In the context of a volatile stock market, securities companies have adjusted their portfolios according to different strategies to optimize profits and control risks.
Some units continue to pursue a safety strategy, prioritizing bonds and deposit certificates, while others are more flexible, increasing the proportion of stocks to take advantage of market opportunities.
At the end of 2024, SSI Securities Joint Stock Company (HOSE: SSI) continued to lead the group with the highest self-employed profit, with a profit of more than VND 2,420 billion. SSI's self-employed portfolio is built in a cautious direction, focusing on highly safe investments.
As of December 31, 2024, this company is holding up to VND 24,736 billion in deposit certificates and VND 15,230 billion in bonds, most of which are unlisted corporate bonds. In terms of shares, VPB is the code with the largest proportion with a total value of VND 909 billion, accounting for more than 50% of the listed stock portfolio.
The total self-employed portfolio of SSI Securities at the end of 2024 reached VND42,438 billion, down VND1,634 billion, equivalent to a decrease of 3.7% compared to VND44,072 billion at the beginning of the year. Data shows that there has been a clear adjustment in SSI's investment portfolio structure, when the company increased the proportion of stocks and bonds, sharply reducing the proportion of deposit certificates.
Accordingly, the value of listed stocks and securities increased significantly from VND 1,014 billion to VND 1,613 billion. At the same time, the bond portfolio also increased sharply from VND 12,414 billion to VND 15,230 billion. In contrast, re-deposit certificates have decreased sharply from VND 29,990 billion to VND 24,736 billion.
The above changes show that SSI is no longer too inclined to a safe investment strategy as before, but has had more flexibility in increasing the proportion of stocks and bonds to take advantage of profit opportunities. Reducing the proportion of deposit certificates may be a move to increase the profitability of the self- employed portfolio, while reflecting the company's more confidence in market prospects.
Technology Securities Joint Stock Company (TCBS) also recorded impressive results with self-employed profits in 2024 reaching VND 2,200 billion, up 53% over the previous year. The company's self-employed segment is largely unlisted bonds with a total value of up to VND 15,370 billion, accounting for the majority of the ready-to-sell financial asset structure (AFS). Meanwhile, listed bonds are only at VND1,173 billion, showing that TCBS still prioritizes this investment channel over stocks.
Although there is a stock portfolio listed in both FVTPL (financial assets recorded through profit/ loss) (16.8 billion VND) and AFS (11,126 billion VND), the proportion of stocks in the total investment portfolio is still low compared to other securities companies. This reflects a cautious strategy, focusing on bonds to optimize profits and control risks, instead of taking a strong role in the volatile stock market.
In general, TCBS still maintains a policy of prioritizing stability, instead of investing heavily in volatile assets in the market.
At VNDIRECT Securities Joint Stock Company (HOSE: VND), VNDirect's self-made portfolio as of December 31, 2024 has a diverse allocation of stocks, bonds and deposit certificates, with the total FVTPL financial asset portfolio divided into many main items.
Listed stocks and securities are worth VND 1,438.8 billion, of which VPB (418.2 billion VND) and HSG (379 billion VND) are the two stocks with the largest proportion. The list of un listed stocks and securities reached VND1,900 billion, focusing on funds such as C4G (VND215.8 billion VND), VNDBF (VND40 billion VND) and VNDAF (VND80 billion).
For the bond segment, VNDirect owns VND 3,988 billion of listed bonds and VND 10,631 billion of un listed bonds, showing that the company still places a large proportion of emphasis on this investment channel to ensure stable yields. In addition, the deposit certificate remains at VND6,562 billion, reflecting the strategy of maintaining high liquidity.
VNDirect's total self-made portfolio at the end of 2024 was worth VND24,519 billion, a significant increase compared to VND16,730 billion in 2023.
In general, the self-trading picture of some securities giants in 2024 shows a clear change in the way securities companies allocate their portfolios. While SSI has been more flexible in its investment strategy, TCBS remains steadfast in the bond priority method, VNDirect also increases investment in bonds.
