Credit Rating Result
Hanoi, 01 July 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has affirmed AIS Securities Joint Stock Company’s (AIS) A- long-term issuer rating. The rating outlook remains stable.
The rating presented in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action. Please visit https://visrating.com/rating-results to obtain the latest update on the rating.
SUMMARY OF KEY FACTORS
| Extremely Weak | Very Weak | Weak | Below- Average | Average | Above- Average | Strong | Very Strong | |
|---|---|---|---|---|---|---|---|---|
| Stand-alone Assessment | ▲ | |||||||
| Risk appetite | ▲ | |||||||
| Leverage | ▲ | |||||||
| Profitability | ▲ | |||||||
| Funding & Liquidity | ▲ |
| Low | Moderate | High | Very High | Extremely High | |
|---|---|---|---|---|---|
| Affiliate support | ▲ | ||||
| Government support | ▲ |
Rating rationale
The affirmation of AIS’s A- long-term issuer rating with a stable outlook reflects VIS Rating’s expectation that AIS will maintain low leverage and an above-average funding and liquidity profile over the next 12–18 months. The rating also factors in AIS’s heightened investment concentration will keep its earnings volatility elevated relative to peers.
AIS plans to invest in technology and an AI-driven trading platform over 2026–2027 to support brokerage and margin lending growth, while maintaining a capital-preservation strategy focused on FI bond investments and avoiding high-risk real estate exposure.
AIS increased its single-name credit concentration, with investments in a large financial company reaching 42.2% of total assets in 1Q2026, comprising listed equity (7.2%) and bond investments (35%).
Management considers these investments to be tactical in nature, with concentration risk mitigated through the maintenance of substantial capital and liquidity buffers. We view the issuer’s credit profile as robust, while liquidity risk associated with the bond and equity holdings is limited by the bond’s short remaining tenor and the stock’s strong trading liquidity.
AIS’s concentrated exposure in listed equities heightens its sensitivity to market risk and is likely to sustain elevated pre-tax earnings volatility over the next 12–18 months. Pre-tax earnings volatility reached 81.7% in 2025, exceeding rated peers, reflecting limited income diversification, with investment income contributing nearly 85% of net operating income. The decline in ROAA to 1.4% in 2025 from 3.4% in 2024, driven by equity investment losses, underscores this volatility. While AIS plans to strengthen margin lending income in 2026–2027, the benefits will take time to materialize.
In 2026, the company targets modest business expansion and PBT of VND 78 billion – doubling 2025’s level, supported by a recovery in equity returns and stable fixed-income gains.
We expect AIS’s leverage, funding, and liquidity profile to remain broadly stable over the next 12–18 months, as the company will likely maintain modest asset growth and limited use of short-term debt. AIS’s leverage ratio declined to 1.2x in 1Q2026 from 1.4x in 2024, mainly due to lower short-term borrowings.
AIS’s liquidity ratio of 396% in 1Q2026, well above the industry average, supported by sizable liquid assets. The firm’s holdings of cash, bank’s term deposits (TDs) and certificate of deposits (CDs) accounted for 48.6% of total assets in 1Q2026, higher than industry average of 23.8%.
AIS’s A- long-term issuer rating also reflects VIS Rating’s expectation of a low likelihood of government and affiliate support in times of need over the next 12–18 months.
Factors That Could Lead to an Upgrade/Downgrade
Rating methodology
Financial Institutions Rating Methodology.
For more detailed information, please refer to our full credit rating methodology at: here
Credit rating history
| Date | Rating type | Rating | Outlook | Action |
|---|---|---|---|---|
| 01 July 2026 | Long-term issuer credit rating | A- | Stable | Affirm |
| 01 July 2025 | Long-term issuer credit rating | A- | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
AIS’s ownership stake in VIS Rating: 0%
The ownership ratio of AIS held by VIS Rating’s staff: 0%
Cases in which analysts and credit rating council members cease their participation in the credit rating contract before the contract expires and the reason for the cessation: 0
VIS Rating adheres to a stringent independence policy by current regulations governing the provision of credit rating services in Vietnam. This commitment extends to compliance with our conflicts-of-interest policy, aiming to uphold objectivity and independence when expressing opinions on credit ratings.
The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
This rating is solicited.
Regulatory disclosures contained in this rating announcement apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see https://visrating.com for any updates on changes to the lead rating analyst and to the VIS Rating's legal entity that has issued the rating.
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Analyst & Committee
Primary Analysts
Rating Committee Members
Credit Rating Announcement Number
Public credit rating announcement no: VN0305191655-002-010726
Disclaimer
VIS Rating’s credit ratings, assessments, other opinions, and publications are not intended for use by non-professional investors and it would be reckless and inappropriate for non-professional investors to use VIS Rating’s credit ratings, assessments, other opinions or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.