Analysis of business results & financial statements · Quý 2/2026
● BALANCED OPERATIONS
See what is changing ↓- EPS TTM
- 29
- BVPS
- 10,343
- P/E
- 137.8x
- P/B
- 0.4x
- ROAE TTM
- 0.3%
- PBT Margin
- 10.0%
- Market price
- 4,060 19 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 30.6bn, equivalent to a pre-tax margin of 10.0%, but headline durability remains more sensitive to revaluation. The revenue mix still leans mainly on trading at 60.1% after expanding by +25.0pp, while lending is at 36.8%; brokerage and services are still only 3.0% and have narrowed by 13.8pp, so diversification remains thin. On the balance sheet, Equity / Assets is 46.3% while Leverage is about 1.16x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.
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 | -3.6 | 6.5 | 8.0 | 19.8 | -2.3 | 11.0 | -60.3 | -148.1 |
| Trading Share | 17.2% | 45.2% | 5.4% | 53.9% | 85.6% | 20.1% | — | — |
| Lending Share | 78.2% | 47.8% | 87.8% | 42.1% | 10.4% | 58.4% | 41.0% | 28.8% |
| Service & Brokerage Share | 4.6% | 7.0% | 6.8% | 4.0% | 4.0% | 21.5% | 59.0% | 71.2% |
| PBT Margin | -6.03% | 7.64% | 10.88% | 22.66% | -1.45% | 44.58% | -613.86% | -564.59% |
| Equity / Assets | 46.3% | 43.7% | 41.9% | 42.0% | 56.2% | 59.0% | 89.8% | 89.2% |
| Leverage | 1.16x | 1.29x | 1.39x | 1.38x | 0.78x | 0.69x | 0.11x | 0.12x |
Revenue
60bnNet income
-3bnNet margin
-5.30%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 60.1%, lending is at 36.8%, brokerage is around 2.8%, other services about 0.2%, brokerage plus services together are 3.0%.
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 revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.
A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.
- Securities business revenue
- 305.1bn +37.4% YoY
- PBT margin
- 10.0%
- Trading Share
- 60.1% +25.0pp
- Revaluation / Trading
- 81.9%
Annual 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 10.0%, Return on assets is about 0.1%, provisions equal 0.1% of pre-tax profit, revaluation accounts for 415.6% 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.
ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.
- PBT margin
- 10.0%
- Net margin
- 2.2%
- ROAA
- 0.1%
- ROAE
- 0.3%
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 14.1% of assets, the prop book about 11.4%, liquid assets around 46.5%, equity roughly 46.3%.
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
- 14.1% −4.0pp
- Prop book / Assets
- 11.4% +5.0pp
- Liquid assets / Assets
- 46.5% +14.3pp
- Equity / Assets
- 46.3% −9.9pp
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 46.3% of assets, liabilities stand at 1.16x of equity, short-term borrowings are about 47.3% of assets, cash covers roughly 0.11x 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
- 46.3% −9.9pp
- Liabilities / Equity
- 1.16x +0.38x
- Short-term borrowings / Assets
- 47.3% +4.4pp
- Liquid assets / Assets
- 31.5% +5.0pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, APG currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.
- Profitability does not currently show a sufficiently durable base to be read as a clean case.
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 profitability can stabilize soon, as the current return profile is clearly under more pressure.
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
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.