TVB

Chứng khoán T-Cap ·HOSE ·2026Q1

▼▼ BALANCED OPERATIONS

Balanced operations NPAT -126.9% YoY

Price

7,440

Latest close

02 Jun 2026

EPS TTM (TTM) -288

BVPS (Latest) 9,639

P/E (Price/EPS) -25.8x

P/B (Price/BVPS) 0.8x

ROAE TTM (TTM) -2.8%

PBT Margin (TTM) -47.1%

Trading Share (Mix) 96.8%

Service & Brokerage Share (Mix) 2.9%

Equity / Assets (Latest) 97.7%

Leverage (Latest) 0.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 32.5bn, equivalent to a pre-tax margin of -47.1%, showing a profit base that is under clearer pressure, while margin has narrowed by 119.0pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 96.8% but narrowing by 1.6pp, while lending is at 0.3%; brokerage and services are still only 2.9%, so diversification remains thin. On the balance sheet, Equity / Assets is 97.7% while Leverage is about 0.02x, indicating a still relatively balanced capital posture.

	                            
	                                Trading
	                            
	                        
Doanh thu 60,9 tỷ
−54,0%
Lãi thuần −8,68 tỷ
−106,9%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 0,17 tỷ
−61,0%
Dư nợ 4,64 tỷ
+0,0%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 1,49 tỷ
+15,5%
Lãi thuần −2,50 tỷ
+44,6%

Metric	2025	2024
PBT	20.0	114.4
Trading Share	98.0%	98.3%
Lending Share	0.2%	0.4%
Service & Brokerage Share	1.8%	1.3%
PBT Margin	21.98%	62.15%
Equity / Assets	97.3%	97.2%
Leverage	0.03x	0.03x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	-19.8	-22.8	37.6	-27.5	32.7	-19.7	46.8	38.8	48.5
Trading Share	97.1%	135.8%	99.0%	85.5%	99.5%	106.8%	99.2%	98.0%	98.6%
Lending Share	0.1%	-4.3%	0.0%	2.5%	0.0%	-1.2%	0.2%	0.5%	0.3%
Service & Brokerage Share	2.8%	-31.5%	1.0%	12.0%	0.5%	-5.5%	0.6%	1.4%	1.2%
PBT Margin	-110.01%	1507.35%	78.53%	-586.39%	82.17%	285.05%	81.33%	83.14%	55.91%
Equity / Assets	97.7%	97.3%	98.7%	98.9%	97.6%	97.6%	89.3%	96.6%	96.4%
Leverage	0.02x	0.03x	0.01x	0.01x	0.03x	0.02x	0.12x	0.04x	0.04x

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?

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 96.8%, lending is at 0.3%, brokerage is around 2.4%, other services about 0.5%, brokerage plus services together are 2.9%.

The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.

Revaluation is currently a drag rather than a standalone headline driver.

The revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.

Key risks

Key signals

Securities business revenue 69.1bn −49.7% YoY

PBT margin -47.1% −119.0pp

Trading Share 96.8% −1.6pp

Revaluation / Trading -65.9% —

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Profitability has broken more clearly, so this section should be read as a profit-hit case rather than a technical fluctuation.

Pre-tax margin is currently -47.1%, Return on assets is about -2.8%.

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.

Key risks

Return profile remains weak

ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.

Key signals

PBT margin -47.1% −119.0pp

Net margin -45.8% −131.4pp

ROAA -2.8% −12.9pp

ROAE -2.8% −13.2pp

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 prop book, making market-valuation sensitivity a key issue to monitor.

The margin book is about 0.4% of assets, the prop book about 25.3%, liquid assets around 7.4%, equity roughly 97.7%.

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.

Key risks

Prop-book concentration risk

A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.

Key signals

Margin book / Assets 0.4% —

Prop book / Assets 25.3% −22.5pp

Liquid assets / Assets 7.4% −6.5pp

Equity / Assets 97.7% +0.2pp

Liabilities / Equity 0.02x —

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 97.7% of assets, liabilities stand at 0.02x 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 looks adequate for now, though it still needs monitoring as funding structure shifts.

Key risks

Key signals

Equity / Assets 97.7% +0.2pp

Liabilities / Equity 0.02x —

Liquid assets / Assets 7.4% −6.5pp

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, TVB 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.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	82.0	178.5
a. Realised gains on disposals of FVTPL financial assets	80.0	225.7
b. Gains from revaluation of FVTPL financial assets	-2.1	-63.3
c. Dividends and interest income from FVTPL financial assets	4.0	16.1
1.2. Gains from held to maturity investments	7.2	2.5
1.3. Interest income from loans and receivables	0.2	0.7
1.6. Revenue from brokerage services	1.2	2.1
1.10. Revenue from securities custody services	0.3	0.3
1.11. Other revenue	0.0	0.0
Revenue from securities business (01->11)	90.9	184.1
Net sales	90.9	184.1
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	37.4	26.4
a. Loss from disposals of financial assets at FVTPL	32.9	30.9
b. Loss from revaluation of financial assets at FVTPL	4.4	-4.5
2.6. Expenses for proprietary trading activities	8.9	17.7
2.7. Expenses for brokerage services	4.0	7.2
2.11. Expenses for secutiries custodian services	0.4	0.4
2.12. Other expenses	0.1	0.1
Operating expenses (21->33)	50.6	51.7
Gross profit	40.3	132.3
3.2. Dividends, interest income from demand deposits	1.2	2.4
Total financial income (41->44)	1.2	2.4
VI. General and Administrative expenses	21.5	20.2
VII. Net profit from securities business (20+50-40-60-61-62)	20.0	114.5
8.1. Other incomes	0.0	0.0
8.2. Other expenses	0.1	0.2
Other profit (71-72)	-0.1	-0.2
IX. Profit before tax (70+80)	20.0	114.4
9.1. Realised profit	26.5	173.2
9.2. Unrealised profit	-6.5	-58.8
CORPORATE INCOME TAX	-0.9	-11.8
10.1. Current corporate income tax expenses	—	0.0
10.2. Deferred income tax expenses	-0.9	-11.8
XI. Net profit after tax (90-100)	20.9	126.1
11.1. Profit after tax for shareholders of the parents company	20.9	126.1
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-28.1	-2.4
Total other comprehensive income	-28.1	-2.4
13.1. Earning per share	191.00	1,125.00
13.2. Diluted earning per share	—	1,125.00
Earnings per Share	188.42	1,108.83

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	1,127.5	1,166.8
Short-term financial assets	950.1	1,125.7
1. Cash and cash equivalents	25.1	581.6
1.1. Cash	25.1	531.6
1.2. Cash equivalents	—	50.0
2. Financial assets at fair value through profit or loss (FVTPL)	542.9	256.2
3. Held to maturity investments (HTM)	—	20.0
4. Loans	4.6	5.2
5. Available-for-sale financial assets (AFS)	253.1	123.5
6. Provisions for impairment loss of financial assets and mortgages	-4.6	-4.6
7. Short-term receivables	2.4	2.1
7.1. Receivables from disposal of financial assets	1.8	—
7.2. Receivables and accruals from dividends and interest income	0.6	2.1
7.2.2. Undue dividend and interest receivables	0.6	2.1
Prepayments to suppliers	0.6	0.3
9. Service related receivable	0.4	0.4
12. Other receivables	467.8	483.3
13. Provision for doubtful debts	-342.3	-342.3
II. Other short-term assets	177.4	41.1
1. Advances	59.5	36.4
3. Short-term prepayments	0.7	1.8
4. Pledged assets, mortgages, security deposits in short term	115.1	0.1
Taxes and other receivables from state authorities	2.0	2.8
B. LONG-TERM ASSETS (200=210+220+240+250-260)	17.1	15.3
II. Fixed assets	1.5	0.2
1. Tangible fixed assets	1.5	0.2
- Cost	7.6	5.9
- Accumulated depreciation	-6.2	-5.7
3. Intangible fixed assets	0.0	0.1
- Cost	9.0	9.0
- Accumulated depreciation	-9.0	-8.9
V. Other long-term assets	15.6	15.1
1. Pledged assets, mortgages, security deposits in long term	0.3	0.3
2. Long-term prepayments	0.7	0.2
4. Payment for Settlement Assistance Fund	14.5	14.6
TOTAL ASSETS (270=100+200)	1,144.6	1,182.2
A. LIABILITIES (300=310+340)	30.4	33.5
I. Short -term liabilities	30.4	32.6
6. Payables to securities trading activities	0.2	0.1
8. Trade accounts payable	0.0	18.6
9. Advances from customers	0.4	0.4
10. Taxes and other payables to state authorities	0.6	0.0
11. Payable to employees	0.4	0.5
12. Employee welfare payables	0.6	0.6
13. Accrued expenses	11.1	11.5
17. Other payables	17.1	0.8
II. Long-term liabilities	—	0.9
14. Deferred income tax liabilities	—	0.9
B. OWNER'S EQUITY (400=410+420)	1,114.2	1,148.7
I. Owner's equity	1,114.2	1,148.7
1. Investment capital from owners	1,107.9	1,137.7
1.1. Capital from owners	1,121.0	1,121.0
a. Common stock	1,120,970,190,000.00	1,120,970,190,000.00
1.2. Share premium	16.7	16.7
1.5. Treasury shares	-29,755,000,000.00	—
2. Assets revaluation differences	-28.1	-2.4
4. Supplementary capital reserve	6.5	6.5
7. Undistributed earnings after tax	27.8	6.9
7.1. Realised profits	29.8	3.3
7.2. Unrealised losses	-2.0	3.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	1,144.6	1,182.2

Item	2025	2024
1. Profit before tax	20.0	114.4
2. Adjustments for	-1.4	-4.1
- Depreciation and amortization	0.5	0.4
- Loss/(profits) from other investing activities	-1.2	-2.4
- Accrued interest income	-0.6	-2.1
3. Add non-cash expenses	-4.4	4.5
- Loss from revaluation losses of FVTPL financial assets	-4.4	4.5
4. Less non-cash income	2.1	63.3
- Gains from revaluation gains of FVTPL financial assets	2.1	63.3
5. Changes of assets and liabilities	-419.0	197.8
- Increase/decrease in FVTPL financial assets	-284.3	192.2
- Increase/decrease in held to maturity investments	20.0	-20.0
- Increase/decrease in loan	0.6	11.0
- Increase/decrease in AFS financial assets	-155.2	14.6
6. Operating profit before changes in working capital	-402.8	375.8
Increase/decrease in receiables sale of financial assets	-1.8	26.0
Increase/decrease in receiables interest of financial assets	0.3	1.2
Increase/decrease in service related receivables	-0.0	-0.1
Increases/decreases in other receivables	-98.0	-2.1
Increase/decrease in other assets	-23.2	-37.2
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.4	9.9
- (Increase)/decrease in prepaid expenses	0.5	1.2
- Corporate income tax paid	—	-1.2
Increases/decreaese in trade payables	-18.5	18.7
Increases/decreases in employee welfare payables	-0.0	-0.1
Increases/decreases in tax and other payables to the State Budget	1.4	-0.2
Increases/dcreases in payable to employees	-0.2	-5.4
Increases/dcreases in other payables	-13.4	—
- Other payments for operating activities	—	-0.1
Net cash flows from securities trading activities	-556.0	386.5
1. Payment for fixed assets, constructions and other long-term assets	-1.7	—
7. Dividends, interest and profit received	1.2	2.4
Net cash flows from investing activities	-0.5	2.4
IV. Net cash flows during the period	-556.5	388.9
V. Cash and cash equivalents at begingning of the period	581.6	192.6
Cash at bank	581.6	192.6
- Cash at bank for securities company activities	531.6	77.6
- Cash equivalents	50.0	115.0
Cash and cash equivalents at end of period	25.1	581.6
Cash at bank	25.1	581.6
- Cash at bank for securities company activities	25.1	531.6
- Cash equivalents	—	50.0
1. Proceeds from sale of brokerage securities to customers	395.4	674.7
2. Money spent on buying brokerage securities for customers	-597.1	-740.5
9. Receive deposits to pay for securities transactions of customers	752.0	1,321.2
11. Payment for customers' securities transactions	-579.0	-1,211.6
14. Payment of customers' securities depository fees	-0.3	-0.2
17. Proceeds from Securities Issuers	5.7	5.6
18. Payments to Securities Issuers	1.0	-0.0
Increase / decrease of net money during the period	-22.3	49.2
II. Cash and cash equivalents at the beginning of the period of the customer	68.8	19.6
Cash at bank	68.8	19.6
-Deposits of investors on securities transactions under the Securities Company management method	68.8	19.6
III. Cash and cash equivalents at the end of the period of the customer	46.5	68.8
Cash at bank	46.5	68.8
-Deposits of investors on securities transactions under the Securities Company management method	46.5	68.8

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)	17.5	-2.1	42.5	2.9	38.7	-8.0	56.5	45.3	84.8
a. Realised gains on disposals of FVTPL financial assets	25.9	17.6	15.3	38.8	8.4	21.2	40.1	75.9	88.5
b. Gains from revaluation of FVTPL financial assets	-8.6	-21.9	26.8	-36.3	29.4	-30.8	10.1	-38.5	-4.1
c. Dividends and interest income from FVTPL financial assets	0.2	2.2	0.4	0.5	0.9	1.6	6.3	7.9	0.3
1.2. Gains from held to maturity investments	—	—	4.9	1.3	1.0	0.6	0.6	0.5	0.7
1.3. Interest income from loans and receivables	0.0	0.1	0.0	0.1	0.0	0.1	0.1	0.3	0.2
1.6. Revenue from brokerage services	0.5	0.4	0.3	0.3	0.1	0.3	0.3	0.6	0.9
1.10. Revenue from securities custody services	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
1.11. Other revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Revenue from securities business (01->11)	18.0	-1.5	47.9	4.7	39.8	-6.9	57.6	46.7	86.7
Net sales	18.0	-1.5	47.9	4.7	39.8	-6.9	57.6	46.7	86.7
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	30.2	14.8	2.0	22.5	-2.0	8.9	2.2	-3.2	18.4
a. Loss from disposals of financial assets at FVTPL	32.7	1.1	2.0	29.8	—	2.7	0.2	12.2	15.7
b. Loss from revaluation of financial assets at FVTPL	-2.5	13.7	—	-7.3	-2.0	6.2	2.0	-15.4	2.7
2.6. Expenses for proprietary trading activities	1.6	1.8	1.8	2.6	2.6	-0.3	2.6	6.7	8.7
2.7. Expenses for brokerage services	1.0	0.9	1.0	1.1	1.0	1.0	1.4	2.5	2.4
2.11. Expenses for secutiries custodian services	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2.12. Other expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating expenses (21->33)	32.8	17.7	4.9	26.3	1.7	9.7	6.3	6.1	29.6
Gross profit	-14.8	-19.2	43.0	-21.6	38.1	-16.6	51.2	40.6	57.1
3.2. Dividends, interest income from demand deposits	0.1	0.7	0.1	0.1	0.3	1.2	0.6	0.4	0.2
Total financial income (41->44)	0.1	0.7	0.1	0.1	0.3	1.2	0.6	0.4	0.2
VI. General and Administrative expenses	5.0	4.3	5.5	5.9	5.7	4.2	5.0	2.1	8.9
VII. Net profit from securities business (20+50-40-60-61-62)	-19.7	-22.8	37.6	-27.4	32.7	-19.6	46.8	38.8	48.5
8.1. Other incomes	0.0	0.0	0.0	—	—	0.0	—	0.0	—
8.2. Other expenses	0.1	0.0	—	0.1	—	0.2	—	—	—
Other profit (71-72)	-0.1	-0.0	0.0	-0.1	—	-0.2	—	0.0	—
IX. Profit before tax (70+80)	-19.8	-22.8	37.6	-27.5	32.7	-19.7	46.8	38.8	48.5
9.1. Realised profit	-13.7	12.8	10.8	1.6	1.3	17.3	38.7	62.0	55.2
9.2. Unrealised profit	-6.1	-35.6	26.8	-29.0	31.4	-37.0	8.1	-23.1	-6.8
CORPORATE INCOME TAX	—	—	—	-0.9	—	-33.5	8.1	6.6	7.0
10.1. Current corporate income tax expenses	—	—	—	—	—	-26.1	6.5	11.2	8.3
10.2. Deferred income tax expenses	—	—	—	-0.9	—	-7.4	1.6	-4.6	-1.4
XI. Net profit after tax (90-100)	-19.8	-22.8	37.6	-26.6	32.7	13.7	38.7	32.3	41.5
11.1. Profit after tax for shareholders of the parents company	-19.8	-22.8	37.6	-26.6	32.7	13.7	38.7	32.3	41.5
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-54.5	-28.1	-14.0	-0.0	-18.2	-2.4	18.2	1.1	—
Total other comprehensive income	-54.5	-28.1	-14.0	-0.0	-18.2	-2.4	18.2	1.1	-0.0
13.1. Earning per share	-182.00	-209.00	335.00	237.00	292.00	122.00	345.00	288.00	370.00
13.2. Diluted earning per share	-182.00	-209.00	335.00	237.00	292.00	122.00	345.00	288.00	370.00
Earnings per Share	-178.87	-206.20	330.50	-233.53	287.64	120.56	339.95	283.64	364.69

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)	1,076.2	1,127.5	1,180.4	1,154.5	1,178.7	1,161.5	1,280.2	1,123.7	1,091.2
Short-term financial assets	846.1	950.1	972.4	1,105.4	1,104.0	1,123.3	1,270.9	1,116.3	1,083.1
1. Cash and cash equivalents	60.8	25.1	37.2	832.5	166.2	581.6	467.7	718.2	489.8
1.1. Cash	60.8	25.1	37.2	107.5	46.2	531.6	429.7	610.2	369.8
1.2. Cash equivalents	—	—	—	725.0	120.0	50.0	38.0	108.0	120.0
2. Financial assets at fair value through profit or loss (FVTPL)	276.8	542.9	472.4	93.0	571.6	256.2	312.6	196.1	448.3
3. Held to maturity investments (HTM)	—	—	—	—	20.0	20.0	20.0	—	—
4. Loans	4.6	4.6	4.6	41.0	4.6	5.2	9.8	6.9	4.9
5. Available-for-sale financial assets (AFS)	380.6	253.1	316.4	—	202.7	123.5	319.4	53.0	—
6. Provisions for impairment loss of financial assets and mortgages	-4.6	-4.6	-4.6	-4.6	-4.6	-4.6	-4.6	-4.6	-4.6
7. Short-term receivables	0.6	2.4	4.1	1.6	1.5	2.1	5.2	0.8	4.4
7.1. Receivables from disposal of financial assets	—	1.8	3.5	—	—	—	—	—	3.6
7.2. Receivables and accruals from dividends and interest income	0.6	0.6	0.6	1.6	1.5	2.1	5.2	0.8	0.8
7.2.2. Undue dividend and interest receivables	0.6	0.6	0.6	1.6	1.5	2.1	5.2	0.8	0.8
Prepayments to suppliers	0.7	0.6	0.8	0.4	0.5	0.3	0.4	0.4	0.3
9. Service related receivable	0.5	0.4	0.4	0.5	0.5	0.4	0.4	0.4	0.4
12. Other receivables	468.3	467.8	483.3	483.3	483.3	480.9	482.3	487.3	481.9
13. Provision for doubtful debts	-342.3	-342.3	-342.3	-342.3	-342.3	-342.3	-342.3	-342.3	-342.3
II. Other short-term assets	230.2	177.4	208.0	49.1	74.6	38.3	9.3	7.4	8.1
1. Advances	112.2	59.5	103.8	44.7	70.0	36.4	6.5	6.5	6.5
3. Short-term prepayments	0.9	0.7	1.0	0.9	1.4	1.8	2.7	0.8	1.5
4. Pledged assets, mortgages, security deposits in short term	115.1	115.1	100.1	0.1	0.1	0.1	0.1	0.1	0.1
Taxes and other receivables from state authorities	2.0	2.0	3.1	3.4	3.2	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	16.8	17.1	16.0	16.0	16.2	15.3	14.8	15.1	15.3
II. Fixed assets	1.4	1.5	1.6	1.7	1.8	0.2	0.3	0.4	0.5
1. Tangible fixed assets	1.4	1.5	1.5	1.6	1.8	0.2	0.2	0.3	0.3
- Cost	7.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-6.2	—	—	—	—	—	—	—	—
3. Intangible fixed assets	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
- Cost	9.0	—	—	—	—	—	—	—	—
- Accumulated depreciation	-9.0	—	—	—	—	—	—	—	—
V. Other long-term assets	15.4	15.6	14.4	14.3	14.4	15.1	14.5	14.7	14.8
1. Pledged assets, mortgages, security deposits in long term	0.2	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.2
2. Long-term prepayments	0.7	0.7	0.1	0.0	0.1	0.2	0.4	0.6	0.7
4. Payment for Settlement Assistance Fund	14.5	14.5	13.9	13.9	13.9	14.6	13.8	13.8	13.8
TOTAL ASSETS (270=100+200)	1,093.0	1,144.6	1,196.4	1,170.5	1,194.9	1,176.9	1,295.0	1,138.8	1,106.5
A. LIABILITIES (300=310+340)	25.1	30.4	15.4	13.2	29.3	28.2	138.3	38.9	40.0
I. Short -term liabilities	25.1	30.4	15.4	13.2	28.4	27.3	130.0	32.3	28.7
6. Payables to securities trading activities	0.3	0.2	0.1	0.1	0.1	0.1	0.2	0.2	0.2
8. Trade accounts payable	0.2	0.0	—	0.1	19.7	18.6	92.8	—	—
9. Advances from customers	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
10. Taxes and other payables to state authorities	0.2	0.6	0.0	—	0.0	-1.5	24.5	19.5	7.6
11. Payable to employees	2.2	0.4	2.5	0.2	3.9	0.5	0.0	0.0	5.7
12. Employee welfare payables	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.7	0.6
13. Accrued expenses	11.1	11.1	11.0	10.9	2.8	7.7	10.7	10.6	13.4
17. Other payables	10.1	17.1	0.8	0.8	0.8	0.8	0.8	0.8	0.8
II. Long-term liabilities	—	—	—	—	0.9	0.9	8.3	6.7	11.3
14. Deferred income tax liabilities	—	—	—	—	0.9	0.9	8.3	6.7	11.3
B. OWNER'S EQUITY (400=410+420)	1,067.9	1,114.2	1,180.9	1,157.3	1,165.6	1,148.7	1,156.7	1,099.9	1,066.5
I. Owner's equity	1,067.9	1,114.2	1,180.9	1,157.3	1,165.6	1,148.7	1,156.7	1,099.9	1,066.5
1. Investment capital from owners	1,107.9	1,107.9	1,137.7	1,137.7	1,137.7	1,137.7	1,137.7	1,137.7	1,137.7
1.1. Capital from owners	1,121.0	1,121.0	1,121.0	1,121.0	1,121.0	1,121.0	1,121.0	1,121.0	1,121.0
a. Common stock	1,120,970,190,000.00	1,120,970,190,000.00	1,120,970,190,000.00	1,120,970,190,000.00	1,120,970,190,000.00	1,120,970,190,000.00	1,120,970,190,000.00	1,120,970,190,000.00	1,120,970,190,000.00
1.2. Share premium	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7	16.7
1.5. Treasury shares	-29,755,000,000.00	-29,755,000,000.00	—	—	—	—	—	—	—
2. Assets revaluation differences	-54.5	-28.1	-14.0	-0.0	-18.2	-2.4	19.3	1.1	-0.0
4. Supplementary capital reserve	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5
7. Undistributed earnings after tax	8.0	27.8	50.7	13.1	39.6	6.9	-6.8	-45.5	-77.7
7.1. Realised profits	16.1	29.8	17.0	6.2	4.6	3.3	-40.0	-72.2	-123.0
7.2. Unrealised losses	-8.1	-2.0	33.6	6.9	35.0	3.6	33.2	26.7	45.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	1,093.0	1,144.6	1,196.4	1,170.5	1,194.9	1,176.9	1,295.0	1,138.8	1,106.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	-19.5	-22.9	37.6	-27.5	32.7	-19.7	46.8	38.8	48.5
2. Adjustments for	-0.6	-0.6	1.0	-0.0	-1.7	2.0	-4.9	-0.3	-1.0
- Depreciation and amortization	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
- Loss/(profits) from other investing activities	-0.1	-0.7	-0.1	-0.1	-0.3	-1.2	-0.6	-0.4	-0.2
- Accrued interest income	-0.6	0.0	1.0	-0.1	-1.5	3.2	-4.4	-0.0	-0.8
3. Add non-cash expenses	2.5	-13.7	0.0	7.3	2.0	-6.2	-2.0	15.4	-2.7
- Loss from revaluation losses of FVTPL financial assets	2.5	-13.7	0.0	7.3	2.0	-6.2	-2.0	15.4	-2.7
4. Less non-cash income	8.6	21.9	-26.8	36.3	-29.4	30.8	-10.1	38.5	4.1
- Gains from revaluation gains of FVTPL financial assets	8.6	21.9	-26.8	36.3	-29.4	30.8	-10.1	38.5	4.1
5. Changes of assets and liabilities	101.0	-29.5	-646.6	639.5	-382.4	210.6	-375.5	144.4	218.3
- Increase/decrease in FVTPL financial assets	255.0	-78.7	-352.7	435.0	-288.0	31.8	-104.3	198.3	66.4
- Increase/decrease in held to maturity investments	—	0.0	0.0	20.0	—	0.0	-20.0	—	—
- Increase/decrease in loan	-0.0	0.0	36.4	-36.4	0.5	4.7	-2.9	-2.0	11.3
- Increase/decrease in AFS financial assets	-154.0	49.2	-330.3	220.9	-95.0	174.1	-248.2	-51.9	140.5
6. Operating profit before changes in working capital	92.0	-44.8	-634.8	655.7	-378.8	217.5	-345.7	236.8	267.2
Increase/decrease in receiables sale of financial assets	1.8	1.7	-3.5	—	—	0.0	0.0	3.6	22.4
Increase/decrease in receiables interest of financial assets	0.6	-1.8	0.0	0.0	2.1	0.0	0.0	0.0	1.2
Increase/decrease in service related receivables	-0.0	-0.0	0.0	0.0	-0.0	-0.0	-0.0	-0.0	0.0
Increases/decreases in other receivables	-0.6	-98.2	-0.4	0.0	0.5	-1.8	5.0	-5.5	0.2
Increase/decrease in other assets	-52.6	44.2	-59.0	25.2	-33.6	-30.7	0.0	0.0	-6.5
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.0	0.1	0.0	8.1	-8.7	0.8	0.1	-2.8	11.9
- (Increase)/decrease in prepaid expenses	-0.1	-0.3	-0.3	0.6	0.5	1.0	-1.7	0.9	1.0
- Corporate income tax paid	—	—	—	—	—	0.0	0.0	-1.2	—
Increases/decreaese in trade payables	0.2	0.1	-0.1	-19.6	1.1	-74.3	92.8	0.1	0.1
Increases/decreases in employee welfare payables	-0.0	-0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0	-0.1
Increases/decreases in tax and other payables to the State Budget	-0.4	1.7	0.3	-0.2	-0.4	-0.4	-1.5	1.9	-0.1
Increases/dcreases in payable to employees	1.9	-2.1	2.2	-3.6	3.3	0.5	-0.0	-5.7	-0.3
Increases/dcreases in other payables	-7.0	-13.4	—	—	—	—	0.0	—	—
- Other receipts from operating activities	-0.3	—	—	—	0.0	—	—	—	—
- Other payments for operating activities	0.2	—	-100.0	-0.0	-0.0	0.0	0.0	-0.1	-0.0
Net cash flows from securities trading activities	35.7	-12.8	-795.5	666.2	-413.9	112.7	-251.1	228.0	296.9
1. Payment for fixed assets, constructions and other long-term assets	—	0.0	0.0	0.0	-1.7	—	—	—	—
7. Dividends, interest and profit received	0.1	0.7	0.1	0.1	0.3	1.2	0.6	0.4	0.2
Net cash flows from investing activities	0.1	0.7	0.1	0.1	-1.5	1.2	0.6	0.4	0.2
IV. Net cash flows during the period	35.7	-12.1	-795.3	666.3	-415.4	113.9	-250.5	228.4	297.1
V. Cash and cash equivalents at begingning of the period	25.1	37.2	832.5	166.2	581.6	467.7	718.2	489.8	192.6
Cash and cash equivalents at end of period	60.8	25.1	37.2	832.5	166.2	581.6	467.7	718.2	489.8
1. Proceeds from sale of brokerage securities to customers	204.6	171.5	115.6	73.2	35.1	141.1	87.8	152.0	293.8
2. Money spent on buying brokerage securities for customers	-183.0	-296.6	-165.5	-45.9	-89.1	-150.2	-126.3	-222.6	-241.3
9. Receive deposits to pay for securities transactions of customers	356.2	384.8	111.5	202.1	53.5	297.0	265.3	573.1	185.8
11. Payment for customers' securities transactions	-384.5	-271.8	-97.2	-182.9	-27.1	-244.5	-455.5	-294.6	-217.1
14. Payment of customers' securities depository fees	-0.1	-0.1	-0.1	-0.1	-0.0	-0.1	-0.0	-0.0	-0.1
17. Proceeds from Securities Issuers	1.3	1.0	2.9	1.2	0.5	0.7	2.2	0.9	1.8
18. Payments to Securities Issuers	-0.5	1.3	-0.2	—	0.0	0.0	-0.1	-0.1	0.1
Increase / decrease of net money during the period	-5.9	-9.8	-33.0	47.5	-27.0	44.1	-226.8	208.8	23.0
II. Cash and cash equivalents at the beginning of the period of the customer	46.5	56.3	89.3	41.8	68.8	24.7	251.5	42.7	19.6
III. Cash and cash equivalents at the end of the period of the customer	40.7	46.5	56.3	89.3	41.8	68.8	24.7	251.5	42.7

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