Analysis of business results & financial statements · Quý 2/2026
▲▲ MARGIN LENDING STRONG
TTM NPAT rose +VND 233bn compared with the same period last year. Key positives came from higher trading, higher margin lending, and higher brokerage. Offsetting pressure came mainly from higher total costs and higher tax.
See what is changing ↓- EPS TTM
- 1,062
- BVPS
- 10,941
- P/E
- 9.3x
- P/B
- 0.9x
- ROAE TTM
- 10.0%
- PBT Margin
- 31.2%
- Market price
- 9,900 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 360.3bn, equivalent to a pre-tax margin of 31.2%, showing a relatively clean and sufficiently thick earnings base, with margin also improving by +22.4pp, pointing to better earnings quality. The revenue mix is now leaning more toward lending at 44.5% but narrowing by 11.1pp, while trading is at 31.6%; brokerage and services are still 23.9% but have narrowed by 1.1pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 37.9% while Leverage is about 1.64x, indicating a still relatively balanced capital posture, but buffers have thinned while leverage has risen further.
Profit bridge
Vs last year · TTM
- Trading
- Margin lending
- Brokerage
- 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 | 54.7 | -36.0 | 15.7 | 325.8 | -17.4 | 22.6 | -33.6 | 92.3 |
| Trading Share | 30.6% | -13.8% | 11.0% | 57.2% | 16.4% | 20.8% | 2.1% | 32.9% |
| Lending Share | 51.5% | 76.6% | 57.4% | 23.8% | 56.0% | 56.3% | 67.9% | 46.1% |
| Service & Brokerage Share | 17.9% | 37.2% | 31.6% | 19.0% | 27.6% | 23.0% | 29.9% | 21.0% |
| PBT Margin | 20.97% | -17.77% | 7.09% | 69.34% | -9.64% | 13.40% | -21.94% | 40.76% |
| Equity / Assets | 37.9% | 38.5% | 38.2% | 40.8% | 41.3% | 44.8% | 43.9% | 46.7% |
| Leverage | 1.64x | 1.60x | 1.62x | 1.45x | 1.42x | 1.23x | 1.28x | 1.14x |
Revenue
261bnNet income
45bnNet margin
17.24%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?
Current earnings lean more heavily on margin lending, so the quality of the revenue engine should be read together with margin-book dependence.
Margin income currently accounts for about 44.5%, trading is at 31.6%, brokerage and services together remain around 23.9% 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 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
- 1,155.5bn +58.3% YoY
- PBT margin
- 31.2% +22.4pp
- Lending Share
- 44.5% −11.1pp
- Brokerage Share
- 22.0% −0.4pp
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 31.2%, Return on assets is about 3.9%, revaluation accounts for −13.6% 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.
- PBT margin
- 31.2% +22.4pp
- Net margin
- 25.1% +17.4pp
- ROAA
- 3.9% +3.2pp
- ROAE
- 10.0% +8.1pp
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 54.4% of assets, the prop book about 11.3%, liquid assets around 28.8%, equity roughly 37.9%.
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
- 54.4% +11.5pp
- Prop book / Assets
- 11.3% −6.0pp
- Liquid assets / Assets
- 28.8% −1.6pp
- Equity / Assets
- 37.9% −3.4pp
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 37.9% of assets, liabilities stand at 1.64x of equity, short-term borrowings are about 35.2% of assets, cash covers roughly 0.28x 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.
- Equity / Assets
- 37.9% −3.4pp
- Liabilities / Equity
- 1.64x +0.22x
- Short-term borrowings / Assets
- 35.2% +20.9pp
- Liquid assets / Assets
- 14.9% −3.9pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, VDS 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.
What to verify next
Questions for the next period
Track whether the margin engine can remain supportive without pulling the franchise into even heavier dependence on the margin book.
Track whether the current return profile can hold without requiring even greater earnings concentration.
Track whether margin-book dependence can remain within a safe range as earning assets continue to grow.
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