MBS
▲ MARGIN LENDING STRONG
On a TTM basis through 2026Q1, pre-tax profit is currently about 1,444.1bn, equivalent to a pre-tax margin of 36.2%, showing a relatively clean and sufficiently thick earnings base, with margin also improving by +2.8pp, pointing to better earnings quality. The revenue mix is now leaning more toward lending at 45.8% after expanding by +6.3pp, while trading is down to 20.8% after narrowing by 14.6pp; brokerage and services have reached 33.4% and improved by +8.4pp, making diversification more visible. On the balance sheet, Equity / Assets is 27.3% while Leverage is about 2.66x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.