Strong Q2 earnings expected to boost investor confidence

Strong Q2 earnings expected to boost investor confidence

Solid second-quarter earnings, supported by improving fundamentals and easing headwinds, are expected to strengthen investor confidence and provide fresh momentum for Vietnam's stock market in the rest of 2026.

Listed companies are gradually releasing their second-quarter (Q2) financial statements, with many early results pointing to a continued trend of strong earnings growth.

Among securities firms, MB Securities JSC (MBS) was the first to report its Q2 results on July 7, posting encouraging figures. The company recorded revenue of more than $47.84 million in Q2, up 51 per cent on-year, primarily driven by proprietary trading, brokerage services, and margin lending.

MBS reported after-tax profit of $12.04 million for the quarter, up 36 per cent, bringing first-half after-tax profit to $23.68 million, representing annual growth of 21 per cent.

An Binh Securities also announced its results, with Q2 after-tax profit reaching $6.35 million, more than 4.8 times higher than the same period last year. In the first six months of 2026, the firm generated $17.7 million in operating revenue and $7.20 million in after-tax profit, up 2.2 times and three times, respectively, compared with a year earlier.

Meanwhile, OCBS Securities also posted a sharp increase in its Q2 profit, reaching $4.4 million, more than 41 times higher compared to one year ago.

In the banking sector, several lenders have also released preliminary earnings figures. VietBank reported first-half pre-tax profit of $36.92 million, an increase of more than 79 per cent on-year. ABBank announced first-half pre-tax profit of $120.6 million, up 80 per cent from the same period in 2025.

The State Bank of Vietnam's business sentiment survey indicates that overall business conditions and pre-tax profits across the banking system continued to improve in Q2 compared with the previous quarter and remained relatively stable, although they fell short of expectations recorded in the previous survey. More than 84 per cent of credit institutions expect positive pre-tax profit growth compared with 2025, while only 10.6 per cent anticipate negative earnings growth, and 5.3 per cent expect profits to remain unchanged.

In the oil and gas sector, companies have also released preliminary business estimates ahead of their financial statements. PetroVietnam Gas Corporation estimates first-half revenue of $3 billion and after-tax profit of $320 million, fulfilling 70 per cent of its full-year profit target. Meanwhile, Binh Son Refining and Petrochemical produced more than four million tonnes of products during the first half of the year and recorded after-tax profit of more than $505.4 million, seven times higher than the same period last year.

According to latest statistics from FiinTrade, as of July 17, 35 listed companies had announced their earnings, with average after-tax profit growth of 34.98 per cent on-year. The strongest performers included securities firms such as TCBS, MBS, ABS and EVS, as well as companies in the electrical equipment sector such as GEE and building materials producers such as NNC

Despite a challenging business environment, analysts generally maintain a positive outlook on earnings growth among listed companies. Forecasting overall market earnings, MBS estimates aggregate profit growth of around 15 per cent in Q2 of 2026. The sectors expected to deliver the strongest profit growth include transportation (65 per cent), industrial park real estate (58 per cent), retail (34 per cent) and oil and gas (28 per cent). Meanwhile, industries likely to experience earnings declines due to higher fuel costs include aviation (minus 61 per cent) and export-oriented businesses (minus 35 per cent).

The market concluded the first half of 2026 with macroeconomic conditions showing increasingly positive signs. Key concerns that had weighed on investor sentiment have gradually eased, including inflation risks stemming from geopolitical tensions in the Middle East, the prospect of tighter monetary policy and elevated oil prices. According to analysts at Tien Phong Securities, investor sentiment is gradually shifting from a defensive stance towards optimism about the outlook for the economy and businesses.

VIR