AsemconnectVietnam - Ho Chi Minh City Securities Joint Stock Company (HSC, HOSE: HCM) announced business results for the second quarter and the first 6 months of 2024. Accordingly, the Company's pre-tax profit in the second quarter of 2024 reached VND390 billion, an increase of 99% compared to the same period in 2023 and is the highest level in the last 11 consecutive quarters.

Accumulated in the first 6 months of the year, HSC recorded pre-tax profit of VND736 billion, an increase of 110% over the same period in 2023, completing 51% of the 2024 plan.
The above results were recorded in a favorable market context, the average transaction value of the entire market in the first 6 months of 2024 reached more than 24,000 billion VND/day, the VN-Index increased more than 10% from 1,130 points at the end by 2023 it will reach 1,245 points. HSC grew in all business segments. The Company's revenue in the first 6 months of the year reached VND1,581 billion, an increase of 55% over the same period in 2023.
Of which, revenue from stock brokerage activities reached VND468 billion, an increase of 72% over the same period in 2023. In the second quarter of 2024, HSC continued to hold the top 5 largest brokerage market share on HOSE with 6,4%, improved compared to 5.3% for the whole year 2023.
At the end of June 2024, HSC officially launched the new online trading platform HSC ONE. Inheriting the features of myhsc, HSC ONE has enhanced security, quickly updated market fluctuations as well as developed new features to provide effective investment experiences. The new trading platform is expected to contribute to improving HSC's business performance.
Revenue from margin lending activities reached VND714 billion, an increase of 57% over the same period in 2023. HSC's margin lending balance continued to grow and reached more than VND18,500 billion in the context of market liquidity. The market is improved and new capital is added by the end of the second quarter of 2024.
Revenue from self-trading activities reached VND334 billion, an increase of 20% over the same period in 2023. Particularly in the second quarter of 2024, revenue from this activity reached more than VND170 billion and was the highest level in the 5 consecutive quarters.
The corporate financial consulting segment recorded revenue of VND52 billion. In 2024, HSC's corporate finance consulting activities are expected to bring positive results based on its existing portfolio of deals.
As of June 30, 2024, HSC's total assets reached VND27,756 billion, equity reached VND10,664 billion. Earnings per share (EPS) in the first 6 months of 2024 reached 1,090 VND/share.
HSC will make 2 dividend payments to shareholders in January 2024 in shares at a rate of 15% for 2021, and in August 2024 in cash for 2022 and 2023 with a total implementation rate of 12%. Since listing in 2009, HSC has always maintained high dividends for shareholders with a dividend payout ratio of 50% of profit after tax.
In addition, in June 2024, HSC completed the offering of shares to existing shareholders at a ratio of 2:1, thereby increasing the Company's charter capital to VND7,048 billion. The additional capital will be used to increase the scale of margin lending and proprietary trading activities, ready to seize market opportunities in the near future.
SSI's pre-tax profit reached more than VND2,000 billion in the first 6 months of 2024. The financial report for the second quarter of 2024 of parent company SSI shows that operating revenue increased sharply by 43% over the same period last year, to more than VND2,200 billion, with main contributions from the brokerage, margin lending and self-financing segments.
Specifically, brokerage, depository, investment consulting and other operations achieved revenue of VND574 billion, an increase of 63% over the same period. Cumulatively for 6 months, these segments brought in revenue of VND1,038 billion, an increase of 65%.
Market share of stock brokerage, fund certificates and guaranteed warrants of SSI at the Ho Chi Minh City Stock Exchange (HOSE) in the second quarter continued to remain in the top 2 markets with a market share of 9.31%. Cumulatively in the first 6 months of the year, SSI's brokerage market share on HOSE reached 9.32%.
Margin lending and advance sales operations achieved revenue of nearly VND513 billion, an increase of 42.5% over the same period.
As of June 30, 2024, SSI's margin loan balance reached VND19.6 trillion, an increase of 16% compared to the previous quarter and an increase of 33.5% compared to the end of 2023 thanks to positivity fluctuations of the market.
Accumulated for 6 months, SSI reached VND960 billion in margin lending revenue, up 38% over the same period.
Revenue from investment activities reached VND1,049 billion, up 51% over the same period and contributing 45% to total operating revenue. Cumulative 6 months of investment segment brought in VND1,951 billion in revenue, up 42% over the same period.
The investment segment had positive results thanks to the growth trend of the stock market and large contributions from valuable paper investments and bond portfolios.
Revenue from capital and financial business recorded nearly VND163 billion, accounting for 7% of total revenue. In the first 6 months of the year, capital recorded revenue of VND295 billion. This is a traditional business based on the size of total assets, relationships with financial institutions and the interest rate environment from time to time.
In the investment banking and other services segment, SSI recorded revenue from 2 bond issuance consulting transactions of Hai An Transport and Stevedoring Joint Stock Company and Home Credit Vietnam. In the last months of the year, the Investment Bank is expected to record revenue from a number of equity capital mobilization transactions.
Overall results, in the second quarter of 2024, SSI pre-tax profit reached more than VND1,040 billion, after-tax profit was VND835.4 billion. Cumulatively for 6 months, SSI recorded a profit after tax of nearly VND1,563 billion.
The company estimates that consolidated pre-tax profit in the second quarter of 2024 will reach VND1,060 billion and accumulated in the first 6 months of the year is estimated to reach VND2,000 billion, completing about 60% of the whole year plan.
As of June 30, 2024, the Parent Company has total assets of VND70,291 billion and equity of nearly VND24,093 billion. Cumulatively for the last 4 quarters, the return on equity (ROE) and return on total assets (ROA) at the end of the second quarter of 2024 reached 12% and 4.2%, respectively.
The Company's assets lie largely in the form of FVTPL assets (VND39,600 billion), loans (more than VND20,300 billion). In the FVTPL portfolio, certificates of deposit decreased to VND23,300 billion, 22% lower than at the beginning of the year; Bonds increased by 20% to VND14,400 trillion. SSI's stock portfolio recorded VND1,130 billion, an increase of 11% compared to the beginning of the year. During the period, SSI poured more money into VPB shares, accounting for 73.5%.
Vietcap (VCI)'s financial statements for the second quarter of 2024 show that the company's operating revenue reached VND918.5 billion, an increase of 82.9%. Of which, profit from selling FVTPL financial assets brought in VND449.3 billion, an increase of 465% over the same period.
As of June 30, 2024, VCI's FVTPL portfolio has an original value of VND1,016 billion, an increase of more than VND184 billion compared to the end of the first quarter. VCI is holding more than VND760 billion of shares awaiting ETF exchange and VND212.6 billion listed fund certificates. During the period, VCI sold all investments in HPG (VND17.8 billion), CTG (VND4.8 billion) and other listed FVTPL Securities (VND382.5 billion).
The AFS portfolio has an original value of VND5,307 billion, an increase of VND389.5 billion compared to the end of the first quarter. In the last quarter, VCI reduced the proportion of MSN shares from VND178.2 billion (end of the first quarter) to VND377 billion VND (end of the second quarter), reducing PNJ's proportion from VND22.48 billion to VND77.4 billion; Sell off KDH from VND944 billion to VND805 billion.
On the contrary, increasing the proportion of TDM shares by 3.1 times to 648.4 billion VND. Other large investments are earning good profits such as IDP with market value of 2,202 billion VND (original investment price of more than VND440 billion), KDH, TDM, FPT...
The company is holding VND3,903 billion in cash and equivalents, an increase of 395% over the same period.
In the revenue structure, margin lending segment was VND234.5 billion, up 38.4% and brokerage was VND180.7 billion, up 30%. VCI's margin loan balance at the end of the second quarter recorded VND7,864 billion, down VND555 billion compared to the historical peak reached at the end of the first quarter.
Operating expenses in the second quarter of 2024 were more than VND359 billion, 2.5 times higher than the same period, mainly due to losses from financial assets recorded through FVTPL profit/loss increasing 5.5 times to VND198.4 billion; Securities brokerage expenses were VND134.8 billion, an increase of more than 51%.
As a result, in the second quarter of 2024, VCI recorded a profit after tax of more than VND279 billion, an increase of 138.3% over the same period. Accumulated for 6 months, VCI reported a profit of nearly VND477 billion, 2.5 times higher than the first half of 2023.
In early July, VCI launched the "refer a friend, receive unlimited income" program exclusively for Vietcap customers when referring friends and relatives to open stock trading accounts at Vietcap.
Commissions are calculated on the net transaction fee of each type of security, in which, for base securities, the attractive commission level is up to 60% x net transaction fee (X). For Derivatives/Bonds, fixed commission 30% x net transaction fee (X).
N.Nga
Source: VITIC/Tinnhanhchungkhoan