Credit Rating Result

Hanoi, 04 September 2026 - VIS Rating has affirmed the long-term issuer rating of Tien Phong Securities Corporation (TPS) at BBB+. The outlook on TPS’s BBB+ issuer rating is 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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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.

Rating rationale

The affirmation of TPS’s BBB+ long-term issuer rating with a stable outlook reflects VIS Rating’s expectation of gradual improvement in profitability and asset quality over the next 12–18 months, supported by ongoing de-risking efforts and core business expansion. The rating also benefits from its robust leverage and liquidity profile from adequate liquid assets and sizeable long-term funding. In addition, TPS’s growing strategic importance within the TPBank group underpins our assessment of a moderate likelihood of affiliate support. 
TPS’s profitability improved in 6M2026, with ROAA rising to 2.2% from 0.9% in 2025, driven by stronger bond-related income, including advisory fees and investment gains. Since becoming a TPBank subsidiary, TPS has strengthened its corporate bond franchise through closer integration with TPBank, providing advisory services and arranging bank-guaranteed bond issuances for the bank’s corporate clients. We expect this partnership to continue expanding TPS's bond advisory and underwriting pipeline, particularly in infrastructure and real estate sectors, supporting further growth in bond-related income and profitability over the next 12–18 months. As of 6M2026, TPS remains on track to exceed its full-year target, achieving nearly 50% of its VND428 billion 2026 pre-tax profit target. 
Despite slow margin lending growth in 6M2026 amid weak market conditions, we expect TPS’s expansion of its mass-retail client base through TPBank’s retail network to gradually increase margin lending income, supporting stronger earnings diversification and stability over time. 
Going forward, TPS will continue to de-risk new bond investments by increasing holdings of bank-guaranteed bonds—accounted for 60% of total bond investments in 6M2026—and more closely aligning its advisory and underwriting standards with TPBank’s credit framework. However, legacy asset recoveries remain slow, constraining TPS’s credit profile. Defaulted bonds and BCC receivables were unchanged at around 40% of total assets in 6M2026. Management expects recoveries to improve over the next 12–18 months, supported by asset disposals, renewed bank financing and legal progress at distressed borrowers.
We expect TPS’s leverage and liquidity profile to remain stable. As margin lending expands, the firm’s use of short-term bank borrowings will increase, and its leverage ratio is likely to rise from 2.1x in 6M2026 to 2.5x–3.0x, broadly in line with the industry average. Sustaining stronger business growth will require broader access to domestic and offshore funding sources, including clean credit lines, to enhance funding flexibility. Liquidity risks remain well managed, supported by sizeable liquid assets and long-term bond funding, which represented 40% of total borrowings in 6M2026 and underpin manageable refinancing risks. TPS’s liquidity inflows-over-outflows ratio remained strong at 153% as of 6M2026, above the industry average of 107%.
In 6M2026, the deeper integration of TPS with TPBank across various key business lines reinforces our expectation of moderate affiliate support from the parent bank. We expect this collaboration to continue supporting TPS’s further business growth and market franchise over the next 12–18 months.

Factors That Could Lead to an Upgrade/Downgrade

Rating methodology

Financial Institutions Rating Methodology.

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Credit rating history

Regulatory disclosures

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Analyst & Committee

Primary Analysts

Nguyen Ha My, CFA

Sector Lead Analyst

Email: my.nguyen@visrating.com

Nguyen Truong Giang

Analyst

Email: giang.nguyen@visrating.com

Rating Committee Members

Simon Chen, CFA

Head of Ratings & Research

Email: simon.chen@visrating.com

Phan Duy Hung, CFA, MBA

Senior Director - Head of Financial Institutions Ratings & Research

Email: hung.phan@visrating.com

Duong Duc Hieu, CFA

Senior Director - Head of Corporate Ratings & Research

Email: hieu.duong@visrating.com

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