HCMC Securities (HCM VN): Decent 1Q20 results despite horrible markets

HCM_1Q20 results

HCM’s 1Q20 earnings rose +23.2% YoY, a reasonably strong result considering market conditions in the first quarter (and especially in March). Brokerage net revenues were in line with our expectations, but service fees and margin lending were weaker than our forecasts. As a result, HCM has achieved just 15% of our full-year earnings.