Vietcap Securities Joint Stock Company · HOSE:VCI

Vietcap Securities Joint Stock — Investor Presentation (February 2025)

27 slides from Vietcap Securities Joint Stock's investor presentation, February 2025

  1. Slide 1: Corporate Presentation February 2025

    Corporate Presentation February 2025

  2. Slide 2: Disclaimer

    Disclaimer This company profile (“Company Profile”) is provided by Vietcap Securities JSC (“Vietcap”, “VCI”, or the “Company”). It is being delivered to a limited number of parties who may be interested in the Company. The sole purpose of this Company Profile is to assist the recipient in deciding whet

  3. Slide 3: Company Profile

    Company Profile Vietcap~

  4. Slide 4: Company Overview

    Company Overview • Founded in 2007, Vietcap HSX VCI is one of the fastest Balanced revenue and profit structure growing securities companies in Vietnam, with a leading investment bank and a top brokerage house. Revenue by segment • We have been an advisor to almost all landmark IPO, M&A, and 2023 202

  5. Slide 5: Solid track record of sustainable organic growth since our inception in 2007

    Solid track record of sustainable organic growth since our inception in 2007 Private placement: 143.6mn shares 30,000 20% outstanding shares post-issuance 3,000 25,000 2,500 IPO 103.2mn shares 20,000 Private placement: 14.8mn shares 2,000 13% outstanding shares post-issuance) 15,000 1,500 10,000 1,0

  6. Slide 6: Vietcap's competitive advantages

    Vietcap’s competitive advantages 1 Full-suite services enabling diverse revenue streams and underpinning a sustainable business model. Unrivaled understanding of Vietnam’s market – the 1st port of call for 2 local and foreign companies looking to transact in Vietnam. Strong focus on technology and p

  7. Slide 7: Seasoned and visionary management team

    Seasoned and visionary management team Board of Directors Nguyen Thanh Phuong To Hai, MBA Dinh Quang Hoan, CPA, ACCA Founder & Chairperson Founder, BOD Member, CEO BOD Member, Deputy CEO Vietnamese entrepreneur. Vietnamese entrepreneur. CEO & Vietnamese. Over 20 years of Chairperson of Vietcap Asset

  8. Slide 8: Full suite of services enabling diverse revenue streams

    Full suite of services enabling diverse revenue streams Support departments Front-oice Growth initiatives Research Investment Banking Debt Capital Market • 24 professionals. • Market leader. • Established in 2021. • 78 stocks under coverage • Advisor to most landmark • Expanding DCM presence. accou

  9. Slide 9: Investment Banking (IB) – Trusted advisor to leading Vietnamese companies

    Investment Banking IB – Trusted advisor to leading Vietnamese companies #1 Investment Bank Strong deal flow and diverse clientele in various industries • Unrivaled combination of local expertise, international Selected notable transactions standards, and global distribution. International Dairy • Str

  10. Slide 10: Brokerage – Top-tier franchise

    Brokerage – Top-tier franchise Institutional Sales & Trading (IST) Brokerage • Tech driven trading, integrated algorithms, DMA, and high • >220k retail clients and growing. frequency trading. • Diverse product oerings including stocks, bonds, private • Extensive distribution domestically and intern

  11. Slide 11: Margin lending – Emphasis on efficiency

    Margin lending – Emphasis on eiciency Margin revenue / Total debt Margin lending balance 30% 250% 25% 200% 20% 150% 15% 100% 10% 5% 50% 0% 0% 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 SSI HSC VPS VND VCI Margin balance / Total equity Margin balance / Total debt • Margin

  12. Slide 12: Investment – Prioritize long-term investments in private businesses with high growth potential

    Investment – Prioritize long-term investments in private businesses with high growth potential Current focus sectors • Prioritize long-term investments in private businesses with high growth potential. • Some of our investments provide us upside to investment banking fees with a lower risk compared

  13. Slide 13: IDP – Significant value to be unlocked

    IDP Significant value to be unlocked Undemanding P/E multiple vs its high-growth profile Exceptional profitability paired with an appealing P/FCF 25% Bubble size indicates TTM Q2 2024 P/E 30% Bubble size indicates TTM Q2 2024 P/FCF 2 IDP • ROIC 2023: 26.9% IDP • CFO/sales 2023: 24.6% 14.0x • Sales 2020

  14. Slide 14: Past notable investments

    Past notable investments NPAT MI 17.8 10.7 27.9 92.1 120.2 160.1 204.6 USD mn) USD mn) USD mn) USD mn) USD mn) USD mn) USD mn) USD mn) EOY share price 10,040 31,010 27,850 37,120 67,510 VND/share) VND/share) VND/share) VND/share) VND/share) VND/share) Mobile World Market cap USD217mn USD4.1bn Sole a

  15. Slide 15: Past notable investments (cont.)

    Past notable investments (cont.) 269.7 354.1 421.6 515.7 755.3 NPAT MI USD mn) USD mn) USD mn) USD mn) USD mn) USD mn) 25,850 31,500 50,000 23,550 EOY share price VND/share) VND/share) VND/share) VND/share) VND/share) Techcombank Market cap USD4.7bn USD7.5bn Co-Advisor for IPO 1993 2001 2006 2009 20

  16. Slide 16: Investment – Conservative accounting policy

    Investment – Conservative accounting policy Profit before tax PBT Vietcap’s dierences in asset revaluation comparison in 2024 (recorded under Equity) VND bn VND bn 4,000 4,000 3,500 3,500 3,000 3,000 2,500 2,500 2,000 2,000 1,500 1,500 1,000 1,000 500 500 0 0 SSI HSC VPS VND VCI Reported PBT Adjuste

  17. Slide 17: Key financials

    Key financials Cost to income ratio Capital adequacy ratio 44.3% 43.0% 46.4% 596% 35.8% 521% 534% 28.8% 26.5% 30.0% 30.2% 408% 400% 415% 434% 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 Financial assets breakdown VND bn) 1,372 8,409 Less than 1% 846 prop trading activit

  18. Slide 18: Data-powered growth through technology and marketing

    Data-powered growth through technology and marketing Data Analytics Technology • Deep customer insights to segment • Agile operating system to roll out the target market beer products, short launch cycles • Innovative and practical • Utilize data to optimize decision applications making. • Boost em

  19. Slide 19: 2024 Review

    2024 Review Vietcap~

  20. Slide 20: Market liquidity and total margin lending continued to grow; foreign net selling intensified

    Market liquidity and total margin lending continued to grow; foreign net selling intensified Average daily trading value USD mn) Quarterly total outstanding margin loans VND tn) 250 140% 120% 1,156 200 100% 862 150 80% 827 726 100 60% 40% 319 50 259 280 20% 183 207 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

  21. Slide 21: 2024 Results

    2024 Results Net Revenue Profit before tax Book value per share BVPS 2024 VND3,696bn 2024 VND1,089bn 2024 VND18,026 USD145.0mn;+49% YoY) USD42.8mn; +91% YoY) Highlights 2024 revenue fulfilled 2024 profit before tax PBT fulfilled 147% of our 2024 guidance 156% of our 2024 guidance VND2,511bn/USD98.5mn) V

  22. Slide 22: Track record of stellar financial performance

    Track record of stellar financial performance Vietcap’s net income and EPS 2014 2024 Vietcap’s ROE 2014 2024 3,000 1,499 1,600 34.5% 33.4% 1,400 2,500 29.6% 28.5% 1,200 26.9% 2,000 869 911 1,000 21.5% 823 769 19.9%19.7% 1,500 693 800 16.8% 655 492 600 1,000 11.1% 338 8.8% 400 239 500 145 200 0 0 Adju

  23. Slide 23: Track record of stellar financial performance (cont.)

    Track record of stellar financial performance (cont.) ROE PBT per employee (net of dierences) VND bn) 40% 35% 7.0 30% 6.0 25% 5.0 20% 4.0 15% 3.0 10% 2.0 5% 1.0 0% 0.0 SSI HSC VPS VND VCI SSI HSC VPS VND VCI Note: ROE is based on total equity net of dierences in asset revaluation, trailing 12-month

  24. Slide 24: 2024 Business Segment Update

    2024 Business Segment Update

  25. Slide 25: Investment led 2024 earnings; Brokerage improved significantly

    Investment led 2024 earnings; Brokerage improved significantly Balanced income stream Revenue by segment 2023 1% Growth 2023 2024 YoY Total 32% 28% revenue 2,472 3,696 +49% 46% VND bn) 18% PBT 21% 571 1,089 +91% VND bn) NPAT 2024 493 911 +85% VND bn) 1% 25% 29% 54% 25% 21% Brokerage Margin lending In

  26. Slide 26: 2024 segment performance

    2024 segment performance Brokerage Margin lending 808 791 932 769 609 514 297 192 229 236 102 153 2022 2023 2024 2022 2023 2024 Revenue Profit before tax Revenue Profit before tax Investment Banking Investment 431 342 2,014 1,344 1,156 554 35 35 298 347 2 32 2022 2023 2024 2022 2023 2024 Revenue Pro

  27. Slide 27: Contacts

    Contacts VIETCAP SECURITIES JSC. Bitexco Financial Tower, 15 Floor, 2 Hai Trieu Street, Dist. 1, HCMC., Vietnam T 028 3 914 3588 | F 028 3 914 3209 W www.vietcap.com.vn 27

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