AsemconnectVietnam - On March 27, 2023, VietinBank Securities Joint Stock Company (CTS) held the 2023 Annual General Meeting of Shareholders to approve a profit target of VND230 billion, a sharp increase compared to the previous year.

Tran Phuc Vinh, Chairman of the Board of Directors of Vietinbank Securities, said that the stock market in 2023 still has many difficulties and challenges. The market needs more time to accumulate closely with a narrow range to create a solid foundation before it can create a new trend. From a valuation perspective, the market P/E in 2023 is forecast at 9.2 times, up to 35% lower than the average P/E of the market in the period 2009-2022 (14.16 times). With interest rates maintained at a high level, it will be difficult to attract new capital flows or return to the stock market, so adjustment pressure and shaking will continue in the first half of 2023.
“Based on the assessment of the stock market in 2023, CTS sets a profit target in 2023 at VND230.7 billion. In particular, the Company will have solutions towards expanding market share, increasing brokerage revenue, increasing margin lending and especially focusing on strongly developing the M&A segment," said Vinh.
In 2022, CTS achieved revenue of VND872 billion and profit after tax of more than VND71 billion. CTS's margin balance at the end of 2022 is at VND1450 billion. According to Mr. Vu Duc Manh, General Director of CTS, the Company's margin balance in 2023 is expected to increase to serve customers but under control and attracts customers. In order to strengthen lending activities, the Company has applied a loan fee rate for customers who are trading with an interest rate of 11.5%, and for customers opening a new account at an interest rate of 12.5%.
In addition, the Company will take full advantage of its parent bank VietinBank to expand its customer base to provide M&A consulting services and corporate financial advisory services. In 2023, CTS will strengthen connections with domestic and foreign banks to increase limits, diversify loan terms... to optimize capital costs.
N.Nga
Source: VITIC/Tinnhanhchungkhoan