23/10/2020 - 09:38
HCM: Margin biz back in the driver’s seat in 3Q20
HCM’s 3Q20 earnings of VND 142bn (-5% QoQ / +26% YoY), caught a tailwind from its HNWI margin finance business. Brokerage commission were roughly in line with market volumes while proprietary trading gains were flat. HCM’s 9M20 earnings have fulfilled 87% of management’s 2020 target and 82% of our full-year forecast.
