Analysis of business results & financial statements · Quý 1/2026
▲ BALANCED REVENUE MIX
TTM NPAT rose +VND 50.7bn compared with the same period last year. Key positives came from higher trading, higher margin lending, and higher other fees. Offsetting pressure came mainly from higher total costs and higher tax.
See what is changing ↓- EPS TTM
- 1,684
- BVPS
- 15,959
- P/E
- 8.6x
- P/B
- 0.9x
- ROAE TTM
- 11.1%
- PBT Margin
- 36.6%
- Market price
- 14,400 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q1, pre-tax profit is currently about 218.2bn, equivalent to a pre-tax margin of 36.6%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 1.6pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 45.0% after expanding by +3.5pp, while trading is down to 21.9% after narrowing by 11.0pp; brokerage and services have reached 33.1% and improved by +7.5pp, making diversification more visible. On the balance sheet, Equity / Assets is 39.8% while Leverage is about 1.52x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.
Profit bridge
Vs last year · TTM
- Trading
- Margin lending
- Other fees
- Brokerage
- Total costs
- Tax
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 | 29.9 | 90.7 | 57.8 | 39.9 | 33.0 | 35.7 | 33.1 | 49.7 |
| Trading Share | 34.1% | 55.2% | 19.5% | 24.8% | 21.3% | 40.1% | 33.7% | 35.6% |
| Lending Share | 36.0% | 29.2% | 37.9% | 40.0% | 51.4% | 37.2% | 40.1% | 31.7% |
| Service & Brokerage Share | 29.9% | 15.6% | 42.6% | 35.3% | 27.2% | 22.7% | 26.2% | 32.7% |
| PBT Margin | 20.28% | 45.49% | 41.14% | 36.48% | 36.29% | 32.71% | 37.44% | 45.93% |
| Equity / Assets | 39.8% | 33.9% | 36.9% | 40.2% | 41.7% | 42.6% | 43.2% | 50.0% |
| Leverage | 1.52x | 1.95x | 1.71x | 1.49x | 1.40x | 1.35x | 1.32x | 1.00x |
Revenue
147bnNet income
21bnNet margin
14.55%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?
Earnings are still being supported by trading, but revaluation has become large enough to make the headline less durable than usual.
Trading currently accounts for about 21.9%, lending is at 45.0%, brokerage is around 29.9%, other services about 3.2%, brokerage plus services together are 33.1%.
The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.
Trading income is materially dependent on revaluation.
The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.
- Securities business revenue
- 596.3bn +50.3% YoY
- PBT margin
- 36.6% −1.6pp
- Trading Share
- 21.9% −11.0pp
- Brokerage Share
- 29.9% +6.0pp
TTM YoY · 2026Q1
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 36.6%, Return on assets is about 4.5%, provisions equal 3.3% of pre-tax profit, revaluation accounts for 32.7% 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
- 36.6% −1.6pp
- Net margin
- 28.6% −1.6pp
- ROAA
- 4.5% +1.5pp
- ROAE
- 11.1% +3.2pp
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 23.9% of assets, the prop book about 13.0%, liquid assets around 59.1%, equity roughly 39.8%.
A high prop-book share lets market-valuation swings flow more directly into the balance sheet.
The margin book is larger than the prop book.
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
- 23.9% −14.0pp
- Prop book / Assets
- 13.0% +6.7pp
- Liquid assets / Assets
- 59.1% +8.8pp
- Equity / Assets
- 39.8% −2.0pp
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 39.8% of assets, liabilities stand at 1.52x of equity, short-term borrowings are about 58.6% of assets, cash covers roughly 0.10x 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 remains relatively better than 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
- 39.8% −2.0pp
- Liabilities / Equity
- 1.52x +0.12x
- Short-term borrowings / Assets
- 58.6% +1.2pp
- Liquid assets / Assets
- 44.8% +12.8pp
Quarterly YoY · 2026Q1
In summary
Research synthesis
What this reporting period is showing
Overall, ABW is showing a more balanced earnings mix thanks to brokerage and service income, but short-term funding remains tight enough for caution.
- Brokerage and service income are now large enough to reduce pure dependence on trading or margin.
- 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 still hold up once revaluation normalizes toward a more ordinary level.
Track whether current profitability can hold once the more volatile supports move back toward normal levels.
Keep short-term funding tightness on watch, as the liquidity buffer is thinning more clearly relative to current funding needs.
From one stock to the whole portfolio
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