 | 6,542 | 6,495 | 7,371 | 8,859 |
Key financial ratios | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY2023 | Q2 2024 |
Total Debts / Equity | 63.7% | 63.2% | 74.4% | 127.3% | 105.8% | 121.8% | 139.9% |
Net Debts (*) / Equity | 32.3% | 43.6% | 60.2% | 110.0% | 53.1% | 111.1% | 95.8% |
Total Liabilities / Total Assets | 44.0% | 44.1% | 46.1% | 60.7% | 54.4% | 57.3% | 61.7% |
ROA | 12.7% | 10.1% | 9.8% | 12.0% | 5.6% | 3.1% | 3.9% |
ROE | 24.7% | 18.0% | 17.9% | 27.1% | 13.3% | 7.1% | 9.6% |
ROE (**) | 28.5% | 19.9% | 19.7% | 33.4% | 16.8% | 8.8% | 12.9% |
BVPS (VND) | 8,596 | 9,446 | 10,502 | 15,112 | 14,915 | 16,849 | 20,046 |
(*) Net debt = Total debts – CCE (cash & cash equivalents)
(**) This ROE ratio is calculated based on total equity net of differences due to asset revaluation.
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