Analysis of business results & financial statements · Quý 1/2026
▲ BALANCED OPERATIONS
See what is changing ↓- EPS TTM
- 257
- BVPS
- 9,805
- P/E
- 54.4x
- P/B
- 1.4x
- ROAE TTM
- 2.7%
- PBT Margin
- 5.5%
- Market price
- 14,000 16 Oct 2026
The current picture
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.
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 | -8.8 | -2.6 | 7.1 | 9.4 | -5.4 | -4.0 | -2.0 | -4.1 |
| 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% |
| Service & Brokerage Share | 5.2% | 38.3% | 11.9% | 37.5% | 24.2% | 58.0% | 22.6% | 87.9% |
| PBT Margin | -56.46% | -13.64% | 25.26% | 30.93% | -88.01% | -64.87% | -51.11% | -523.59% |
| Equity / Assets | 96.7% | 96.6% | 98.1% | 98.5% | 98.4% | 99.0% | 99.0% | 99.2% |
| Leverage | 0.03x | 0.03x | 0.02x | 0.01x | 0.02x | 0.01x | 0.01x | 0.01x |
Revenue
16bnNet income
-9bnNet margin
-56.46%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 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.
A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.
- Securities business revenue
- 93.0bn +446.4% YoY
- PBT margin
- 5.5%
- Trading Share
- 85.2% +27.4pp
- Brokerage Share
- 13.2% −23.1pp
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.
Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.
- PBT margin
- 5.5%
- Net margin
- 4.6%
- ROAA
- 2.6%
- ROAE
- 2.7%
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.
A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.
- 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
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.
- Equity / Assets
- 96.7% −1.7pp
- Liabilities / Equity
- 0.03x
- Liquid assets / Assets
- 22.7% +5.1pp
Quarterly YoY · 2026Q1
In summary
Research synthesis
What this reporting period is showing
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.
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.
Track whether the prop book makes the balance sheet more sensitive to valuation swings in coming periods.
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.