SSI Securities of Chairman Nguyen Duy Hung's brokerage market share declines in the third quarter of 2024 - Illustration photo: QUANG DINH
HoSE has announced the top 10 securities brokerage market shares for the third quarter of 2024. Securities companies have also released their financial reports for the last quarter of this year.
The figures show notable movements in the securities industry.
Many stock market giants lose market share
In the rankings, the familiar name VPS still dominates its competitors with 17.63%. But what is worth noting is that Chairman Nguyen Lam Dung's securities company is "shrinking" its market share, after 3 consecutive quarters of decline.
The remaining market share in this third quarter is also the lowest level in more than a year for VPS.
But not only VPS, SSI Securities of Chairman Nguyen Duy Hung stabilized the "runner-up" position but only held 8.84%, "dropping" 0.47% compared to the previous quarter.
In the top 3 position, Techcom Securities - TCBS, also "lost" 0.36% market share, remaining at 7.09% in this third quarter.
The most notable and surprising is Vietcap (SSI), chaired by Ms. Nguyen Thanh Phuong. From the top 6 market share on HoSE in the second quarter of 2024, after only 3 months, Vietcap jumped to 4th place, replacing VNDirect (VND) of Ms. Pham Minh Huong.
| Securities Company | Q1-2024 | Q2-2024 | Q3-2024 |
|---|---|---|---|
| VPS | 20.29 | 18.16 | 17.63 |
| SSI | 9.32 | 9.31 | 8.84 |
| TCBS | 6.56 | 7.45 | 7.09 |
| VNDirect | 6.01 | 6.46 | 5.7 (Top 6) |
| HSC | 5.92 | 6.41 | 6.65 (Top 5) |
| Vietcap | 5.57 | 5.32 | 6.78 (Top 4) |
| MBS | 4.98 | 4.76 | 4.69 |
| Mirae Asset | 4.64 | 4.4 | 4.5 |
| VCBS | 3.02 | 2.97 | Out of top 10, FPTS replaces |
| KIS Vietnam | 2.82 | 2.87 | 2.96 |
Market share ranking on HoSE - Unit: %
Vietcap's rapid market expansion took place after Ms. Phuong and her colleagues shifted to attracting individual investors.
Vietcap's strategy has always focused on institutional clients. But after COVID-19, the market has changed a lot, individual investors have accounted for a large proportion of the market, approximately 90%.
Strangely, Vietcap's leaders affirmed to shareholders at this year's meeting that they have no intention of participating in the fierce "zero fee" competition taking place in the stock market. However, the market share is still increasing steadily. Not only on HoSE, Vietcap's market share also surprised on HNX.
Meanwhile, VNDirect Securities "dropped" to 6th place, with a market share of only 5.7% in the third quarter. This is also the lowest market share in 8 years, since the beginning of 2016 of this company.
This is not too surprising, many forecasts have said that VNDirect could lose market share significantly after the incident due to loss of confidence in the security system.
In 5th place with 6.65%, Ho Chi Minh City Securities (HSC) has experienced many consecutive quarters of growth in market share. Meanwhile, FPTS replaced VCBS for the top 9 position, with a market share of 2.97%. As for the remaining securities companies in the top 10, the market share fluctuated slightly, but the rankings remained unchanged.
Biggest market share, but not most profitable
The race for stock brokerage market share is fierce. However, large market share does not necessarily come with high profits.
The recently released Q3-2024 financial report shows that market share champion VPS has a profit significantly lower than TCBS. Specifically, VPS recorded total operating revenue in the third quarter of VND 1,644 billion, down nearly 12% over the same period.
Of which, VPS's revenue from securities brokerage decreased sharply, from 953 billion VND in the same period last year to 713 billion VND this year.
This can be explained because VPS operates mainly based on brokerage market share, while the stock market in the third quarter was quite "sluggish" with low liquidity.
However, due to a sharp decrease in operating costs, from nearly VND1,300 billion in the same period last year, to only VND668 billion this year.
The cost of securities brokerage activities alone decreased by nearly VND140 billion. As a result, VPS's net profit still reached VND656 billion, nearly 2.5 times higher than the same period.
Despite being in the top 4 in market share, TCBS, with its advantage in margin lending, is the most profitable securities company in the industry. TCBS's operating revenue in the third quarter increased by 8% year-on-year to VND1,845 billion. Net profit in this quarter reached VND877 billion, down 4%.
Benefiting from the "increased" market share, Vietcap recorded growth in both revenue and profit in this third quarter.
Of which, operating revenue reached VND974 billion in this period, up 46%, and profit after tax reached VND215 billion, up 20%.
Source: https://tuoitre.vn/bien-dong-top-10-thi-phan-moi-gioi-chung-khoan-choong-voi-vietcap-cua-ba-nguyen-thanh-phuong-20241019143746631.htm
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