Analysis of business results & financial statements · Quý 1/2026
▲ BALANCED OPERATIONS
See what is changing ↓- EPS TTM
- 1,084
- BVPS
- 10,760
- P/E
- 5.4x
- P/B
- 0.5x
- ROAE TTM
- 10.6%
- PBT Margin
- 59.7%
- Market price
- 5,900 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q1, pre-tax profit is currently about 54.5bn, equivalent to a pre-tax margin of 59.7%, but headline durability remains more sensitive to revaluation. The revenue mix still leans mainly on trading at 97.2% after expanding by +4.5pp, while lending is at 0.4%; brokerage and services are still only 2.3% and have narrowed by 4.3pp, so diversification remains thin. On the balance sheet, Equity / Assets is 98.8% while Leverage is about 0.01x, 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 | 12.2 | 6.3 | 10.4 | 25.6 | 2.9 | 1.2 | -8.8 | -4.2 |
| Trading Share | 93.2% | 67.1% | 85.7% | 99.1% | 95.2% | 95.1% | 92.4% | 61.9% |
| Lending Share | 0.8% | 0.3% | 0.6% | 0.1% | 0.5% | 0.4% | 0.5% | 0.5% |
| Service & Brokerage Share | 6.0% | 32.6% | 13.7% | 0.8% | 4.3% | 4.5% | 7.1% | 37.6% |
| PBT Margin | 79.27% | 22.79% | 60.03% | 82.89% | 43.21% | 16.61% | -149.73% | -122.47% |
| Equity / Assets | 98.8% | 98.8% | 98.9% | 99.0% | 99.0% | 99.0% | 99.1% | 99.1% |
| Leverage | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x | 0.01x |
Revenue
15bnNet income
12bnNet margin
79.27%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 97.2%, lending is at 0.4%, brokerage is around 1.9%, other services about 0.4%, brokerage plus services together are 2.3%.
The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.
Trading income is materially dependent on revaluation.
The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.
- Securities business revenue
- 91.4bn +292.9% YoY
- PBT margin
- 59.7%
- Trading Share
- 97.2% +4.5pp
- Revaluation / Trading
- 84.5% +26.8pp
Annual YoY · 2026Q1
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 59.7%, Return on assets is about 10.5%, revaluation accounts for 84.8% 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
- 59.7%
- Net margin
- 59.7%
- ROAA
- 10.5%
- ROAE
- 10.6%
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 0.5% of assets, the prop book about 13.8%, liquid assets around 70.6%, equity roughly 98.8%.
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.
- Margin book / Assets
- 0.5%
- Prop book / Assets
- 13.8% −7.1pp
- Liquid assets / Assets
- 70.6% +15.2pp
- Equity / Assets
- 98.8% −0.2pp
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 98.8% of assets, liabilities stand at 0.01x of equity.
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
- 98.8% −0.2pp
- Liabilities / Equity
- 0.01x
- Liquid assets / Assets
- 70.6% +15.2pp
Quarterly YoY · 2026Q1
In summary
Research synthesis
What this reporting period is showing
Overall, WSS currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.
- Capital buffer is not currently the main pressure point for this case.
- The current revenue mix does not yet offer a clear enough earnings anchor to read as a healthy case.
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 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?
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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.