SSI Securities stock faces brokerage slump, plan remains within reach

SSI Securities faces a sharper earnings test in brokerage as market liquidity weakens. In a report dated Tuesday, November 3, 2026, SBBS said third-quarter revenue fell 24.2 percent year on year to VND 3,168 billion, while net profit attributable to minority interests declined 23.7 percent to VND 1,125 billion.

Brokerage remains the main drag

Brokerage revenue dropped 62.1 percent year on year to VND 349 billion as average daily trading value fell 56.4 percent to VND 18.4 trillion. SSI's Ho Chi Minh Stock Exchange brokerage share stood at 11.09 percent, placing it second behind VPS, according to the report.

Investment income declined 5.4 percent to VND 1,594 billion, while margin-lending income increased 10.9 percent. The margin-loan book nevertheless fell 5.4 percent from the previous quarter to VND 38.3 trillion as demand weakened, and higher funding costs reduced the year-to-date net interest margin to 3.1 percent.

Full-year target remains reachable

SBBS said SSI's nine-month attributable profit reached 78.4 percent of its own full-year forecast and 77.8 percent of management's target. Lower losses on fair-value-through-profit-or-loss disposals reduced operating expenses by 21.2 percent year on year, partly offsetting a 39.5 percent increase in financial expenses.

The research firm maintained its buy view and set a target price of VND 27,450 after adjusting for SSI's bonus issue. It said the next financial year could bring a weaker earnings backdrop because market liquidity has declined and tighter banking-system liquidity and higher deposit rates may limit new equity-market inflows.

What investors should watch

SSI's earnings mix leaves investment activity and margin lending as important counterweights to weaker brokerage income. The immediate focus is whether trading activity recovers enough to support commissions while funding costs remain elevated.

Vietnam's broader equity market remains the backdrop for SSI's outlook. Current market reports provide the wider market context.

More news and analyses on SSI Securities stock are available in the topic overview.