TCX

Chứng khoán Kỹ Thương ·HOSE ·2026Q1

▲▲ MARGIN LENDING STRONG

Margin lending strong Lending share 37.7%, ROAE 16.0%

Price

40,300

Latest close

03 Jun 2026

EPS TTM (TTM) 2,061

BVPS (Latest) 14,230

P/E (Price/EPS) 19.6x

P/B (Price/BVPS) 2.8x

ROAE TTM (TTM) 16.0%

PBT Margin (TTM) 60.6%

Trading Share (Mix) 32.7%

Service & Brokerage Share (Mix) 29.6%

Equity / Assets (Latest) 51.3%

Leverage (Latest) 1.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 7,257.3bn, equivalent to a pre-tax margin of 60.6%, showing a relatively clean and sufficiently thick earnings base, while margin has narrowed by 1.7pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 37.7% but narrowing by 0.4pp, while trading is at 32.7%; brokerage and services are still 29.6% but have narrowed by 0.3pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 51.3% while Leverage is about 0.95x, indicating a still relatively balanced capital posture, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 4.423 tỷ
+48,4%
Lãi thuần 3.797 tỷ
+36,1%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 4.224 tỷ
+51,9%
Dư nợ 44.754 tỷ
+46,9%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 1.071 tỷ
+76,2%
Lãi thuần 618 tỷ
+71,9%

Metric	2025	2024
PBT	7,108.7	4,802.1
Trading Share	35.0%	34.6%
Lending Share	35.5%	37.1%
Service & Brokerage Share	29.5%	28.3%
PBT Margin	63.37%	63.06%
Equity / Assets	54.7%	49.4%
Leverage	0.83x	1.02x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	1,458.4	2,041.4	2,024.4	1,733.1	1,309.8	932.8	1,097.1	1,611.9	1,160.3
Trading Share	20.7%	36.9%	38.6%	33.1%	28.5%	36.4%	28.7%	34.2%	39.6%
Lending Share	47.7%	37.0%	33.4%	33.2%	39.9%	40.6%	41.7%	31.2%	35.8%
Service & Brokerage Share	31.6%	26.2%	28.0%	33.6%	31.6%	23.0%	29.6%	34.6%	24.5%
PBT Margin	52.40%	60.66%	63.98%	65.15%	64.58%	50.61%	59.47%	72.17%	68.51%
Equity / Assets	51.3%	54.7%	51.9%	46.2%	48.5%	49.4%	51.3%	47.4%	52.0%
Leverage	0.95x	0.83x	0.93x	1.17x	1.06x	1.02x	0.95x	1.11x	0.92x

Drivers of TCX's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher margin lending. Supporting and offsetting drivers:

Margin lending +VND 1,443bn

Trading +VND 1,006bn

Other fees +VND 673bn

Brokerage +VND 259bn

Total costs −VND 1,076bn

Tax −VND 417bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher margin lending. Supporting and offsetting drivers:

Margin lending +VND 497bn

Other fees +VND 120bn

Brokerage +VND 52.3bn

Total costs −VND 352bn

Trading −VND 169bn

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

Revenue Mix & Earnings Engine

Where are current earnings coming from?

Lending edges ahead only slightly in the earnings engine while trading remains close behind, so the durability of the case depends on both margin-book quality and the trading engine.

Margin income currently accounts for about 37.7%, trading is at 32.7%, brokerage and services together remain around 29.6% 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.

Key risks

Key signals

Securities business revenue 11,972.5bn +50.6% YoY

PBT margin 60.6% −1.7pp

Lending Share 37.7% −0.4pp

Brokerage Share 9.5% +1.2pp

Other Fee Share 20.1% −1.5pp

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 60.6%, Return on assets is about 8.0%, 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.

Key risks

Key signals

PBT margin 60.6% −1.7pp

Net margin 48.6% −0.8pp

ROAA 8.0% +2.2pp

ROAE 16.0% +4.8pp

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 margin book, so growth quality depends meaningfully on the safety of loans and receivables.

The margin book is about 50.5% of assets, the prop book about 0.1%, liquid assets around 8.2%, equity roughly 51.3%.

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.

Key risks

Margin-book concentration risk

Loans and receivables are large enough to make the balance sheet more sensitive to asset quality and funding cost.

Key signals

Margin book / Assets 50.5% −3.6pp

Prop book / Assets 0.1% —

Liquid assets / Assets 8.2% −1.8pp

Equity / Assets 51.3% +2.8pp

Liabilities / Equity 0.95x −0.11x

Quarterly YoY · 2026Q1

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 51.3% of assets, liabilities stand at 0.95x of equity, short-term borrowings are about 42.1% of assets, cash covers roughly 0.15x 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.

Key risks

Key signals

Equity / Assets 51.3% +2.8pp

Liabilities / Equity 0.95x −0.11x

Short-term borrowings / Assets 42.1% +1.0pp

Liquid assets / Assets 7.8% −1.4pp

Cash / Short-term borrowings 0.15x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, TCX is showing a more balanced earnings mix thanks to brokerage and service income, making it cleaner than a pure trading-led case.

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.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	3,669.5	2,449.7
a. Realised gains on disposals of FVTPL financial assets	3,662.4	2,449.0
b. Gains from revaluation of FVTPL financial assets	4.8	0.7
c. Dividends and interest income from FVTPL financial assets	0.1	0.0
d. Gain from revaluation of outstanding covered warrant payables	2.1	—
1.2. Gains from held to maturity investments	180.1	110.3
1.3. Interest income from loans and receivables	3,727.5	2,621.9
1.4. Gains from available-for-sale financial assets (AFS)	548.5	433.0
1.6. Revenue from brokerage services	957.6	600.9
1.7. Revenue from share issue guarantee and agency activities	1,715.3	1,181.0
1.8. Revenue from investment advisory services	302.4	163.3
1.10. Revenue from securities custody services	110.0	51.0
1.11. Other revenue	6.6	4.2
Revenue from securities business (01->11)	11,217.4	7,615.3
Net sales	11,217.4	7,615.3
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	431.6	204.4
a. Loss from disposals of financial assets at FVTPL	428.0	204.1
b. Loss from revaluation of financial assets at FVTPL	3.5	0.3
c. Transaction cost of acquisition of financial assets at FVTPL	0.1	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	2.0	6.0
2.6. Expenses for proprietary trading activities	0.0	—
2.7. Expenses for brokerage services	391.5	259.1
2.11. Expenses for secutiries custodian services	101.7	44.5
2.12. Other expenses	286.8	181.5
Operating expenses (21->33)	1,213.6	695.5
Gross profit	10,003.9	6,919.8
3.2. Dividends, interest income from demand deposits	45.4	17.5
3.4. Other income about investment	0.7	9.0
Total financial income (41->44)	46.1	26.5
4.2. Borrowing costs	2,055.0	1,471.2
4.4. Other investment expenses	226.9	105.8
Total financial expenses (51->54)	2,281.9	1,577.1
VI. General and Administrative expenses	659.0	566.9
VII. Net profit from securities business (20+50-40-60-61-62)	7,109.1	4,802.4
8.1. Other incomes	0.6	0.2
8.2. Other expenses	1.0	0.4
Other profit (71-72)	-0.4	-0.2
IX. Profit before tax (70+80)	7,108.7	4,802.1
9.1. Realised profit	7,105.5	4,801.7
9.2. Unrealised profit	3.2	0.4
CORPORATE INCOME TAX	1,425.4	952.4
10.1. Current corporate income tax expenses	1,422.9	956.0
10.2. Deferred income tax expenses	2.5	-3.6
XI. Net profit after tax (90-100)	5,683.3	3,849.7
11.1. Profit after tax for shareholders of the parents company	5,683.3	3,849.7
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	12.4	11.6
Total other comprehensive income	12.4	11.6
13.1. Earning per share	2,713.00	8,716.00
Earnings per Share	1,791.72	1,962.81

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	76,612.8	49,394.7
Short-term financial assets	76,597.3	49,341.6
1. Cash and cash equivalents	3,108.1	2,864.6
1.1. Cash	3,108.1	2,864.6
2. Financial assets at fair value through profit or loss (FVTPL)	38.9	17.3
3. Held to maturity investments (HTM)	3,657.4	2,232.1
4. Loans	43,859.7	25,911.2
5. Available-for-sale financial assets (AFS)	25,218.4	17,670.5
6. Provisions for impairment loss of financial assets and mortgages	-12.8	-10.8
7. Short-term receivables	686.8	539.1
7.1. Receivables from disposal of financial assets	0.2	—
7.2. Receivables and accruals from dividends and interest income	686.7	539.1
7.2.1. Due dividend and interest receivables	0.0	0.0
7.2.2. Undue dividend and interest receivables	686.7	539.1
Prepayments to suppliers	5.7	1.9
9. Service related receivable	32.8	93.6
12. Other receivables	2.3	22.1
13. Provision for doubtful debts	-0.2	-0.2
II. Other short-term assets	15.5	53.2
1. Advances	0.4	0.2
2. Office supplies, tools	1.6	0.3
3. Short-term prepayments	13.4	52.7
4. Pledged assets, mortgages, security deposits in short term	0.0	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	4,019.5	3,849.4
I. Long-term financial assets	3,610.3	3,533.4
2. Long-term investments	3,610.3	3,533.4
2.1. Held to maturity investments (HTM)	410.0	500.0
2.5. Other long-term investments	3,200.3	3,033.4
II. Fixed assets	107.2	50.7
1. Tangible fixed assets	33.2	40.0
- Cost	126.8	117.5
- Accumulated depreciation	-93.6	-77.5
3. Intangible fixed assets	74.0	10.7
- Cost	138.8	66.8
- Accumulated depreciation	-64.8	-56.0
IV. Construction in progress	53.8	8.5
V. Other long-term assets	248.3	256.7
1. Pledged assets, mortgages, security deposits in long term	183.4	195.2
2. Long-term prepayments	17.0	8.9
3. Deferred income tax assets	17.8	23.8
4. Payment for Settlement Assistance Fund	20.0	18.8
5. Other long-term assets	10.1	10.0
TOTAL ASSETS (270=100+200)	80,632.3	53,244.1
A. LIABILITIES (300=310+340)	36,532.7	26,947.2
I. Short -term liabilities	35,016.9	25,934.3
1. Short-term borrowings	31,079.7	20,523.0
1.1. Short-term borrowings	31,079.7	20,523.0
4. Short-term bonds	1,504.3	3,574.9
6. Payables to securities trading activities	51.1	30.4
8. Trade accounts payable	2.0	0.1
9. Advances from customers	—	126.0
10. Taxes and other payables to state authorities	1,384.7	878.4
11. Payable to employees	231.8	184.0
12. Employee welfare payables	1.5	0.8
13. Accrued expenses	265.8	191.1
15. Unearned revenue	375.5	251.2
17. Other payables	120.1	174.1
19. Bonus and welfare fund	0.3	0.3
II. Long-term liabilities	1,515.7	1,012.9
4. Long-term bonds	1,510.0	1,006.4
9. Unearned revenue	5.7	6.5
13. Provision for investor's damage claims	0.0	0.0
B. OWNER'S EQUITY (400=410+420)	44,099.6	26,297.0
I. Owner's equity	44,099.6	26,297.0
1. Investment capital from owners	31,720.1	19,613.2
1.1. Capital from owners	23,113.1	19,613.2
a. Common stock	23,113,080,210,000.00	19,613,221,200,000.00
1.2. Share premium	8,607.0	—
2. Assets revaluation differences	7.5	-5.0
7. Undistributed earnings after tax	12,372.0	6,688.7
7.1. Realised profits	12,347.9	6,665.3
7.2. Unrealised losses	24.1	23.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	80,632.3	53,244.1

Item	2025	2024
1. Profit before tax	7,108.7	4,802.1
2. Adjustments for	1,393.3	961.8
- Depreciation and amortization	24.9	23.6
- (Reversal of provisions)/provisions	0.0	6.1
- Interest expense	2,055.0	1,471.2
- Accrued interest income	-686.7	-539.1
3. Add non-cash expenses	5.6	—
- Loss from revaluation losses of FVTPL financial assets	3.7	—
- Loss for impairment of loans	2.0	—
4. Less non-cash income	-6.9	—
- Gains from revaluation gains of FVTPL financial assets	-6.9	—
5. Changes of assets and liabilities	-26,834.1	-13,363.7
- Increase/decrease in FVTPL financial assets	-18.4	-17.3
- Increase/decrease in held to maturity investments	-1,335.3	-1,440.1
- Increase/decrease in loan	-17,948.5	-9,292.1
- Increase/decrease in AFS financial assets	-7,531.9	-2,614.3
6. Operating profit before changes in working capital	-18,333.5	-7,599.8
Increase/decrease in receiables sale of financial assets	-0.2	—
Increase/decrease in receiables interest of financial assets	539.1	337.8
Increase/decrease in service related receivables	-65.2	-77.6
Increases/decreases in other receivables	16.0	2,687.0
Increase/decrease in other assets	8.9	-197.7
- Increase/(decrease) in payables (other than interest, corporate income tax)	52.9	-74.6
- (Increase)/decrease in prepaid expenses	31.2	-19.0
- Corporate income tax paid	-969.6	-583.5
- Interest paid	-2,033.3	-1,342.5
Increases/decreaese in trade payables	1.9	125.5
Increases/decreases in employee welfare payables	0.7	-0.1
Increases/decreases in tax and other payables to the State Budget	53.1	9.6
Increases/dcreases in payable to employees	47.8	38.3
Increases/dcreases in other payables	85.6	2,516.7
Net cash flows from securities trading activities	-20,564.4	-4,179.8
1. Payment for fixed assets, constructions and other long-term assets	-126.6	-15.5
5. Payments for investment in other entities	-175.2	—
6. Collections on investment in other entities	8.4	—
Net cash flows from investing activities	-293.4	-15.5
1. Receipts from equity issue and owner's capital contribution	12,106,839,428,518.00	2,252,600,000.00
3. Short-term and long-term borrowings	95,576.3	81,148.6
3.2. Other borrowings	95,576.3	81,148.6
4. Principal repayments	-86,581.8	-77,477.1
4.3. Other principal repayments	-86,581.8	-77,477.1
6. Dividends paid, profits distributed to owners	—	-1,196.0
Net cash flows from financing activities	21,101.3	2,477.8
IV. Net cash flows during the period	243.5	-1,717.6
V. Cash and cash equivalents at begingning of the period	2,864.6	4,582.2
Cash at bank	—	4,582.2
- Cash at bank for securities company activities	—	4,547.2
- Cash equivalents	—	35.0
Cash and cash equivalents at end of period	3,108.1	2,864.6
Cash at bank	—	2,864.6
- Cash at bank for securities company activities	—	2,864.6
1. Proceeds from sale of brokerage securities to customers	738,046.4	499,928.9
2. Money spent on buying brokerage securities for customers	-843,973.1	-575,279.3
9. Receive deposits to pay for securities transactions of customers	1,198,232.9	786,635.1
10. Margin deposit of investors at VSD	25.6	43.7
11. Payment for customers' securities transactions	-1,091,597.4	-706,044.4
14. Payment of customers' securities depository fees	-60.8	-47.6
17. Proceeds from Securities Issuers	139,355.1	190,416.2
18. Payments to Securities Issuers	-139,350.4	-191,403.0
Increase / decrease of net money during the period	678.3	4,249.5
II. Cash and cash equivalents at the beginning of the period of the customer	10,024.2	5,774.7
Cash at bank	10,024.2	5,774.7
-Deposits of investors on securities transactions under the Securities Company management method	8,245.5	2,945.8
-Securities clearing and settlement deposits	1,734.2	1,797.5
-Deposits from issuing organizations	44.6	1,031.5
III. Cash and cash equivalents at the end of the period of the customer	10,702.6	10,024.2
Cash at bank	10,702.6	10,024.2
-Deposits of investors on securities transactions under the Securities Company management method	6,447.2	8,245.5
-Securities clearing and settlement deposits	4,206.0	1,734.2
-Deposits from issuing organizations	49.4	44.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	532.3	1,134.0	1,171.3	841.1	523.1	632.3	486.6	696.9	633.9
a. Realised gains on disposals of FVTPL financial assets	529.4	1,133.1	1,168.1	839.2	522.1	631.6	486.6	696.9	633.9
b. Gains from revaluation of FVTPL financial assets	1.6	0.5	2.1	1.8	0.4	0.7	—	—	—
c. Dividends and interest income from FVTPL financial assets	0.0	0.0	0.1	0.0	—	0.0	—	—	—
d. Gain from revaluation of outstanding covered warrant payables	1.3	0.4	0.9	0.2	0.6	—	—	—	—
1.2. Gains from held to maturity investments	46.7	62.4	44.2	39.6	33.8	28.3	25.0	30.2	26.8
1.3. Interest income from loans and receivables	1,228.6	1,136.8	1,014.9	844.0	731.7	706.0	706.0	637.3	572.6
1.4. Gains from available-for-sale financial assets (AFS)	161.2	226.1	81.9	81.8	158.7	75.9	126.3	162.8	68.0
1.6. Revenue from brokerage services	266.3	285.4	318.3	201.1	152.8	165.3	133.7	156.2	145.7
1.7. Revenue from share issue guarantee and agency activities	480.9	437.7	421.0	495.5	361.0	206.8	307.1	455.4	211.7
1.8. Revenue from investment advisory services	45.4	30.5	88.0	131.4	52.6	14.2	45.8	81.7	21.5
1.10. Revenue from securities custody services	19.3	50.8	21.5	24.4	13.3	13.4	13.1	12.3	12.1
1.11. Other revenue	2.5	1.4	3.1	1.0	1.2	1.0	1.1	0.9	1.2
Revenue from securities business (01->11)	2,783.2	3,365.0	3,164.3	2,660.0	2,028.2	1,843.2	1,844.8	2,233.6	1,693.6
Net sales	2,783.2	3,365.0	3,164.3	2,660.0	2,028.2	1,843.2	1,844.8	2,233.6	1,693.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	212.7	197.7	149.1	65.7	19.1	126.8	20.8	22.3	34.5
a. Loss from disposals of financial assets at FVTPL	210.0	196.0	148.7	65.2	18.1	126.6	20.8	22.3	34.5
b. Loss from revaluation of financial assets at FVTPL	2.3	2.4	0.2	0.4	0.6	0.3	—	—	—
c. Transaction cost of acquisition of financial assets at FVTPL	0.4	-0.7	—	—	—	—	—	—	—
d. Loss from revaluation of outstanding covered warrant payables	—	—	0.3	0.1	0.4	—	—	—	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-1.0	0.9	-0.5	0.8	0.7	1.1	1.0	0.8	3.2
2.6. Expenses for proprietary trading activities	—	0.0	0.0	0.0	0.0	—	—	—	—
2.7. Expenses for brokerage services	114.3	119.8	142.0	76.6	53.1	60.5	58.0	76.8	63.8
2.11. Expenses for secutiries custodian services	17.1	47.0	21.5	21.5	11.7	11.7	11.4	10.8	10.6
2.12. Other expenses	89.5	98.6	91.3	54.5	42.5	51.4	48.8	42.1	39.2
Operating expenses (21->33)	432.7	464.0	403.4	219.1	127.1	251.5	140.0	152.7	151.3
Gross profit	2,350.5	2,901.0	2,760.9	2,440.9	1,901.1	1,591.8	1,704.8	2,080.9	1,542.3
3.2. Dividends, interest income from demand deposits	10.8	11.8	17.3	9.3	6.9	6.4	5.6	3.6	1.9
3.4. Other income about investment	—	—	0.2	0.3	0.3	0.3	0.1	4.4	4.2
Total financial income (41->44)	10.8	11.8	17.5	9.6	7.2	6.7	5.7	8.0	6.1
4.2. Borrowing costs	688.7	619.4	536.2	497.3	402.1	416.1	454.5	338.3	262.3
4.4. Other investment expenses	52.8	49.4	47.6	72.1	57.8	59.0	23.0	14.7	9.1
Total financial expenses (51->54)	741.5	668.8	583.8	569.4	459.9	475.2	477.5	352.9	271.5
VI. General and Administrative expenses	161.2	202.6	170.7	148.0	137.7	190.5	136.5	123.2	116.7
VII. Net profit from securities business (20+50-40-60-61-62)	1,458.7	2,041.4	2,023.9	1,733.1	1,310.7	932.8	1,096.5	1,612.7	1,160.3
8.1. Other incomes	0.1	0.0	0.5	0.0	0.0	0.0	0.1	0.0	0.0
8.2. Other expenses	0.3	0.1	0.0	0.1	0.9	0.1	-0.4	0.8	0.0
Other profit (71-72)	-0.2	-0.0	0.5	-0.0	-0.8	-0.0	0.6	-0.8	-0.0
IX. Profit before tax (70+80)	1,458.4	2,041.4	2,024.4	1,733.1	1,309.8	932.8	1,097.1	1,611.9	1,160.3
9.1. Realised profit	1,458.2	2,042.1	2,021.8	1,731.8	1,309.8	932.4	1,097.1	1,611.9	1,160.3
9.2. Unrealised profit	0.2	-0.8	2.6	1.3	0.0	0.4	—	—	—
CORPORATE INCOME TAX	310.8	408.3	404.9	313.0	299.2	186.6	219.4	314.5	232.0
10.1. Current corporate income tax expenses	311.5	407.8	405.0	311.8	298.2	191.3	218.3	315.2	231.1
10.2. Deferred income tax expenses	-0.7	0.4	-0.1	1.2	1.0	-4.8	1.1	-0.7	0.8
XI. Net profit after tax (90-100)	1,147.6	1,633.1	1,619.5	1,420.1	1,010.7	746.2	877.6	1,297.5	928.4
11.1. Profit after tax for shareholders of the parents company	1,147.6	1,633.1	1,619.5	1,420.1	1,010.7	746.2	877.6	1,297.5	928.4
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	1,147.6	-11.8	65.4	-28.3	-12.9	-38.4	68.2	-13.0	-5.3
Total other comprehensive income	-12.1	-11.8	65.4	-28.3	-12.9	—	68.2	-13.0	-5.3
13.1. Earning per share	497.00	707.00	767.00	—	—	—	—	—	—
13.2. Diluted earning per share	493.00	—	—	—	—	—	—	—	—
Earnings per Share	359.18	514.84	510.57	676.55	515.29	380.48	771.81	1,141.01	816.58

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	85,027.4	76,612.8	78,382.8	61,740.7	52,969.0	49,894.7	46,537.9	48,861.6	44,026.4
Short-term financial assets	84,958.5	76,597.3	78,349.4	61,688.8	52,883.4	49,841.6	46,469.1	48,809.5	43,991.8
1. Cash and cash equivalents	5,493.2	3,108.1	5,291.5	2,997.6	2,310.0	2,864.6	3,265.8	2,775.5	2,077.9
1.1. Cash	5,326.2	3,108.1	5,130.5	2,910.6	2,273.0	2,864.6	3,265.8	2,538.5	1,840.9
1.2. Cash equivalents	167.0	—	161.0	87.0	37.0	—	—	237.0	237.0
2. Financial assets at fair value through profit or loss (FVTPL)	55.9	38.9	38.8	51.2	33.9	17.3	—	—	—
3. Held to maturity investments (HTM)	1,405.9	3,657.4	3,451.4	2,800.7	2,854.4	2,732.1	2,031.1	1,851.1	2,352.0
4. Loans	44,754.4	43,859.7	41,713.0	33,805.9	30,471.6	25,911.2	25,483.3	24,693.8	19,838.9
5. Available-for-sale financial assets (AFS)	32,248.9	25,218.4	27,078.7	21,171.8	16,229.0	17,670.5	13,495.6	18,783.1	19,152.4
6. Provisions for impairment loss of financial assets and mortgages	-11.8	-12.8	-11.9	-12.3	-11.5	-10.8	-9.7	-8.7	-8.0
7. Short-term receivables	865.9	686.8	526.9	578.7	472.3	539.1	457.7	435.1	350.2
7.1. Receivables from disposal of financial assets	219.8	0.2	—	—	—	—	—	—	—
7.2. Receivables and accruals from dividends and interest income	646.1	686.7	526.9	578.7	472.3	539.1	457.7	435.1	350.2
7.2.1. Due dividend and interest receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.7
7.2.2. Undue dividend and interest receivables	646.1	686.7	526.9	578.7	472.3	539.1	457.7	435.1	347.5
Prepayments to suppliers	11.1	5.7	3.6	6.9	3.4	1.9	8.7	1.8	2.2
9. Service related receivable	129.6	32.8	47.2	44.5	233.5	93.6	179.7	213.6	47.6
12. Other receivables	5.5	2.3	210.5	244.2	287.0	22.1	1,558.8	64.6	180.1
13. Provision for doubtful debts	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-1.9	-0.2	-1.6
II. Other short-term assets	68.9	15.5	33.3	51.9	85.6	53.2	68.9	52.0	34.6
1. Advances	0.5	0.4	0.3	0.3	0.3	0.2	0.2	0.2	0.2
2. Office supplies, tools	0.7	1.6	1.8	1.8	0.9	0.3	0.4	0.3	0.2
3. Short-term prepayments	67.8	13.4	31.2	49.7	84.3	52.7	68.2	51.5	34.2
4. Pledged assets, mortgages, security deposits in short term	0.0	0.0	0.0	—	—	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	3,637.5	4,019.5	3,390.2	3,393.5	3,360.6	3,349.4	3,330.1	3,159.8	3,158.1
I. Long-term financial assets	3,200.3	3,610.3	3,043.7	3,043.7	3,033.4	3,033.4	3,033.4	3,033.4	3,033.4
2. Long-term investments	3,200.3	3,610.3	3,043.7	3,043.7	3,033.4	3,033.4	3,033.4	3,033.4	3,033.4
2.1. Held to maturity investments (HTM)	—	410.0	—	—	—	—	—	—	—
2.5. Other long-term investments	3,200.3	3,200.3	3,043.7	3,043.7	3,033.4	3,033.4	3,033.4	3,033.4	3,033.4
II. Fixed assets	99.3	107.2	65.7	67.9	50.1	50.7	47.0	52.6	58.1
1. Tangible fixed assets	29.6	33.2	37.2	36.9	40.6	40.0	36.9	41.0	45.1
- Cost	126.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-97.2	—	—	—	—	—	—	—	—
3. Intangible fixed assets	69.6	74.0	28.4	31.0	9.5	10.7	10.1	11.6	13.0
- Cost	138.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-69.1	—	—	—	—	—	—	—	—
IV. Construction in progress	73.5	53.8	34.6	14.8	16.5	8.5	8.5	8.5	5.5
V. Other long-term assets	264.4	248.3	246.2	267.1	260.6	256.7	241.2	65.3	61.1
1. Pledged assets, mortgages, security deposits in long term	183.4	183.4	188.6	195.2	195.2	195.2	195.2	0.2	0.2
2. Long-term prepayments	27.1	17.0	10.9	8.8	8.1	8.9	7.7	8.7	8.5
3. Deferred income tax assets	23.0	17.8	16.7	33.0	27.1	23.8	9.5	27.6	23.6
4. Payment for Settlement Assistance Fund	20.9	20.0	20.0	20.0	20.0	18.8	18.8	18.8	18.8
5. Other long-term assets	10.1	10.1	10.1	10.1	10.1	10.0	10.0	10.0	10.0
TOTAL ASSETS (270=100+200)	88,664.9	80,632.3	81,773.0	65,134.2	56,329.6	53,244.1	49,868.0	52,021.4	47,184.5
A. LIABILITIES (300=310+340)	43,198.5	36,532.7	39,294.7	35,071.0	29,034.9	26,947.2	24,278.8	27,378.1	22,631.9
I. Short -term liabilities	40,601.2	35,016.9	38,288.9	33,563.5	29,024.8	25,934.3	20,399.9	24,777.3	21,911.9
1. Short-term borrowings	37,356.3	31,079.7	30,374.7	27,437.9	23,174.7	20,523.0	18,250.5	22,348.6	20,850.1
1.1. Short-term borrowings	37,356.3	31,079.7	30,374.7	27,437.9	23,174.7	20,523.0	18,250.5	22,348.6	20,850.1
4. Short-term bonds	1,506.6	1,504.3	4,367.6	4,569.2	4,575.8	3,574.9	750.8	90.4	81.1
6. Payables to securities trading activities	63.3	51.1	1,383.1	72.0	46.0	30.4	82.8	45.2	169.6
8. Trade accounts payable	1.6	2.0	0.1	0.1	0.0	0.1	0.1	0.1	2.0
9. Advances from customers	—	—	—	—	78.0	126.0	—	—	—
10. Taxes and other payables to state authorities	448.6	1,384.7	1,035.9	603.7	381.0	878.4	698.3	493.7	326.1
11. Payable to employees	165.1	231.8	184.8	150.7	119.9	184.0	118.5	96.1	74.0
12. Employee welfare payables	0.3	1.5	0.9	0.5	1.2	0.8	0.3	0.8	0.7
13. Accrued expenses	378.6	265.8	343.7	231.8	206.9	191.1	168.6	137.3	105.5
15. Unearned revenue	344.6	375.5	469.7	366.2	273.2	251.2	166.4	223.6	205.8
17. Other payables	335.9	120.1	128.1	131.2	167.8	174.1	163.4	1,341.3	96.7
19. Bonus and welfare fund	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
II. Long-term liabilities	2,597.3	1,515.7	1,005.7	1,507.4	10.1	1,012.9	3,879.0	2,600.7	720.1
4. Long-term bonds	1,500.5	1,510.0	999.9	1,500.1	4.4	1,006.4	3,873.4	2,596.3	714.0
9. Unearned revenue	4.2	5.7	5.8	7.3	5.7	6.5	5.5	4.4	6.0
13. Provision for investor's damage claims	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+420)	45,466.4	44,099.6	42,478.3	30,063.2	27,294.7	26,297.0	25,589.1	24,643.3	24,552.6
I. Owner's equity	45,466.4	44,099.6	42,478.3	30,063.2	27,294.7	26,297.0	25,589.1	24,643.3	24,552.6
1. Investment capital from owners	31,951.4	31,720.1	31,720.1	20,989.9	19,613.2	19,613.2	11,371.2	11,371.2	11,368.9
1.1. Capital from owners	23,115.8	23,113.1	23,113.1	20,801.6	19,613.2	19,613.2	2,179.2	2,179.2	2,177.0
a. Common stock	23,115,834,960,000.00	23,113,080,210,000.00	23,113,080,210,000.00	20,801,580,210,000.00	19,613,221,200,000.00	19,613,221,200,000.00	2,179,246,800,000.00	2,179,246,800,000.00	2,176,994,200,000.00
1.2. Share premium	8,607.0	8,607.0	8,607.0	188.4	—	—	9,191.9	9,191.9	9,191.9
2. Assets revaluation differences	-4.6	7.5	19.3	-46.1	-17.9	-5.0	33.5	-34.8	-21.8
7. Undistributed earnings after tax	13,519.7	12,372.0	10,739.0	9,119.4	7,699.4	6,688.7	14,184.5	13,306.9	13,205.5
7.1. Realised profits	13,494.7	12,347.9	10,713.6	9,096.8	7,676.9	6,665.3	14,165.7	13,286.9	13,186.3
7.2. Unrealised losses	25.0	24.1	25.3	22.6	22.5	23.4	18.9	20.0	19.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	88,664.9	80,632.3	81,773.0	65,134.2	56,329.6	53,244.1	49,868.0	52,021.4	47,184.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	1,458.4	2,041.4	2,024.4	1,733.1	1,309.8	932.8	1,097.1	1,611.9	1,160.3
2. Adjustments for	50.5	466.9	594.6	396.1	-64.4	339.9	440.2	255.7	-74.0
- Depreciation and amortization	7.9	7.3	6.5	5.9	5.2	5.7	5.6	5.6	6.6
- (Reversal of provisions)/provisions	—	-0.0	0.0	-0.7	0.7	-0.6	2.7	-0.6	4.6
- Interest expense	688.7	619.4	536.2	497.3	402.1	416.1	454.5	338.3	262.3
- Accrued interest income	-646.1	-159.8	51.8	-106.4	-472.3	-81.4	-22.6	-87.6	-347.5
3. Add non-cash expenses	1.7	2.5	-0.0	3.1	—	—	—	—	—
- Loss from revaluation losses of FVTPL financial assets	2.7	1.7	0.5	1.6	—	—	—	—	—
- Loss for impairment of loans	-1.0	0.4	—	1.5	—	—	—	—	—
- Value decline of available-for-sale financial assets	—	—	1.1	—	—	—	—	—	—
4. Less non-cash income	-2.9	-0.9	-3.1	-3.0	—	—	—	—	—
- Gains from revaluation gains of FVTPL financial assets	-2.9	-0.9	-3.1	-3.0	—	—	—	—	—
5. Changes of assets and liabilities	-5,297.1	-916.7	-14,368.0	-8,274.6	-3,274.9	-5,369.2	2,764.2	-3,216.8	-7,541.9
- Increase/decrease in FVTPL financial assets	-16.8	-0.9	15.0	-15.9	-16.6	-17.3	—	—	—
- Increase/decrease in held to maturity investments	2,661.5	-616.1	-650.7	53.7	-122.3	-701.0	-180.0	500.9	-1,060.0
- Increase/decrease in loan	-894.7	-2,146.7	-7,907.1	-3,334.3	-4,560.3	-427.9	-789.5	-4,854.9	-3,219.7
- Increase/decrease in AFS financial assets	-7,047.1	1,846.9	-5,825.1	-4,978.1	1,424.4	-4,223.0	3,733.8	1,137.1	-3,262.2
6. Operating profit before changes in working capital	-3,789.3	1,593.2	-11,752.1	-6,145.2	-2,029.4	-4,096.6	4,301.5	-1,349.2	-6,455.5
Increase/decrease in receiables sale of financial assets	-219.6	-0.2	—	—	—	—	—	—	—
Increase/decrease in receiables interest of financial assets	686.7	-0.0	0.0	-0.0	539.1	-0.0	0.0	2.7	335.1
Increase/decrease in service related receivables	-96.8	-111.6	-2.7	189.0	-139.8	86.1	33.9	-166.0	-31.6
Increases/decreases in other receivables	-8.6	206.1	37.1	39.3	-266.4	1,543.5	-1,503.9	118.2	2,529.2
Increase/decrease in other assets	0.0	5.2	6.6	-0.9	-2.1	0.1	-194.7	-0.6	-2.6
- Increase/(decrease) in payables (other than interest, corporate income tax)	-8.2	-67.0	101.6	125.1	-106.8	-135.9	103.8	-23.9	-18.6
- (Increase)/decrease in prepaid expenses	-64.5	11.7	16.4	34.0	-30.9	14.3	-17.1	-16.2	-0.1
- Corporate income tax paid	-1,276.0	-10.0	-60.0	-60.0	-839.6	0.0	0.0	-159.7	-423.8
- Interest paid	-567.8	-630.3	-525.8	-513.0	-364.1	-257.7	-526.7	-282.7	-275.3
Increases/decreaese in trade payables	-0.4	127.9	0.0	-78.0	-48.0	126.0	-0.0	-1.4	0.8
Increases/decreases in employee welfare payables	-1.1	0.6	0.4	-0.7	0.4	0.5	-0.5	0.1	-0.1
Increases/decreases in tax and other payables to the State Budget	28.4	-49.0	87.2	-29.2	44.0	-11.2	-13.7	12.1	22.5
Increases/dcreases in payable to employees	-66.7	47.0	34.1	30.8	-64.1	65.5	22.3	22.1	-71.7
Increases/dcreases in other payables	19.0	-1,435.7	1,409.1	-2.0	114.2	806.9	1,645.8	-190.4	254.5
Net cash flows from securities trading activities	-5,364.9	-312.2	-10,648.1	-6,410.7	-3,193.5	-1,858.5	3,850.7	-2,034.8	-4,137.3
1. Payment for fixed assets, constructions and other long-term assets	-19.7	-68.0	-24.1	-22.0	-12.5	-9.5	-0.0	-3.1	-2.9
5. Payments for investment in other entities	—	-165.0	0.0	-10.2	—	—	—	—	—
6. Collections on investment in other entities	—	8.4	—	—	—	—	—	—	—
Net cash flows from investing activities	-19.7	-224.6	-24.1	-32.2	-12.5	-9.5	-0.0	-3.1	-2.9
1. Receipts from equity issue and owner's capital contribution	231,314,318,500.00	0.00	10,730,125,515,433.00	1,376,713,913,085.00	—	0.00	0.00	2,252,600,000.00	—
3. Short-term and long-term borrowings	32,601.2	34,919.4	21,459.8	21,042.2	18,154.9	13,936.3	17,994.8	25,925.9	23,291.5
3.2. Other borrowings	32,601.2	34,919.4	21,459.8	21,042.2	18,154.9	13,936.3	17,994.8	25,925.9	23,291.5
4. Principal repayments	-25,062.7	-36,566.0	-19,223.9	-15,288.4	-15,503.5	-12,469.5	-20,159.2	-23,192.7	-21,655.6
4.3. Other principal repayments	-25,062.7	-36,566.0	-19,223.9	-15,288.4	-15,503.5	-12,469.5	-20,159.2	-23,192.7	-21,655.6
6. Dividends paid, profits distributed to owners	—	—	—	—	—	-0.0	-1,196.0	—	—
Net cash flows from financing activities	7,769.8	-1,646.7	12,966.1	7,130.5	2,651.4	1,466.8	-3,360.4	2,735.5	1,635.9
IV. Net cash flows during the period	2,385.1	-2,183.4	2,293.9	687.6	-554.6	-401.2	490.3	697.6	-2,504.3
V. Cash and cash equivalents at begingning of the period	3,108.1	5,291.5	2,997.6	2,310.0	2,864.6	3,265.8	2,775.5	2,077.9	4,582.2
Cash and cash equivalents at end of period	5,493.2	3,108.1	5,291.5	2,997.6	2,310.0	2,864.6	3,265.8	2,775.5	2,077.9
- Cash equivalents	167.0	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	229,667.3	240,896.9	260,780.9	188,068.9	48,299.8	91,526.9	112,520.0	93,356.6	202,525.4
2. Money spent on buying brokerage securities for customers	-258,298.9	-256,895.4	-303,429.0	-227,319.3	-56,329.5	-129,630.6	-118,237.8	-122,298.9	-205,112.0
9. Receive deposits to pay for securities transactions of customers	369,409.0	376,646.1	435,049.6	311,177.0	75,360.3	195,446.5	146,146.9	-431,729.4	876,771.1
10. Margin deposit of investors at VSD	6.4	-33.3	7.5	5.7	45.7	-68.0	—	111.7	—
11. Payment for customers' securities transactions	-341,058.1	-362,705.9	-391,481.8	-274,891.2	-62,518.6	-155,398.2	-143,209.0	462,508.4	-869,945.6
14. Payment of customers' securities depository fees	-18.1	-17.7	-14.4	-24.9	-3.8	-11.2	-11.5	-13.0	-12.0
17. Proceeds from Securities Issuers	19,467.7	41,007.8	35,916.7	38,224.8	24,205.8	22,731.8	69,212.3	58,618.1	39,854.0
18. Payments to Securities Issuers	-19,517.0	-40,958.4	-35,916.7	-38,224.8	-24,250.4	-22,691.5	-69,316.3	-58,523.5	-40,871.8
Increase / decrease of net money during the period	-341.8	-2,059.9	912.7	-2,983.8	4,809.3	2,017.3	-3,007.1	2,030.0	3,209.2
II. Cash and cash equivalents at the beginning of the period of the customer	10,702.6	12,762.5	11,849.8	14,833.5	10,024.2	8,006.9	11,014.0	8,984.0	5,774.7
-Securities clearing and settlement deposits	4,206.0	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	49.4	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	10,360.8	10,702.6	12,762.5	11,849.8	14,833.5	10,024.2	8,006.9	11,014.0	8,984.0
-Securities clearing and settlement deposits	3,499.1	—	—	—	—	—	—	—	—

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TCX

Securities House Picture

Drivers of TCX's profit

Financial Highlights

Is revenue sustainable?

Revenue Mix & Earnings Engine ▲

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Are assets at risk?

Balance Sheet Quality & Asset Composition ●

Is leverage safe?

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Investment Takeaway

Statement Data

Revenue Mix & Earnings Engine

Profitability Quality & Volatility

Balance Sheet Quality & Asset Composition

Capital, Funding & Risk Posture