Analysis of business results & financial statements · Quý 1/2026
● PROVISION HEAVY
TTM NPAT rose +VND 46.7bn 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
- 851
- BVPS
- 11,099
- P/E
- 11.6x
- P/B
- 0.9x
- ROAE TTM
- 8.0%
- PBT Margin
- 26.8%
- Market price
- 9,900 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q1, pre-tax profit is currently about 288.1bn, equivalent to a pre-tax margin of 26.8%, but earnings quality is still being dragged down by provisioning, while pre-tax profit is also rising clearly year on year. The revenue mix is now leaning more toward lending at 44.7% but narrowing by 1.4pp, while trading is down to 29.3% after narrowing by 2.7pp; brokerage and services have reached 26.0% and improved by +4.1pp, making diversification more visible. On the balance sheet, Equity / Assets is 38.5% while Leverage is about 1.60x, indicating a still relatively balanced capital posture, but buffers have thinned while leverage has risen further.
Profit bridge
Vs last year · TTM
- Margin lending
- Trading
- Brokerage
- Total costs
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| PBT | -36.0 | 15.7 | 325.8 | -17.4 | 22.6 | -33.6 | 92.3 | 145.8 |
| Trading Share | -13.8% | 11.0% | 57.2% | 16.4% | 20.8% | 2.1% | 32.9% | 51.6% |
| Lending Share | 76.6% | 57.4% | 23.8% | 56.0% | 56.3% | 67.9% | 46.1% | 30.4% |
| Service & Brokerage Share | 37.2% | 31.6% | 19.0% | 27.6% | 23.0% | 29.9% | 21.0% | 18.0% |
| PBT Margin | -17.77% | 7.09% | 69.34% | -9.64% | 13.40% | -21.94% | 40.76% | 45.84% |
| Equity / Assets | 38.5% | 38.2% | 40.8% | 41.3% | 44.8% | 43.9% | 46.7% | 43.9% |
| Leverage | 1.60x | 1.62x | 1.45x | 1.42x | 1.23x | 1.28x | 1.14x | 1.28x |
Revenue
203bnNet income
-29bnNet margin
-14.54%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 44.7%, trading is at 29.3%, brokerage and services together remain around 26.0% 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 revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.
Provision load is large enough relative to revenue to weaken the quality of the earnings engine.
- Securities business revenue
- 1,075.7bn +24.1% YoY
- PBT margin
- 26.8% +0.6pp
- Lending Share
- 44.7% −1.4pp
- Brokerage Share
- 23.9% +4.1pp
TTM YoY · 2026Q1
Profitability Quality & Volatility
▼How strong is current profitability, and how durable is it?
Profit remains positive, but quality is no longer clean because provisioning is materially eroding headline returns.
Pre-tax margin is currently 26.8%, Return on assets is about 3.3%, provisions equal 98.9% of pre-tax profit, revaluation accounts for −23.1% of pre-tax profit.
Headline profit needs a discount because provisioning is eating into core returns.
Profit remains sensitive to revaluation swings.
Provisioning is a meaningful drag on profit.
Provision load relative to PBT is high enough to weigh on profitability quality.
- PBT margin
- 26.8% +0.6pp
- Net margin
- 21.7% +0.2pp
- ROAA
- 3.3% +0.7pp
- ROAE
- 8.0% +1.6pp
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 margin book, so growth quality depends meaningfully on the safety of loans and receivables.
The margin book is about 48.8% of assets, the prop book about 16.2%, liquid assets around 26.2%, equity roughly 38.5%.
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
- 48.8% −1.5pp
- Prop book / Assets
- 16.2% −7.7pp
- Liquid assets / Assets
- 26.2% +15.7pp
- Equity / Assets
- 38.5% −6.3pp
Quarterly YoY · 2026Q1
Is leverage safe?
Capital, Funding & Risk Posture
▲▲Are capital buffers and funding posture sufficiently safe?
Funding and liquidity look relatively comfortable, so risk posture is not currently the veto point for the case.
Equity currently equals 38.5% of assets, liabilities stand at 1.60x of equity, short-term borrowings are about 28.4% of assets, cash covers roughly 0.38x 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.
- Equity / Assets
- 38.5% −6.3pp
- Liabilities / Equity
- 1.60x +0.37x
- Short-term borrowings / Assets
- 28.4% +21.5pp
- Liquid assets / Assets
- 16.0% +5.5pp
Quarterly YoY · 2026Q1
In summary
Research synthesis
What this reporting period is showing
Overall, VDS is still profitable, but headline quality is being pulled down more clearly by provisioning, so earnings should be read with caution.
- Brokerage and service income are now large enough to reduce pure dependence on trading or margin.
- Profit is still positive, but provisioning is large enough to make earnings durability less certain.
- Provisioning is now large enough that headline profitability should be read with more caution.
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 provisioning pressure eases, as it remains the easiest way for headline profitability to become less durable.
Track the balance between asset mix, liquidity buffers, and funding structure into the next cycle.
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