Analysis of business results & financial statements · Quý 2/2026
● BALANCED REVENUE MIX
See what is changing ↓- EPS TTM
- -138
- BVPS
- 776
- P/E
- —
- P/B
- —
- ROAE TTM
- -16.3%
- PBT Margin
- —
- Market price
- —
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 13.3bn, showing a profit base that is under clearer pressure. The revenue mix still leans mainly on trading at 1.9%, while lending is at 0.2%; brokerage and services have reached 97.8%, making diversification visibly stronger. On the balance sheet, Equity / Assets is 95.6% while Leverage is about 0.05x, indicating a still relatively balanced capital posture.
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 | -2.2 | -17.8 | -2.3 | 9.1 | -38.4 | -4.2 | -3.3 | -5.0 |
| Trading Share | 0.0% | — | 0.0% | 0.0% | 0.3% | 0.0% | -8.9% | 14.7% |
| Lending Share | — | — | — | — | — | — | — | — |
| Service & Brokerage Share | 100.0% | 100.0% | 100.0% | 100.0% | 99.7% | 100.0% | 108.9% | 85.3% |
| PBT Margin | -380.31% | -5937.08% | -161.06% | 5069.28% | -69675.83% | -9173.67% | -6517.90% | -1896.07% |
| Equity / Assets | 95.6% | 95.6% | 95.6% | 96.8% | 95.9% | 96.4% | 96.5% | 96.8% |
| Leverage | 0.05x | 0.05x | 0.05x | 0.03x | 0.04x | 0.04x | 0.04x | 0.03x |
Revenue
1bnNet income
-2bnNet margin
-380.31%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?
The current revenue mix does not yet show an earnings engine that is both clean and strong enough, so this section needs to be read more cautiously.
Trading currently accounts for about 1.9%, lending is at 0.2%, brokerage is around 26.6%, other services about 71.3%, brokerage plus services together are 97.8%.
The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.
Revaluation is currently only a small component and not a headline driver.
The revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.
- Securities business revenue
- 2.5bn
- Trading Share
- 1.9%
- Brokerage Share
- 26.6%
- Other Fee Share
- 71.3%
Annual YoY · 2026Q2
Profitability Quality & Volatility
▼▼How strong is current profitability, and how durable is it?
Profitability has broken more clearly, so this section should be read as a profit-hit case rather than a technical fluctuation.
Return on assets is about −15.6%.
Headline profit still needs to be read together with what is creating it and how thick returns really are.
Profit appears cleaner and less dependent on revaluation.
Provisioning is not currently the main drag on profit.
ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.
- ROAA
- −15.6%
- ROAE
- −16.3%
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 margin book, so growth quality depends meaningfully on the safety of loans and receivables.
The margin book is about 145.4% of assets, the prop book about 11.7%, liquid assets around 50.1%, equity roughly 95.6%.
A high margin-book share makes the balance sheet more sensitive to asset quality and funding cost.
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.
Loans and receivables are large enough to make the balance sheet more sensitive to asset quality and funding cost.
- Margin book / Assets
- 145.4% +22.0pp
- Prop book / Assets
- 11.7% +1.8pp
- Liquid assets / Assets
- 50.1% +20.8pp
- Equity / Assets
- 95.6% −0.3pp
Quarterly YoY · 2026Q2
Is leverage safe?
Capital, Funding & Risk Posture
●Are capital buffers and funding posture sufficiently safe?
Capital and funding posture looks more balanced for now, though the effective thickness of liquidity buffers still needs monitoring.
Equity currently equals 95.6% of assets, liabilities stand at 0.05x of equity.
Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.
When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.
Liquidity buffer remains relatively better than short-term funding needs.
- Equity / Assets
- 95.6% −0.3pp
- Liabilities / Equity
- 0.05x
- Liquid assets / Assets
- 50.1% +20.8pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, ART is showing a more balanced earnings mix thanks to brokerage and service income, but funding or capital risk still calls for caution.
- Brokerage and service income are now large enough to reduce pure dependence on trading or margin.
- 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 brokerage and service income can maintain a clear diversification role against dependence on trading and margin income.
Track whether profitability can stabilize soon, as the current return profile is clearly under more pressure.
Track whether margin-book dependence can remain within a safe range as earning assets continue to grow.
From one stock to the whole portfolio
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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.