Strong profit growth targets

A series of securities firms plan to hold their 2026 AGMs in March and April. Given their performance is closely tied to stock market developments, their business plans often reflect their expectations and outlook for the market in the year.

DNSE Securities has set a target of VND1.74 trillion ($62.2 million) in total revenue and VND550 billion ($20.98 million) in pre-tax profit, up 18.2% and 61.7% year-on-year, respectively.

The company believes Vietnam’s stock market could see a “re-rating” opportunity in 2026 thanks to reasonable valuations, with a forward P/E of around 13.9 times and projected corporate earnings growth of 17.5-26.7%.

Domestic capital flows are expected to remain a key support, while public investment, digital transformation and institutional reforms could strengthen long-term investor confidence, despite possible medium-term corrections caused by global interest rate pressures.

Macroeconomic conditions are also expected to support the market, with continued GDP growth, stable inflation and policy settings still prioritizing economic recovery. In particular, a potential upgrade of Vietnam’s stock market status by FTSE Russell could significantly boost foreign capital inflows, improving liquidity and strengthening the foundation for sustainable growth.

Meanwhile, MB Securities (MBS) has set a target of VND4.68 trillion ($178.3 million) in revenue and VND1.85 trillion ($70.56 million) in pre-tax profit this year, up 28% and 31% year-on-year, respectively.

MBS expresses a mix of optimism and caution about the market outlook. The company expects strong sectoral divergence in 2026, presenting both opportunities and challenges, while also viewing the year as a crucial turning point due to the anticipated FTSE Russell market status upgrade.

Under its positive scenario, MBS forecasts the benchmark VN-Index on the Ho Chi Minh Stock Exchange could reach around 2,300 points in the first half of 2026. However, it expects momentum to moderate in the second half as higher interest rates may affect liquidity and capital flows could partially shift back to production and business activities. The firm forecasts the index to end the year at around 1,800 points.

Similarly, Vietcap Securities plans to achieve VND6.525 trillion ($248.86 million) in revenue and VND2.3 trillion ($87.72 million) in pre-tax profit in 2026, up 30% and 41% from 2025.

The company expects Vietnam’s stock market to maintain its growth momentum thanks to the economy’s strong internal drivers, while the return of foreign investors following a market status upgrade could provide a significant boost.

Sharing this optimistic outlook, Hai Phong Securities aims for VND138.96 billion ($5.3 million) in revenue and VND79.32 billion ($3.03 million) in pre-tax profit this year, representing increases of 61% and 77% from 2025.

Meanwhile, An Binh Securities has set an ambitious plan for VND1.18 trillion ($44.81 million) in revenue and VND600 billion ($22.88 million) in pre-tax profit, surging 218% and 273%, respectively.

M&A and listing plans

Beyond financial targets, several companies are also expected to seek shareholder approval for important initiatives.

DNSE will continue asking shareholders to approve a plan to acquire a fund management company. Although the proposal was approved at the 2025 AGM, market volatility prevented its implementation.

Notably, the firm will also propose establishing a securities company at the Vietnam International Financial Centre in Ho Chi Minh City. DNSE views this as a strategic opportunity to expand service capacity, connect with international investors, and benefit from favourable policy mechanisms.

Meanwhile, Hai Phong Securities and An Binh Securities are attracting investor attention with plans to change listing exchanges.

Hai Phong Securities’ board plans to submit a proposal to list its HAC shares on either the Ho Chi Minh Stock Exchange (HoSE) or the Hanoi Stock Exchange (HNX). An Binh Securities, meanwhile, intends to list its ABW shares on the HoSE. Both companies are registering their shares on the Unlisted Public Companies Market (UPCoM).

According to An Binh Securities, the HoSE listing would enhance transparency, strengthen corporate governance and improve stock liquidity, while facilitating share transfers and market-based valuation.

The 2026 AGM of An Binh Securities, scheduled for March 18, has drawn particular attention following a major shareholder change.

Private multi-sector group Geleximco recently announced it had sold 41,423,167 out of the 46,379,517 ABW shares it had registered to divest between January 15 and February 13. Following the transaction, Geleximco reduced its ownership in An Binh Securities from 45.85% to 4.9%, meaning it is no longer a major shareholder.

At the same time, Hai Phong Securities’ candidate list for its 2026-2031 board of directors term has attracted interest as it includes two nominees who are currently executives at Eximbank.

They are Nguyen Phi Long, director of the large corporate clients division since April 2025, and Nguyen Bang Khanh, deputy director of the non-bank financial institutions division under the treasury business department since May 2025.