DSC

Chứng khoán DSC ·HOSE ·2026Q1

▲▲ BALANCED OPERATIONS

Balanced operations NPAT +62.6% YoY

Price

12,750

Latest close

02 Jun 2026

EPS TTM (TTM) 1,235

BVPS (Latest) 11,151

P/E (Price/EPS) 10.3x

P/B (Price/BVPS) 1.1x

ROAE TTM (TTM) 10.0%

PBT Margin (TTM) 46.7%

Trading Share (Mix) 31.4%

Service & Brokerage Share (Mix) 24.8%

Equity / Assets (Latest) 41.4%

Leverage (Latest) 1.4x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 348.8bn, equivalent to a pre-tax margin of 46.7%, showing a relatively clean and sufficiently thick earnings base, with margin also improving by +4.0pp, pointing to better earnings quality. The revenue mix is now leaning more toward lending at 43.8% but narrowing by 1.2pp, while trading is down to 31.4% after narrowing by 3.3pp; brokerage and services have reached 24.8% and improved by +4.5pp, making diversification more visible. On the balance sheet, Equity / Assets is 41.4% while Leverage is about 1.41x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 311 tỷ
+68,8%
Lãi thuần 276 tỷ
+85,4%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 269 tỷ
+30,1%
Dư nợ 2.634 tỷ
+16,1%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 126 tỷ
+39,8%
Lãi thuần 1,99 tỷ
+109,9%

Metric	2025	2024
PBT	344.0	220.7
Trading Share	38.9%	36.3%
Lending Share	37.5%	40.0%
Service & Brokerage Share	23.6%	23.7%
PBT Margin	49.50%	43.86%
Equity / Assets	42.9%	41.5%
Leverage	1.33x	1.41x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	72.0	52.9	168.1	55.7	67.2	32.5	89.6	24.2	74.3
Trading Share	38.6%	38.9%	45.7%	29.7%	34.1%	26.3%	53.3%	24.7%	35.6%
Lending Share	41.5%	41.0%	27.9%	45.2%	44.4%	53.0%	31.1%	42.3%	37.2%
Service & Brokerage Share	19.9%	20.1%	26.4%	25.1%	21.5%	20.7%	15.6%	33.0%	27.3%
PBT Margin	39.40%	29.84%	64.75%	43.95%	51.26%	29.56%	61.16%	21.51%	55.46%
Equity / Assets	41.4%	42.9%	42.2%	42.6%	45.8%	41.5%	50.7%	53.5%	50.6%
Leverage	1.41x	1.33x	1.37x	1.35x	1.18x	1.41x	0.97x	0.87x	0.98x

Drivers of DSC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher trading. Supporting and offsetting drivers:

Trading +VND 127bn

Margin lending +VND 62.3bn

Brokerage +VND 22.2bn

Other fees +VND 21.5bn

Total costs −VND 98.0bn

Tax −VND 27.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher trading. Supporting and offsetting drivers:

Trading +VND 21.8bn

Margin lending +VND 15.6bn

Brokerage +VND 5.7bn

Total costs −VND 33.3bn

Other fees −VND 5.1bn

Tax −VND 0.8bn

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 31.4%, lending is at 43.8%, brokerage is around 20.5%, other services about 4.3%, brokerage plus services together are 24.8%.

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.

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 746.6bn +49.2% YoY

PBT margin 46.7% +4.0pp

Trading Share 31.4% −3.3pp

Brokerage Share 20.5% +0.9pp

Revaluation / Trading 35.6% −2.1pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Profitability currently looks relatively clean, with margins and returns strong enough not to rely heavily on unusual support.

Pre-tax margin is currently 46.7%, Return on assets is about 4.3%, provisions equal -0.0% of pre-tax profit, revaluation accounts for 19.7% of pre-tax profit.

Headline profit is still fairly readable because returns are not being materially distorted by less durable support.

Profit appears cleaner and less dependent on revaluation.

Provisioning is not currently the main drag on profit.

Key risks

Key signals

PBT margin 46.7% +4.0pp

Net margin 37.4% +3.1pp

ROAA 4.3% +1.7pp

ROAE 10.0% +3.7pp

Revaluation / PBT 19.7% −8.5pp

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 35.1% of assets, the prop book about 48.8%, liquid assets around 14.3%, equity roughly 41.4%.

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

Margin-book concentration risk

Loans and receivables are large enough to make the balance sheet more sensitive to asset quality and funding cost.

Prop-book concentration risk

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

Key signals

Margin book / Assets 35.1% −7.3pp

Prop book / Assets 48.8% +5.9pp

Liquid assets / Assets 14.3% +3.0pp

Equity / Assets 41.4% −4.4pp

Liabilities / Equity 1.41x +0.23x

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 41.4% of assets, liabilities stand at 1.41x of equity, short-term borrowings are about 57.8% of assets, cash covers roughly 0.10x 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.

Key risks

Short-term funding pressure

Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.

Key signals

Equity / Assets 41.4% −4.4pp

Liabilities / Equity 1.41x +0.23x

Short-term borrowings / Assets 57.8% +4.4pp

Liquid assets / Assets 14.3% +3.0pp

Cash / Short-term borrowings 0.10x −0.01x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, DSC 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.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	263.2	179.1
a. Realised gains on disposals of FVTPL financial assets	99.5	28.5
b. Gains from revaluation of FVTPL financial assets	51.5	53.9
c. Dividends and interest income from FVTPL financial assets	112.2	96.6
1.2. Gains from held to maturity investments	18.7	10.0
1.3. Interest income from loans and receivables	253.4	197.3
1.6. Revenue from brokerage services	113.8	104.0
1.8. Revenue from investment advisory services	19.5	9.3
1.10. Revenue from securities custody services	3.7	3.1
1.11. Other revenue	22.7	0.2
Revenue from securities business (01->11)	695.0	503.1
Net sales	695.0	503.1
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	27.7	34.8
a. Loss from disposals of financial assets at FVTPL	0.8	4.1
b. Loss from revaluation of financial assets at FVTPL	25.3	29.8
c. Transaction cost of acquisition of financial assets at FVTPL	1.6	0.9
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-0.0	0.0
2.7. Expenses for brokerage services	117.5	121.2
2.8. Expenses for underwriting and issurance agency services	0.4	1.1
2.9. Expenses for financial advisory services	1.7	5.0
2.11. Expenses for secutiries custodian services	3.9	3.4
Operating expenses (21->33)	151.2	165.5
Gross profit	543.8	337.6
3.2. Dividends, interest income from demand deposits	4.0	2.5
Total financial income (41->44)	4.0	2.5
4.2. Borrowing costs	150.4	71.9
Total financial expenses (51->54)	150.4	71.9
VI. General and Administrative expenses	52.7	47.5
VII. Net profit from securities business (20+50-40-60-61-62)	344.7	220.7
8.1. Other incomes	0.0	0.1
8.2. Other expenses	0.7	0.1
Other profit (71-72)	-0.7	-0.0
IX. Profit before tax (70+80)	344.0	220.7
CORPORATE INCOME TAX	68.8	43.9
10.1. Current corporate income tax expenses	64.1	42.6
10.2. Deferred income tax expenses	4.8	1.2
XI. Net profit after tax (90-100)	275.2	176.8
11.1. Profit after tax for shareholders of the parents company	275.2	176.8
13.1. Earning per share	1,268.00	863.00
13.2. Diluted earning per share	1,268.00	863.00
Earnings per Share	1,000.53	863.00

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	7,021.0	5,756.1
Short-term financial assets	6,996.0	5,751.9
1. Cash and cash equivalents	309.0	480.3
1.1. Cash	309.0	480.3
2. Financial assets at fair value through profit or loss (FVTPL)	3,319.4	2,779.8
3. Held to maturity investments (HTM)	432.3	270.0
4. Loans	2,885.5	2,186.3
6. Provisions for impairment loss of financial assets and mortgages	-36.2	-36.2
7. Short-term receivables	81.1	66.3
7.2. Receivables and accruals from dividends and interest income	81.1	66.3
7.2.1. Due dividend and interest receivables	39.6	33.4
7.2.2. Undue dividend and interest receivables	41.5	32.9
Prepayments to suppliers	4.3	4.2
9. Service related receivable	2.3	2.9
12. Other receivables	0.2	0.2
13. Provision for doubtful debts	-1.9	-1.9
II. Other short-term assets	25.0	4.2
1. Advances	0.3	0.1
3. Short-term prepayments	3.8	3.2
4. Pledged assets, mortgages, security deposits in short term	20.9	0.9
5. Other short-term assets	—	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	38.9	36.2
II. Fixed assets	12.3	13.9
1. Tangible fixed assets	6.6	8.1
- Cost	16.8	15.0
- Accumulated depreciation	-10.2	-6.9
3. Intangible fixed assets	5.6	5.8
- Cost	11.9	10.9
- Accumulated depreciation	-6.3	-5.1
V. Other long-term assets	26.7	22.3
1. Pledged assets, mortgages, security deposits in long term	2.2	2.5
2. Long-term prepayments	12.2	10.0
4. Payment for Settlement Assistance Fund	12.2	9.8
TOTAL ASSETS (270=100+200)	7,060.0	5,792.3
A. LIABILITIES (300=310+340)	4,033.1	3,390.7
I. Short -term liabilities	4,026.0	3,388.3
1. Short-term borrowings	3,938.8	3,340.3
1.1. Short-term borrowings	3,938.8	3,340.3
6. Payables to securities trading activities	8.6	2.0
8. Trade accounts payable	1.8	0.5
9. Advances from customers	0.2	0.2
10. Taxes and other payables to state authorities	48.6	25.4
11. Payable to employees	7.7	7.8
12. Employee welfare payables	0.2	0.2
13. Accrued expenses	16.2	6.2
16. Short-term deposits, collateral received	—	0.1
17. Other payables	3.1	2.3
19. Bonus and welfare fund	0.7	3.3
II. Long-term liabilities	7.1	2.3
14. Deferred income tax liabilities	7.1	2.3
B. OWNER'S EQUITY (400=410+420)	3,026.9	2,401.6
I. Owner's equity	3,026.9	2,401.6
1. Investment capital from owners	2,750.5	2,048.9
1.1. Capital from owners	2,750.0	2,048.4
a. Common stock	2,749,999,110,000.00	2,048,389,250,000.00
1.2. Share premium	0.5	0.5
4. Supplementary capital reserve	0.1	0.1
7. Undistributed earnings after tax	276.1	352.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	7,060.0	5,792.3

Item	2025	2024
1. Profit before tax	344.0	220.7
2. Adjustments for	66.1	-1.3
- Depreciation and amortization	4.5	3.9
- (Reversal of provisions)/provisions	-0.0	0.0
- Unrealized foreign exchange (gains)/losses	-7.8	—
- Loss/(profits) from other investing activities	-81.1	-9.2
- Interest expense	—	71.9
- Accrued interest income	—	-67.9
3. Add non-cash expenses	25.3	29.8
- Loss from revaluation losses of FVTPL financial assets	25.3	29.8
4. Less non-cash income	-51.5	-53.9
- Gains from revaluation gains of FVTPL financial assets	-51.5	-53.9
5. Changes of assets and liabilities	-1,374.8	-1,598.1
- Increase/decrease in FVTPL financial assets	-513.3	-1,076.8
- Increase/decrease in held to maturity investments	-162.3	173.5
- Increase/decrease in loan	-699.2	-694.8
6. Operating profit before changes in working capital	-990.9	-1,402.8
Increase/decrease in receiables interest of financial assets	66.3	440.3
Increase/decrease in service related receivables	0.6	-2.0
Increases/decreases in other receivables	-0.3	-0.0
Increase/decrease in other assets	-0.2	0.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	-2.8	0.0
- (Increase)/decrease in prepaid expenses	-42.3	3.4
- Corporate income tax paid	-140.3	-33.9
- Interest paid	1.3	-69.5
Increases/decreaese in trade payables	-0.0	-6.3
Increases/decreases in employee welfare payables	-0.1	0.0
Increases/decreases in tax and other payables to the State Budget	7.1	-1.3
Increases/dcreases in payable to employees	14.3	-0.3
Increases/dcreases in other payables	—	-0.5
- Other receipts from operating activities	—	0.3
- Other payments for operating activities	—	-7.9
Net cash flows from securities trading activities	-1,127.9	-1,080.4
1. Payment for fixed assets, constructions and other long-term assets	-2.7	-2.1
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0
7. Dividends, interest and profit received	—	8.6
Net cash flows from investing activities	4.6	6.5
1. Receipts from equity issue and owner's capital contribution	353,384,580,000.00	—
3. Short-term and long-term borrowings	13,492.2	11,062.9
3.2. Other borrowings	13,492.2	11,062.9
4. Principal repayments	-12,893.6	-9,571.9
4.3. Other principal repayments	-12,893.6	-9,571.9
Net cash flows from financing activities	952.0	1,491.0
IV. Net cash flows during the period	-171.3	417.1
V. Cash and cash equivalents at begingning of the period	480.3	63.2
Cash at bank	—	63.2
- Cash at bank for securities company activities	—	63.2
Cash and cash equivalents at end of period	309.0	480.3
Cash at bank	309.0	480.3
- Cash at bank for securities company activities	—	480.3
1. Proceeds from sale of brokerage securities to customers	43,387.1	38,730.8
2. Money spent on buying brokerage securities for customers	-43,260.9	-40,374.3
9. Receive deposits to pay for securities transactions of customers	-67.2	1,473.0
14. Payment of customers' securities depository fees	-3.4	-2.3
Increase / decrease of net money during the period	55.7	-172.6
II. Cash and cash equivalents at the beginning of the period of the customer	290.1	462.7
Cash at bank	290.1	462.7
-Deposits of investors on securities transactions under the Securities Company management method	289.8	462.7
-Securities clearing and settlement deposits	0.3	0.0
III. Cash and cash equivalents at the end of the period of the customer	345.8	290.1
Cash at bank	345.8	290.1
-Deposits of investors on securities transactions under the Securities Company management method	342.5	289.8
-Securities clearing and settlement deposits	3.3	0.3

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)	67.3	66.8	116.3	36.5	43.6	28.5	77.9	27.4	45.3
a. Realised gains on disposals of FVTPL financial assets	7.0	0.8	85.1	0.8	12.8	—	1.6	3.2	23.7
b. Gains from revaluation of FVTPL financial assets	23.9	34.6	1.6	8.8	6.6	2.1	51.7	0.0	0.1
c. Dividends and interest income from FVTPL financial assets	36.4	31.4	29.6	27.0	24.2	26.4	24.6	24.2	21.4
1.2. Gains from held to maturity investments	8.5	5.8	5.5	4.1	3.3	1.6	0.3	1.3	6.7
1.3. Interest income from loans and receivables	72.4	70.2	70.9	55.5	56.8	57.5	45.4	47.0	47.3
1.6. Revenue from brokerage services	32.1	28.6	43.0	22.3	19.9	17.6	22.0	30.6	33.7
1.8. Revenue from investment advisory services	1.3	4.7	0.6	7.5	6.7	3.9	—	5.3	0.1
1.10. Revenue from securities custody services	1.1	1.0	1.0	0.9	0.9	0.9	0.8	0.8	0.7
1.11. Other revenue	0.1	0.1	22.4	0.2	0.0	0.0	0.0	0.0	0.1
Revenue from securities business (01->11)	182.8	177.3	259.7	126.8	131.2	110.0	146.6	112.5	134.0
Net sales	182.8	177.3	259.7	126.8	131.2	110.0	146.6	112.5	134.0
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	7.7	25.7	-2.0	3.3	0.7	6.1	0.5	28.0	0.2
a. Loss from disposals of financial assets at FVTPL	0.1	0.0	0.2	0.2	0.4	0.6	0.8	2.5	0.2
b. Loss from revaluation of financial assets at FVTPL	7.2	25.2	-2.7	2.7	0.0	5.1	-0.4	25.1	—
c. Transaction cost of acquisition of financial assets at FVTPL	0.4	0.5	0.5	0.3	0.3	0.3	0.1	0.4	0.0
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0	0.0	-0.0
2.7. Expenses for brokerage services	29.7	30.5	39.6	24.2	23.1	25.8	26.6	34.8	34.0
2.8. Expenses for underwriting and issurance agency services	0.1	0.1	0.1	0.1	0.2	0.3	0.3	0.3	0.3
2.9. Expenses for financial advisory services	—	0.6	0.5	0.3	0.4	3.6	0.2	0.8	0.4
2.11. Expenses for secutiries custodian services	1.1	1.1	1.1	0.9	0.9	0.9	0.8	0.9	0.8
Operating expenses (21->33)	38.5	58.0	39.2	28.8	25.3	36.6	28.4	64.8	35.7
Gross profit	144.3	119.3	220.5	98.1	105.9	73.4	118.2	47.7	98.3
3.2. Dividends, interest income from demand deposits	0.8	1.5	1.1	0.9	0.5	1.0	0.5	0.6	0.4
Total financial income (41->44)	0.8	1.5	1.1	0.9	0.5	1.0	0.5	0.6	0.4
4.2. Borrowing costs	61.3	49.8	41.5	31.0	28.2	27.1	18.0	12.7	14.2
Total financial expenses (51->54)	61.3	49.8	41.5	31.0	28.2	27.1	18.0	12.7	14.2
VI. General and Administrative expenses	11.6	18.2	11.3	12.2	11.0	14.9	11.0	11.4	10.2
VII. Net profit from securities business (20+50-40-60-61-62)	72.1	52.9	168.9	55.7	67.2	32.5	89.7	24.2	74.3
8.1. Other incomes	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8.2. Other expenses	0.1	—	0.7	—	—	—	0.1	0.0	—
Other profit (71-72)	-0.1	0.0	-0.7	0.0	0.0	0.0	-0.1	0.0	0.0
IX. Profit before tax (70+80)	72.0	52.9	168.1	55.7	67.2	32.5	89.6	24.2	74.3
CORPORATE INCOME TAX	14.3	10.4	33.9	11.0	13.5	6.7	17.6	4.2	15.4
10.1. Current corporate income tax expenses	10.3	1.5	37.9	9.9	14.8	11.3	7.3	4.1	20.0
10.2. Deferred income tax expenses	4.0	8.9	-4.0	1.2	-1.3	-4.6	10.3	0.1	-4.6
XI. Net profit after tax (90-100)	57.7	42.5	134.2	44.7	53.7	25.8	72.0	20.0	58.9
11.1. Profit after tax for shareholders of the parents company	57.7	42.5	134.2	44.7	53.7	25.8	72.0	20.0	58.9
Earnings per Share	207.14	154.48	655.22	218.23	262.32	126.14	351.62	97.77	287.47

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)	7,455.5	7,021.0	6,203.7	5,824.1	5,315.3	5,756.1	4,652.7	4,264.8	4,467.7
Short-term financial assets	7,430.3	6,996.0	6,199.5	5,819.8	5,310.2	5,751.9	4,647.9	4,259.3	4,463.2
1. Cash and cash equivalents	440.2	309.0	172.4	531.7	332.8	480.3	169.8	204.9	311.9
1.1. Cash	440.2	309.0	172.4	531.7	332.8	480.3	169.8	204.9	311.9
2. Financial assets at fair value through profit or loss (FVTPL)	3,660.0	3,319.4	2,457.3	2,688.4	2,295.9	2,779.8	2,572.8	2,331.8	1,860.7
3. Held to maturity investments (HTM)	632.3	432.3	430.0	380.0	270.0	270.0	70.0	20.0	233.0
4. Loans	2,634.1	2,885.5	3,077.5	2,194.8	2,269.7	2,186.3	1,830.2	1,690.9	2,032.2
6. Provisions for impairment loss of financial assets and mortgages	-36.2	-36.2	-36.2	-36.2	-36.2	-36.2	-36.2	-36.2	-36.2
7. Short-term receivables	93.8	81.1	67.3	53.1	164.1	66.3	39.7	46.7	61.4
7.1. Receivables from disposal of financial assets	—	—	0.0	—	111.0	—	—	—	—
7.2. Receivables and accruals from dividends and interest income	93.8	81.1	67.3	53.1	53.1	66.3	39.7	46.7	61.4
7.2.1. Due dividend and interest receivables	42.2	39.6	36.6	23.6	30.7	31.8	21.7	19.7	18.3
7.2.2. Undue dividend and interest receivables	51.6	41.5	30.7	29.5	22.4	34.5	18.0	27.0	43.1
Prepayments to suppliers	5.2	4.3	8.0	7.8	5.5	4.2	1.4	1.3	0.4
9. Service related receivable	2.6	2.3	24.8	1.8	10.0	2.9	1.8	1.7	1.5
12. Other receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
13. Provision for doubtful debts	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
II. Other short-term assets	25.1	25.0	4.2	4.3	5.1	4.2	4.9	5.5	4.6
1. Advances	1.0	0.3	0.7	0.9	0.6	0.1	1.2	0.7	0.9
3. Short-term prepayments	3.1	3.8	2.6	2.4	3.5	3.2	2.2	3.3	3.0
4. Pledged assets, mortgages, security deposits in short term	20.9	20.9	0.9	0.9	0.9	0.9	1.5	1.5	0.6
5. Other short-term assets	—	—	0.0	0.0	0.0	0.1	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	40.0	38.9	33.7	34.1	36.8	36.2	35.1	40.5	43.5
II. Fixed assets	12.8	12.3	10.8	11.9	13.0	13.9	13.2	13.9	14.7
1. Tangible fixed assets	5.7	6.6	5.9	6.7	7.5	8.1	7.3	7.7	8.3
- Cost	16.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-11.1	—	—	—	—	—	—	—	—
3. Intangible fixed assets	7.1	5.6	4.9	5.2	5.5	5.8	5.9	6.2	6.5
- Cost	13.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-6.8	—	—	—	—	—	—	—	—
V. Other long-term assets	27.3	26.7	22.9	22.2	23.8	22.3	21.9	26.7	28.7
1. Pledged assets, mortgages, security deposits in long term	2.2	2.2	2.2	2.2	2.5	2.5	3.1	3.1	3.5
2. Long-term prepayments	10.8	12.2	7.2	8.2	9.5	10.0	9.6	11.0	12.5
3. Deferred income tax assets	—	—	1.7	—	—	—	—	3.4	3.4
4. Payment for Settlement Assistance Fund	14.2	12.2	11.7	11.7	11.7	9.8	9.2	9.2	9.2
TOTAL ASSETS (270=100+200)	7,495.5	7,060.0	6,237.4	5,858.2	5,352.1	5,792.3	4,687.8	4,305.3	4,511.2
A. LIABILITIES (300=310+340)	4,389.7	4,033.1	3,606.4	3,361.5	2,900.0	3,390.7	2,312.1	2,001.6	2,227.5
I. Short -term liabilities	4,378.5	4,026.0	3,606.4	3,359.2	2,898.9	3,388.3	2,305.1	2,001.6	2,227.5
1. Short-term borrowings	4,330.6	3,938.8	3,519.1	3,315.7	2,858.5	3,340.3	2,263.4	1,954.3	2,171.1
1.1. Short-term borrowings	4,330.6	3,938.8	3,519.1	3,315.7	2,858.5	3,340.3	2,263.4	1,954.3	2,171.1
6. Payables to securities trading activities	6.9	8.6	3.0	1.9	2.3	2.0	1.6	2.7	9.2
8. Trade accounts payable	0.9	1.8	0.3	0.5	0.2	0.5	0.0	1.1	0.6
9. Advances from customers	0.2	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2
10. Taxes and other payables to state authorities	16.9	48.6	57.3	22.9	20.2	25.4	23.2	24.4	25.9
11. Payable to employees	5.5	7.7	6.8	4.5	5.4	7.8	5.1	5.7	6.7
12. Employee welfare payables	0.6	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
13. Accrued expenses	8.1	16.2	14.5	10.0	8.2	6.2	5.4	5.9	5.0
16. Short-term deposits, collateral received	—	—	—	—	0.1	0.1	0.1	0.1	0.1
17. Other payables	4.2	3.1	4.4	2.6	2.9	2.3	2.5	3.8	5.3
19. Bonus and welfare fund	4.6	0.7	0.7	0.7	0.7	3.3	3.3	3.3	3.3
II. Long-term liabilities	11.2	7.1	—	2.3	1.1	2.3	7.0	—	—
14. Deferred income tax liabilities	11.2	7.1	—	2.3	1.1	2.3	7.0	—	—
B. OWNER'S EQUITY (400=410+420)	3,105.8	3,026.9	2,631.0	2,496.7	2,452.0	2,401.6	2,375.8	2,303.7	2,283.7
I. Owner's equity	3,105.8	3,026.9	2,631.0	2,496.7	2,452.0	2,401.6	2,375.8	2,303.7	2,283.7
1. Investment capital from owners	2,785.2	2,750.5	2,048.9	2,048.9	2,048.9	2,048.9	2,048.9	2,048.9	2,048.9
1.1. Capital from owners	2,784.7	2,750.0	2,048.4	2,048.4	2,048.4	2,048.4	2,048.4	2,048.4	2,048.4
a. Common stock	2,784,717,110,000.00	2,749,999,110,000.00	2,048,389,250,000.00	2,048,389,250,000.00	2,048,389,250,000.00	2,048,389,250,000.00	2,048,389,250,000.00	2,048,389,250,000.00	2,048,389,250,000.00
1.2. Share premium	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
4. Supplementary capital reserve	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Undistributed earnings after tax	320.3	276.1	581.8	447.6	402.9	352.4	326.6	254.6	234.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	7,495.5	7,060.0	6,237.4	5,858.2	5,352.1	5,792.3	4,687.8	4,305.3	4,511.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	72.0	52.9	168.1	55.7	67.2	32.5	89.6	24.2	74.3
2. Adjustments for	-30.1	20.0	41.4	30.0	-25.4	-1.2	22.9	18.2	-41.1
- Depreciation and amortization	1.4	1.2	1.1	1.1	1.1	1.0	1.0	0.9	1.0
- (Reversal of provisions)/provisions	-0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0	0.0	-0.0
- Unrealized foreign exchange (gains)/losses	—	-7.8	—	—	—	—	—	—	—
- Loss/(profits) from other investing activities	-1.3	-76.3	-1.1	-2.1	-1.6	-1.0	-3.0	-4.7	-0.4
- Interest expense	61.3	—	41.5	59.2	—	27.1	18.0	12.7	14.2
- Accrued interest income	-91.5	—	0.0	0.1	-53.1	-28.3	7.0	9.2	-55.8
3. Add non-cash expenses	7.2	25.2	-2.7	2.7	0.0	5.1	-0.4	25.1	—
- Loss from revaluation losses of FVTPL financial assets	7.2	25.2	-2.7	2.7	0.0	5.1	-0.4	25.1	—
4. Less non-cash income	-23.9	-34.6	-1.6	-8.8	-6.6	-2.1	-51.7	-0.0	-0.1
- Gains from revaluation gains of FVTPL financial assets	-23.9	-34.6	-1.6	-8.8	-6.6	-2.1	-51.7	-0.0	-0.1
5. Changes of assets and liabilities	-272.5	-662.9	-697.4	-421.5	407.1	-766.0	-378.3	58.1	-511.9
- Increase/decrease in FVTPL financial assets	-323.9	-852.7	235.4	-386.5	490.5	-210.0	-188.9	-496.2	-181.7
- Increase/decrease in held to maturity investments	-200.0	-2.3	-50.0	-110.0	—	-200.0	-50.0	213.0	210.5
- Increase/decrease in loan	251.4	192.0	-882.7	74.9	-83.4	-356.0	-139.4	341.3	-540.6
6. Operating profit before changes in working capital	-247.3	-599.4	-492.1	-341.8	442.3	-731.7	-317.8	125.6	-478.8
Increase/decrease in receiables sale of financial assets	—	—	—	—	—	—	349.7	—	—
Increase/decrease in receiables interest of financial assets	78.8	14.3	-14.3	111.0	-44.7	351.4	-349.7	5.5	433.2
Increase/decrease in service related receivables	-0.3	22.5	-23.1	8.3	-7.2	-1.1	-0.1	-0.2	-0.6
Increases/decreases in other receivables	0.0	-0.3	0.0	-0.0	0.0	-0.0	—	—	—
Increase/decrease in other assets	-0.7	0.4	0.3	-0.3	-0.6	1.1	-0.5	0.2	-0.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.3	-2.6	-0.1	0.3	-0.5	-0.5	0.1	0.9	-0.6
- (Increase)/decrease in prepaid expenses	2.0	-45.6	0.9	2.4	0.1	-1.4	2.5	1.3	0.9
- Corporate income tax paid	-44.1	-108.0	-5.0	-5.0	-22.3	-7.2	-7.8	-5.0	-13.9
- Interest paid	-69.1	93.4	-36.9	-29.6	-25.7	-25.7	-18.6	-12.7	-12.4
Increases/decreaese in trade payables	-13.9	3.3	0.4	-2.5	-1.3	-4.1	-1.8	-5.4	5.1
Increases/decreases in employee welfare payables	0.4	-0.1	-0.0	0.0	-0.0	-0.0	0.0	0.0	0.0
Increases/decreases in tax and other payables to the State Budget	2.1	5.4	1.6	-2.2	2.4	-2.0	-0.6	-0.6	1.8
Increases/dcreases in payable to employees	-2.2	15.3	2.3	-0.9	-2.4	2.7	-0.5	-1.1	-1.4
Increases/dcreases in other payables	11.4	—	2.0	-0.3	0.6	-0.0	-1.2	-1.5	2.3
- Other receipts from operating activities	—	—	0.1	0.1	-0.0	0.3	—	—	—
- Other payments for operating activities	-11.6	—	-0.0	0.0	-7.9	0.9	0.0	-0.4	-8.3
Net cash flows from securities trading activities	-294.6	-636.6	-563.9	-260.4	333.0	-767.1	-346.4	106.6	-73.5
1. Payment for fixed assets, constructions and other long-term assets	-1.9	-2.4	0.0	0.0	-0.2	0.2	-0.8	-1.5	—
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	—	—	—	0.0	0.0	0.0	—
7. Dividends, interest and profit received	1.3	—	1.1	2.1	1.6	0.5	3.0	4.7	0.4
Net cash flows from investing activities	-0.6	0.0	1.1	2.1	1.3	0.6	2.3	3.2	0.4
1. Receipts from equity issue and owner's capital contribution	34,718,000,000.00	353,384,580,000.00	—	—	—	—	—	—	—
3. Short-term and long-term borrowings	13,285.3	3,994.0	3,726.1	2,912.4	2,859.7	3,985.3	3,167.2	1,882.3	2,028.1
3.2. Other borrowings	13,285.3	3,994.0	3,726.1	2,912.4	2,859.7	3,985.3	3,167.2	1,882.3	2,028.1
4. Principal repayments	-12,893.6	-3,574.3	-3,522.6	-2,455.2	-3,341.5	-2,908.4	-2,858.2	-2,099.1	-1,706.3
4.3. Other principal repayments	-12,893.6	-3,574.3	-3,522.6	-2,455.2	-3,341.5	-2,908.4	-2,858.2	-2,099.1	-1,706.3
Net cash flows from financing activities	426.4	773.1	203.5	457.2	-481.8	1,076.9	309.1	-216.7	321.8
IV. Net cash flows during the period	131.2	136.6	-359.3	198.9	-147.5	310.4	-35.1	-106.9	248.7
V. Cash and cash equivalents at begingning of the period	309.0	172.4	531.7	332.8	480.3	169.8	204.9	311.9	63.2
Cash and cash equivalents at end of period	440.2	309.0	172.4	531.7	332.8	480.3	169.8	204.9	311.9
1. Proceeds from sale of brokerage securities to customers	12,531.6	11,470.1	16,431.2	8,245.3	7,240.5	6,734.6	8,300.9	10,246.3	13,449.0
2. Money spent on buying brokerage securities for customers	-12,387.8	-11,927.0	-15,846.9	-8,460.4	-7,026.7	-7,467.4	-8,728.9	-11,694.0	-12,484.0
9. Receive deposits to pay for securities transactions of customers	57.9	3.8	-171.6	-281.6	382.2	515.5	428.4	883.7	-354.5
14. Payment of customers' securities depository fees	-0.8	-0.8	-0.7	-1.9	—	-1.1	—	-0.9	-0.2
Increase / decrease of net money during the period	200.9	-453.8	412.0	-497.9	595.3	-217.6	-0.4	-564.8	610.2
II. Cash and cash equivalents at the beginning of the period of the customer	345.8	799.6	387.6	885.4	290.1	507.7	508.2	1,073.0	462.7
-Securities clearing and settlement deposits	3.3	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	546.7	345.8	799.6	387.6	885.4	290.1	507.7	508.2	1,073.0
-Cash deposit for securities transactions for customers	0.0	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	2.6	—	—	—	—	—	—	—	—

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