Securities – Note – [NONRATED] – Strong 2Q25 earnings driven by a robust market

2Q25 total operating income increased 23.3% yoy, +34.7% qoq driven by rising investment income (+39.9% yoy, +42.9% qoq) and lending income (+24.3% yoy, +12.1% qoq). Margin loan balance hit the new record to VND291,050bn (+32.6 yoy). The margin lending rate rebounded more strongly at domestic-owned companies than at foreign-owned players. Securities industry is trading at 2.16 PB, exceeding 5- year average +1 STD of 2.07x.