Analysis of business results & financial statements · Quý 2/2026
● TRADING VOLATILE
See what is changing ↓- EPS TTM
- 578
- BVPS
- 11,596
- P/E
- 17.7x
- P/B
- 0.9x
- ROAE TTM
- 5.1%
- PBT Margin
- 35.7%
- Market price
- 10,200 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 168.6bn, equivalent to a pre-tax margin of 35.7%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 14.9pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 91.4% but narrowing by 2.9pp, while lending is at 3.6%; brokerage and services are still only 5.0% but have improved by +1.4pp, so diversification is progressing even if still thin. On the balance sheet, Equity / Assets is 61.3% while Leverage is about 0.63x, indicating that buffers and funding are not yet truly roomy.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| PBT | 7.6 | 12.7 | 8.2 | 140.2 | 133.4 | 36.6 | 11.9 | 20.0 |
| Trading Share | 91.8% | 90.5% | 87.0% | 95.5% | 96.1% | 94.7% | 90.5% | 94.2% |
| Lending Share | 4.6% | 4.2% | 5.9% | 1.2% | 1.3% | 1.7% | 3.1% | 2.9% |
| Service & Brokerage Share | 3.6% | 5.4% | 7.1% | 3.3% | 2.6% | 3.6% | 6.4% | 2.9% |
| PBT Margin | 9.41% | 14.29% | 11.13% | 61.00% | 100.00% | 34.97% | 17.89% | 21.17% |
| Equity / Assets | 61.3% | 61.6% | 62.3% | 59.8% | 61.6% | 47.5% | 49.4% | 67.1% |
| Leverage | 0.63x | 0.62x | 0.61x | 0.67x | 0.62x | 1.10x | 1.02x | 0.49x |
Revenue
80bnNet income
6bnNet margin
7.53%Inside the statements
A closer look at what is happening inside the business
A broker's statements are read with the industry's own questions: revenue mix, balance sheet, funding.
Is revenue sustainable?
Revenue Mix & Earnings Engine
●Where are current earnings coming from?
Revenue remains tilted toward trading, but the quality of that engine still needs to be read alongside concentration and the real contribution from brokerage and services.
Trading currently accounts for about 91.4%, lending is at 3.6%, brokerage is around 4.6%, other services about 0.4%, brokerage plus services together are 5.0%.
When trading still dominates while brokerage and services remain thin, headline earnings become more sensitive to a near one-engine setup.
Revaluation does not fully dominate trading income at this stage.
The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
The revenue mix is still heavily concentrated in one main engine while brokerage and service income are not yet large enough to diversify volatility.
- Securities business revenue
- 472.3bn +18.3% YoY
- PBT margin
- 35.7% −14.9pp
- Trading Share
- 91.4% −2.9pp
- Revaluation / Trading
- 20.1%
TTM YoY · 2026Q2
Profitability Quality & Volatility
▲How strong is current profitability, and how durable is it?
Headline profitability remains solid, but durability is weaker because part of the result is still sensitive to revaluation.
Pre-tax margin is currently 35.7%, Return on assets is about 3.1%, provisions equal 0.8% of pre-tax profit, revaluation accounts for 41.8% of pre-tax profit.
Headline profit should not be read purely off reported PBT because revaluation still makes the result more volatile.
Profit remains sensitive to revaluation swings.
Provisioning is not currently the main drag on profit.
Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.
- PBT margin
- 35.7% −14.9pp
- Net margin
- 28.1% −18.4pp
- ROAA
- 3.1% −0.9pp
- ROAE
- 5.1% −2.1pp
TTM YoY · 2026Q2
Are assets at risk?
Balance Sheet Quality & Asset Composition
▼Where is the balance sheet exposed, and how resilient does it look?
The balance sheet is leaning more toward the prop book, making market-valuation sensitivity a key issue to monitor.
The margin book is about 2.3% of assets, the prop book about 18.8%, liquid assets around 9.3%, equity roughly 61.3%.
A high prop-book share lets market-valuation swings flow more directly into the balance sheet.
The prop book is the more prominent balance-sheet component.
Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.
- Margin book / Assets
- 2.3%
- Prop book / Assets
- 18.8% +0.3pp
- Liquid assets / Assets
- 9.3% −0.3pp
- Equity / Assets
- 61.3% −0.3pp
Quarterly YoY · 2026Q2
Is leverage safe?
Capital, Funding & Risk Posture
▼Are capital buffers and funding posture sufficiently safe?
Short-term funding is the tighter part of the balance sheet, even if the case is not yet in outright capital stress.
Equity currently equals 61.3% of assets, liabilities stand at 0.63x of equity, short-term borrowings are about 33.7% of assets, cash covers roughly 0.06x of short-term borrowings.
The point that needs the closest reading now is short-term funding structure rather than the earnings headline.
Risk is coming more from short-term funding, so the key reading point is not just borrowing size but cash and liquid-asset cover.
Liquidity buffer is not yet thick enough relative to short-term funding needs.
Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.
- Equity / Assets
- 61.3% −0.3pp
- Liabilities / Equity
- 0.63x +0.01x
- Short-term borrowings / Assets
- 33.7% +0.3pp
- Liquid assets / Assets
- 9.3% −0.3pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, AAS is still holding a positive earnings base, but the case needs to be read together with both trading concentration and the tightness of short-term funding.
- Brokerage and service income are not yet large enough to diversify the mix, so the durability of trading-led earnings still needs monitoring.
- Short-term funding structure is tight enough to become the most visible risk in the current capital posture.
What to verify next
Questions for the next period
Track whether trading income can broaden in a cleaner way rather than staying overwhelmingly dominant while funding posture remains tight.
Track whether current profitability can hold once the more volatile supports move back toward normal levels.
Track whether short-term funding posture becomes less tight, especially while liquidity buffers are not yet especially thick versus funding needs.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.