Analysis of business results & financial statements · Quý 2/2026
▲ BALANCED OPERATIONS
TTM NPAT rose +VND 59.5bn compared with the same period last year. Key positives came from higher trading and lower total costs. Offsetting pressure came mainly from lower margin lending.
See what is changing ↓- EPS TTM
- 285
- BVPS
- 12,234
- P/E
- 18.9x
- P/B
- 0.4x
- ROAE TTM
- 2.4%
- PBT Margin
- 12.3%
- Market price
- 5,400 19 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 55.0bn, equivalent to a pre-tax margin of 12.3%, but headline durability remains more sensitive to revaluation. The revenue mix still leans mainly on trading at 94.4% after expanding by +11.6pp, while lending is at 2.9%; brokerage and services are still only 2.7% and have narrowed by 4.7pp, so diversification remains thin. On the balance sheet, Equity / Assets is 87.4% while Leverage is about 0.14x, indicating a still relatively balanced capital posture, with equity buffers also improving year on year.
Profit bridge
Vs last year · TTM
- Trading
- Total costs
- Margin lending
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| PBT | 242.9 | -196.7 | 6.7 | 2.1 | -8.8 | 17.9 | 16.6 | -35.2 |
| Trading Share | 98.7% | 30.1% | 90.8% | 88.5% | 68.9% | 86.3% | 88.5% | 63.6% |
| Lending Share | 0.8% | 34.3% | 5.1% | 5.0% | 14.4% | 7.5% | 7.2% | 17.5% |
| Service & Brokerage Share | 0.5% | 35.6% | 4.1% | 6.6% | 16.7% | 6.2% | 4.3% | 18.9% |
| PBT Margin | 86.35% | -2412.82% | 10.04% | 2.28% | -28.68% | 20.54% | 15.92% | -97.59% |
| Equity / Assets | 87.4% | 86.5% | 84.3% | 85.0% | 84.5% | 81.9% | 79.8% | 78.2% |
| Leverage | 0.14x | 0.16x | 0.19x | 0.18x | 0.18x | 0.22x | 0.25x | 0.28x |
Revenue
281bnNet income
195bnNet margin
69.25%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 94.4%, lending is at 2.9%, brokerage is around 2.4%, other services about 0.3%, brokerage plus services together are 2.7%.
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
- 447.7bn +73.7% YoY
- PBT margin
- 12.3%
- Trading Share
- 94.4% +11.6pp
- Revaluation / Trading
- 96.4% +29.3pp
TTM YoY · 2026Q2
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 12.3%, Return on assets is about 2.0%, provisions equal 9.9% of pre-tax profit, revaluation accounts for 739.4% 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
- 12.3%
- Net margin
- 10.5%
- ROAA
- 2.0%
- ROAE
- 2.4%
TTM YoY · 2026Q2
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 3.2% of assets, the prop book about 66.3%, liquid assets around 3.1%, equity roughly 87.4%.
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.
A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.
- Margin book / Assets
- 3.2% −2.3pp
- Prop book / Assets
- 66.3% +32.9pp
- Liquid assets / Assets
- 3.1% −1.1pp
- Equity / Assets
- 87.4% +2.8pp
Quarterly YoY · 2026Q2
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 87.4% of assets, liabilities stand at 0.14x of equity, short-term borrowings are about 11.3% of assets, cash covers roughly 0.27x of short-term borrowings.
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 looks adequate for now, though it still needs monitoring as funding structure shifts.
- Equity / Assets
- 87.4% +2.8pp
- Liabilities / Equity
- 0.14x −0.04x
- Short-term borrowings / Assets
- 11.3% −2.9pp
- Liquid assets / Assets
- 3.1% −1.1pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, EVS currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.
- Capital buffer is not currently the main pressure point for this case.
- 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.
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