Analysis of business results & financial statements · Quý 1/2026
▲▲ TRADING-LED STRONG
See what is changing ↓- EPS TTM
- 283
- BVPS
- 9,746
- P/E
- 50.5x
- P/B
- 1.5x
- ROAE TTM
- 2.2%
- PBT Margin
- 45.5%
- Market price
- 14,300 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q1, pre-tax profit is currently about 24.5bn, equivalent to a pre-tax margin of 45.5%, showing a relatively clean and sufficiently thick earnings base. The revenue mix still leans mainly on trading at 73.4% after expanding by +13.3pp, while lending is at 7.5%; brokerage and services are still 19.2% but have narrowed by 13.8pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 99.9% while Leverage is about 0.00x, indicating a still relatively balanced capital posture.
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 | 18.0 | 10.8 | -4.1 | -0.2 | -3.2 | -17.8 | -5.6 | 0.1 |
| Trading Share | 90.4% | 96.9% | 2.3% | — | — | 0.8% | 59.9% | 78.5% |
| Lending Share | 2.9% | 0.0% | 7.9% | 48.6% | 23.1% | 20.9% | 3.7% | 4.1% |
| Service & Brokerage Share | 6.7% | 3.1% | 89.8% | 51.4% | 76.9% | 78.3% | 36.4% | 17.4% |
| PBT Margin | 53.75% | 62.54% | -374.90% | -7.62% | -167.46% | -427.03% | -86.41% | 0.70% |
| Equity / Assets | 99.9% | 91.2% | 99.6% | 99.4% | 99.4% | 99.4% | 99.0% | 99.4% |
| Leverage | 0.00x | 0.10x | 0.00x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
Revenue
33bnNet income
18bnNet margin
53.75%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 73.4%, lending is at 7.5%, brokerage is around 15.5%, other services about 3.7%, brokerage plus services together are 19.2%.
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
- 53.8bn +164.1% YoY
- PBT margin
- 45.5%
- Trading Share
- 73.4% +13.3pp
- Brokerage Share
- 15.5% −7.5pp
Annual YoY · 2026Q1
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 45.5%, Return on assets is about 2.2%.
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
- 45.5%
- Net margin
- 45.5%
- ROAA
- 2.2%
- ROAE
- 2.2%
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 3.7% of assets, liquid assets around 7.2%, equity roughly 99.9%.
A high prop-book share lets market-valuation swings flow more directly into the balance sheet.
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.
- Margin book / Assets
- 3.7% −4.0pp
- Liquid assets / Assets
- 7.2% −23.4pp
- Equity / Assets
- 99.9% +0.6pp
- Liabilities / Equity
- 0.00x
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 99.9% of assets, liabilities stand at 0.00x of equity, short-term borrowings are about 1.3% of assets, cash covers roughly 5.56x 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
- 99.9% +0.6pp
- Liabilities / Equity
- 0.00x
- Short-term borrowings / Assets
- 1.3%
- Liquid assets / Assets
- 7.2% −23.4pp
Quarterly YoY · 2026Q1
In summary
Research synthesis
What this reporting period is showing
Overall, VUA 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.
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 without requiring even greater earnings concentration.
Track whether the prop book makes the balance sheet more sensitive to valuation swings in coming periods.
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.