CSI

Chứng khoán Kiến thiết Việt Nam ·UPCOM ·2026Q1

▲ BALANCED OPERATIONS

Balanced operations NPAT n/a YoY

Price

17,400

Latest close

02 Jun 2026

EPS TTM (TTM) 257

BVPS (Latest) 9,805

P/E (Price/EPS) 67.7x

P/B (Price/BVPS) 1.8x

ROAE TTM (TTM) 2.7%

PBT Margin (TTM) 5.5%

Trading Share (Mix) 85.2%

Service & Brokerage Share (Mix) 13.5%

Equity / Assets (Latest) 96.7%

Leverage (Latest) 0.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 5.1bn, equivalent to a pre-tax margin of 5.5%, but headline durability remains more sensitive to revaluation. The revenue mix still leans mainly on trading at 85.2% after expanding by +27.4pp, while lending is at 1.4%; brokerage and services are still 13.5% but have narrowed by 24.4pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 96.7% while Leverage is about 0.03x, indicating a still relatively balanced capital posture, but equity buffers have weakened year on year.

	                            
	                                Trading
	                            
	                        
Doanh thu 0,94 tỷ
+236,7%
Lãi thuần −54,4 tỷ
−462,4%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 0,94 tỷ
+133,3%
Dư nợ 12,4 tỷ
+441,6%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 9,09 tỷ
+169,3%
Lãi thuần 0,15 tỷ
+106,6%

Metric	2025	2024
PBT	8.5	-14.5
Trading Share	71.0%	47.1%
Lending Share	0.8%	3.5%
Service & Brokerage Share	28.1%	49.4%
PBT Margin	10.19%	-126.31%
Equity / Assets	96.6%	99.0%
Leverage	0.03x	0.01x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	-8.8	-2.6	7.1	9.4	-5.4	-4.0	-2.0	-4.1	-4.3
Trading Share	92.5%	60.0%	87.4%	62.2%	74.2%	40.3%	74.5%	—	—
Lending Share	2.3%	1.7%	0.7%	0.3%	1.5%	1.7%	2.9%	12.1%	13.9%
Service & Brokerage Share	5.2%	38.3%	11.9%	37.5%	24.2%	58.0%	22.6%	87.9%	86.1%
PBT Margin	-56.46%	-13.64%	25.26%	30.93%	-88.01%	-64.87%	-51.11%	-523.59%	-676.52%
Equity / Assets	96.7%	96.6%	98.1%	98.5%	98.4%	99.0%	99.0%	99.2%	99.3%
Leverage	0.03x	0.03x	0.02x	0.01x	0.02x	0.01x	0.01x	0.01x	0.01x

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

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 85.2%, lending is at 1.4%, brokerage is around 13.2%, other services about 0.2%, brokerage plus services together are 13.5%.

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.

Key risks

Revaluation volatility risk

A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.

Key signals

Securities business revenue 93.0bn +446.4% YoY

PBT margin 5.5% —

Trading Share 85.2% +27.4pp

Brokerage Share 13.2% −23.1pp

Revaluation / Trading 64.8% −31.4pp

Annual 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 5.5%, Return on assets is about 2.6%, provisions equal -3.3% of pre-tax profit, revaluation accounts for 739.7% 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.

Key risks

Revaluation volatility remains high

Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.

Key signals

PBT margin 5.5% —

Net margin 4.6% —

ROAA 2.6% —

ROAE 2.7% —

Revaluation / PBT 739.7% —

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 7.3% of assets, the prop book about 52.4%, liquid assets around 22.7%, equity roughly 96.7%.

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.

Key risks

Prop-book concentration risk

A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.

Key signals

Margin book / Assets 7.3% —

Prop book / Assets 52.4% −1.8pp

Liquid assets / Assets 22.7% +5.1pp

Equity / Assets 96.7% −1.7pp

Liabilities / Equity 0.03x —

Quarterly YoY · 2026Q1

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 96.7% of assets, liabilities stand at 0.03x 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.

Key risks

Key signals

Equity / Assets 96.7% −1.7pp

Liabilities / Equity 0.03x —

Liquid assets / Assets 22.7% +5.1pp

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, CSI 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.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	58.6	5.4
a. Realised gains on disposals of FVTPL financial assets	19.3	0.0
b. Gains from revaluation of FVTPL financial assets	38.0	5.2
c. Dividends and interest income from FVTPL financial assets	1.4	0.2
1.2. Gains from held to maturity investments	0.9	0.1
1.3. Interest income from loans and receivables	0.7	0.4
1.6. Revenue from brokerage services	9.6	2.6
1.8. Revenue from investment advisory services	13.2	2.7
1.10. Revenue from securities custody services	0.2	0.1
1.11. Other revenue	0.2	0.1
Revenue from securities business (01->11)	83.4	11.5
Net sales	83.4	11.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	43.5	5.3
a. Loss from disposals of financial assets at FVTPL	10.2	0.0
b. Loss from revaluation of financial assets at FVTPL	33.2	5.2
c. Transaction cost of acquisition of financial assets at FVTPL	—	0.0
2.4. Selling loss available-for-sale financial assets (AFS)	—	0.2
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-0.2	—
2.6. Expenses for proprietary trading activities	0.7	0.8
2.7. Expenses for brokerage services	9.4	4.8
2.9. Expenses for financial advisory services	0.2	0.2
2.11. Expenses for secutiries custodian services	0.2	0.2
Operating expenses (21->33)	53.9	11.4
Gross profit	29.6	0.1
3.2. Dividends, interest income from demand deposits	0.1	0.0
Total financial income (41->44)	0.1	0.0
VI. General and Administrative expenses	18.8	13.4
VII. Net profit from securities business (20+50-40-60-61-62)	10.9	-13.3
8.1. Other incomes	—	0.0
8.2. Other expenses	2.3	1.2
Other profit (71-72)	-2.3	-1.2
IX. Profit before tax (70+80)	8.5	-14.5
9.1. Realised profit	3.6	-14.3
9.2. Unrealised profit	4.9	-0.2
CORPORATE INCOME TAX	1.0	—
10.2. Deferred income tax expenses	1.0	—
XI. Net profit after tax (90-100)	7.5	-14.5
11.1. Profit after tax for shareholders of the parents company	7.5	-14.5
13.1. Earning per share	447.00	-866.00
Earnings per Share	447.32	-865.73

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	172.1	161.1
Short-term financial assets	171.2	159.8
1. Cash and cash equivalents	51.7	42.8
1.1. Cash	28.2	26.8
1.2. Cash equivalents	23.5	16.0
2. Financial assets at fair value through profit or loss (FVTPL)	101.4	79.3
4. Loans	12.6	2.9
5. Available-for-sale financial assets (AFS)	—	32.2
7. Short-term receivables	0.6	0.1
7.1. Receivables from disposal of financial assets	0.4	—
7.2. Receivables and accruals from dividends and interest income	0.2	0.1
7.2.2. Undue dividend and interest receivables	0.2	0.1
Prepayments to suppliers	0.1	0.0
9. Service related receivable	4.8	2.4
II. Other short-term assets	0.9	1.3
3. Short-term prepayments	0.9	1.3
B. LONG-TERM ASSETS (200=210+220+240+250-260)	7.4	6.6
II. Fixed assets	1.8	2.2
1. Tangible fixed assets	1.0	1.2
- Cost	6.8	6.5
- Accumulated depreciation	-5.7	-5.3
3. Intangible fixed assets	0.8	0.9
- Cost	3.9	3.7
- Accumulated depreciation	-3.1	-2.8
V. Other long-term assets	5.6	4.4
1. Pledged assets, mortgages, security deposits in long term	2.3	1.1
2. Long-term prepayments	0.9	1.2
4. Payment for Settlement Assistance Fund	2.4	2.2
TOTAL ASSETS (270=100+200)	179.5	167.7
A. LIABILITIES (300=310+340)	6.0	1.7
I. Short -term liabilities	5.0	1.7
6. Payables to securities trading activities	0.1	0.0
8. Trade accounts payable	3.3	0.3
9. Advances from customers	0.1	0.1
10. Taxes and other payables to state authorities	1.2	0.4
11. Payable to employees	—	0.5
13. Accrued expenses	—	0.0
17. Other payables	0.4	0.3
19. Bonus and welfare fund	0.0	0.0
II. Long-term liabilities	1.0	—
14. Deferred income tax liabilities	1.0	—
B. OWNER'S EQUITY (400=410+420)	173.5	166.0
I. Owner's equity	173.5	166.0
1. Investment capital from owners	168.0	168.0
1.1. Capital from owners	168.0	168.0
a. Common stock	168,000,000,000.00	168,000,000,000.00
7. Undistributed earnings after tax	5.5	-2.0
7.1. Realised profits	1.8	-1.8
7.2. Unrealised losses	3.7	-0.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	179.5	167.7

Item	2025	2024
1. Profit before tax	8.5	-14.5
2. Adjustments for	0.5	0.7
- Depreciation and amortization	0.8	0.8
- (Reversal of provisions)/provisions	-0.2	—
- Loss/(profits) from other investing activities	-0.1	-0.0
3. Add non-cash expenses	33.2	5.4
- Loss from revaluation losses of FVTPL financial assets	33.2	5.2
- Value decline of available-for-sale financial assets	—	0.2
4. Less non-cash income	-38.0	-5.2
- Gains from revaluation gains of FVTPL financial assets	-38.0	-5.2
5. Changes of assets and liabilities	5.4	-80.3
- Increase/decrease in FVTPL financial assets	-17.3	-79.4
- Increase/decrease in loan	-9.7	-0.9
- Increase/decrease in AFS financial assets	32.4	—
6. Operating profit before changes in working capital	9.7	-93.8
Increase/decrease in receiables sale of financial assets	-0.4	—
Increase/decrease in receiables interest of financial assets	-0.1	-0.1
Increase/decrease in service related receivables	-2.3	0.2
Increases/decreases in other receivables	-0.1	0.0
Increase/decrease in other assets	-1.1	-0.2
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.0	0.0
- (Increase)/decrease in prepaid expenses	0.7	0.8
Increases/decreaese in trade payables	3.0	0.2
Increases/decreases in tax and other payables to the State Budget	0.8	0.3
Increases/dcreases in payable to employees	-0.5	0.1
Increases/dcreases in other payables	1.0	-0.0
- Other payments for operating activities	-1.3	—
Net cash flows from securities trading activities	9.3	-92.4
1. Payment for fixed assets, constructions and other long-term assets	-0.4	-0.1
7. Dividends, interest and profit received	0.1	0.0
Net cash flows from investing activities	-0.4	-0.1
IV. Net cash flows during the period	8.9	-92.5
V. Cash and cash equivalents at begingning of the period	42.8	135.3
Cash at bank	26.8	135.3
- Cash at bank for securities company activities	16.0	2.3
- Cash equivalents	—	133.0
Cash and cash equivalents at end of period	51.7	42.8
Cash at bank	51.7	42.8
- Cash at bank for securities company activities	28.2	26.8
- Cash equivalents	23.5	16.0
1. Proceeds from sale of brokerage securities to customers	3,061.2	926.7
2. Money spent on buying brokerage securities for customers	-3,034.0	-1,050.6
9. Receive deposits to pay for securities transactions of customers	2,470.2	740.6
11. Payment for customers' securities transactions	-2,479.0	-624.5
14. Payment of customers' securities depository fees	-0.1	-0.0
17. Proceeds from Securities Issuers	1.4	1.1
18. Payments to Securities Issuers	-0.9	—
Increase / decrease of net money during the period	18.8	-6.7
II. Cash and cash equivalents at the beginning of the period of the customer	14.8	21.5
Cash at bank	14.8	21.5
-Deposits of investors on securities transactions under the Securities Company management method	14.8	21.5
III. Cash and cash equivalents at the end of the period of the customer	33.6	14.8
Cash at bank	33.6	14.8
-Deposits of investors on securities transactions under the Securities Company management method	33.6	12.5
-Securities clearing and settlement deposits	—	2.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	14.2	11.2	24.3	18.7	4.4	2.4	2.9	—	—
a. Realised gains on disposals of FVTPL financial assets	5.5	4.3	5.0	9.8	0.2	0.0	0.0	—	—
b. Gains from revaluation of FVTPL financial assets	8.5	6.1	18.9	8.8	4.2	2.3	2.9	—	—
c. Dividends and interest income from FVTPL financial assets	0.2	0.7	0.4	0.1	0.1	0.1	0.0	—	—
1.2. Gains from held to maturity investments	0.2	0.3	0.3	0.1	0.2	0.1	0.0	0.0	0.0
1.3. Interest income from loans and receivables	0.4	0.3	0.2	0.1	0.1	0.1	0.1	0.1	0.1
1.4. Gains from available-for-sale financial assets (AFS)	—	—	—	0.2	—	—	—	—	—
1.6. Revenue from brokerage services	0.7	2.2	3.2	3.0	1.3	0.6	0.9	0.6	0.5
1.8. Revenue from investment advisory services	—	4.8	—	8.3	0.1	2.7	—	—	—
1.10. Revenue from securities custody services	0.1	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
1.11. Other revenue	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Revenue from securities business (01->11)	15.5	19.0	28.1	30.4	6.1	6.2	3.9	0.8	0.6
Net sales	15.5	19.0	28.1	30.4	6.1	6.2	3.9	0.8	0.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	16.5	12.5	12.1	14.2	4.7	4.7	0.5	0.1	—
a. Loss from disposals of financial assets at FVTPL	4.5	2.9	0.8	6.1	0.5	0.0	0.0	—	—
b. Loss from revaluation of financial assets at FVTPL	12.1	9.6	11.3	8.1	4.2	4.6	0.4	0.1	—
c. Transaction cost of acquisition of financial assets at FVTPL	—	—	—	—	—	—	—	0.0	—
2.6. Expenses for proprietary trading activities	0.2	0.1	0.1	0.2	0.3	0.3	0.3	0.1	0.1
2.7. Expenses for brokerage services	1.4	2.6	3.0	1.9	1.8	1.2	1.4	1.2	1.1
2.9. Expenses for financial advisory services	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2.11. Expenses for secutiries custodian services	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Operating expenses (21->33)	18.2	15.3	15.3	16.5	6.9	6.2	2.3	1.5	1.3
Gross profit	-2.7	3.7	12.8	13.9	-0.8	-0.1	1.7	-0.7	-0.6
3.2. Dividends, interest income from demand deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total financial income (41->44)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. General and Administrative expenses	5.6	5.0	5.2	4.4	4.2	3.7	3.4	3.0	3.3
VII. Net profit from securities business (20+50-40-60-61-62)	-8.2	-1.3	7.6	9.5	-5.0	-3.8	-1.7	-3.8	-3.9
8.1. Other incomes	—	—	—	—	—	0.0	—	—	—
8.2. Other expenses	0.6	1.3	0.5	0.1	0.4	0.2	0.3	0.3	0.4
Other profit (71-72)	-0.6	-1.3	-0.5	-0.1	-0.4	-0.2	-0.3	-0.3	-0.4
IX. Profit before tax (70+80)	-8.8	-2.6	7.1	9.4	-5.4	-4.0	-2.0	-4.1	-4.3
9.1. Realised profit	-5.2	0.9	-0.5	8.5	5.4	-1.7	-4.4	-3.9	-4.3
9.2. Unrealised profit	-3.6	-3.5	7.6	0.9	-0.0	-2.3	2.4	-0.1	—
CORPORATE INCOME TAX	—	0.8	—	—	—	—	—	—	—
10.2. Deferred income tax expenses	—	0.8	—	—	—	—	—	—	—
XI. Net profit after tax (90-100)	-8.8	-3.4	7.1	9.4	-5.4	-4.0	-2.0	-4.1	-4.3
11.1. Profit after tax for shareholders of the parents company	-8.8	-3.4	7.1	9.4	-5.4	-4.0	-2.0	-4.1	-4.3
13.1. Earning per share	-522.00	-203.00	423.00	559.00	-322.00	-238.00	-120.00	-242.00	-256.00
Earnings per Share	-522.05	-202.69	422.70	559.17	-321.65	-238.12	-119.76	-242.07	-255.76

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	162.6	172.1	173.2	166.2	156.8	161.3	165.2	166.6	170.0
Short-term financial assets	160.5	171.2	172.2	164.2	154.2	160.0	163.4	164.7	167.7
1. Cash and cash equivalents	38.6	51.7	73.9	134.6	28.7	42.8	49.2	103.9	129.9
1.1. Cash	38.6	28.2	43.9	110.6	14.2	26.8	32.2	26.9	1.4
1.2. Cash equivalents	—	23.5	30.0	24.0	14.5	16.0	17.0	77.0	128.5
2. Financial assets at fair value through profit or loss (FVTPL)	89.3	101.4	89.0	12.2	88.5	79.3	78.1	24.9	—
3. Held to maturity investments (HTM)	20.0	—	—	—	—	—	—	—	—
4. Loans	12.4	12.6	8.8	5.6	2.3	2.9	2.6	3.5	2.7
5. Available-for-sale financial assets (AFS)	—	—	—	—	32.2	32.4	32.4	32.4	32.4
7. Short-term receivables	0.1	0.6	0.1	1.0	0.1	0.1	1.0	0.0	0.0
7.1. Receivables from disposal of financial assets	—	0.4	—	0.9	—	—	1.0	—	—
7.2. Receivables and accruals from dividends and interest income	0.1	0.2	0.1	0.1	0.1	0.1	0.0	0.0	0.0
7.2.2. Undue dividend and interest receivables	0.1	0.2	0.1	0.1	0.1	0.1	0.0	0.0	0.0
Prepayments to suppliers	0.0	0.1	0.3	0.2	0.0	0.0	0.0	0.0	0.0
9. Service related receivable	—	4.8	—	10.6	2.3	2.4	—	—	2.7
II. Other short-term assets	2.2	0.9	1.0	2.1	2.6	1.3	1.8	1.9	2.3
1. Advances	—	—	0.0	—	—	—	0.0	0.0	0.0
3. Short-term prepayments	2.1	0.9	1.0	2.1	2.6	1.3	1.8	1.8	2.3
5. Other short-term assets	0.0	—	—	—	0.0	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	7.8	7.4	7.2	6.3	6.5	6.6	6.8	7.1	7.5
II. Fixed assets	1.6	1.8	2.0	2.0	2.0	2.2	2.2	2.4	2.6
1. Tangible fixed assets	0.9	1.0	1.2	1.2	1.1	1.2	1.2	1.3	1.4
- Cost	6.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-5.9	—	—	—	—	—	—	—	—
3. Intangible fixed assets	0.7	0.8	0.8	0.8	0.9	0.9	1.0	1.1	1.2
- Cost	3.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-3.2	—	—	—	—	—	—	—	—
V. Other long-term assets	6.1	5.6	5.2	4.3	4.5	4.4	4.6	4.7	4.9
1. Pledged assets, mortgages, security deposits in long term	2.3	2.3	2.3	1.1	1.1	1.1	1.1	1.1	1.0
2. Long-term prepayments	1.0	0.9	0.6	0.9	1.2	1.2	1.4	1.5	1.8
4. Payment for Settlement Assistance Fund	2.8	2.4	2.3	2.3	2.3	2.2	2.1	2.1	2.1
TOTAL ASSETS (270=100+200)	170.4	179.5	180.4	172.5	163.2	167.9	171.9	173.6	177.5
A. LIABILITIES (300=310+340)	5.7	6.0	3.5	2.5	2.7	1.7	1.8	1.5	1.3
I. Short -term liabilities	4.7	5.0	3.3	2.5	2.7	1.7	1.8	1.5	1.3
6. Payables to securities trading activities	0.1	0.1	0.2	0.1	0.1	0.0	0.1	0.1	0.1
8. Trade accounts payable	3.2	3.3	0.1	0.2	0.6	0.3	0.1	0.1	0.1
9. Advances from customers	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
10. Taxes and other payables to state authorities	0.2	1.2	1.5	0.8	0.8	0.4	0.5	0.4	0.3
11. Payable to employees	0.7	—	1.0	1.0	0.8	0.5	0.7	0.5	0.5
13. Accrued expenses	—	—	—	—	0.0	0.0	0.0	—	—
17. Other payables	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.4	0.3
19. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.0	1.0	0.2	—	—	—	—	—	—
14. Deferred income tax liabilities	1.0	1.0	0.2	—	—	—	—	—	—
B. OWNER'S EQUITY (400=410+420)	164.7	173.5	176.9	170.0	160.6	166.2	170.2	172.2	176.2
I. Owner's equity	164.7	173.5	176.9	170.0	160.6	166.2	170.2	172.2	176.2
1. Investment capital from owners	168.0	168.0	168.0	168.0	168.0	168.0	168.0	168.0	168.0
1.1. Capital from owners	168.0	168.0	168.0	168.0	168.0	168.0	168.0	168.0	168.0
a. Common stock	168,000,000,000.00	168,000,000,000.00	168,000,000,000.00	168,000,000,000.00	168,000,000,000.00	168,000,000,000.00	168,000,000,000.00	168,000,000,000.00	168,000,000,000.00
7. Undistributed earnings after tax	-3.3	5.5	8.9	2.0	-7.4	-1.8	2.2	4.2	8.2
7.1. Realised profits	-3.4	1.8	0.9	1.4	-7.1	-1.8	-0.1	4.3	8.2
7.2. Unrealised losses	0.1	3.7	8.0	0.6	-0.3	-0.1	2.3	-0.1	—
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	170.4	179.5	180.4	172.5	163.2	167.9	171.9	173.6	177.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	-8.8	4.5	—	9.4	-5.4	-4.2	-2.0	-4.1	-4.3
2. Adjustments for	0.2	0.4	—	0.0	0.2	0.2	0.2	0.2	0.2
- Depreciation and amortization	0.2	0.4	—	0.2	0.2	0.2	0.2	0.2	0.2
- (Reversal of provisions)/provisions	—	0.0	—	-0.2	—	—	—	—	—
- Loss/(profits) from other investing activities	-0.0	-0.0	—	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
3. Add non-cash expenses	12.1	20.9	—	8.1	4.2	4.8	0.4	0.1	—
- Loss from revaluation losses of FVTPL financial assets	12.1	20.9	—	8.1	4.2	4.6	0.4	0.1	—
- Value decline of available-for-sale financial assets	—	—	—	—	—	0.2	—	—	—
4. Less non-cash income	-8.5	-25.0	—	-8.8	-4.2	-2.3	-2.9	—	—
- Gains from revaluation gains of FVTPL financial assets	-8.5	-25.0	—	-8.8	-4.2	-2.3	-2.9	—	—
5. Changes of assets and liabilities	-11.4	-92.1	—	106.1	-8.6	-3.8	-50.0	-25.8	-0.7
- Increase/decrease in FVTPL financial assets	8.5	-85.0	—	77.0	-9.3	-3.5	-50.9	-25.0	—
- Increase/decrease in held to maturity investments	-20.0	—	—	—	—	—	—	—	—
- Increase/decrease in loan	0.2	-7.0	—	-3.3	0.6	-0.3	0.9	-0.8	-0.7
- Increase/decrease in AFS financial assets	—	0.0	—	32.4	—	—	—	—	—
6. Operating profit before changes in working capital	-16.4	-91.3	—	114.8	-13.8	-5.3	-54.2	-29.5	-4.8
Increase/decrease in receiables sale of financial assets	0.4	0.5	—	-0.9	—	—	-1.0	—	—
Increase/decrease in receiables interest of financial assets	0.1	-0.1	—	-0.0	0.0	-0.1	-0.0	-0.0	0.0
Increase/decrease in service related receivables	4.8	-4.8	10.6	-8.3	0.1	-2.4	0.0	2.7	—
Increases/decreases in other receivables	0.1	0.2	-0.1	-0.1	—	0.0	—	0.1	-0.1
Increase/decrease in other assets	-0.5	-1.1	0.2	-0.2	-0.1	-0.1	0.0	-0.1	—
- Increase/(decrease) in payables (other than interest, corporate income tax)	—	0.0	0.0	-0.0	0.0	0.0	0.0	—	—
- (Increase)/decrease in prepaid expenses	-1.3	-0.2	1.4	0.8	-1.3	0.8	0.1	0.7	-0.8
Increases/decreaese in trade payables	-0.1	3.0	-0.0	-0.3	0.3	0.1	0.1	-0.0	0.1
Increases/decreases in tax and other payables to the State Budget	-0.9	-0.3	0.8	-0.0	0.4	-0.1	0.1	0.1	0.2
Increases/dcreases in payable to employees	0.7	-1.0	0.0	0.2	0.2	-0.1	0.2	0.0	0.1
Increases/dcreases in other payables	-0.0	1.0	-0.2	0.2	—	0.0	-0.0	0.0	-0.0
- Other payments for operating activities	—	0.0	-1.3	0.0	-0.0	—	-0.0	—	—
Net cash flows from securities trading activities	-13.1	6.1	-88.8	106.1	-14.1	-6.3	-54.7	-26.0	-5.4
1. Payment for fixed assets, constructions and other long-term assets	—	-0.1	-0.2	-0.2	—	-0.1	—	—	—
7. Dividends, interest and profit received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net cash flows from investing activities	0.0	-0.0	-0.1	-0.2	0.0	-0.1	0.0	0.0	0.0
IV. Net cash flows during the period	-13.1	6.0	-88.9	105.9	-14.1	-6.4	-54.7	-26.0	-5.4
V. Cash and cash equivalents at begingning of the period	51.7	45.7	134.6	28.7	42.8	49.2	103.9	129.9	135.3
- Cash equivalents	23.5	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	38.6	51.7	45.7	134.6	28.7	42.8	49.2	103.9	129.9
1. Proceeds from sale of brokerage securities to customers	277.2	876.4	1,243.0	473.4	468.5	215.1	296.2	224.9	190.5
2. Money spent on buying brokerage securities for customers	-323.3	-831.8	-1,208.5	-577.7	-416.0	-221.7	-313.3	-279.9	-235.7
9. Receive deposits to pay for securities transactions of customers	199.6	653.8	937.4	506.4	372.6	181.9	241.0	181.5	136.2
11. Payment for customers' securities transactions	-159.3	-790.3	-874.8	-395.6	-418.2	-179.2	-224.6	-139.2	-81.4
14. Payment of customers' securities depository fees	-0.0	-0.0	-0.1	—	-0.0	-0.0	-0.0	-0.0	-0.0
17. Proceeds from Securities Issuers	0.1	0.5	0.5	0.2	0.2	0.4	0.3	0.2	0.2
18. Payments to Securities Issuers	-0.3	-0.5	—	-0.4	—	—	—	0.0	—
Increase / decrease of net money during the period	-5.9	-92.3	97.8	6.3	7.1	-3.5	-0.5	-12.4	9.7
II. Cash and cash equivalents at the beginning of the period of the customer	33.6	126.0	28.1	21.9	14.8	18.3	18.8	31.2	21.5
III. Cash and cash equivalents at the end of the period of the customer	27.7	33.6	126.0	28.1	21.9	14.8	18.3	18.8	31.2
-Securities clearing and settlement deposits	4.8	—	—	—	—	—	—	—	—

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