Expecting to continue losing in 2025, BOS Securities wants to increase capital for margin lending

BOS Securities JSC (code ART) expects to continue to suffer losses in 2025, with losses slightly lower than in 2024.

BOS Securities JSC (code ART) expects to continue to suffer losses in 2025, with losses slightly lower than in 2024.

In 2024, BOS lost VND 20.9 billion, with net revenue reaching only VND 810 million. The company has proactively requested to terminate its activities of providing clearing and settlement services for derivative securities transactions; reducing consulting and underwriting services to ensure the required capital adequacy ratio.

Regarding brokerage activities, BOS has not yet restored the purchase of securities on the listed stock market and the registered trading market, causing brokerage revenue to only reach VND 148 million in 2024. Meanwhile, proprietary trading and investment activities focus mainly on stocks on the OTC market.

In 2025, the Vietnamese stock market has many positive expectations from the possibility of upgrading the market to international standards, promising to attract capital flows from foreign investors. However, challenges from global economic instability as well as the attraction of other investment channels may reduce the attractiveness of the stock market.

With the above forecast, BOS will submit to the 2025 Annual General Meeting of Shareholders a business plan with a target of net revenue of VND 10.8 billion and pre-tax profit of -VND 9 billion. In which, the business activities are basic securities brokerage and margin lending.

However, this business plan is built on the assumption of a successful private issuance of 10 million shares, equivalent to VND 200 billion, in September 2025.

BOS currently has a charter capital of VND969 billion. In order to increase the charter capital and equity to meet the conditions for maintaining operations, securities trading and expanding the capacity for lending margin trading to customers, BOS submitted to shareholders a plan to issue shares to increase capital to VND1,169 billion.

20 million newly issued shares are expected to be offered to a maximum of 20 investors at an offering price of no less than VND 10,000/share.

If successful in raising 200 billion, BOS plans to spend 160 billion VND to supplement capital for margin trading activities and 40 billion VND to supplement capital for proprietary trading activities.

Currently, according to BOS's audited financial report, the value of margin loans as of the end of 2024 is at VND 114.4 billion. This is a margin loan with the stock code GAB that has been provisioned for 100% of its value.

BOS expects that the authorities will soon restore the buying side transactions in the first half of 2025. The reopening of the buying side transactions will help BOS stabilize its business operations, improve revenue and profit in the following years. At the same time, BOS continues to request the State Securities Commission to soon approve the withdrawal of the Advisory and Underwriting business to ensure the financial safety ratio according to regulations.

By the end of 2024, BOS had accumulated losses of more than VND859 billion, leaving its equity at only VND131.5 billion. The total assets of this securities company were VND136.3 billion. Of which, receivables accounted for VND531 billion, but the company had to set aside up to VND560 billion in provisions for impairment of receivables.

Source: https://baodautu.vn/du-lo-tiep-nam-2025-chung-khoan-bos-muon-tang-von-de-cho-vay-margin-d250787.html