Analysis of business results & financial statements · Quý 2/2026
● MARGIN BOOK SWELLING
TTM NPAT rose +VND 3.3bn compared with the same period last year. Key positives came from higher margin lending, higher trading, and higher brokerage. Offsetting pressure came mainly from higher total costs and higher tax.
See what is changing ↓- EPS TTM
- 202
- BVPS
- 10,726
- P/E
- 30.7x
- P/B
- 0.6x
- ROAE TTM
- 1.9%
- PBT Margin
- 23.3%
- Market price
- 6,200 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 29.7bn, equivalent to a pre-tax margin of 23.3%, showing an earnings base that is still positive but not yet clearly standout, while margin has narrowed by 6.0pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 74.6% after expanding by +3.6pp, while trading is at 0.0%; brokerage and services are still 25.4% but have narrowed by 3.6pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 80.3% while Leverage is about 0.24x, indicating that buffers and funding are not yet truly roomy, but equity buffers have weakened year on year.
Profit bridge
Vs last year · TTM
- Margin lending
- Trading
- Brokerage
- Other fees
- Total costs
- Tax
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 | 14.7 | 13.7 | -4.1 | 5.4 | 11.3 | 5.2 | 1.9 | 5.7 |
| Trading Share | — | — | — | 0.0% | — | 0.0% | — | 0.0% |
| Lending Share | 77.4% | 77.6% | 71.4% | 65.3% | 67.1% | 75.6% | 70.8% | 67.8% |
| Service & Brokerage Share | 22.6% | 22.4% | 28.6% | 34.7% | 32.9% | 24.4% | 29.2% | 32.2% |
| PBT Margin | 42.49% | 44.24% | -13.15% | 17.64% | 42.16% | 28.17% | 10.46% | 30.53% |
| Equity / Assets | 80.3% | 78.4% | 76.3% | 86.8% | 83.1% | 93.4% | 85.0% | 91.1% |
| Leverage | 0.24x | 0.28x | 0.31x | 0.15x | 0.20x | 0.07x | 0.18x | 0.10x |
Revenue
35bnNet income
12bnNet margin
33.93%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?
Current earnings lean more heavily on margin lending, so the quality of the revenue engine should be read together with margin-book dependence.
Margin income currently accounts for about 74.6%, trading is at 0.0%, brokerage and services together remain around 25.4% of the engine mix.
When lending is the main engine, headline quality depends more heavily on margin-book safety and funding cost.
Revaluation is currently only a small component and not a headline driver.
The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
- Securities business revenue
- 127.2bn +54.4% YoY
- PBT margin
- 23.3% −6.0pp
- Lending Share
- 74.6% +3.6pp
- Brokerage Share
- 24.5% −3.3pp
Annual YoY · 2026Q2
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.
Pre-tax margin is currently 23.3%, Return on assets is about 1.5%, 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.
- PBT margin
- 23.3% −6.0pp
- Net margin
- 17.7% −5.6pp
- ROAA
- 1.5%
- ROAE
- 1.9%
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 margin book, so growth quality depends meaningfully on the safety of loans and receivables.
The margin book is about 53.2% of assets, the prop book about 2.3%, liquid assets around 41.9%, equity roughly 80.3%.
A high margin-book share makes the balance sheet more sensitive to asset quality and funding cost.
The margin book is larger than the prop book.
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.
- Margin book / Assets
- 53.2% +10.1pp
- Prop book / Assets
- 2.3%
- Liquid assets / Assets
- 41.9% −10.1pp
- Equity / Assets
- 80.3% −2.8pp
Quarterly YoY · 2026Q2
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 80.3% of assets, liabilities stand at 0.24x of equity, short-term borrowings are about 19.1% of assets, cash covers roughly 0.06x 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 remains relatively better than 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
- 80.3% −2.8pp
- Liabilities / Equity
- 0.24x +0.04x
- Short-term borrowings / Assets
- 19.1% +2.8pp
- Liquid assets / Assets
- 41.9% −10.1pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, IVS 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.
- When earnings lean heavily on margin lending, margin-book asset quality and funding need closer monitoring.
- 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 the margin engine can remain supportive without pulling the franchise into even heavier dependence on the margin book.
Track whether profitability can stabilize soon, as the current return profile is clearly under more pressure.
Keep short-term funding tightness on watch, as the liquidity buffer is thinning more clearly relative to current funding needs.
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