AsemconnectVietnam - With the A credit rating result, SHS is assessed by VIS Rating to have capital and liquidity at the "Strong" level, thanks to its low dependence on debt and holding highly liquid assets.

On October 2, 2025, Vietnam Investment Credit Rating Joint Stock Company (VIS Rating) announced the first credit rating results for Saigon - Hanoi Securities Joint Stock Company (SHS). Accordingly, SHS is rated A - Stable Outlook. This is an important milestone, affirming SHS's solid financial foundation, effective risk management capacity and increasingly consolidated position in the Vietnamese capital market.
Solid financial foundation and effective governance
According to VIS Rating, SHS maintains a safe financial foundation with stable equity growth, abundant liquidity and tightly controlled leverage. Thereby, the Company is able to fully perform its financial obligations in volatile market scenarios.
Specifically, as of June 30, 2025, SHS owns total assets of VND17,000 billion, of which it holds a large amount of highly liquid assets, including corporate bonds of financial institutions (16% of total assets) and listed stocks (33%), much higher than the industry average of 7%.
SHS's "Strong" leverage score is a highlight in the company's creditworthiness. The company has maintained one of the lowest leverage ratios in the industry, averaging 1.3x over the past three years - significantly lower than the industry average of 2.4x - thanks to significant capital increases and less dependence on debt. In addition, short-term debt accounts for only 28% of total capital, much lower than the industry average of 56%. This is an important factor showing that SHS is maintaining a safe capital structure, enhancing liquidity, helping to limit risks in the face of market fluctuations. In 2024, SHS will record a profit after tax of VND1,300 billion, ROAA for the 2021-2025 period will reach 7.7%, far exceeding the industry average of 5.1%. Income from investment activities, especially blue-chip stocks, accounts for more than 50% of operating profit, 40% higher than the industry average. In addition, margin lending contributes 39%, brokerage activities account for 7%. SHS is diversifying its revenue sources. In addition to traditional brokerage activities, SHS also develops strongly in the fields of proprietary trading, financial consulting and financial services. The diversified revenue structure helps the company reduce its dependence on a single field, thereby increasing the stability of profits in the long term.
In the coming time, SHS aims to expand the brokerage and financial services sector to diversify its core activities, while reducing its dependence on proprietary trading activities. SHS's board of directors said that this strategy will focus on exploiting individual customer files through the SHB banking network nationwide, combined with the strength of analysis and investment consulting to increase revenue from asset management services.
Long-term development opportunities in the new growth phase
In the 2025-2026 period, SHS plans to issue up to VND6,500 billion in unsecured bonds to restructure short-term debt and promote business growth. This is considered a strategic move, helping the company diversify its capital mobilization channels and expand its access to institutional investors. VIS Rating assesses that SHS's leverage and liquidity will remain stable in the next 12-18 months.
Rating A - Stable Outlook from the first assessment not only reflects SHS's internal strength, but also contributes to enhancing its reputation and strengthening investors' confidence. At the same time, this result affirms SHS's position as a reputable financial institution, capable of participating and accompanying in large transactions in the capital market.
With a consolidated capital foundation, SHS has plenty of room to expand its market share in brokerage, financial consulting and especially corporate bonds - a medium and long-term capital mobilization channel that plays an increasingly important role in the economy.
Breakthrough with service and technology strategy
In parallel with the financial platform, SHS promotes digital transformation, considering technology as a pillar to create competitive advantage. The company has upgraded the SHTrading trading platform, developed the SHAdvisor consulting tool and is deploying a new core system to bring a safe, comprehensive and personalized experience to customers.
After nearly 18 years of development, with milestones such as capitalization exceeding 1 billion USD and many prestigious awards, SHS is entering a period of sustainable growth. Being ranked A by VIS Rating is a recognition of financial management and operational capacity, and affirms SHS's commitment to building a strong, transparent and responsible financial institution, especially in the context of the Vietnamese capital market aiming for upgrading. SHS also demonstrates its accompanying role in developing the financial market and bond market in a transparent, professional and sustainable direction.
However, VIS Rating also noted some systemic challenges that SHS may face. The Vietnamese stock market is inherently cyclical, causing brokerage and proprietary trading revenues to fluctuate according to the general liquidity of the market. In addition, the legal framework for bonds and financial products is constantly changing, requiring the company to maintain risk management capacity and flexible business strategies to ensure stable growth in the long term.
N.Nga
Source: VITIC/Tinnhanhchungkhoan