Analysis of business results & financial statements · Quý 2/2025
▼ BALANCED REVENUE MIX
See what is changing ↓- EPS TTM
- 273
- BVPS
- 11,171
- P/E
- 13.5x
- P/B
- 0.3x
- ROAE TTM
- 1.3%
- PBT Margin
- —
- Market price
- 3,700 16 Sep 2026
The current picture
Securities House Picture
On a TTM basis through 2025Q2, pre-tax profit is currently about 5.9bn, showing an earnings base that is still positive but not yet clearly standout, while pre-tax profit has also fallen year on year. The revenue mix still leans mainly on trading at 23.9%; brokerage and services have reached 76.1%, making diversification visibly stronger. On the balance sheet, Equity / Assets is 98.8% while Leverage is about 0.01x, indicating a still relatively balanced capital posture, with buffers thickening and leverage easing further.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2025
| Metric | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|
| PBT | 5.0 | 3.1 | 1.3 | 1.9 | 4.7 | 5.8 |
| Trading Share | 38.4% | 21.5% | 0.1% | 4.5% | 49.0% | 48.5% |
| Lending Share | — | — | — | — | — | — |
| Service & Brokerage Share | 61.6% | 78.5% | 99.9% | 95.5% | 51.0% | 51.5% |
| PBT Margin | 55.76% | 44.77% | 21.82% | 30.82% | 56.09% | 63.10% |
| Equity / Assets | 98.8% | 99.0% | 98.8% | 97.8% | 83.8% | 99.2% |
| Leverage | 0.01x | 0.01x | 0.01x | 0.02x | 0.19x | 0.01x |
Revenue
9bnNet income
4bnNet margin
44.60%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?
The earnings engine is now supported more by non-brokerage service income, so the revenue structure is less dependent on pure trading.
Trading currently accounts for about 23.9%, brokerage is around 1.7%, other services about 74.4%, brokerage plus services together are 76.1%.
The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.
Revaluation is currently only a small component and not a headline driver.
The revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.
- Securities business revenue
- 0.9bn −97.1% YoY
- Trading Share
- 23.9%
- Other Fee Share
- 74.4%
Latest annual · 2025Q2
Profitability Quality & Volatility
▼How strong is current profitability, and how durable is it?
Profitability still holds on a positive base, but the quality and durability of returns are not yet strong enough to read as a clearly robust case.
Return on assets is about 1.2%, revaluation accounts for 0.0% of pre-tax profit.
Headline profit still needs to be read together with what is creating it and how thick returns really are.
Profit appears cleaner and less dependent on revaluation.
Provisioning is not currently the main drag on profit.
ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.
- ROAA
- 1.2% −1.5pp
- ROAE
- 1.3% −1.5pp
Annual YoY · 2025Q2
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 prop book about 1.1%, liquid assets around 83.8%, equity roughly 98.8%.
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.
- Prop book / Assets
- 1.1%
- Liquid assets / Assets
- 83.8% −1.6pp
- Equity / Assets
- 98.8% +15.0pp
- Liabilities / Equity
- 0.01x −0.18x
Quarterly YoY · 2025Q2
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 98.8% of assets, liabilities stand at 0.01x 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
- 98.8% +15.0pp
- Liabilities / Equity
- 0.01x −0.18x
- Liquid assets / Assets
- 83.8% −1.6pp
Quarterly YoY · 2025Q2
In summary
Research synthesis
What this reporting period is showing
Overall, HBS 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 brokerage and service income can maintain a clear diversification role against dependence on trading and margin income.
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.