TVS

Chứng khoán Thiên Việt ·HOSE ·2026Q1

● TRADING VOLATILE

Trading volatile Revaluation 69.7% of PBT

Price

12,800

Latest close

02 Jun 2026

EPS TTM (TTM) 1,444

BVPS (Latest) 13,134

P/E (Price/EPS) 8.9x

P/B (Price/BVPS) 1.0x

ROAE TTM (TTM) 9.2%

PBT Margin (TTM) 28.8%

Trading Share (Mix) 80.3%

Service & Brokerage Share (Mix) 15.2%

Equity / Assets (Latest) 48.9%

Leverage (Latest) 1.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 314.0bn, equivalent to a pre-tax margin of 28.8%, but headline durability remains more sensitive to revaluation, with margin also improving by +1.4pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 80.3% after expanding by +0.2pp, while lending is at 4.5%; brokerage and services have reached 15.2% and improved by +0.9pp, making diversification more visible. On the balance sheet, Equity / Assets is 48.9% while Leverage is about 1.04x, indicating a still relatively balanced capital posture, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 924 tỷ
+9,1%
Lãi thuần 536 tỷ
−9,8%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 37,8 tỷ
+14,6%
Dư nợ 349 tỷ
−7,6%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 22,4 tỷ
+29,3%
Lãi thuần −3,53 tỷ
+61,3%

Metric	2025	2024
PBT	353.1	343.8
Trading Share	77.9%	85.2%
Lending Share	5.1%	4.5%
Service & Brokerage Share	17.0%	10.3%
PBT Margin	35.05%	29.91%
Equity / Assets	38.5%	31.6%
Leverage	1.60x	2.16x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	13.0	13.6	224.2	63.2	52.1	131.9	58.1	22.5	131.2
Trading Share	82.4%	59.8%	88.6%	82.5%	68.5%	84.5%	76.2%	86.0%	90.8%
Lending Share	4.9%	6.3%	3.2%	5.0%	8.7%	3.3%	6.7%	5.9%	3.4%
Service & Brokerage Share	12.7%	33.9%	8.3%	12.6%	22.8%	12.2%	17.1%	8.0%	5.9%
PBT Margin	5.03%	5.94%	59.65%	28.04%	29.35%	45.83%	33.49%	6.93%	35.28%
Equity / Assets	48.9%	38.5%	34.1%	36.2%	34.0%	31.6%	32.4%	33.8%	14.7%
Leverage	1.04x	1.60x	1.93x	1.76x	1.94x	2.16x	2.09x	1.96x	5.82x

Drivers of TVS's profit

TTM

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

Other fees +VND 37.7bn

Total costs +VND 37.7bn

Brokerage +VND 5.6bn

Margin lending +VND 4.8bn

Trading −VND 57.9bn

Tax −VND 5.7bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower trading. Supporting and offsetting drivers:

Trading −VND 24.8bn

Total costs −VND 10.2bn

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 80.3%, lending is at 4.5%, brokerage is around 2.7%, other services about 12.5%, brokerage plus services together are 15.2%.

Trading is still the main engine, but brokerage and services have become large enough to start providing a more tangible diversification layer.

Revaluation does not fully dominate trading income at this stage.

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 1,088.8bn +12.9% YoY

PBT margin 28.8% +1.4pp

Trading Share 80.3% +0.2pp

Other Fee Share 12.5% +1.2pp

Revaluation / Trading 32.8% +0.9pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

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

Headline profitability remains solid, but durability is weaker because part of the result is still sensitive to revaluation.

Pre-tax margin is currently 28.8%, Return on assets is about 3.8%, provisions equal 4.3% of pre-tax profit, revaluation accounts for 69.7% of pre-tax profit.

Headline profit should not be read purely off reported PBT because revaluation still makes the result more volatile.

Profit remains sensitive to revaluation swings.

Provisioning is not currently the main drag on profit.

Key risks

Revaluation volatility remains high

Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.

Key signals

PBT margin 28.8% +1.4pp

Net margin 22.6% −0.6pp

ROAA 3.8% +0.8pp

ROAE 9.2% +0.7pp

Revaluation / PBT 69.7% +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 5.8% of assets, the prop book about 18.8%, liquid assets around 62.5%, equity roughly 48.9%.

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

Key signals

Margin book / Assets 5.8% +0.3pp

Prop book / Assets 18.8% +1.6pp

Liquid assets / Assets 62.5% −4.6pp

Equity / Assets 48.9% +14.9pp

Liabilities / Equity 1.04x −0.89x

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 48.9% of assets, liabilities stand at 1.04x of equity, short-term borrowings are about 43.7% of assets, cash covers roughly 0.19x 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 remains relatively better than short-term funding needs.

Key risks

Key signals

Equity / Assets 48.9% +14.9pp

Liabilities / Equity 1.04x −0.89x

Short-term borrowings / Assets 43.7% −20.4pp

Liquid assets / Assets 50.1% −12.6pp

Cash / Short-term borrowings 0.19x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, TVS 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.

Revaluation is large enough to make headline earnings more volatile from period to period.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	590.0	573.8
a. Realised gains on disposals of FVTPL financial assets	376.3	344.8
b. Gains from revaluation of FVTPL financial assets	201.2	204.6
c. Dividends and interest income from FVTPL financial assets	12.5	24.4
1.2. Gains from held to maturity investments	250.3	476.1
1.3. Interest income from loans and receivables	38.6	30.0
1.6. Revenue from brokerage services	21.2	22.5
1.8. Revenue from investment advisory services	16.5	11.9
1.10. Revenue from securities custody services	0.7	0.5
1.11. Other revenue	90.4	34.7
Revenue from securities business (01->11)	1,007.5	1,149.5
Net sales	1,007.5	1,149.5
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	279.6	242.5
a. Loss from disposals of financial assets at FVTPL	71.7	54.1
b. Loss from revaluation of financial assets at FVTPL	206.8	187.9
c. Transaction cost of acquisition of financial assets at FVTPL	1.0	0.5
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	13.7	0.6
2.6. Expenses for proprietary trading activities	48.8	44.3
2.7. Expenses for brokerage services	24.8	28.9
2.9. Expenses for financial advisory services	12.6	8.6
2.11. Expenses for secutiries custodian services	0.7	0.6
2.12. Other expenses	25.3	14.4
Operating expenses (21->33)	405.3	339.9
Gross profit	602.2	809.6
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.7	0.0
3.2. Dividends, interest income from demand deposits	3.6	1.1
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	—	1.4
3.4. Other income about investment	30.7	11.3
Total financial income (41->44)	35.0	13.8
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	0.0
4.2. Borrowing costs	220.3	177.6
4.4. Other investment expenses	—	233.3
Total financial expenses (51->54)	220.3	410.9
VI. General and Administrative expenses	62.4	68.0
VII. Net profit from securities business (20+50-40-60-61-62)	354.5	344.4
8.1. Other incomes	0.3	1.0
8.2. Other expenses	1.7	1.6
Other profit (71-72)	-1.4	-0.7
IX. Profit before tax (70+80)	353.1	343.8
9.1. Realised profit	358.8	327.1
9.2. Unrealised profit	5.7	16.7
CORPORATE INCOME TAX	66.3	62.2
10.1. Current corporate income tax expenses	66.1	58.6
10.2. Deferred income tax expenses	0.1	3.6
XI. Net profit after tax (90-100)	286.8	281.6
11.1. Profit after tax for shareholders of the parents company	286.4	280.9
11.3. Profit after tax attribute to non-controling interest	0.4	0.8
Total other comprehensive income	-1.6	—
Other comprehensive income attribute to the Parent Company's owners	-1.6	—
13.1. Earning per share	1,500.00	1,683.00
13.2. Diluted earning per share	1,500.00	1,683.00
Earnings per Share	1,420.59	1,671.21

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	7,176.4	6,787.5
Short-term financial assets	7,170.1	6,782.4
1. Cash and cash equivalents	971.4	211.4
1.1. Cash	971.4	208.4
1.2. Cash equivalents	—	3.0
2. Financial assets at fair value through profit or loss (FVTPL)	1,294.5	1,105.2
3. Held to maturity investments (HTM)	3,770.7	4,389.0
4. Loans	450.9	429.1
5. Available-for-sale financial assets (AFS)	407.1	311.7
7. Short-term receivables	193.4	291.7
7.1. Receivables from disposal of financial assets	47.8	219.5
7.2. Receivables and accruals from dividends and interest income	145.7	72.2
7.2.2. Undue dividend and interest receivables	145.7	72.2
Prepayments to suppliers	2.9	3.2
9. Service related receivable	78.8	41.0
12. Other receivables	0.4	0.0
II. Other short-term assets	6.3	5.2
1. Advances	0.0	0.0
2. Office supplies, tools	0.0	—
3. Short-term prepayments	6.1	5.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	464.6	598.0
I. Long-term financial assets	418.2	547.3
2. Long-term investments	416.5	543.6
2.1. Held to maturity investments (HTM)	238.4	444.5
2.3. Investments in associates, joint-ventures	178.1	99.1
II. Fixed assets	18.1	21.2
1. Tangible fixed assets	8.3	10.1
- Cost	37.6	35.7
- Accumulated depreciation	-29.3	-25.6
3. Intangible fixed assets	9.8	11.1
- Cost	39.5	35.5
- Accumulated depreciation	-29.7	-24.4
IV. Construction in progress	0.1	0.5
V. Other long-term assets	28.2	29.0
1. Pledged assets, mortgages, security deposits in long term	1.4	1.4
2. Long-term prepayments	4.6	4.7
3. Deferred income tax assets	—	1.7
4. Payment for Settlement Assistance Fund	12.1	11.1
5. Other long-term assets	10.1	10.1
TOTAL ASSETS (270=100+200)	7,641.0	7,385.5
A. LIABILITIES (300=310+340)	4,701.7	5,051.3
I. Short -term liabilities	4,384.1	5,032.1
1. Short-term borrowings	4,209.9	4,652.1
1.1. Short-term borrowings	4,209.9	4,652.1
6. Payables to securities trading activities	0.5	0.6
8. Trade accounts payable	20.4	275.4
9. Advances from customers	0.0	0.0
10. Taxes and other payables to state authorities	55.4	34.0
11. Payable to employees	20.9	19.1
12. Employee welfare payables	0.2	0.1
13. Accrued expenses	28.3	19.2
17. Other payables	4.7	1.9
19. Bonus and welfare fund	43.8	29.7
II. Long-term liabilities	317.6	19.2
4. Long-term bonds	300.0	—
14. Deferred income tax liabilities	17.6	19.2
B. OWNER'S EQUITY (400=410+420)	2,939.3	2,334.2
I. Owner's equity	2,939.3	2,334.2
1. Investment capital from owners	2,019.1	1,685.2
1.1. Capital from owners	2,003.9	1,670.0
a. Common stock	2,003,936,690,000.00	1,669,952,740,000.00
1.2. Share premium	15.1	15.3
3. Foreign exchange differences	-1.6	—
4. Supplementary capital reserve	2.4	2.4
7. Undistributed earnings after tax	915.2	642.8
7.1. Realised profits	868.3	590.2
7.2. Unrealised losses	46.9	52.7
8. Minority interest	1.7	1.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	7,641.0	7,385.5

Item	2025	2024
1. Profit before tax	353.1	343.8
2. Adjustments for	64.5	97.0
- Depreciation and amortization	9.0	7.1
- (Reversal of provisions)/provisions	—	0.6
- Unrealized foreign exchange (gains)/losses	-0.4	—
- Loss/(profits) from other investing activities	-30.7	-12.5
- Interest expense	234.0	177.6
- Accrued interest income	-147.4	-75.9
3. Add non-cash expenses	206.8	187.9
- Loss from revaluation losses of FVTPL financial assets	206.8	187.9
4. Less non-cash income	-201.2	-204.6
- Gains from revaluation gains of FVTPL financial assets	-201.2	-204.6
5. Changes of assets and liabilities	528.0	-2,435.4
- Increase/decrease in FVTPL financial assets	-195.0	477.1
- Increase/decrease in held to maturity investments	824.4	-3,574.5
- Increase/decrease in loan	-21.8	-232.9
- Increase/decrease in AFS financial assets	-79.6	894.9
6. Operating profit before changes in working capital	951.3	-2,011.3
Increase/decrease in receiables sale of financial assets	171.8	-399.7
Increase/decrease in receiables interest of financial assets	89.0	-56.1
Increase/decrease in service related receivables	-37.8	-23.1
Increases/decreases in other receivables	0.3	115.1
Increase/decrease in other assets	-0.9	-4.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	1.1	70.8
- (Increase)/decrease in prepaid expenses	-1.1	-3.6
- Corporate income tax paid	-45.4	-24.5
- Interest paid	-226.0	-164.8
Increases/decreaese in trade payables	-255.0	299.6
Increases/decreases in employee welfare payables	0.2	0.1
Increases/decreases in tax and other payables to the State Budget	0.7	-5.1
Increases/dcreases in payable to employees	1.8	-1.2
Increases/dcreases in other payables	0.0	1,768.8
Net cash flows from securities trading activities	649.9	-439.7
1. Payment for fixed assets, constructions and other long-term assets	-5.5	-12.6
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.9
5. Payments for investment in other entities	-84.3	—
6. Collections on investment in other entities	—	44.8
7. Dividends, interest and profit received	9.7	—
Net cash flows from investing activities	-80.1	33.1
1. Receipts from equity issue and owner's capital contribution	333,870,867,475.00	1,150,000,000.00
3. Short-term and long-term borrowings	18,715.4	17,729.9
3.2. Other borrowings	18,715.4	17,729.9
4. Principal repayments	-18,857.6	-17,393.4
4.3. Other principal repayments	-18,857.6	-17,393.4
6. Dividends paid, profits distributed to owners	-0.3	-0.7
Net cash flows from financing activities	191.3	336.9
IV. Net cash flows during the period	761.1	-69.7
V. Cash and cash equivalents at begingning of the period	211.4	281.1
Cash at bank	211.4	281.1
- Cash at bank for securities company activities	208.4	181.1
- Cash equivalents	3.0	100.0
Cash and cash equivalents at end of period	972.5	211.4
Cash at bank	970.3	211.4
- Cash at bank for securities company activities	971.4	208.4
- Cash equivalents	—	3.0
- Exchange difference due to re-valuation of ending balances	-1.1	—
1. Proceeds from sale of brokerage securities to customers	1,775.2	1,443.5
2. Money spent on buying brokerage securities for customers	-2,068.2	-2,218.5
9. Receive deposits to pay for securities transactions of customers	6,476.6	4,073.6
11. Payment for customers' securities transactions	-6,023.7	-3,382.4
14. Payment of customers' securities depository fees	-0.7	-0.5
17. Proceeds from Securities Issuers	71.5	56.0
18. Payments to Securities Issuers	-162.0	-23.1
Increase / decrease of net money during the period	68.8	-51.2
II. Cash and cash equivalents at the beginning of the period of the customer	75.3	126.6
Cash at bank	75.3	126.6
-Deposits of investors on securities transactions under the Securities Company management method	75.3	126.5
-Securities clearing and settlement deposits	0.0	0.0
III. Cash and cash equivalents at the end of the period of the customer	144.1	75.3
Cash at bank	144.1	75.3
-Deposits of investors on securities transactions under the Securities Company management method	144.1	75.3
-Securities clearing and settlement deposits	0.0	0.0

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)	158.2	98.6	278.7	132.8	79.8	187.5	85.3	116.4	193.5
a. Realised gains on disposals of FVTPL financial assets	103.5	59.7	224.5	48.9	43.2	136.0	24.1	96.4	88.3
b. Gains from revaluation of FVTPL financial assets	53.7	36.3	49.6	79.4	35.9	49.9	57.6	6.1	100.0
c. Dividends and interest income from FVTPL financial assets	1.0	2.7	4.6	4.5	0.8	1.6	3.6	14.0	5.2
1.2. Gains from held to maturity investments	66.7	63.8	61.2	64.3	60.8	65.8	61.6	190.0	158.8
1.3. Interest income from loans and receivables	9.5	10.5	9.9	8.0	10.2	7.3	7.5	8.0	7.2
1.6. Revenue from brokerage services	4.9	4.7	9.0	3.8	3.7	3.8	4.6	5.3	8.9
1.8. Revenue from investment advisory services	2.3	6.8	0.9	1.6	7.1	9.4	1.5	0.9	—
1.10. Revenue from securities custody services	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1
1.11. Other revenue	16.9	44.1	15.9	14.8	15.6	13.7	12.9	4.6	3.5
Revenue from securities business (01->11)	258.7	228.8	375.9	225.4	177.4	287.8	173.6	325.4	372.0
Net sales	258.7	228.8	375.9	225.4	177.4	287.8	173.6	325.4	372.0
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	155.5	103.7	59.0	70.4	46.5	71.1	20.8	115.2	21.1
a. Loss from disposals of financial assets at FVTPL	47.1	18.1	12.2	34.0	7.4	17.3	20.7	—	3.5
b. Loss from revaluation of financial assets at FVTPL	108.2	85.4	46.3	36.1	38.9	53.5	—	12.5	17.4
c. Transaction cost of acquisition of financial assets at FVTPL	0.2	0.2	0.4	0.3	0.1	0.3	0.1	102.6	0.2
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	3.3	4.0	3.1	2.6	4.0	—	—	—	0.6
2.6. Expenses for proprietary trading activities	15.7	8.3	21.5	12.1	6.8	9.0	8.5	9.8	17.0
2.7. Expenses for brokerage services	6.2	7.2	7.1	5.5	5.0	7.7	6.8	7.0	7.5
2.9. Expenses for financial advisory services	1.3	5.6	0.6	3.3	3.0	2.6	1.4	1.8	2.8
2.11. Expenses for secutiries custodian services	0.1	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.1
2.12. Other expenses	5.3	5.5	8.8	7.5	3.4	2.2	3.7	4.5	4.0
Operating expenses (21->33)	187.3	134.6	100.4	101.5	68.8	92.7	65.0	138.4	53.1
Gross profit	71.3	94.2	275.5	123.9	108.6	195.1	108.5	187.0	318.9
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.0	0.7	—	—	—	—	—	—	0.0
3.2. Dividends, interest income from demand deposits	1.5	1.7	1.6	0.2	0.1	0.7	0.2	0.1	0.1
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	—	—	—	—	—	—	—	1.4	—
3.4. Other income about investment	9.1	0.3	22.5	5.3	2.5	3.6	6.2	1.5	—
Total financial income (41->44)	10.7	2.8	24.1	5.5	2.6	4.3	6.4	3.0	0.1
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	—	—	—	—	—	—	—	0.0
4.2. Borrowing costs	52.5	61.8	59.6	52.7	46.2	46.7	43.9	42.3	44.7
4.4. Other investment expenses	—	—	—	—	—	—	—	108.1	125.2
Total financial expenses (51->54)	52.5	61.8	59.6	52.7	46.2	46.7	43.9	150.4	169.9
VI. General and Administrative expenses	16.3	21.6	14.8	13.2	12.8	19.9	12.4	16.8	18.8
VII. Net profit from securities business (20+50-40-60-61-62)	13.2	13.7	225.2	63.6	52.1	132.8	58.6	22.8	130.3
8.1. Other incomes	0.0	0.1	—	0.0	0.1	0.0	0.0	0.0	1.0
8.2. Other expenses	0.2	0.2	1.0	-0.4	0.1	0.9	0.4	0.2	0.1
Other profit (71-72)	-0.2	-0.1	-1.0	-0.4	-0.0	-0.9	-0.4	-0.2	0.9
IX. Profit before tax (70+80)	13.0	13.6	224.2	63.2	52.1	131.9	58.1	22.5	131.2
9.1. Realised profit	67.5	62.7	220.9	19.9	55.2	135.4	24.1	119.1	48.6
9.2. Unrealised profit	54.5	-49.2	3.3	43.3	-3.1	-3.5	34.0	-96.5	82.6
CORPORATE INCOME TAX	10.6	3.6	43.4	-10.8	8.5	26.6	9.7	-3.6	29.5
10.1. Current corporate income tax expenses	13.7	8.6	43.4	-3.6	10.6	26.0	4.9	13.7	13.9
10.2. Deferred income tax expenses	-3.1	-5.0	0.1	-7.2	-2.1	0.6	4.8	-17.4	15.6
XI. Net profit after tax (90-100)	2.4	10.0	180.8	52.4	43.6	105.3	48.4	26.2	101.7
11.1. Profit after tax for shareholders of the parents company	2.2	9.8	180.7	52.4	43.5	104.8	48.4	26.2	101.5
11.3. Profit after tax attribute to non-controling interest	0.3	0.2	0.1	0.1	0.1	0.5	0.0	-0.0	0.2
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	—	—	—	—	—	—	—	-12.2	12.2
Total other comprehensive income	-0.1	-1.6	—	—	—	—	—	-12.2	12.2
Other comprehensive income attribute to the Parent Company's owners	-0.1	-1.6	—	—	—	—	—	-12.1	12.1
13.1. Earning per share	10.00	—	—	—	261.00	—	—	—	671.00
13.2. Diluted earning per share	10.00	—	—	—	261.00	—	—	—	671.00
Earnings per Share	10.80	49.44	1,072.98	311.18	258.63	624.90	287.45	155.23	666.06

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)	5,086.6	7,176.4	7,126.1	6,185.6	6,534.4	6,787.5	6,471.9	6,268.7	12,553.2
Short-term financial assets	5,080.2	7,170.1	7,120.2	6,180.0	6,529.8	6,782.4	6,466.0	6,264.2	12,546.6
1. Cash and cash equivalents	514.6	971.4	350.4	416.6	134.5	211.4	275.0	280.7	451.3
1.1. Cash	514.6	971.4	350.4	415.6	126.5	208.4	273.0	272.7	248.3
1.2. Cash equivalents	—	—	—	1.0	8.0	3.0	2.0	8.0	203.0
2. Financial assets at fair value through profit or loss (FVTPL)	1,139.6	1,294.5	2,272.2	1,609.5	1,201.9	1,105.2	983.3	1,141.5	2,217.2
3. Held to maturity investments (HTM)	2,527.7	3,770.7	3,607.5	3,323.9	4,250.6	4,389.0	4,334.5	3,968.4	7,854.5
4. Loans	349.4	450.9	402.1	365.7	378.2	429.1	240.4	321.8	255.6
5. Available-for-sale financial assets (AFS)	371.0	407.1	328.2	307.9	313.5	311.7	310.0	306.4	1,403.0
6. Provisions for impairment loss of financial assets and mortgages	—	—	—	—	—	—	-3.6	-3.6	-3.6
7. Short-term receivables	160.7	193.4	121.0	127.8	177.7	291.7	296.2	95.6	328.8
7.1. Receivables from disposal of financial assets	102.8	47.8	0.9	41.4	106.3	219.5	222.6	1.9	12.2
7.2. Receivables and accruals from dividends and interest income	57.8	145.7	120.1	86.4	71.4	72.2	73.5	93.8	316.6
7.2.1. Due dividend and interest receivables	57.8	—	—	—	—	—	—	93.8	—
7.2.2. Undue dividend and interest receivables	—	145.7	120.1	86.4	71.4	72.2	73.5	—	316.6
Prepayments to suppliers	3.3	2.9	2.0	2.5	52.6	3.2	4.3	131.8	3.9
9. Service related receivable	13.7	78.8	36.4	26.0	20.7	41.0	24.7	20.5	14.1
12. Other receivables	0.3	0.4	0.4	0.1	0.1	0.0	1.2	1.0	21.8
II. Other short-term assets	6.3	6.3	5.9	5.6	4.6	5.2	6.0	4.5	6.6
1. Advances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Office supplies, tools	0.3	0.0	0.1	—	0.0	—	—	—	—
3. Short-term prepayments	5.8	6.1	5.7	5.4	4.4	5.0	5.7	4.3	5.0
Taxes and other receivables from state authorities	—	—	—	—	—	—	—	—	1.3
B. LONG-TERM ASSETS (200=210+220+240+250-260)	980.0	464.6	488.3	481.5	453.6	598.0	405.8	180.0	2,177.9
I. Long-term financial assets	935.8	418.2	438.2	430.6	401.6	547.3	362.0	135.2	2,134.2
2. Long-term investments	934.0	416.5	436.4	429.0	398.5	543.6	360.0	135.2	2,134.2
2.1. Held to maturity investments (HTM)	746.8	238.4	245.4	243.4	303.6	444.5	264.5	45.9	2,134.2
2.3. Investments in associates, joint-ventures	187.2	178.1	191.0	185.6	95.0	99.1	95.5	89.3	—
II. Fixed assets	16.1	18.1	20.0	20.4	21.6	21.2	17.2	18.3	16.8
1. Tangible fixed assets	7.6	8.3	9.1	8.3	9.2	10.1	9.6	10.0	7.7
- Cost	37.7	—	—	—	—	—	—	—	—
- Accumulated depreciation	-30.1	—	—	—	—	—	—	—	—
3. Intangible fixed assets	8.5	9.8	10.9	12.1	12.4	11.1	7.6	8.3	9.0
- Cost	39.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-31.1	—	—	—	—	—	—	—	—
IV. Construction in progress	0.1	0.1	0.3	0.3	0.5	0.5	—	—	—
V. Other long-term assets	28.0	28.2	29.9	30.3	29.9	29.0	26.6	26.4	26.9
1. Pledged assets, mortgages, security deposits in long term	1.3	1.4	1.4	1.4	1.4	1.4	1.3	1.2	1.7
2. Long-term prepayments	3.8	4.6	5.1	5.5	5.1	4.7	2.5	2.4	2.4
3. Deferred income tax assets	—	—	1.7	1.7	1.7	1.7	2.3	2.3	2.3
4. Payment for Settlement Assistance Fund	12.8	12.1	11.6	11.6	11.6	11.1	10.5	10.5	10.5
5. Other long-term assets	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
TOTAL ASSETS (270=100+200)	6,066.6	7,641.0	7,614.5	6,667.1	6,987.9	7,385.5	6,877.7	6,448.7	14,731.1
A. LIABILITIES (300=310+340)	3,098.8	4,701.7	5,017.4	4,251.0	4,610.2	5,051.3	4,648.8	4,268.2	12,571.3
I. Short -term liabilities	2,784.3	4,384.1	4,693.1	4,226.8	4,593.1	5,032.1	4,629.6	4,253.7	12,357.3
1. Short-term borrowings	2,651.6	4,209.9	4,514.1	4,130.1	4,482.8	4,652.1	4,386.8	3,999.0	4,075.1
1.1. Short-term borrowings	2,651.6	4,209.9	4,514.1	4,130.1	4,482.8	4,652.1	4,386.8	3,999.0	4,075.1
6. Payables to securities trading activities	0.5	0.5	3.4	3.3	0.5	0.6	0.3	0.4	0.6
8. Trade accounts payable	39.1	20.4	44.9	10.1	32.8	275.4	175.6	191.0	18.4
9. Advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Taxes and other payables to state authorities	16.8	55.4	49.6	13.1	17.0	34.0	9.8	12.1	18.8
11. Payable to employees	0.3	20.9	15.6	4.3	1.1	19.1	13.7	13.4	0.1
12. Employee welfare payables	0.3	0.2	0.1	0.1	0.0	0.1	0.1	0.1	0.1
13. Accrued expenses	20.9	28.3	16.8	20.3	27.6	19.2	11.8	6.3	65.3
15. Unearned revenue	—	—	—	—	—	—	—	—	3.2
17. Other payables	11.1	4.7	4.9	1.8	1.8	1.9	1.9	1.8	8,139.5
19. Bonus and welfare fund	43.8	43.8	43.8	43.8	29.7	29.7	29.7	29.7	36.0
II. Long-term liabilities	314.5	317.6	324.3	24.2	17.1	19.2	19.2	14.4	214.0
4. Long-term bonds	300.0	300.0	300.0	—	—	—	—	—	—
14. Deferred income tax liabilities	14.5	17.6	24.3	24.2	17.1	19.2	19.2	14.4	30.5
B. OWNER'S EQUITY (400=410+420)	2,967.7	2,939.3	2,597.0	2,416.1	2,377.8	2,334.2	2,228.9	2,180.5	2,159.8
I. Owner's equity	2,967.7	2,939.3	2,597.0	2,416.1	2,377.8	2,334.2	2,228.9	2,180.5	2,159.8
1. Investment capital from owners	2,259.5	2,019.1	1,685.2	1,685.2	1,685.2	1,685.2	1,685.2	1,685.2	1,527.3
1.1. Capital from owners	2,244.4	2,003.9	1,670.0	1,670.0	1,670.0	1,670.0	1,670.0	1,670.0	1,513.1
a. Common stock	2,244,399,170,000.00	2,003,936,690,000.00	1,669,952,740,000.00	1,669,952,740,000.00	1,669,952,740,000.00	1,669,952,740,000.00	1,669,952,740,000.00	1,669,952,740,000.00	1,513,146,720,000.00
1.2. Share premium	15.1	15.1	15.3	15.3	15.3	15.3	15.3	15.3	14.1
2. Assets revaluation differences	—	—	—	—	—	—	—	—	12.1
3. Foreign exchange differences	-1.6	-1.6	—	—	—	—	—	—	—
4. Supplementary capital reserve	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
7. Undistributed earnings after tax	666.7	915.2	905.4	724.7	686.4	642.8	538.1	489.6	614.0
7.1. Realised profits	669.1	868.3	814.3	636.8	634.6	590.2	481.3	462.1	507.5
7.2. Unrealised losses	-2.4	46.9	91.1	87.8	51.7	52.7	56.8	27.5	106.5
8. Minority interest	38.1	1.7	1.5	1.4	1.3	1.2	0.8	0.8	1.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	6,066.6	7,641.0	7,614.5	6,667.1	6,987.9	7,385.5	6,877.7	6,448.7	14,731.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	13.0	13.6	224.2	63.2	52.1	131.9	58.1	22.5	131.2
2. Adjustments for	-10.7	24.7	25.8	38.7	-24.6	44.7	57.7	264.2	-269.6
- Depreciation and amortization	2.2	2.2	2.3	2.3	2.2	2.0	1.8	1.7	1.7
- (Reversal of provisions)/provisions	—	—	—	—	—	0.0	0.0	0.0	0.6
- Unrealized foreign exchange (gains)/losses	0.0	-0.4	—	—	—	—	—	—	—
- Loss/(profits) from other investing activities	-9.1	-17.4	-5.4	-5.3	-2.5	-3.6	-6.2	-2.6	—
- Interest expense	55.8	65.8	62.8	55.2	50.2	46.7	43.9	42.3	44.7
- Accrued interest income	-59.7	-25.5	-33.9	-13.5	-74.5	-0.3	18.2	222.9	-316.6
3. Add non-cash expenses	108.2	85.4	46.3	36.1	38.9	53.5	23.6	93.4	17.4
- Loss from revaluation losses of FVTPL financial assets	108.2	85.4	46.3	36.1	38.9	53.5	23.6	93.4	17.4
4. Less non-cash income	-53.7	-36.3	-49.6	-79.4	-35.9	-49.9	-57.6	-9.2	-87.8
- Gains from revaluation gains of FVTPL financial assets	-53.7	-36.3	-49.6	-79.4	-35.9	-49.9	-57.6	2.9	-100.0
- Reversal of value decline of available-for-sale financial assets	—	—	—	—	—	—	—	—	12.2
5. Changes of assets and liabilities	972.8	644.6	-982.9	640.7	225.7	-554.0	-314.6	-472.1	-1,094.7
- Increase/decrease in FVTPL financial assets	100.4	928.6	-659.5	-364.3	-99.8	-125.5	192.3	865.9	-455.6
- Increase/decrease in held to maturity investments	734.6	-156.2	-285.7	986.9	279.3	-234.5	-584.6	-2,053.3	-702.1
- Increase/decrease in loan	101.6	-48.9	-36.3	12.4	50.9	-189.3	81.4	-66.2	-58.7
- Increase/decrease in AFS financial assets	36.1	-78.9	-1.5	5.6	-4.8	-4.7	-3.6	781.6	121.7
6. Operating profit before changes in working capital	1,029.5	732.0	-736.2	699.3	256.2	-373.9	-232.8	-101.1	-1,303.5
Increase/decrease in receiables sale of financial assets	-55.1	-46.8	40.5	64.8	113.3	39.9	-257.6	-226.2	44.2
Increase/decrease in receiables interest of financial assets	134.2	13.2	0.0	0.0	75.9	0.0	0.0	-333.7	277.5
Increase/decrease in service related receivables	65.1	-42.3	-10.4	-5.3	20.3	-16.3	-4.2	-6.4	3.8
Increases/decreases in other receivables	-0.4	-0.9	0.6	50.1	-49.5	-30.9	160.5	-149.5	135.0
Increase/decrease in other assets	-0.9	-0.4	-0.0	0.0	-0.5	-4.4	3.5	-3.3	-0.7
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.6	0.5	-0.8	0.1	1.3	-1.0	0.8	29.1	41.8
- (Increase)/decrease in prepaid expenses	1.1	0.1	0.1	-1.4	0.1	-1.4	-1.6	0.4	-1.0
- Corporate income tax paid	-53.4	-3.0	-6.8	-2.9	-32.8	-1.9	-5.8	-8.4	-8.4
- Interest paid	-62.5	-54.8	-65.4	-62.6	-43.2	-38.3	-39.2	-48.5	-38.8
Increases/decreaese in trade payables	18.6	-24.5	34.8	-22.6	-242.6	99.8	-15.4	230.7	-15.4
Increases/decreases in employee welfare payables	0.1	0.1	0.1	0.0	-0.0	-0.0	0.0	-0.0	0.1
Increases/decreases in tax and other payables to the State Budget	1.1	0.3	-0.1	-4.6	5.1	0.2	-1.5	-2.1	-1.7
Increases/dcreases in payable to employees	-20.6	5.3	11.2	3.2	-18.0	5.4	0.3	13.6	-20.6
Increases/dcreases in other payables	0.8	-2.9	0.2	2.9	-0.2	0.3	-0.0	471.0	1,297.6
Net cash flows from securities trading activities	1,057.0	575.8	-732.2	721.0	85.4	-322.3	-392.9	-134.4	409.9
1. Payment for fixed assets, constructions and other long-term assets	-0.2	-0.2	-2.0	-0.9	-2.6	-6.5	-0.6	-5.4	-0.1
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	—	—	—	0.0	0.0	0.9	—
5. Payments for investment in other entities	—	17.1	-16.1	-85.3	—	—	—	—	—
6. Collections on investment in other entities	—	—	—	—	—	0.0	0.0	44.8	—
7. Dividends, interest and profit received	13.2	0.0	0.0	0.0	9.7	—	—	—	—
Net cash flows from investing activities	13.0	17.0	-18.0	-86.2	7.1	-6.5	-0.6	40.3	-0.1
1. Receipts from equity issue and owner's capital contribution	31,716,275,000.00	333,870,867,475.00	—	—	—	0.00	0.00	1,150,000,000.00	—
3. Short-term and long-term borrowings	3,710.4	2,434.1	7,605.3	5,495.7	3,180.3	5,044.6	4,636.3	5,056.7	2,992.4
3.2. Other borrowings	3,710.4	2,434.1	7,605.3	5,495.7	3,180.3	5,044.6	4,636.3	5,056.7	2,992.4
4. Principal repayments	-5,268.7	-2,738.3	-6,921.3	-5,848.4	-3,349.6	-4,779.3	-4,248.5	-5,133.0	-3,232.7
4.3. Other principal repayments	-5,268.7	-2,738.3	-6,921.3	-5,848.4	-3,349.6	-4,779.3	-4,248.5	-5,133.0	-3,232.7
6. Dividends paid, profits distributed to owners	—	-0.2	0.0	-0.0	-0.1	-0.0	0.0	-1.4	0.7
Net cash flows from financing activities	-1,526.6	29.4	684.0	-352.7	-169.4	265.3	387.8	-76.5	-239.6
IV. Net cash flows during the period	-456.6	622.1	-66.2	282.1	-77.0	-63.6	-5.7	-170.6	170.2
V. Cash and cash equivalents at begingning of the period	971.4	350.4	416.6	134.5	211.4	275.0	280.7	451.3	281.1
Cash and cash equivalents at end of period	514.6	972.5	350.4	416.6	134.5	211.4	275.0	280.7	451.3
- Exchange difference due to re-valuation of ending balances	-0.1	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	450.9	340.1	612.3	503.4	319.4	341.3	532.8	397.5	172.0
2. Money spent on buying brokerage securities for customers	-249.2	-911.7	-610.4	-416.8	-129.3	-639.3	-398.3	-731.1	-449.8
9. Receive deposits to pay for securities transactions of customers	885.6	1,915.6	2,576.1	1,104.8	880.1	1,166.4	836.0	1,006.1	1,065.1
11. Payment for customers' securities transactions	-1,041.4	-1,423.2	-2,343.5	-1,256.3	-1,000.7	-960.7	-994.7	-709.2	-717.9
14. Payment of customers' securities depository fees	-0.1	-0.2	-0.1	-0.1	-0.2	-0.1	-0.1	-0.1	-0.1
17. Proceeds from Securities Issuers	2.5	21.9	8.4	39.7	1.4	14.6	6.7	28.5	6.3
18. Payments to Securities Issuers	-7.6	-139.2	-3.0	-0.2	-19.5	-2.2	-10.9	-6.5	-3.5
Increase / decrease of net money during the period	40.7	-196.7	239.8	-25.6	51.2	-80.0	-28.6	-14.7	72.1
II. Cash and cash equivalents at the beginning of the period of the customer	144.1	340.8	100.9	126.6	75.3	155.4	184.0	198.7	126.6
-Securities clearing and settlement deposits	0.0	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	184.8	144.1	340.8	100.9	126.6	75.3	155.4	184.0	198.7
-Securities clearing and settlement deposits	2.0	—	—	—	—	—	—	—	—

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TVS

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