FiinRatings assigns Initial ‘BBB’ Issuer Credit Rating with a ‘Stable’ Rating Outlook to DSC

On January 26, 2026, FiinRatings – a strategic partner of S&P Global – assigned a first-time Long-term Issuer Credit Rating of ‘BBB’to DSC Securities Corporation (‘DSC’ or ‘the Company’), with a ‘Stable’ Rating Outlook.

The rating reflects FiinRatings’ assessment of DSC’s “Adequate” credit profile, supported by a stabilized business foundation following its restructuring, a prudent risk appetite, appropriate capital adequacy, and a gradual improvement in profitability in recent years.

FiinRatings assesses DSC’s Business positionas “Adequate”, reflecting the restructuring process implemented since 2021 and the Company’s transition into a stable operating phase from late 2022. As of the end of Q3 2025, DSC ranked among the Top 30 securities firms in Vietnam, with an estimated brokerage market share of approximately 1.2%. The Company maintains a relatively balanced income structure across its core business segments, supporting the overall stability of its operating performance.

DSC’s Capital profile and profitabilityare assessed as “Adequate”. As of the end of Q3 2025, shareholders’ equity amounted to VND 2,631 billion, while charter capital increased to approximately VND 2,800 billion following a capital increase in November 2025. The Company maintains leverage levels below the industry median, while operational efficiency has improved, as reflected by a decline in the cost-to-income ratio (CIR) to 44.1% as of 9M2025, which is lower than the industry median.

FiinRatings assesses DSC’s Risk profileas “Adequate”, reflecting a conservative approach to margin lending and proprietary trading activities. The margin lending portfolio is primarily concentrated in large-cap equities, particularly within the banking sector. Both the proprietary trading and margin lending portfolios are constructed with a prudent orientation, with a significant proportion allocated to high-quality and relatively stable assets, which helps mitigate market volatility and supports the overall stability of the credit profile. While concentration risks by client and individual stocks remain, the overall risk level is appropriately managed in line with the Company’s scale and business model.

DSC’s Funding and liquidity positionis assessed as “Adequate”, supported by a relatively sound funding and asset structure. The majority of the Company’s core operations are funded by equity, supplemented by short-term secured borrowings, enabling DSC to maintain funding flexibility and a stable liquidity position, consistent with its current risk appetite.

The ‘Stable’ Rating Outlook reflects FiinRatings’ expectation that DSC will maintain its current credit rating over the next 12–24 months, supported by continued prudent risk management and stable operating performance.

Through its credit rating service, FiinRatings provides an independent and systematic assessment of DSC’s financial capacity and risk management practices. This transparency helps strengthen DSC’s standing in the capital market, while also serving as a reliable reference for the Company in expanding engagement with investors to support the implementation and direction of its funding strategies.

Disclaimer: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.

👇 Read DSC’s detailed Initial Issuer Credit Rating Report below