AAS

Chứng khoán SmartInvest ·UPCOM ·2026Q1

▲ BALANCED OPERATIONS

Balanced operations NPAT +262.0% YoY

Price

8,400

Latest close

02 Jun 2026

EPS TTM (TTM) 1,131

BVPS (Latest) 11,571

P/E (Price/EPS) 7.4x

P/B (Price/BVPS) 0.7x

ROAE TTM (TTM) 10.0%

PBT Margin (TTM) 56.0%

Trading Share (Mix) 92.7%

Service & Brokerage Share (Mix) 4.5%

Equity / Assets (Latest) 61.6%

Leverage (Latest) 0.6x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 294.4bn, equivalent to a pre-tax margin of 56.0%, showing an earnings base that is still positive but not yet clearly standout, with margin also improving by +32.1pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 92.7% but narrowing by 1.4pp, while lending is at 2.8%; brokerage and services are still only 4.5% but have improved by +0.9pp, so diversification is progressing even if still thin. On the balance sheet, Equity / Assets is 61.6% while Leverage is about 0.62x, indicating that buffers and funding are not yet truly roomy, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 493 tỷ
+35,3%
Lãi thuần —
—

	                            
	                                Margin lending
	                            
	                        
Doanh thu 12,2 tỷ
+44,7%
Dư nợ 125 tỷ
+112,8%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 18,1 tỷ
+83,8%
Lãi thuần —
—

Metric	2025	2024
PBT	207.3	103.1
Trading Share	94.3%	94.3%
Lending Share	2.0%	2.2%
Service & Brokerage Share	3.7%	3.5%
PBT Margin	38.29%	25.16%
Equity / Assets	62.1%	49.3%
Leverage	0.61x	1.03x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	12.7	8.2	140.2	133.4	36.6	11.9	20.0	24.3	46.3
Trading Share	90.5%	87.0%	95.5%	96.1%	94.7%	90.5%	94.2%	94.6%	95.9%
Lending Share	4.2%	5.9%	1.2%	1.3%	1.7%	3.1%	2.9%	1.7%	1.8%
Service & Brokerage Share	5.4%	7.1%	3.3%	2.6%	3.6%	6.4%	2.9%	3.6%	2.3%
PBT Margin	14.29%	11.13%	61.00%	100.00%	34.97%	17.89%	21.17%	19.93%	36.55%
Equity / Assets	61.6%	62.3%	59.8%	61.6%	47.5%	49.4%	67.1%	64.7%	66.6%
Leverage	0.62x	0.61x	0.67x	0.62x	1.10x	1.02x	0.49x	0.55x	0.50x

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

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 92.7%, lending is at 2.8%, brokerage is around 4.1%, other services about 0.4%, brokerage plus services together are 4.5%.

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.

Key risks

Earnings engine remains concentrated

The revenue mix is still heavily concentrated in one main engine while brokerage and service income are not yet large enough to diversify volatility.

Key signals

Securities business revenue 525.4bn +35.6% YoY

PBT margin 56.0% +32.1pp

Trading Share 92.7% −1.4pp

Revaluation / Trading 17.4% —

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Profitability still holds on a positive base, but the quality and durability of returns are not yet strong enough to read as a clearly robust case.

Pre-tax margin is currently 56.0%, Return on assets is about 5.4%, provisions equal 0.5% of pre-tax profit, revaluation accounts for 24.0% of pre-tax profit.

Headline profit still needs to be read together with what is creating it and how thick returns really are.

Profit remains sensitive to revaluation swings.

Provisioning is not currently the main drag on profit.

Key risks

Key signals

PBT margin 56.0% +32.1pp

Net margin 49.5% +31.0pp

ROAA 5.4% +3.9pp

ROAE 10.0% +7.2pp

Revaluation / PBT 24.0% —

TTM YoY · 2026Q1

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 2.9% of assets, the prop book about 19.2%, liquid assets around 8.1%, equity roughly 61.6%.

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.

Key risks

Key signals

Margin book / Assets 2.9% —

Prop book / Assets 19.2% −14.5pp

Liquid assets / Assets 8.1% +4.1pp

Equity / Assets 61.6% +14.0pp

Liabilities / Equity 0.62x −0.48x

Quarterly YoY · 2026Q1

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 61.6% of assets, liabilities stand at 0.62x of equity, short-term borrowings are about 32.6% 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.

Key risks

Short-term funding pressure

Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.

Key signals

Equity / Assets 61.6% +14.0pp

Liabilities / Equity 0.62x −0.48x

Short-term borrowings / Assets 32.6% −15.1pp

Liquid assets / Assets 8.1% +4.1pp

Cash / Short-term borrowings 0.06x —

Quarterly YoY · 2026Q1

Investment Takeaway

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.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	498.9	375.5
a. Realised gains on disposals of FVTPL financial assets	347.6	285.8
b. Gains from revaluation of FVTPL financial assets	70.5	0.1
c. Dividends and interest income from FVTPL financial assets	80.8	89.6
1.2. Gains from held to maturity investments	12.4	11.5
1.3. Interest income from loans and receivables	10.4	8.9
1.6. Revenue from brokerage services	16.9	8.6
1.8. Revenue from investment advisory services	0.5	1.1
1.10. Revenue from securities custody services	2.1	4.3
Revenue from securities business (01->11)	541.2	409.8
Net sales	541.2	409.8
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	94.5	137.6
a. Loss from disposals of financial assets at FVTPL	44.9	137.6
b. Loss from revaluation of financial assets at FVTPL	49.6	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	1.4
2.6. Expenses for proprietary trading activities	2.4	0.5
2.7. Expenses for brokerage services	20.6	9.0
2.9. Expenses for financial advisory services	4.1	3.9
2.11. Expenses for secutiries custodian services	3.2	3.0
2.12. Other expenses	—	6.8
Operating expenses (21->33)	124.9	162.3
Gross profit	416.4	247.5
3.2. Dividends, interest income from demand deposits	0.4	0.4
Total financial income (41->44)	0.4	0.4
4.2. Borrowing costs	175.3	106.5
Total financial expenses (51->54)	175.3	106.5
VI. General and Administrative expenses	31.4	31.1
VII. Net profit from securities business (20+50-40-60-61-62)	210.1	110.4
8.1. Other incomes	0.7	0.8
8.2. Other expenses	3.5	8.0
Other profit (71-72)	-2.8	-7.3
IX. Profit before tax (70+80)	207.3	103.1
9.1. Realised profit	186.3	103.0
9.2. Unrealised profit	20.9	0.1
CORPORATE INCOME TAX	49.1	29.4
10.1. Current corporate income tax expenses	49.1	29.4
XI. Net profit after tax (90-100)	158.1	73.7
11.1. Profit after tax for shareholders of the parents company	158.1	73.7
13.1. Earning per share	688.00	320.00
Earnings per Share	687.54	320.28

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	4,023.9	4,784.8
Short-term financial assets	4,022.6	4,783.5
1. Cash and cash equivalents	99.7	295.0
1.1. Cash	99.7	295.0
2. Financial assets at fair value through profit or loss (FVTPL)	1,238.6	1,591.1
3. Held to maturity investments (HTM)	268.3	148.1
4. Loans	111.1	50.0
5. Available-for-sale financial assets (AFS)	186.6	370.9
7. Short-term receivables	2,104.3	2,322.0
7.1. Receivables from disposal of financial assets	2,097.0	2,297.5
7.2. Receivables and accruals from dividends and interest income	7.3	24.5
7.2.1. Due dividend and interest receivables	7.3	24.5
Prepayments to suppliers	12.7	5.3
9. Service related receivable	1.4	1.3
12. Other receivables	—	0.0
13. Provision for doubtful debts	-0.2	-0.2
II. Other short-term assets	1.3	1.2
1. Advances	0.1	0.0
2. Office supplies, tools	0.0	0.2
3. Short-term prepayments	1.1	1.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	242.4	270.7
II. Fixed assets	236.2	226.5
1. Tangible fixed assets	42.3	46.1
- Cost	52.1	53.6
- Accumulated depreciation	-9.7	-7.5
3. Intangible fixed assets	193.9	180.4
- Cost	199.7	183.9
- Accumulated depreciation	-5.8	-3.5
IV. Construction in progress	—	38.5
V. Other long-term assets	6.1	5.7
1. Pledged assets, mortgages, security deposits in long term	0.4	1.0
2. Long-term prepayments	0.9	0.6
4. Payment for Settlement Assistance Fund	4.8	4.2
TOTAL ASSETS (270=100+200)	4,266.3	5,055.5
A. LIABILITIES (300=310+340)	1,615.2	2,562.2
I. Short -term liabilities	1,526.9	2,366.2
1. Short-term borrowings	1,369.9	2,213.8
1.1. Short-term borrowings	1,369.9	2,213.8
6. Payables to securities trading activities	0.5	0.5
8. Trade accounts payable	56.1	57.1
9. Advances from customers	0.7	0.3
10. Taxes and other payables to state authorities	51.1	34.2
11. Payable to employees	4.8	3.1
12. Employee welfare payables	0.1	0.0
13. Accrued expenses	19.6	25.2
17. Other payables	24.2	31.9
II. Long-term liabilities	88.3	196.0
4. Long-term bonds	—	68.0
B. OWNER'S EQUITY (400=410+420)	2,651.1	2,493.3
I. Owner's equity	2,651.1	2,493.3
1. Investment capital from owners	2,299.9	2,299.9
1.1. Capital from owners	2,300.0	2,300.0
a. Common stock	2,299,995,210,000.00	2,299,995,210,000.00
1.2. Share premium	-0.1	-0.1
4. Supplementary capital reserve	2.3	2.3
7. Undistributed earnings after tax	346.6	188.8
7.1. Realised profits	325.9	189.0
7.2. Unrealised losses	20.7	-0.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	4,266.3	5,055.5

Item	2025	2024
1. Profit before tax	207.3	103.1
2. Adjustments for	179.5	111.8
- Depreciation and amortization	4.6	5.7
- Loss/(profits) from other investing activities	-0.4	-0.4
- Interest expense	175.3	106.5
3. Add non-cash expenses	49.6	—
- Loss from revaluation losses of FVTPL financial assets	49.6	—
4. Less non-cash income	-70.5	-0.1
- Gains from revaluation gains of FVTPL financial assets	-70.5	-0.1
5. Changes of assets and liabilities	376.3	-862.0
- Increase/decrease in FVTPL financial assets	373.4	-953.1
- Increase/decrease in held to maturity investments	-120.2	81.9
- Increase/decrease in loan	-61.1	9.2
- Increase/decrease in AFS financial assets	184.2	—
6. Operating profit before changes in working capital	742.1	-647.2
Increase/decrease in receiables sale of financial assets	67.7	-1,221.4
Increase/decrease in receiables interest of financial assets	138.6	425.0
Increase/decrease in service related receivables	-0.0	-0.3
Increases/decreases in other receivables	0.5	0.9
Increase/decrease in other assets	-0.4	0.2
- Increase/(decrease) in payables (other than interest, corporate income tax)	-24.8	-12.5
- (Increase)/decrease in prepaid expenses	-0.5	-0.3
- Corporate income tax paid	-29.4	-22.4
- Interest paid	-156.1	-81.6
Increases/decreaese in trade payables	33.5	-99.2
Increases/decreases in employee welfare payables	0.1	-0.2
Increases/decreases in tax and other payables to the State Budget	-2.7	2.5
Increases/dcreases in payable to employees	1.6	0.1
Increases/dcreases in other payables	-7.8	23.9
Net cash flows from securities trading activities	762.2	-1,632.5
1. Payment for fixed assets, constructions and other long-term assets	-6.2	-42.1
7. Dividends, interest and profit received	0.4	0.4
Net cash flows from investing activities	-5.8	-41.7
3. Short-term and long-term borrowings	9,698.6	7,149.6
3.2. Other borrowings	9,698.6	7,149.6
4. Principal repayments	-10,650.3	-5,749.0
4.3. Other principal repayments	-10,650.3	-5,749.0
Net cash flows from financing activities	-951.7	1,400.7
IV. Net cash flows during the period	-195.3	-273.5
V. Cash and cash equivalents at begingning of the period	295.0	568.5
Cash at bank	295.0	568.5
- Cash at bank for securities company activities	295.0	568.5
Cash and cash equivalents at end of period	99.7	295.0
Cash at bank	99.7	295.0
- Cash at bank for securities company activities	99.7	295.0
1. Proceeds from sale of brokerage securities to customers	10,597.7	5,054.8
2. Money spent on buying brokerage securities for customers	-10,382.7	-5,619.4
9. Receive deposits to pay for securities transactions of customers	26,788.1	9,384.9
10. Margin deposit of investors at VSD	-26,956.3	—
11. Payment for customers' securities transactions	—	-8,582.3
14. Payment of customers' securities depository fees	-1.4	-1.1
17. Proceeds from Securities Issuers	275.8	740.7
18. Payments to Securities Issuers	-275.5	-750.9
Increase / decrease of net money during the period	45.7	226.8
II. Cash and cash equivalents at the beginning of the period of the customer	293.1	66.3
Cash at bank	293.1	66.3
-Deposits of investors on securities transactions under the Securities Company management method	292.6	64.2
-Cash deposit for securities transactions for customers	0.5	2.1
III. Cash and cash equivalents at the end of the period of the customer	338.8	293.1
Cash at bank	338.8	293.1
-Deposits of investors on securities transactions under the Securities Company management method	335.3	292.6
-Cash deposit for securities transactions for customers	3.5	0.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	76.3	60.6	214.8	126.1	97.4	58.6	86.5	111.8	118.3
a. Realised gains on disposals of FVTPL financial assets	60.5	26.1	160.2	100.3	60.9	58.4	66.7	80.0	80.6
b. Gains from revaluation of FVTPL financial assets	2.8	21.8	43.5	3.5	1.7	0.3	—	—	37.7
c. Dividends and interest income from FVTPL financial assets	13.0	12.7	11.1	22.3	34.8	-0.2	19.8	31.8	—
1.2. Gains from held to maturity investments	4.5	3.7	4.8	2.1	1.8	1.8	2.7	3.7	3.2
1.3. Interest income from loans and receivables	3.5	4.1	2.8	1.8	1.8	2.0	2.6	2.0	2.2
1.6. Revenue from brokerage services	4.1	4.4	6.7	2.8	3.0	2.8	1.7	2.3	1.7
1.8. Revenue from investment advisory services	—	0.1	0.3	—	0.0	0.1	—	1.0	—
1.10. Revenue from securities custody services	0.4	0.4	0.5	0.6	0.7	1.2	0.9	1.0	1.1
Revenue from securities business (01->11)	88.8	73.4	229.8	133.4	104.6	66.5	94.6	121.8	126.6
Net sales	88.8	73.4	229.8	133.4	104.6	66.5	94.6	121.8	126.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	24.5	14.1	34.8	—	2.7	8.8	33.7	54.3	40.9
a. Loss from disposals of financial assets at FVTPL	0.4	0.4	2.9	—	0.1	8.8	33.7	54.3	40.9
b. Loss from revaluation of financial assets at FVTPL	24.1	13.7	31.9	—	2.6	—	—	—	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	—	—	—	—	1.4	—	—	—
2.6. Expenses for proprietary trading activities	0.3	0.2	0.4	—	0.4	0.5	—	—	—
2.7. Expenses for brokerage services	5.2	4.3	8.2	—	3.6	2.4	2.2	2.5	1.9
2.9. Expenses for financial advisory services	0.9	1.0	1.0	—	1.0	1.1	1.0	0.9	0.9
2.11. Expenses for secutiries custodian services	0.5	0.8	0.8	—	0.8	0.8	0.8	0.8	0.7
2.12. Other expenses	—	—	—	—	—	—	2.3	2.7	1.8
Operating expenses (21->33)	31.5	20.5	45.2	—	8.5	15.0	40.0	61.2	46.2
Gross profit	57.4	52.9	184.6	133.4	96.1	51.5	54.6	60.7	80.4
3.2. Dividends, interest income from demand deposits	0.1	0.3	0.1	—	0.1	0.2	0.0	0.0	0.1
Total financial income (41->44)	0.1	0.3	0.1	—	0.1	0.2	0.0	0.0	0.1
4.2. Borrowing costs	36.5	35.5	34.9	—	52.6	30.0	27.0	24.2	25.3
Total financial expenses (51->54)	36.5	35.5	34.9	—	52.6	30.0	27.0	24.2	25.3
VI. General and Administrative expenses	8.0	8.5	8.2	—	6.7	8.4	7.0	8.5	7.4
VII. Net profit from securities business (20+50-40-60-61-62)	12.9	9.2	141.6	133.4	36.9	13.3	20.6	28.0	47.8
8.1. Other incomes	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.8
8.2. Other expenses	0.2	1.0	1.4	—	0.3	1.4	0.6	3.7	2.3
Other profit (71-72)	-0.2	-1.0	-1.4	—	-0.3	-1.4	-0.6	-3.7	-1.5
IX. Profit before tax (70+80)	12.7	8.2	140.2	133.4	36.6	11.9	20.0	24.3	46.3
9.1. Realised profit	34.0	0.0	128.5	—	37.4	11.6	20.0	24.3	46.3
9.2. Unrealised profit	-21.3	8.1	11.7	—	-0.9	0.3	—	—	—
CORPORATE INCOME TAX	2.5	3.6	28.0	—	7.5	4.5	4.0	4.9	9.3
10.1. Current corporate income tax expenses	2.5	3.6	28.0	—	7.5	4.5	4.0	4.9	9.3
XI. Net profit after tax (90-100)	10.2	4.5	112.1	133.4	29.1	7.4	16.0	19.4	37.0
11.1. Profit after tax for shareholders of the parents company	10.2	4.5	112.1	133.4	29.1	7.4	16.0	19.4	37.0
13.1. Earning per share	44.00	20.00	488.00	—	126.00	32.00	70.00	84.00	161.00
Earnings per Share	44.15	19.72	487.61	580.01	126.34	32.15	69.63	84.46	160.99

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	4,080.5	4,023.9	4,173.0	3,856.6	5,035.6	4,785.0	3,479.2	3,594.3	3,456.0
Short-term financial assets	4,078.6	4,022.6	4,171.8	3,854.1	5,034.3	4,783.7	3,478.5	3,593.4	3,453.8
1. Cash and cash equivalents	80.0	99.7	249.8	197.3	59.9	295.0	55.9	421.4	360.4
1.1. Cash	80.0	99.7	249.8	197.3	59.9	295.0	55.9	421.4	360.4
2. Financial assets at fair value through profit or loss (FVTPL)	831.2	1,238.6	990.8	762.0	1,787.9	1,591.3	487.1	464.2	556.2
3. Held to maturity investments (HTM)	268.3	268.3	203.3	200.5	148.1	148.1	123.1	280.0	230.0
4. Loans	125.2	111.1	123.0	42.9	58.8	50.0	45.6	193.8	64.6
5. Available-for-sale financial assets (AFS)	186.6	186.6	260.9	260.9	260.9	370.9	370.9	370.9	370.9
7. Short-term receivables	1,171.7	2,104.3	1,584.0	2,385.0	1,850.4	2,322.0	2,020.8	1,836.6	1,825.1
7.1. Receivables from disposal of financial assets	1,146.8	2,097.0	1,566.6	2,369.6	1,792.0	2,297.5	1,936.5	1,730.1	1,661.7
7.2. Receivables and accruals from dividends and interest income	24.9	7.3	17.4	15.3	58.4	24.5	84.3	106.5	163.5
7.2.1. Due dividend and interest receivables	—	7.3	17.4	15.3	—	24.5	84.3	106.5	163.5
7.2.2. Undue dividend and interest receivables	24.9	—	—	—	58.4	—	—	—	—
Prepayments to suppliers	1,414.4	12.7	758.8	4.5	867.0	5.3	374.0	25.3	44.8
9. Service related receivable	1.3	1.4	1.5	1.3	1.4	1.3	1.4	1.4	1.1
12. Other receivables	0.1	—	0.0	0.0	—	0.0	0.0	—	0.9
13. Provision for doubtful debts	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
II. Other short-term assets	1.9	1.3	1.1	2.4	1.4	1.2	0.7	0.9	2.2
1. Advances	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.2
2. Office supplies, tools	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0
3. Short-term prepayments	1.8	1.1	1.0	2.4	1.3	1.0	0.7	0.9	1.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	242.2	242.4	267.3	268.1	269.6	270.7	233.3	234.3	233.6
II. Fixed assets	234.5	236.2	221.7	223.0	225.0	226.5	226.4	226.8	31.8
1. Tangible fixed assets	41.7	42.3	43.0	43.7	45.3	46.1	46.7	47.6	20.3
- Cost	52.1	—	—	—	—	—	—	—	—
- Accumulated depreciation	-10.4	—	—	—	—	—	—	—	—
3. Intangible fixed assets	192.8	193.9	178.7	179.2	179.8	180.4	179.7	179.3	11.4
- Cost	199.7	—	—	—	—	—	—	—	—
- Accumulated depreciation	-6.8	—	—	—	—	—	—	—	—
IV. Construction in progress	0.6	—	39.2	39.2	38.5	38.5	1.4	1.4	195.6
V. Other long-term assets	7.1	6.2	6.4	6.0	6.1	5.7	5.5	6.0	6.2
1. Pledged assets, mortgages, security deposits in long term	0.4	0.4	1.1	1.0	1.0	1.0	1.0	1.3	1.2
2. Long-term prepayments	0.8	0.9	0.8	0.4	0.5	0.6	0.6	0.8	1.0
4. Payment for Settlement Assistance Fund	5.9	4.8	4.6	4.6	4.6	4.1	3.9	3.9	3.9
TOTAL ASSETS (270=100+200)	4,322.7	4,266.3	4,440.3	4,124.7	5,305.3	5,055.6	3,712.6	3,828.6	3,689.6
A. LIABILITIES (300=310+340)	1,661.5	1,608.3	1,786.9	1,583.4	2,782.9	2,555.7	1,220.0	1,352.1	1,232.5
I. Short -term liabilities	1,573.9	1,520.1	1,698.2	1,494.2	2,693.1	2,359.7	1,020.9	1,149.9	1,033.3
1. Short-term borrowings	1,408.4	1,369.9	1,417.9	1,380.3	2,527.9	2,213.8	921.0	1,015.6	897.0
1.1. Short-term borrowings	1,408.4	1,369.9	1,417.9	1,380.3	2,527.9	2,213.8	921.0	1,015.6	897.0
6. Payables to securities trading activities	0.4	0.5	1.2	0.5	0.6	0.5	0.2	0.4	0.3
8. Trade accounts payable	56.1	56.1	175.6	71.8	56.0	57.1	57.0	97.3	80.2
9. Advances from customers	0.7	0.7	0.8	0.9	0.3	0.3	0.4	0.4	0.4
10. Taxes and other payables to state authorities	54.2	45.8	44.6	14.3	42.4	27.3	18.6	15.2	34.0
11. Payable to employees	1.9	3.3	2.2	2.0	2.0	3.1	1.7	1.8	1.9
12. Employee welfare payables	0.0	0.1	0.2	0.2	0.2	0.0	0.2	0.3	0.3
13. Accrued expenses	27.9	19.6	31.5	24.0	45.5	25.2	21.4	16.2	11.8
17. Other payables	24.2	24.2	24.4	0.3	18.2	32.2	0.2	2.5	7.2
II. Long-term liabilities	87.6	88.3	88.6	89.2	89.7	196.0	199.1	202.2	199.2
4. Long-term bonds	—	—	—	—	—	68.0	68.0	68.0	68.0
B. OWNER'S EQUITY (400=410+420)	2,661.2	2,658.0	2,653.4	2,541.3	2,522.4	2,500.0	2,492.6	2,476.5	2,457.1
I. Owner's equity	2,661.2	2,658.0	2,653.4	2,541.3	2,522.4	2,500.0	2,492.6	2,476.5	2,457.1
1. Investment capital from owners	2,299.9	2,299.9	2,299.9	2,299.9	2,299.9	2,299.9	2,299.9	2,299.9	2,299.9
1.1. Capital from owners	2,300.0	2,300.0	2,300.0	2,300.0	2,300.0	2,300.0	2,300.0	2,300.0	2,300.0
a. Common stock	2,299,995,210,000.00	2,299,995,210,000.00	2,299,995,210,000.00	2,299,995,210,000.00	2,299,995,210,000.00	2,299,995,210,000.00	2,299,995,210,000.00	2,299,995,210,000.00	2,299,995,210,000.00
1.2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
4. Supplementary capital reserve	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
7. Undistributed earnings after tax	356.7	353.4	348.9	236.8	217.9	195.4	188.0	172.0	152.6
7.1. Realised profits	357.3	332.7	336.3	235.8	218.9	195.4	188.4	172.3	152.9
7.2. Unrealised losses	-0.6	20.7	12.6	0.9	-1.1	—	-0.3	-0.3	-0.3
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	4,322.7	4,266.3	4,440.3	4,124.7	5,305.3	5,055.6	3,712.6	3,828.6	3,689.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	12.7	6.7	140.2	23.8	36.6	12.5	20.0	24.3	46.3
2. Adjustments for	38.2	36.6	36.1	52.8	54.0	31.2	28.4	25.7	26.5
- Depreciation and amortization	1.8	1.3	1.3	0.5	1.4	1.5	1.4	1.5	1.3
- Loss/(profits) from other investing activities	-0.1	-0.3	-0.1	-0.1	-0.1	-0.3	-0.0	-0.0	-0.1
- Interest expense	36.5	35.5	34.9	52.4	52.6	30.0	27.0	24.2	25.3
3. Add non-cash expenses	24.1	13.7	31.9	1.5	2.6	—	—	—	—
- Loss from revaluation losses of FVTPL financial assets	24.1	13.7	31.9	1.5	2.6	—	—	—	—
4. Less non-cash income	-2.8	-21.8	-43.5	-3.5	-1.7	-0.1	—	—	—
- Gains from revaluation gains of FVTPL financial assets	-2.8	-21.8	-43.5	-3.5	-1.7	-0.1	—	—	—
5. Changes of assets and liabilities	372.1	-218.6	-300.1	991.5	-96.4	-1,133.4	282.3	-87.2	76.4
- Increase/decrease in FVTPL financial assets	386.2	-239.7	-217.2	1,027.9	-197.7	-1,103.9	-22.9	92.0	81.8
- Increase/decrease in held to maturity investments	—	-65.0	-2.9	-52.4	—	-25.0	156.9	-50.0	—
- Increase/decrease in loan	-14.1	11.8	-80.0	15.9	-8.8	-4.5	148.2	-129.2	-5.4
- Increase/decrease in AFS financial assets	—	74.3	-0.0	0.0	110.0	—	—	—	—
6. Operating profit before changes in working capital	444.2	-183.5	-135.5	1,066.2	-5.1	-1,089.9	330.7	-37.2	149.2
Increase/decrease in receiables sale of financial assets	—	272.8	—	-205.1	—	-699.7	—	-521.7	—
Increase/decrease in receiables interest of financial assets	932.6	-599.4	655.0	-388.6	471.6	1,055.5	-800.8	605.2	-434.9
Increase/decrease in service related receivables	0.0	0.1	-0.1	0.1	-0.1	0.1	-0.0	-0.2	-0.2
Increases/decreases in other receivables	-0.1	0.5	0.0	-0.0	0.0	0.3	0.0	0.8	-0.2
Increase/decrease in other assets	-1.1	0.0	-0.2	0.1	-0.2	-0.7	0.3	1.2	-0.6
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.6	-25.8	26.0	-25.3	0.4	-11.2	0.1	0.9	-2.3
- (Increase)/decrease in prepaid expenses	-0.5	-0.3	1.0	-1.0	-0.2	-0.3	0.4	0.3	-0.7
- Corporate income tax paid	—	0.0	0.0	-29.4	—	0.0	-0.0	-22.3	—
- Interest paid	-28.7	-21.7	-53.3	-48.5	-32.7	-15.0	-22.0	-20.8	-23.9
Increases/decreaese in trade payables	-1,401.8	667.3	-647.8	876.7	-862.8	234.1	-294.2	-58.3	19.2
Increases/decreases in employee welfare payables	-0.0	-0.1	-0.0	0.0	0.2	-0.2	-0.1	0.0	0.1
Increases/decreases in tax and other payables to the State Budget	0.6	-2.5	2.2	-3.1	0.7	4.2	-0.6	-1.3	0.1
Increases/dcreases in payable to employees	-2.8	2.6	0.2	-0.1	-1.1	1.4	-0.1	-0.1	-1.1
Increases/dcreases in other payables	0.0	-0.2	-38.3	44.5	-13.7	30.9	-2.3	-4.7	0.0
- Other payments for operating activities	—	—	-0.4	—	—	—	—	—	—
Net cash flows from securities trading activities	-57.1	-94.8	13.9	1,286.2	-443.1	-1,012.2	-266.9	-58.2	-295.2
1. Payment for fixed assets, constructions and other long-term assets	-0.6	-5.6	-0.1	-0.6	—	-38.7	-1.0	-2.4	-0.0
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	1.5	—	—	—	—	—	—
7. Dividends, interest and profit received	0.1	0.3	0.1	0.1	0.1	0.3	0.0	0.0	0.1
Net cash flows from investing activities	-0.6	-6.8	1.5	-0.6	0.1	-38.4	-0.9	-2.4	0.0
3. Short-term and long-term borrowings	1,527.8	2,485.1	1,816.4	2,481.1	2,916.1	3,373.8	1,487.2	1,235.3	1,053.4
3.2. Other borrowings	1,527.8	2,485.1	1,816.4	2,481.1	2,916.1	3,373.8	1,487.2	1,235.3	1,053.4
4. Principal repayments	-1,489.9	-2,533.4	-1,779.3	-3,629.3	-2,708.2	-2,084.1	-1,584.8	-1,113.7	-966.3
4.3. Other principal repayments	-1,489.9	-2,533.4	-1,779.3	-3,629.3	-2,708.2	-2,084.1	-1,584.8	-1,113.7	-966.3
Net cash flows from financing activities	37.9	-48.4	37.0	-1,148.2	207.9	1,289.7	-97.6	121.5	87.1
IV. Net cash flows during the period	-19.8	-150.0	52.5	137.4	-235.1	239.1	-365.5	61.0	-208.1
V. Cash and cash equivalents at begingning of the period	99.7	249.8	197.3	59.9	295.0	55.9	421.4	360.4	568.5
Cash and cash equivalents at end of period	80.0	99.7	249.8	197.3	59.9	295.0	55.9	421.4	360.4
1. Proceeds from sale of brokerage securities to customers	2,949.8	2,746.5	4,914.6	1,732.9	1,203.8	2,087.9	697.9	1,322.2	946.9
2. Money spent on buying brokerage securities for customers	-2,226.1	-2,357.9	-4,753.5	-1,834.3	-1,437.0	-2,604.7	-158.7	-1,908.7	-947.4
9. Receive deposits to pay for securities transactions of customers	8,151.3	8,675.8	9,727.5	4,903.8	3,481.0	1,990.1	2,893.9	2,809.9	1,691.0
10. Margin deposit of investors at VSD	—	-26,956.3	—	—	—	—	—	—	—
11. Payment for customers' securities transactions	-8,621.9	—	-9,879.2	-4,755.5	-3,281.8	-1,320.3	-3,433.8	-2,271.7	-1,556.6
14. Payment of customers' securities depository fees	-0.4	-0.4	-0.3	-0.5	-0.3	-0.4	-0.3	-0.2	-0.2
17. Proceeds from Securities Issuers	140.5	71.8	31.1	-6,884.9	7,057.8	42.0	329.5	100.0	269.3
18. Payments to Securities Issuers	-140.3	-71.9	-30.7	6,884.9	-7,057.8	-42.0	-340.6	-89.1	-279.3
Increase / decrease of net money during the period	252.9	24.1	9.3	46.5	-34.3	152.6	-12.0	-37.4	123.7
II. Cash and cash equivalents at the beginning of the period of the customer	338.8	314.7	305.3	258.8	293.1	140.5	152.6	190.0	66.3
-Cash deposit for securities transactions for customers	3.5	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	591.7	338.8	314.7	305.3	258.8	293.1	140.5	152.6	190.0
-Cash deposit for securities transactions for customers	1.3	—	—	—	—	—	—	—	—

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