Analysis of business results & financial statements · Quý 1/2026
▲▲ BALANCED OPERATIONS
TTM NPAT rose +VND 107bn compared with the same period last year. Key positives came from higher trading, higher margin lending, and higher brokerage. Offsetting pressure came mainly from higher total costs and higher tax.
See what is changing ↓- EPS TTM
- 1,235
- BVPS
- 11,151
- P/E
- 7.8x
- P/B
- 0.9x
- ROAE TTM
- 10.0%
- PBT Margin
- 46.7%
- Market price
- 9,600 16 Oct 2026
The current picture
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.
Profit bridge
Vs last year · TTM
- Trading
- Margin lending
- Brokerage
- Other fees
- 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 | 72.0 | 52.9 | 168.1 | 55.7 | 67.2 | 32.5 | 89.6 | 24.2 |
| Trading Share | 38.6% | 38.9% | 45.7% | 29.7% | 34.1% | 26.3% | 53.3% | 24.7% |
| Lending Share | 41.5% | 41.0% | 27.9% | 45.2% | 44.4% | 53.0% | 31.1% | 42.3% |
| Service & Brokerage Share | 19.9% | 20.1% | 26.4% | 25.1% | 21.5% | 20.7% | 15.6% | 33.0% |
| PBT Margin | 39.40% | 29.84% | 64.75% | 43.95% | 51.26% | 29.56% | 61.16% | 21.51% |
| Equity / Assets | 41.4% | 42.9% | 42.2% | 42.6% | 45.8% | 41.5% | 50.7% | 53.5% |
| Leverage | 1.41x | 1.33x | 1.37x | 1.35x | 1.18x | 1.41x | 0.97x | 0.87x |
Revenue
183bnNet income
58bnNet margin
31.56%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 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.
A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.
- 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
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.
- PBT margin
- 46.7% +4.0pp
- Net margin
- 37.4% +3.1pp
- ROAA
- 4.3% +1.7pp
- ROAE
- 10.0% +3.7pp
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.
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
- 35.1% −7.3pp
- Prop book / Assets
- 48.8% +5.9pp
- Liquid assets / Assets
- 14.3% +3.0pp
- Equity / Assets
- 41.4% −4.4pp
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.
Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.
- 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
Quarterly YoY · 2026Q1
In summary
Research synthesis
What this reporting period is showing
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.
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 the current return profile can hold as revenue mix and cost conditions normalize.
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.