Analysis of business results & financial statements · Quý 1/2026
▲ BALANCED OPERATIONS
TTM NPAT rose +VND 144bn compared with the same period last year. Key positives came from higher margin lending, higher trading, and higher other fees. Offsetting pressure came mainly from higher total costs and higher tax.
See what is changing ↓- EPS TTM
- 1,123
- BVPS
- 12,453
- P/E
- 23.3x
- P/B
- 2.1x
- ROAE TTM
- 9.3%
- PBT Margin
- 25.8%
- Market price
- 26,200 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q1, pre-tax profit is currently about 633.0bn, equivalent to a pre-tax margin of 25.8%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 6.1pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 43.9% after expanding by +6.9pp, while lending is at 35.2%; brokerage and services are still 20.9% but have narrowed by 2.5pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 30.9% while Leverage is about 2.23x, 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
- Margin lending
- Trading
- 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 | 117.1 | 119.8 | 269.2 | 126.8 | 100.4 | 113.4 | 94.4 | 136.3 |
| Trading Share | 48.7% | 33.2% | 49.1% | 39.9% | 38.3% | 32.0% | 32.8% | 43.2% |
| Lending Share | 33.4% | 43.1% | 29.3% | 32.7% | 41.5% | 43.5% | 41.9% | 33.0% |
| Service & Brokerage Share | 18.0% | 23.7% | 21.5% | 27.4% | 20.1% | 24.5% | 25.2% | 23.8% |
| PBT Margin | 16.80% | 21.19% | 39.13% | 25.05% | 29.77% | 35.92% | 29.58% | 32.14% |
| Equity / Assets | 30.9% | 33.2% | 32.6% | 35.1% | 39.4% | 49.1% | 47.3% | 49.8% |
| Leverage | 2.23x | 2.01x | 2.07x | 1.85x | 1.54x | 1.04x | 1.11x | 1.01x |
Revenue
697bnNet income
89bnNet margin
12.74%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 43.9%, lending is at 35.2%, brokerage is around 18.1%, other services about 2.8%, brokerage plus services together are 20.9%.
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
- 2,457.1bn +76.0% YoY
- PBT margin
- 25.8% −6.1pp
- Trading Share
- 43.9% +6.9pp
- Brokerage Share
- 18.1% −2.9pp
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 25.8%, Return on assets is about 3.2%, provisions equal −0.1% of pre-tax profit, revaluation accounts for 77.9% 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
- 25.8% −6.1pp
- Net margin
- 20.4% −5.2pp
- ROAA
- 3.2% +0.6pp
- ROAE
- 9.3% +2.6pp
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 margin book, so growth quality depends meaningfully on the safety of loans and receivables.
The margin book is about 50.5% of assets, the prop book about 35.1%, liquid assets around 12.1%, equity roughly 30.9%.
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.
A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.
- Margin book / Assets
- 50.5% −0.9pp
- Prop book / Assets
- 35.1% +2.7pp
- Liquid assets / Assets
- 12.1% −0.8pp
- Equity / Assets
- 30.9% −8.5pp
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 30.9% of assets, liabilities stand at 2.23x of equity, short-term borrowings are about 61.7% of assets, cash covers roughly 0.05x 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
- 30.9% −8.5pp
- Liabilities / Equity
- 2.23x +0.70x
- Short-term borrowings / Assets
- 61.7% +13.7pp
- Liquid assets / Assets
- 11.0% +1.3pp
Quarterly YoY · 2026Q1
In summary
Research synthesis
What this reporting period is showing
Overall, BSI 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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among the rest of your investments?
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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.