SEHK:8540Capital Markets
Victory Securities (SEHK:8540) Stock Premium Looks Fragile After Margin Compression
Victory Securities (Holdings) closed at HK$4.32 after the market digested a mixed H1 2026, with the stock roughly flat over the past week and slightly down over the past month. The headline is not the top line. Revenue for the half year came in at HK$91.3m, while the company reported a loss of HK$7.3m and a basic loss per share of HK$0.0371.
The focus for investors is the pressure on profitability. Trailing net profit margin stands at 6.8%, while the stock trades on a P/E of 78x, which is far...