Credit Rating Result
Hanoi, 02 October 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has affirmed Saigon – Hanoi Securities Joint Stock Company (SHS)’s 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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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
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Rating rationale
The affirmation of SHS’s A long-term issuer rating with a stable outlook reflects our expectation that its strategy of expanding margin lending and reducing reliance on proprietary trading will support more diversified and stable recurring income, while its risk appetite remains stable over the next 12–18 months.
The rating is also supported by SHS’s stable leverage and liquidity profile, underpinned by its sizeable liquid asset buffers and ongoing funding diversification.
During 2025-1H2026, SHS shifted toward brokerage and margin lending activities to diversify earnings and reduce reliance on proprietary trading. This strategy is supported by closer collaboration with SHB and an expanded brokerage force to grow its mass retail client base.
SHS targets asset growth of over 50% over the next 12–18 months, mainly through margin lending, which became its largest asset class at 42.5% of total assets in 1H2026.
The expansion of SHS’s mass retail client base has led to a steady reduction in margin loan concentration. Majority of its corporate bond investments are bank bonds and bonds backed by bank guarantees, which we view to be consistent with its strategy to de-risk its investment portfolio.
ROAA was 2.4% in 1H2026, compared with industry-average of 4.3%. We expect the ongoing shift toward more recurring revenue streams to improve earnings stability and support a gradual recovery in core profits over the next 12–18 months.
We expect SHS's leverage and liquidity profile to remain broadly stable over the next 12–18 months. Its leverage ratio increased to 1.8x-2.2x in 2025–1H2026 from 1.2x in 2022–2024 as the firm increased short-term borrowings to support margin loan growth.
Planned capital raising of nearly VND900 billion in 2026 and retained earnings should help contain further leverage increases despite SHS’s rapid asset growth plan for 2026–2028.
Liquidity risks remain manageable, supported by sizeable liquid assets of 38% of total assets in 1H2026, comprising cash, certificates of deposits, term deposits, bank bonds, and listed shares.
SHS is also strengthening funding stability through planned long-term bond issuance of VND8 trillion over the next 12-18 months, as well as broader access to domestic bank clean credit lines and offshore funding.
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 |
|---|---|---|---|---|
| 02 October 2026 | Long-term issuer credit rating | A | Stable | First-time assignment |
| 02 October 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
SHS’s ownership stake in VIS Rating: 0%
The ownership ratio of SHS 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.
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Analyst & Committee
Primary Analysts
Rating Committee Members
Credit Rating Announcement Number
Public credit rating announcement no: VN0102524651-002-021026
Disclaimer
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