Company Infomation

Vietcap Securities Joint Stock Company (Vietcap) was established on November 6, 2007, with an initial charter capital of VND 360 bn. Vietcap has been growing gradually and become one of the leading securities companies in Vietnam. In 2017, the company marked a significant milestone by listing on the Ho Chi Minh City Stock Exchange (HSX) under the ticker VCI.

VCI has maintained its No.1 market share in institutional brokerage and secured the Top 5 position in total brokerage market shares in 2024.

Financial Performance

During the 2019–2024 period, VCI recorded impressive growth, with a compound annual growth rate (CAGR) of 19.1% in operating revenue.

In 2024, VCI’s revenue reached VND 3,696 bn, marking a 49.5% increase compared to 2023. The key business segments contributing to revenue—proprietary trading, brokerage, and margin lending—achieved impressive growth rates of 79.3%, 31.0%, and 61.6%, respectively. The 2024 profit after tax (PAT) amounted to VND 911 bn, up 85.1% year-on-year.

Key Investment Convictions

• VCI dominates the institutional brokerage in Vietnam with over 30% market share

• VCI shall enjoy the most should Vietnam is reclassified as an Emerging Market this year by FTSE.

• Significant breakthrough in the retail brokerage, with market share on the HOSE exchange increased from 4.47% (top 8) in 2023 to 6.08% (top 5) in 2024.

• Outstanding Investment Performance
  

Based on the DCF, P/E, and P/B methods, we recommend BUY with a 3Y target price of VND 58,150/share, upside 58.9% from the price of VND 36,600 on Fed 26, 2025.