SSI

On a TTM basis through 2026Q1, pre-tax profit is currently about 5,629.3bn, equivalent to a pre-tax margin of 40.4%, showing a relatively clean and sufficiently thick earnings base, while margin has narrowed by 1.5pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 47.7% but narrowing by 1.8pp, while lending has widened to 29.7%; brokerage and services are still 22.6% but have narrowed by 1.0pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 42.6% while Leverage is about 1.35x, indicating that buffers and funding are not yet truly roomy, with buffers thickening and leverage easing further.