Securities – Note – [NONRATED] – Waiting for “Upgrading” theme

In 1Q25, aggregated NPAT was flat yoy at VND6.2tn (-1.9% yoy, +20.9% qoq). Margin loan balance hit the new record to VND267tn (+37.42 yoy). The margin lending rate in domestic-owned companies trended more downward than to foreign-owned players. Valuations favor firms with strong foreign client exposure like FTS, SSI, VCI, and HCM.