Vpbank Securities Jsc · HOSE:VPX
Vpbank Securities Jsc — VPBank Securities — Investor Presentation (November 2024)
49 slides from Vpbank Securities Jsc's investor presentation, November 2024
Slide 1: Securities Industry Report Q3 2024
a n > ni 1. Chur L r SF ro dibend 202 Phéng Phan tich Nganh va Cé phiéu Email: research@vpbanks.com.vn 6 Trung Thanh - Phu tréch nganh Ching khodn Email: thanhdt@vpbanks.comvn PO VV ae
Slide 2: Nội dung
NOI DUNG J TONG QUAN NGANH Co cdu Ioi nhudn Chi tiét cac mang nghiép vu (mdi gidi, margin, tu doanh) 1. _Téng quan nganh 2. Boi cdnh thi truong 3. Doanh thu, loi nhudn 4. Hiéu qud hoat déng 5. Tang truéng quy m6 6. 7. 8. Bién dong gid cé phiéu linh vuc chung khoan SSI TCBS VPS VND MBS HSC 2 MOT SO C
Slide 3: Tổng quan ngành
WY VPBank Securities 5 ING QUAN NGANH
Slide 4: Tổng quan toàn ngành quý
TONG QUAN TOAN NGANH QUY 3 505,404 225,979 6,861 465 5,705 4.6% 10.4% ty d6ng (+25% Yoy) ty déng (+18.1% Yoy) ty d6ng (+5.4 % Yoy) ty d6ng (-57.7% Yoy) ty d6ng (+22.6% Yoy) ROA ROE Téng Tai San Vén chu sé hou Loinhudn TT Loi nhudn gop MG Doanh thu cho vay Trailing ROA 4 Trailing ROE 4 3.2024 3.2024
Slide 5: VN-Index & thanh khoản thị trường 10.2024
VN-INDEX & THANH KHOAN THI TRUONG 107.2024 ‘Y vPBank Securities Dién bién VN-Index theo thang Giao dich ctia Khéi ngogi theo thang va lily ké 2022 dén 10/2024 1,400 2.5% 05% 2.6% 0.3% 76% 4.3% 1,300 hn _- “1.8% 1,200 o, 30% | 13% | 64% “8.8% 1,100 = 1,000 900 GTGD TB: Nghin ty déng/phién 60,000 40,0
Slide 6: Doanh thu & LNTT ngành suy giảm trong Q3/2024
DOANH THU & LNTT NGANH SUY GIAM TRONG Q3/2024 ‘Y vPBank Securities Két qua kinh doanh top 30 CTCK (ty déng) 25,000 > Doanh thu hoat déng & LNTT cia todn nganh suy gidm trong quy 3/2024 > Quy 3/2024 doanh thu hoat déng thudn dat 16,871 ty (-91 % Qoq) do anh huéng bbdi doanh thu phi méi gidi va thu nh
Slide 7: KQKD Q3 của các CTCK niêm yết lớn
ry , KQKD Q3 CUA CAC CTCK NIEM YET LON WV vpBank Securities Téng Tai san | Vén chi sé hitu V6n diéu lé LNTT Tang truéng LNTT Ma CK Q3/2024 Q3/2024 Q3/2024 Q3/2024 (Yoy) 97/2024 P/B SSI 66,181 24,135 18,130 987 12.1% 2,989 35.6% 15.2 2.0 VND 43,296 19,464 15,223 620 -21.7% 1,813 20.9% 8.1 11 vcl 20,4
Slide 8: Hiệu quả hoạt động
HIEU QUA HOAT DONG VPBank Securities ROE, ROA toan Nganh (T12M) ROE, ROA cac CTCK Ién Q3/2024 (T12M) 21.7% 44% 48% 4.60% 2,020 2,021 2,022 2,023 12M T12M (Q2/2024) (Q3/2024) OH ROE OR ROA 19.3% 15.5% 13.0% 22% 10.5% 7.9% 8% r 3% 3% 1 I 1% | I; 9% TCSBS VPS VNDirect ssl HSC Cl Mirae Asset @ ROE @ ROA
Slide 9: Tăng trưởng quy mô & hiệu quả các CTCK lớn
TANG TRUONG QUY MO & HIEU QUA CAC CTCK LON VPBank Securities Téng Tai san 2023 - Q3.2024 va ROA tugng ting clia cdc CTCK top Téng hgp toan Nganh (30 CTCK Ién nhét - ty déng) 100,000 69% 19% ask 68% 2022 2023 Q3/2024 %Ytd 90,000 — 3.8% 43% 8.0% Ore 31% —— 2.9% 29% 40% 40% —g4y TK 45% 44% 80,000 Téng
Slide 10: Cơ cấu đóng góp lợi nhuận gộp ngành 9T/2024
CO CAU DONG GOP LOI NHUAN GOP NGANH 97/2024 VPBank Securities Co cdu Loi nhudn gép theo nghiép vu 9T/2024 so vdi cling ky 30 CTCK - Don vi: ty dng -2,606 Loi nhuan gép khac | 31,953 nas ty déng (+26 % Yoy) Loi nhudn g6p tis HB tu van, bdo Kinh Buses LN ade 97.2028 phat hanh Jom ; Lgi nhudn HTM Lgi n
Slide 11: Hoạt động môi giới Q3.2024 (1/2)
HOAT DONG MOI GIG! Q3.2024 (1/2) Y vpBank Securities Idi C6 phiéu, CCQ, CW trén HSX Q3.2024 Bi. "5° = SS1,8.84% wm Kido, HA 7 “~ |, 8. _ 9% ™ Khdc, 38.12% >\ ® HSC, 6.20: mm ™ HSC, 6.65% © DNSE, 5.30% — a a4 ™ VCSC, 6.78% a e Dp ~~ ® VND, 5.70% / = VND, 3.27% ™ TCBS, 7.09% ~ = TCBS, 4.61% // / <= MA
Slide 12: Hoạt động môi giới (2/2)
HOAT DONG MOI GIGI (2/2) VPBank Securities DT nghiép vu mdi gidi cia téng 30 CTCK Top Dyvt: Ty déng DT nghiép vu méi gidi cla mét s6 CTCK Ién Dvt: Ty déng 4,500 26% 27% 4,000 3,500 3,000 2,500 2,000 1,542 1,500 491 1,000 i} 4/2022 Q1/2023 2/2023 Q3/2023 4/2023 1/2024 @2/2024 Q3/2024 mmm Téng GTGD 3
Slide 13: Hoạt động cho vay margin & UTTB (1/3)
HOAT DONG CHO VAY MARGIN & UTTB (1/3) VPBank Securities Dung margin dat mic dinh mdi, ty 1é don bdy (Du ng/Vén héa) cao nhét lich str 250,000 415% 4.13% 3.70% 3.72% 3.51% 200,000 2.71% 150,000 2o2,000 100,000 50,000 2103 21Q4)—-22Q1_—. 22Q2_ ss 22Q3)s-22Q4_).23Q1_— 232) 23Q3_—-23Q4)—-24QI_-24Q2_—24Q
Slide 14: Hoạt động cho vay margin & UTTB (2/3)
HOAT DONG CHO VAY MARGIN & UTTB (2/3) VPBank Securities Ty lé dung cho vay/VCSH ctia téng 30 CTCK I6n nhaét 240,000 AT 1.46 135 @ e 220,000 e 200,000 180,000 160,000 140,000 120,000 100,000 096 0.96 ee 77 082 29 0.68 068 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 23Q4 24Q1 24Q2 24Q3 —Dune cho vay
Slide 15: Hoạt động cho vay margin & UTTB (3/3)
HOAT DONG CHO VAY MARGIN & UTTB (3/3) VPBank Securities Bién déng dung Cho vay margin & UTTB 9T.2024 ctia cae CTCK top dau 30000 esi 25000 4230 20000 7s) L619 29 15000 573 519 ; g37 048 10000 84, ¥4 15269 16619 en 5000 8 71626 ie} TCBS VND VPS MBS Mirae Asset mDéundm mi Tdng thém 97.2024 = @ Trung b
Slide 16: Tài sản tài chính (1/3)
TAI SAN TAI CHINH (1/3) VPBank Securities Téng gia tri thi truéng TSTC (FVTPL, AFS, HTM) Lai gép tu hoat déng Dau Tu 300,000 250,000 200,000 150,000 100,000 128,936 141,561 50,000 ’ 120,847 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 MEFVPTL MAFS «HTM =—=@=Tdi san tai chinh/TTS 6,000 5,000 4,000 3,000 2
Slide 17: Tài sản tài chính (2/3)
TAI SAN TAI CHINH (2/3) VY VPBank Securities Tuong quan VN-Index va nén Idi sudt huy déng tac déng téi cde thu nhdp tu tai san tai chinh Tang/Giam VN-Index trong quy Lai suet huy déng 16.00% 9.00% 12.00% 36% 8.00% 7.00% 8.00% 6.00% 5.00% 4.00% 00% 4.00% ®=14i suat huy dong VND ky han 6- 12 thang cao
Slide 18: Tài sản tài chính (3/3)
TAI SAN TAI CHINH (3/3) Y vpBank Securities Cau phdn déng gép chinh cho thu nhdp tis tai san tai chinh FVTPL 9T/2024 Dvt: Ty déng 2,500 A a 4 a a at at AT » Cac CTCK cd cau phan déng gép cho thu nhap tdi san tai chinh FVTPL cé su khdc nhau dang ké tly thudc vao muc tiéu cling nhu co cdu san phdm tai
Slide 19: Hoạt động bảo lãnh phát hành, tư vấn tài chính
HOAT DONG BAO LANH PHAT HANH, TU VAN TAI CHINH Y vpBank Securities Doanh thu tir Nghiép vu bdo lénh, dai ly phat hanh ching khoan Bvt: Ty déng 800 600 400 07 199.7 200 | 03 03 | 0.0 0.0 0.2 0.0 | | 5 _ | SSI VND TCBS vel HSC MBS VPS. HDS QI/2024 mM Q2/2024 mQ3/2024 Doanh thu tir Nghiép vu tu van tai
Slide 20: Tài sản – Nguồn vốn (1/5)
TAI SAN — NGUON VON (1/5) Y VPBank Securities Téng Tai san top 30 CTCK Co edu téng tai sn top 30 CTCK so vdi dau ném Bvt: Ty déng = Tién & tuong duong tién 2.32 2.21 2.23 - - mmm Tai san khac "= TSTC ghi nhdn thong qua Idi Id (FVTPL) 2.11 | mm git dén ngay déo han — i lm Cdc khoan tai chinh san song
Slide 21: Tài sản – Nguồn vốn (2/5)
TAI SAN — NGUON VON (2/5) Y vpBank Securities Co cdu tai san cdc CTCK top ddu Q3/2024 Bvt Ty déng 70,000 © Tdi san khac 60,000 Cac khodn cho vay 50,000 = Cade khodn TSTC sén 40,000 sang dé ban (AFS) 30,000 m Cac khodn déu tu ném |_| || | gitr dén dao han (HTM) 20,000 Cac TSTC ghinhn théng qua lai 16
Slide 22: Tài sản – Nguồn vốn (3/5)
TAI SAN — NGUON VON (3/5) Y VPBank Securities Téng nguén vén top 30 CTCK Téng Quy mé VCSH-VDL top 30 CTCK Bvt: Ty déng Bvt: Ty déng 1.22 600,000 1.16 1.09 1.09 0.99 500,000 400,000 Ng phdi tra khac ) 153,140 Trai phiéu : $00,000 ™Ng vay dai han 200,000 Ng vay ngdén han BVGn chi sé hitu 191,400 208,2
Slide 23: Tài sản – Nguồn vốn (4/5)
TAI SAN — NGUON VON (4/5) Y VPBank Securities Bang téng hgp thay déi VDL/VCSH & ké hoach tang vén cua cde CTCK Pvt: Ty déng le a Das Céng ty CK 2023 Q3/ 2024 tdng thém 15,011 18,130 +3,118 19,639 23,241 24,115 +874 TCBS 2,177 2,179 +2 19,613 20,800 23,630 25,589 +1,960 VNDirect 12,178 15,223 +3,045
Slide 24: Tài sản – Nguồn vốn (5/5)
TAI SAN — NGUON VON (5/5) Y VPBank Securities Co edu nguén vén @3/2024 Luan chuyén tién vay trong ky Dvt: Ty déng Dvt: Ty déng 70,000 W.47 100,000 2.04 bl 1.63 1.66 80,000 £ we £ aed . 00s 4.40 3.2 4.38 om 2 ’ 0.89 e 50,000 . “ - . we . 60,000 40,000 40,000 30,000 20,000 ssi TCBS VND VPS Mirae Asset
Slide 25: Nhóm chứng khoán điều chỉnh mạnh trong Q3
NHOM CHUNG KHOAN DIEU CHINH MANH TRONG Q3 ‘VY vPBank Securities % Tang/gidm trong giai doan ntra cuéi nam (*dén 15/11) Cac cé phiéu chung khodn diéu chinh gidm khi thi truéng chua thuan Idi VN-Index Céng nghé Théng tin L2 50% Ng@in hang L2 Dich vy tai chinh L2 aa 20% Bat déng san L2 Bao hiém L2 Dién
Slide 26: P/B and P/E valuation
ties Y vpBank Secur 2 2 jae 0: r D 5c jae O Sa) = 1@) 0) Zz <q Q Zz << O I wv @) Zz S Ts O =) Eo Ts ae O O —t O oe Zz. an) P/B P/E *Mean ---+1Stdev ----1Stdev P/E =: —P/B =—=-Mean ---+1Stdev ----1Stdev Nguén: Fiinpro
Slide 27: Phụ lục 01: Danh sách top CTCK tham chiếu
PHU LUC 01; DANH SACH TOP 30 CTCK THAM CHIEU WY vpBank Securities [Tén Doanh nghiép San niém yét Quy mé. Téng tai san Q3/2024 SSI (Chung khodn SSI HOSE Large Size 66,181 ND Chung khodn VNDIRECT HOSE Large Size 43,296 PBankS (Chung khodn VPBank OTC Large Size 22,701 irae Asset (Chung khoan Mirae Asse
Slide 28: Top 10 LNTT, VCSH, TTS
Top 10 LNTT Top 10 VCSH Top 10 TTS Top 10 ROE Top 10 ROA • •
Slide 29: WY VPBank Securities
WY VPBank Securities
Slide 30: SSI - Tổng quan 9T.2024
SSI - Téng quan 97.2024 Co cdu nguén vén 2,780 gu ™ 39,286 Co cau tai san 3143 | = 6! = 19,499 #37316 = 583 Wa = 4979 W veBank Securities @ 24,115 = Ng vay ngén han Ng phdi tra khac = Tién & tuong duong tién = TSTC ghinhdn théng qua ai IS (FVTPL) = Cho vay margin & UTTB Tai san khde 66,181 24,115 19
Slide 31: SSI - Cơ cấu nguồn thu và hiệu quả theo mảng
SSI - Co cGu nguén thu va hiéu quad theo mang 1. P&L @3/202%4 3/2023 KYoy 9/2026 9/2023 Yoy Doanh thu hoat déng 2028 1941 4.5% 6308 S111 23.4% Chi phi hoat déng ~636 -653 =2.6% =2083 -1508 38.1% Lgi nhuGgn hoat déng 1392 1289 8.1% 4225 3602 173% Doanh thu tai chinh 40 30 35.0% 135 76 78.8% Chi phi t
Slide 32: SSI - Cơ cấu Tài sản & Nguồn vốn
SSI - Co cdu Tai san & Ngu6én vén 3..Co cdu tai san Q3/2024 _Q3/2023 202: Téng tai san 66,181 55,282 69,241 19.7% 4.4% 100% Tién & tuong duong tién 661 4n 494, 60.9% 33.9% 1% Tai san tai chinh 42,878 34,697 49,461 23.6% 13.3% 65% FVTPL 37316 29591 44,072 26.1% =15.3% 56% AFS 4979 4,275 4973 16.5% 0.
Slide 33: TCBS - Tổng quan 9T.2024
TCBS - Téng quan 9T.2024 Co cdu nguén vén = 4,624 = 25,589 = 18,251 Co cau tai san © 3,266 5,592 L/S = 13,496 @ 25,483 W veBank Securities "= Vén cht s6 hou = Ng vay ngén han = Ng vay dai hen = Trdi phiéu No phdi tra khde = Tién & tuong duong tién = Cac khodn déu tu ndm git én ngay dao han (HTM) = C
Slide 34: TCBS - Cơ cấu nguồn thu và hiệu quả theo mảng
TCBS - Co cGu nguén thu va hiéu quad theo mang 1. P&L 3/2024 @3/2023 KYoy 9/2024 9/2023 Voy Doanh thu hoat déng 1845 1702 8.4%. 5772 3717 55.3% Chi phi hoat déng -140 -146 ~4.2% ~444 -512 13.3% Lgi nhuGgn hoat déng 1705 1556 96% $328 3205 66.3% Doanh thu tai chinh 6 7 =23.1% 20 12 62.1% Chi phi tai
Slide 35: TCBS - Cơ cấu Tài sản & Nguồn vốn
TCBS - Co cau Tdi san & Nguén vén 3. Co cau tai san Q3/2024 _Q3/2023 202: Téng tai san 49868 38,392 43,788 299% 13.9% 100% Tién & tuong duong tién 3,266 4,172 4,582 -21.7% -28.7% 7% Tai san tai chinh 15,527 17894 16,333 13.2% ~49% 31% FVTPL 2 = 2 0% AFS 2,031 1,282 1,292 58.4% 572% 4% HTM 13,496 16,
Slide 36: VPS - Tổng quan 9T.2024
VPS - Téng quan 9T.2024 Co cdu nguén vén 841 = 139 = 10,528 = 17,383 Co cau tai san 842 m 3,249 = 5,880 212,145 = 6775 W veBank Securities = V6n chu sé hou = No vay ngdn han = Ng vay dai han = Trdi phiéu Ng phai tra khdc = Tién & tuong duong tién m= TSTC ghi nhan théng qua lai 16 (FVTPL) = Cac khodn
Slide 37: VPS - Cơ cấu nguồn thu và hiệu quả theo mảng
VPS - Co cGu nguén thu va@ hiéu quad theo mang 1. P&L @3/2024 @3/2023_%Yoy 9/2024 9/2028 Yoy Doanh thu hoat déng 1644 1866 -19% 4922 4785 29% Chi phi hoat déng -669 1299 ~48.5% =2298 -3508 34.5% Lgi nhuGgn hoat déng 976 567 72.2% 2624 1277 105.6% Doanh thu tai chinh 89 133, ~33.0% 158 227 -30.6% Chi
Slide 38: VPS - Cơ cấu Tài sản & Nguồn vốn
VPS - Co cau Tai san & Nguén vén 3. Co cau tai san Q3/2024 Q3/2023 Téng tai san 28,890 31,851 22,462 ~9.3% 28.6% 100% Tién & tuong duong tién 3,249 10,733 2,783 -69.7% 16.7% nN% Tai san tai chinh 12,655 9,322 7271 35.8% 74.1% 44% FVTPL 5,880 7751 5,600. = 24.1% 5.0% 20% AFS 6,775 1571 1.671 331.3% 3
Slide 39: VNDIRECT - Tổng quan 9T/2024
VNDIRECT - Téng quan 97/2024 Co cau nguén vén * 400 2,082 1 = V6n chi sé hitu = 19464 9 vay dai han = Trai phiéu @ 21,350 Co cdu tai san = Tién & tuong duong tién 2,764 | ial STC ghi nhén théng qua Ki TPL) = 24,437 = 10,859 a . Cho vay margin & UTTB Tai san khdc = 4,780 W veBank Securities 43,296 19
Slide 40: VND - Cơ cấu nguồn thu và hiệu quả theo mảng
VND - Co cdu nguén thu va hiéu quad theo mang 1.P&L 3/2024 @3/2023___&Yoy 9/2024 9/2028 Yoy Doanh thu hoat déng 1270 1759 -278% 4113 4654 -11.6% Chi phi hoat déng -379 -521 -272% -1491 -1725 13.5% Loi nhudn hogt déng 891 1239 -28.1% 2621 2929 -10.5% Doanh thu tdi chinh 7 7 73% 18 29 -35.6% Chi phi t
Slide 41: VND - Cơ cấu Tài sản & Nguồn vốn
VND - Co cGu Tai san & Nguén vén 205 Vey Ved Corot ttsdin 3..Co cau tai san Q3/2024 Q3/2023 Téng tai san 43,296 41,579 41,742 4.1% 1% 100% Tién & tuong duong tién 457, 2,690 4,862 -83.0% -90.6% 1% Tai san tai chinh 29217 24,389 24,162 19.8% 20.9% 67% FVTPL 24,437 19130 16,730 277% 46.1% 56% AFS 4,78
Slide 42: MBS - Tổng quan 9T/2024
MBS - Téng quan 9T/2024 Co cau nguén vén 794, = 1061 gg = 6,7 = 11,524 Co cdu tai san 386 Rp, = 1580 % 9866 "A W veBank Securities "= V6n chu s = Ng vay ngén han = Trdi phigu Ng phdi tra khac ™ Tién & tuong duong tién than thé = Cho vay margin & UTTB Tai san khdc in (HTM) 19,557 6,177 9,866 4.69% 4.
Slide 43: MBS - Cơ cấu nguồn thu và hiệu quả theo mảng
MBS - Co cdGu ngu6én thu va hiéu qué theo mang 1. P&L @3/2024 3/2023 Yoy 9/2024 9/2023 Yoy Doanh thu hoat déng 806 539 494% 2363 1276 85.1% Chi phi hoat déng -377 173 1178% -1079 -407 165.0% Loi nhudn hoat déng 428 366 121% 1284 869 477% Doanh thu tai chinh 1 1 148.9% 5 4 25.8% Chi phi tai chinh -13
Slide 44: MBS - Cơ cấu Tài sản & Nguồn vốn
MBS - Co cdu Tai san & Nguén vén 3..Co cau tai san Q3/2024 Q3/2023 202. Téng tai san 19,587 12,406 18,325 57.6% 27.6% 100% Tién & tuong duong tién 1,580 a5. $71 2772.0% 176.5% 8% Tai san tai chinh 7726 4,740 4,707 63.0% 64.1% 40% FVTPL 1,701 1,137 1,123 495% 51.5% 9% AFS 3,793 1,839 2,323 106.3% 63.
Slide 45: HSC - Tổng quan 9T/2024
HSC - Téng quan 9T/2024 Co cau nguén vén si ™ 10,057 Ng phdi tra khac @ 22,148 Co cdu tai san 2,486 Ry, 2,242 1 Tién & tuong duong tién ™ 8,701 a tstc ghi nhan théng qua lai I TPL) = Cho vay margin & UTTB = 19,286 W veBank Securities 32,715 10,057 19,286 6.65% 6.20% ty déng ty déng ty déng Thi Phan
Slide 46: HSC - Cơ cấu nguồn thu và hiệu quả theo mảng
HSC - Co cau nguén thu va hiéu quad theo mang 1.P&L 3/2024 @3/2023___Yoy 9/2024 9/2023 Yoy Doanh thu hoat déng 1138 824 38.1% 3095 2042 51.6% Chi phi hoat déng -761 -469 62.2% 1762 1167 50.9% Loi nhudn hoagt déng 376 354 6.2% 1333 875 52.4% Doanh thu tai chinh (e) (e) 46.0% 2 2 29.1% Chi phi tai chi
Slide 47: HSC - Cơ cấu Tài sản & Nguồn vốn
HSC - Co cau Tdi san & Nguén vén 3..Co cau tai san Q3/2024 Q3/2023 202: Téng tai san 32,715 16,663 17911 96.3% 82.7% 100% Tién & tuong duong tién 2,242 2,516 2,825 -10.9% =20.6% 7% Tai san tai chinh 8,701 2,166 2,222 301.8% 291.6% 27% FVTPL 8,701 2,166 2,222 301.8% 291.6% 27% AFS = = = 0% HTM 2 2 =
Slide 48: Miễn trừ trách nhiệm
MIEN TRU TRACH NHIEM Cac théng tin, s6 ligu théng ké va khuyén nghi trong ban bdo cdo nay, bao gém cd cde nhdn dinh cd nhan, duge dua trén cdc nguén théng tin céng bé dai chung theo quy dinh cla phdp luat, hodc cdc nguén théng tin ma chung tdi cho rang dang tin cay tinh dén thdi diém phat hanh bdo c
Slide 49: Trân trọng cảm ơn!
WvpBank Securities Tran trong em on! A er i | |
VPBank Securities — Investor Presentation (November 2024) on 6ix