VND: Solid operational results in 2Q20

VND_2Q20 results

We were pleasantly surprised by VND’s 2Q20 results. Earnings more than doubled QoQ and quintupled YoY; and unsurprisingly, strong prop trading gains were a key driver. But more interestingly, VND also posted the highest average net commission rate and margin loan yield (based on our estimates) of our four-broker universe.