Analysis of business results & financial statements · Quý 2/2026
▼ OPERATIONS WEAKENING
See what is changing ↓- EPS TTM
- 184
- BVPS
- 9,892
- P/E
- 33.5x
- P/B
- 0.6x
- ROAE TTM
- 1.9%
- PBT Margin
- 28.3%
- Market price
- 6,170 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 21.4bn, equivalent to a pre-tax margin of 28.3%, showing an earnings base that is still positive but not yet clearly standout, while margin has narrowed by 5.7pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 88.0% but narrowing by 10.2pp, while lending is at 0.2%; brokerage and services are still only 11.9%, so diversification remains thin. On the balance sheet, Equity / Assets is 98.8% while Leverage is about 0.01x, indicating a still relatively balanced capital posture.
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 | 26.5 | -19.8 | -22.8 | 37.6 | -27.5 | 32.7 | -19.7 | 46.8 |
| Trading Share | 37.7% | 97.1% | 135.8% | 99.0% | 85.5% | 99.5% | 106.8% | 99.2% |
| Lending Share | 0.1% | 0.1% | -4.3% | 0.0% | 2.5% | 0.0% | -1.2% | 0.2% |
| Service & Brokerage Share | 62.2% | 2.8% | -31.5% | 1.0% | 12.0% | 0.5% | -5.5% | 0.6% |
| PBT Margin | 235.28% | -110.01% | 1507.35% | 78.53% | -586.39% | 82.17% | 285.05% | 81.33% |
| Equity / Assets | 98.8% | 97.7% | 97.3% | 98.7% | 98.9% | 97.6% | 97.6% | 89.3% |
| Leverage | 0.01x | 0.02x | 0.03x | 0.01x | 0.01x | 0.03x | 0.02x | 0.12x |
Revenue
11bnNet income
26bnNet margin
235.28%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?
Revenue remains tilted toward trading, but the quality of that engine still needs to be read alongside concentration and the real contribution from brokerage and services.
Trading currently accounts for about 88.0%, lending is at 0.2%, brokerage is around 1.9%, other services about 10.0%, brokerage plus services together are 11.9%.
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 mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
- Securities business revenue
- 75.6bn −20.5% YoY
- PBT margin
- 28.3% −5.7pp
- Trading Share
- 88.0% −10.2pp
- Other Fee Share
- 10.0%
TTM 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 28.3%, Return on assets is about 1.9%, revaluation accounts for −32.2% of pre-tax profit.
Headline profit still needs to be read together with what is creating it and how thick returns really are.
Profit remains sensitive to revaluation swings.
Provisioning is not currently the main drag on profit.
Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.
ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.
- PBT margin
- 28.3% −5.7pp
- Net margin
- 28.3% −33.2pp
- ROAA
- 1.9% −3.2pp
- ROAE
- 1.9% −3.3pp
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 prop book, making market-valuation sensitivity a key issue to monitor.
The margin book is about 1.2% of assets, the prop book about 48.9%, liquid assets around 3.8%, 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.
A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.
- Margin book / Assets
- 1.2% −2.3pp
- Prop book / Assets
- 48.9% +27.0pp
- Liquid assets / Assets
- 3.8% −67.3pp
- Equity / Assets
- 98.8%
Quarterly YoY · 2026Q2
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 looks adequate for now, though it still needs monitoring as funding structure shifts.
- Equity / Assets
- 98.8%
- Liabilities / Equity
- 0.01x
- Liquid assets / Assets
- 3.8% −67.3pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, TVB 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.