Credit Rating Result

Hanoi, 13 May 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has affirmed MB Securities Joint Stock Company’s (MBS) 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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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.

Rating rationale

The affirmation of MBS’s A+ long-term issuer rating with a stable outlook reflects our expectation that it will maintain robust profitability and leverage, following the completion of its planned capital raising in 2Q2026. At the same time, it also incorporates MBS’s stable liquidity profile and our assessment of a high likelihood of extraordinary support from its parent, Military Joint Stock Commercial Bank (MB), if required, over the next 12-18 months.
MBS’s strong and stable profitability underpins solid internal capital generation, with ROAA of 4.3% in 2025 outperforming peers and pre-tax earnings volatility remaining low at 34.8%, supporting earnings resilience and capital buffers. Profitability is supported by a diversified income structure, led by margin lending, stable treasury income and efficiency gains from ongoing digitalization. Management’s target of a 31% year on year increase in profit before tax in 2026 should further support capital accumulation.
In addition, the planned capital injection of approximately VND 3.3 trillion through a public offering, targeted for completion in 2Q2026, is expected to support margin lending growth and strengthen the balance sheet, reducing leverage from 3.7x at end 1Q2026 to around 3.0–3.5x over the next 12-18 months. As of end 1Q2026, margin lending accounted for 177% of equity, close to the regulatory ceiling of 200%; the additional capital should restore regulatory headroom and support continued business expansion.
MBS’s asset risk profile is supported by conservative risk management, particularly in margin lending, which accounts for nearly 50% of total assets and showed no overdue exposures at end 2025, with borrower concentration lower than most bank affiliated peers. Exposure to higher risk corporate bonds declined to 4.1% of total assets, reflecting a selective de risking of leveraged real estate and power issuers. While residual cyclical risk remains due to elevated refinancing pressures amid high interest rates, MBS’s disciplined underwriting – emphasizing appraised and collateralized bonds, strong sponsor support and clear legal documentation – should mitigate credit risk as the corporate bond portfolio gradually expands.
We assess MBS’s liquidity and refinancing risk over the next 12-18 months as well managed, supported by a sizable liquid asset buffer and a diversified funding base, including substantial bank credit lines. Liquid assets accounted for 36% of total assets at end 1Q2026, well above the industry average of 24%. Funding strength is reflected in low financial costs, with expenses equal to 3.9% of average total liabilities versus a peer average of 5.0%. The planned issuance of VND 1 trillion in senior unsecured bonds in 2027 should further support funding stability and maturity diversification.
MBS’s issuer rating includes an uplift reflecting the high likelihood of support from its parent, MB, underpinned by MB’s majority ownership, MBS’s strategic importance, a shared corporate brand, and strong operational and strategic integration. We also assess MB’s capacity to provide support as strong.

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