Analysis of business results & financial statements · Quý 2/2026
▲▲ TRADING-LED STRONG
TTM NPAT rose +VND 542bn compared with the same period last year. Key positives came from higher margin lending, higher trading, and higher brokerage. Offsetting pressure came mainly from higher total costs and higher tax.
See what is changing ↓- EPS TTM
- 1,166
- BVPS
- 12,101
- P/E
- 16.3x
- P/B
- 1.6x
- ROAE TTM
- 9.8%
- PBT Margin
- 31.3%
- Market price
- 19,050 19 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 1,737.3bn, equivalent to a pre-tax margin of 31.3%, showing a relatively clean and sufficiently thick earnings base, with margin also improving by +4.1pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 43.1% but narrowing by 8.7pp, while lending has widened to 31.2%; brokerage and services have reached 25.7% and improved by +3.8pp, making diversification more visible. On the balance sheet, Equity / Assets is 43.1% while Leverage is about 1.32x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.
Profit bridge
Vs last year · TTM
- Margin lending
- Trading
- Brokerage
- Other
- Total costs
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| PBT | 270.8 | 403.9 | 543.7 | 518.9 | 211.5 | 355.1 | 253.3 | 264.7 |
| Trading Share | 25.3% | 39.5% | 52.3% | 49.0% | 54.3% | 45.2% | 49.1% | 57.0% |
| Lending Share | 49.2% | 32.5% | 26.2% | 22.9% | 24.2% | 32.7% | 27.9% | 22.0% |
| Service & Brokerage Share | 25.5% | 27.9% | 21.5% | 28.2% | 21.5% | 22.1% | 23.0% | 21.1% |
| PBT Margin | 23.03% | 28.72% | 35.62% | 35.96% | 18.24% | 41.73% | 25.36% | 27.17% |
| Equity / Assets | 43.1% | 46.7% | 50.0% | 42.6% | 56.8% | 53.0% | 48.7% | 42.3% |
| Leverage | 1.32x | 1.14x | 1.00x | 1.35x | 0.76x | 0.89x | 1.05x | 1.36x |
Revenue
1,176bnNet income
251bnNet margin
21.31%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 43.1%, lending is at 31.2%, brokerage is around 23.8%, other services about 1.9%, brokerage plus services together are 25.7%.
Trading is still the main engine, but brokerage and services have become large enough to start providing a more tangible diversification layer.
Revaluation is currently only a small component and not a headline driver.
The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
- Securities business revenue
- 5,551.9bn +39.4% YoY
- PBT margin
- 31.3% +4.1pp
- Trading Share
- 43.1% −8.7pp
- Brokerage Share
- 23.8% +3.8pp
TTM YoY · 2026Q2
Profitability Quality & Volatility
▲▲How strong is current profitability, and how durable is it?
Profitability currently looks relatively clean, with margins and returns strong enough not to rely heavily on unusual support.
Pre-tax margin is currently 31.3%, Return on assets is about 4.7%, revaluation accounts for 0.1% of pre-tax profit.
Headline profit is still fairly readable because returns are not being materially distorted by less durable support.
Profit appears cleaner and less dependent on revaluation.
Provisioning is not currently the main drag on profit.
- PBT margin
- 31.3% +4.1pp
- Net margin
- 26.2% +3.3pp
- ROAA
- 4.7% +1.8pp
- ROAE
- 9.8% +3.9pp
TTM YoY · 2026Q2
Are assets at risk?
Balance Sheet Quality & Asset Composition
●Where is the balance sheet exposed, and how resilient does it look?
The balance sheet is leaning more toward the margin book, so growth quality depends meaningfully on the safety of loans and receivables.
The margin book is about 43.2% of assets, the prop book about 6.2%, liquid assets around 9.9%, equity roughly 43.1%.
A high margin-book share makes the balance sheet more sensitive to asset quality and funding cost.
The margin book is larger than the prop book.
Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.
Loans and receivables are large enough to make the balance sheet more sensitive to asset quality and funding cost.
- Margin book / Assets
- 43.2% −8.5pp
- Prop book / Assets
- 6.2% +2.7pp
- Liquid assets / Assets
- 9.9% +3.5pp
- Equity / Assets
- 43.1% −13.7pp
Quarterly YoY · 2026Q2
Is leverage safe?
Capital, Funding & Risk Posture
▼Are capital buffers and funding posture sufficiently safe?
Short-term funding is the tighter part of the balance sheet, even if the case is not yet in outright capital stress.
Equity currently equals 43.1% of assets, liabilities stand at 1.32x of equity, short-term borrowings are about 54.6% of assets, cash covers roughly 0.17x of short-term borrowings.
The point that needs the closest reading now is short-term funding structure rather than the earnings headline.
Risk is coming more from short-term funding, so the key reading point is not just borrowing size but cash and liquid-asset cover.
Liquidity buffer is not yet thick enough relative to short-term funding needs.
Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.
- Equity / Assets
- 43.1% −13.7pp
- Liabilities / Equity
- 1.32x +0.56x
- Short-term borrowings / Assets
- 54.6% +15.3pp
- Liquid assets / Assets
- 9.9% +3.5pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, VCI is showing a more balanced earnings mix thanks to brokerage and service income, but short-term funding remains tight enough for caution.
- Brokerage and service income are now large enough to reduce pure dependence on trading or margin.
- Short-term funding structure is tight enough to become the most visible risk in the current capital posture.
What to verify next
Questions for the next period
Track whether brokerage and service income can maintain a clear diversification role against dependence on trading and margin income.
Track whether the current return profile can hold as revenue mix and cost conditions normalize.
Keep short-term funding tightness on watch, as the liquidity buffer is thinning more clearly relative to current funding needs.
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.