Analysis of business results & financial statements · Quý 2/2026
▲▲ MARGIN LENDING STRONG
TTM NPAT rose +VND 2,038bn compared with the same period last year. Key positives came from higher margin lending, higher trading, and higher other fees. Offsetting pressure came mainly from higher total costs and higher tax.
See what is changing ↓- EPS TTM
- 1,850
- BVPS
- 12,593
- P/E
- 15.1x
- P/B
- 2.2x
- ROAE TTM
- 16.1%
- PBT Margin
- 58.4%
- Market price
- 27,900 20 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 7,621.1bn, equivalent to a pre-tax margin of 58.4%, showing a relatively clean and sufficiently thick earnings base, while margin has narrowed by 2.2pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 40.1% after expanding by +1.8pp, while trading is down to 29.9% after narrowing by 1.9pp; brokerage and services have reached 30.0%, making diversification visibly stronger. On the balance sheet, Equity / Assets is 45.5% while Leverage is about 1.20x, indicating that buffers and funding are not yet truly roomy.
Profit bridge
Vs last year · TTM
- Margin lending
- Trading
- Other fees
- Brokerage
- 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 | 2,097.0 | 1,458.4 | 2,041.4 | 2,024.4 | 1,733.1 | 1,309.8 | 932.8 | 1,097.1 |
| Trading Share | 23.2% | 20.7% | 36.9% | 38.6% | 33.1% | 28.5% | 36.4% | 28.7% |
| Lending Share | 43.0% | 47.7% | 37.0% | 33.4% | 33.2% | 39.9% | 40.6% | 41.7% |
| Service & Brokerage Share | 33.7% | 31.6% | 26.2% | 28.0% | 33.6% | 31.6% | 23.0% | 29.6% |
| PBT Margin | 56.00% | 52.40% | 60.66% | 63.98% | 65.15% | 64.58% | 50.61% | 59.47% |
| Equity / Assets | 45.5% | 51.3% | 54.7% | 51.9% | 46.2% | 48.5% | 49.4% | 51.3% |
| Leverage | 1.20x | 0.95x | 0.83x | 0.93x | 1.17x | 1.06x | 1.02x | 0.95x |
Revenue
3,745bnNet income
1,692bnNet margin
45.18%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 40.1%, trading is at 29.9%, brokerage and services together remain around 30.0% 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
- 13,057.1bn +55.9% YoY
- PBT margin
- 58.4% −2.2pp
- Lending Share
- 40.1% +1.8pp
- Brokerage Share
- 9.2% +0.8pp
TTM YoY · 2026Q2
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 58.4%, Return on assets is about 7.4%, provisions equal −0.0% of pre-tax profit, revaluation accounts for 0.1% 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
- 58.4% −2.2pp
- Net margin
- 46.7% −1.7pp
- ROAA
- 7.4% +1.3pp
- ROAE
- 16.1% +4.5pp
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 51.2% of assets, the prop book about 0.3%, liquid assets around 8.1%, equity roughly 45.5%.
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
- 51.2% −0.7pp
- Prop book / Assets
- 0.3%
- Liquid assets / Assets
- 8.1% −1.6pp
- Equity / Assets
- 45.5% −0.6pp
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 45.5% of assets, liabilities stand at 1.20x of equity, short-term borrowings are about 47.8% of assets, cash covers roughly 0.13x 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
- 45.5% −0.6pp
- Liabilities / Equity
- 1.20x +0.03x
- Short-term borrowings / Assets
- 47.8% +5.7pp
- Liquid assets / Assets
- 7.7% −1.2pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, TCX 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.
- When earnings lean heavily on margin lending, margin-book asset quality and funding need closer monitoring.
- 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 the margin engine can remain supportive without pulling the franchise into even heavier dependence on the margin book.
Track whether the current return profile can hold as revenue mix and cost conditions normalize.
Track whether short-term funding posture becomes less tight, especially while liquidity buffers are not yet especially thick versus funding needs.
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