Analysis of business results & financial statements · Quý 2/2026
● TRADING VOLATILE
TTM NPAT rose +VND 1,191bn compared with the same period last year. Key positives came from higher trading, higher margin lending, and lower total costs. Offsetting pressure came mainly from higher tax and lower other fees.
See what is changing ↓- EPS TTM
- 1,773
- BVPS
- 14,079
- P/E
- 7.5x
- P/B
- 0.9x
- ROAE TTM
- 13.1%
- PBT Margin
- 45.5%
- Market price
- 13,250 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 3,328.7bn, equivalent to a pre-tax margin of 45.5%, but headline durability remains more sensitive to revaluation, with margin also improving by +11.3pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 59.5% after expanding by +2.0pp, while lending is at 23.9%; brokerage and services are still 16.5% but have narrowed by 0.8pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 43.0% while Leverage is about 1.33x, indicating that buffers and funding are not yet truly roomy, with buffers thickening and leverage easing further.
Profit bridge
Vs last year · TTM
- Trading
- Margin lending
- Total costs
- Brokerage
- Tax
- Other fees
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 | 1,105.5 | 681.3 | 376.6 | 1,165.2 | 488.2 | 478.1 | 275.3 | 620.1 |
| Trading Share | 65.6% | 60.7% | 46.0% | 62.0% | 53.5% | 61.9% | 52.8% | 57.8% |
| Lending Share | 22.3% | 24.5% | 31.8% | 19.0% | 19.1% | 25.8% | 28.5% | 26.7% |
| Service & Brokerage Share | 12.1% | 14.8% | 22.1% | 19.0% | 27.4% | 12.3% | 18.7% | 15.5% |
| PBT Margin | 59.15% | 37.71% | 26.38% | 52.62% | 28.74% | 38.01% | 22.72% | 48.84% |
| Equity / Assets | 43.0% | 44.7% | 40.5% | 36.7% | 41.0% | 40.1% | 44.5% | 45.0% |
| Leverage | 1.33x | 1.24x | 1.47x | 1.73x | 1.44x | 1.49x | 1.25x | 1.22x |
Revenue
1,869bnNet income
883bnNet margin
47.22%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?
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 59.5%, lending is at 23.9%, brokerage is around 15.2%, other services about 1.3%, brokerage plus services together are 16.5%.
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.
- Securities business revenue
- 7,317.9bn +34.6% YoY
- PBT margin
- 45.5% +11.3pp
- Trading Share
- 59.5% +2.0pp
- Brokerage Share
- 15.2% +1.7pp
TTM YoY · 2026Q2
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 45.5%, Return on assets is about 5.5%, provisions equal −12.6% of pre-tax profit, revaluation accounts for 39.0% 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.
Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.
- PBT margin
- 45.5% +11.3pp
- Net margin
- 36.9% +9.2pp
- ROAA
- 5.5% +2.4pp
- ROAE
- 13.1% +5.7pp
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 25.8% of assets, the prop book about 44.7%, liquid assets around 23.1%, equity roughly 43.0%.
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
- 25.8% +3.6pp
- Prop book / Assets
- 44.7% +1.5pp
- Liquid assets / Assets
- 23.1% −1.0pp
- Equity / Assets
- 43.0% +2.0pp
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 43.0% of assets, liabilities stand at 1.33x of equity, short-term borrowings are about 47.4% of assets, cash covers roughly 0.06x 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 remains relatively better than 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
- 43.0% +2.0pp
- Liabilities / Equity
- 1.33x −0.11x
- Short-term borrowings / Assets
- 47.4% −7.1pp
- Liquid assets / Assets
- 22.3% +0.5pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, VND 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 trading income can still hold up once revaluation normalizes toward a more ordinary level.
Track whether current profitability can hold once the more volatile supports move back toward normal levels.
Track whether the recent easing in short-term funding can hold, as liquidity buffers have only just improved versus current funding needs.
From one stock to the whole portfolio
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among the rest of your investments?
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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.