F88 approves 2026 growth targets, plans listing transfer

At the AGM on March 30, the company set net outstanding loans of VND7.5 trillion ($288.5 million), up 33 per cent on-year, with revenue estimated at VND5.46 trillion ($210 million), up 42 per cent. Consolidated pre-tax profit is expected to reach VND1.13 trillion ($43.5 million), a 25 per cent increase.

Responding to shareholders’ questions about solutions to achieve the ambitious targets, Nguyen Duc Dai, CEO of F88, said, “The company does not chase growth at any cost. Instead, we consistently maintain a balance between growth and risk control.”

Pawnshop chain operators like F88 currently make up only 3 per cent of the market’s outstanding loans, indicating ample room for expansion. In addition, F88’s 2025 business performance lays a strong foundation for the company this year. F88 is expected to maintain its growth trajectory in 2026.

This year, F88 anticipates that its collaboration with several major partners in 2025 will create growth momentum.

Shareholders also expressed concerns about the potential global financial crisis due to wars, which will hinder the company’s business goals. In response, Phung Anh Tuan, chairman of the Board of Directors of F88, said, “We have anticipated challenges when setting a profit growth target of 25 per cent. We are very upbeat about this plan. In more favourable market conditions, the company can achieve even higher growth.”

Tuan further pointed out an interesting reality. “The pawn industry still maintains its growth momentum despite the challenging economic environment. In fact, there is a growing number of people using pawnshop services amidst the economic downturns. In other words, market demand remains strong. The question is whether the company can secure sufficient capital for growth and effectively manage risks.”

Phung Anh Tuan (centre), chairman of the Board of Directors of F88

In 2026, F88 plans to expand its network from 949 to 1,000 transaction points. Besides traditional transaction offices, F88 continues to optimise customer experience through the My F88 app with a view to increasing the proportion of online transactions and customer self-service capabilities, thereby reducing operational pressure at points of sale and improving overall system productivity.

Alongside the capital increase plan, at the AGM, F88’s Board of Directors also sought shareholders’ approval to transfer its shares from the Unlisted Public Company Market (UPCoM) to the Ho Chi Minh Stock Exchange (HSX).

According to the proposal, the board will be authorised to decide the timing of the delisting from UPCoM and the official listing on HSX, subject to market conditions and regulatory requirements.

Tuan expects the transfer procedures to be completed by the end of this year. He highlighted some reasons for the transfer to HSX, despite having registered for trading on UPCoM since last August.

First, the company has fully met conditions of regulatory bodies. Second, the transfer will help F88 better access investors to serve its business growth strategy. Third, stock liquidity will improve, bringing direct benefits to shareholders. Finally, the HSX listing requires higher transparency and governance standards, thereby better protecting investors’ interests.

The Board of Directors also proposed a charter capital increase to approximately VND1.37 trillion ($52.7 million) through three share issuance plans.

First, F88 will issue bonus shares to existing shareholders at a 1:1 ratio, equivalent to around 110 million new shares, using retained earnings and share premium based on its audited 2025 financial statements. The board will be authorised to determine the detailed allocation of these capital sources.

Second, through an Employee Stock Ownership Plan, F88 plans to issue about 4.4 million shares at VND10,000 ($0.38) per share, equivalent to 1.82 per cent of the outstanding shares before issuance, to align employee interests with the long-term development strategy.

Third, F88 plans a public offering of up to 22 million shares, or about 20 per cent of its outstanding shares, through distribution agents. The offering price will be set at no lower than the book value of VND22,240 ($0.86) per share, based on audited 2025 financial statements, and not less than 70 per cent of the average closing price over the five trading sessions prior to the launch.

Funds raised from the public offering will be used to contribute capital to its subsidiary, F88 Business JSC.

The issuance is scheduled to take place in 2026, once receiving approval from the State Securities Commission. All issued shares (except for any unsubscribed shares) will be freely transferable.

If these plans are approved and successfully executed, F88’s charter capital is expected to increase from VND1.1 trillion ($42.3 million) to approximately VND2.47 trillion ($95 million).

F88’s credit outlook upgraded following business advantages and improved asset quality FiinRatings upgraded F88’s credit rating outlook from 'Stable' to 'Positive’ on April 2, 2025, citing significant improvements in asset quality and the company’s strengthened leadership position in the alternative lending market.

F88 records positive asset quality and business performance in Q1 Following the strong recovery in 2024, F88 continues to fare well in the first quarter of 2025 with significant improvements in asset quality, revenue and profits.

F88 becomes public company after being listed on UPCoM F88 will start trading shares on the Unlisted Public Company Market (UPCoM) within 30 days, marking an important milestone as the company gains public company status.