Analysis of business results & financial statements · Quý 1/2026
▲ BALANCED OPERATIONS
See what is changing ↓- EPS TTM
- 1,131
- BVPS
- 11,571
- P/E
- 9.0x
- P/B
- 0.9x
- ROAE TTM
- 10.0%
- PBT Margin
- 56.0%
- Market price
- 10,200 16 Oct 2026
The current picture
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.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| PBT | 12.7 | 8.2 | 140.2 | 133.4 | 36.6 | 11.9 | 20.0 | 24.3 |
| Trading Share | 90.5% | 87.0% | 95.5% | 96.1% | 94.7% | 90.5% | 94.2% | 94.6% |
| Lending Share | 4.2% | 5.9% | 1.2% | 1.3% | 1.7% | 3.1% | 2.9% | 1.7% |
| Service & Brokerage Share | 5.4% | 7.1% | 3.3% | 2.6% | 3.6% | 6.4% | 2.9% | 3.6% |
| PBT Margin | 14.29% | 11.13% | 61.00% | 100.00% | 34.97% | 17.89% | 21.17% | 19.93% |
| Equity / Assets | 61.6% | 62.3% | 59.8% | 61.6% | 47.5% | 49.4% | 67.1% | 64.7% |
| Leverage | 0.62x | 0.61x | 0.67x | 0.62x | 1.10x | 1.02x | 0.49x | 0.55x |
Revenue
89bnNet income
10bnNet margin
11.43%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 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.
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
- 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.
- PBT margin
- 56.0% +32.1pp
- Net margin
- 49.5% +31.0pp
- ROAA
- 5.4% +3.9pp
- ROAE
- 10.0% +7.2pp
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.
- 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
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.
Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.
- 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
Quarterly YoY · 2026Q1
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 the current return profile can hold as revenue mix and cost conditions normalize.
Track whether the recent easing in short-term funding can hold, as liquidity buffers have only just improved versus current 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.