APG

Chứng khoán APG ·HOSE ·2026Q1

● BALANCED OPERATIONS

Balanced operations NPAT n/a YoY

Price

4,510

Latest close

03 Jun 2026

EPS TTM (TTM) 14

BVPS (Latest) 10,359

P/E (Price/EPS) 332.0x

P/B (Price/BVPS) 0.4x

ROAE TTM (TTM) 0.1%

PBT Margin (TTM) 7.8%

Trading Share (Mix) 22.5%

Service & Brokerage Share (Mix) 6.5%

Equity / Assets (Latest) 43.7%

Leverage (Latest) 1.3x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 31.9bn, equivalent to a pre-tax margin of 7.8%, but headline durability remains more sensitive to revaluation. The revenue mix still leans mainly on trading at 61.7% after expanding by +29.2pp, while lending is at 35.1%; brokerage and services are still only 3.2% and have narrowed by 23.7pp, so diversification remains thin. On the balance sheet, Equity / Assets is 43.7% while Leverage is about 1.29x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 118 tỷ
+1056,3%
Lãi thuần −23,1 tỷ
+88,3%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 88,5 tỷ
+154,9%
Dư nợ 695 tỷ
+40,1%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 7,57 tỷ
−65,3%
Lãi thuần −11,2 tỷ
−165,9%

Metric	2025	2024
PBT	36.4	-145.8
Trading Share	61.9%	30.1%
Lending Share	31.8%	21.0%
Service & Brokerage Share	6.3%	48.9%
PBT Margin	10.50%	-125.68%
Equity / Assets	41.9%	89.9%
Leverage	1.39x	0.11x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	6.5	8.0	19.8	-2.3	11.0	-60.3	-148.1	56.0	6.3
Trading Share	45.2%	5.4%	53.9%	85.6%	20.1%	—	—	51.1%	53.3%
Lending Share	47.8%	87.8%	42.1%	10.4%	58.4%	41.0%	28.8%	18.5%	14.4%
Service & Brokerage Share	7.0%	6.8%	4.0%	4.0%	21.5%	59.0%	71.2%	30.4%	32.4%
PBT Margin	7.64%	10.88%	22.66%	-1.45%	44.58%	-613.86%	-564.59%	86.09%	20.71%
Equity / Assets	43.7%	41.9%	42.0%	56.2%	59.0%	89.8%	89.2%	87.7%	97.2%
Leverage	1.29x	1.39x	1.38x	0.78x	0.69x	0.11x	0.12x	0.14x	0.03x

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

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 61.7%, lending is at 35.1%, brokerage is around 3.0%, other services about 0.2%, brokerage plus services together are 3.2%.

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 revenue headline should be read together with leakage into provisioning and net margin, not just the surface mix.

Key risks

Revaluation volatility risk

A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.

Key signals

Securities business revenue 406.6bn +223.1% YoY

PBT margin 7.8% —

Trading Share 61.7% +29.2pp

Revaluation / Trading 81.9% —

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 7.8%, Return on assets is about 0.1%, provisions equal 0.1% of pre-tax profit, revaluation accounts for 399.0% 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.

Key risks

Revaluation volatility remains high

Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.

Return profile remains weak

ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.

Key signals

PBT margin 7.8% —

Net margin 0.8% —

ROAA 0.1% —

ROAE 0.1% —

Revaluation / PBT 399.0% —

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 12.7% of assets, the prop book about 8.1%, liquid assets around 46.1%, equity roughly 43.7%.

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.

Key risks

Key signals

Margin book / Assets 12.7% +0.6pp

Prop book / Assets 8.1% +1.7pp

Liquid assets / Assets 46.1% +23.2pp

Equity / Assets 43.7% −15.3pp

Liabilities / Equity 1.29x +0.59x

Quarterly YoY · 2026Q1

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 43.7% of assets, liabilities stand at 1.29x of equity, short-term borrowings are about 49.9% of assets, cash covers roughly 0.11x 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.

Key risks

Short-term funding pressure

Short-term borrowings or cash coverage are in a range that creates more pressure on funding and liquidity posture.

Key signals

Equity / Assets 43.7% −15.3pp

Liabilities / Equity 1.29x +0.59x

Short-term borrowings / Assets 49.9% +9.4pp

Liquid assets / Assets 31.3% +9.3pp

Cash / Short-term borrowings 0.11x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, APG currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.

Profitability does not currently show a sufficiently durable base to be read as a clean case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	155.3	27.7
a. Realised gains on disposals of FVTPL financial assets	28.1	27.7
b. Gains from revaluation of FVTPL financial assets	127.2	—
c. Dividends and interest income from FVTPL financial assets	0.0	—
1.2. Gains from held to maturity investments	95.7	23.8
1.3. Interest income from loans and receivables	80.0	19.4
1.6. Revenue from brokerage services	5.5	23.4
1.7. Revenue from share issue guarantee and agency activities	7.9	12.9
1.8. Revenue from investment advisory services	0.8	3.2
1.10. Revenue from securities custody services	1.4	0.8
1.11. Other revenue	0.2	4.7
Revenue from securities business (01->11)	346.8	116.0
Net sales	346.8	116.0
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	125.0	205.2
a. Loss from disposals of financial assets at FVTPL	125.0	43.7
b. Loss from revaluation of financial assets at FVTPL	—	161.6
c. Transaction cost of acquisition of financial assets at FVTPL	0.0	0.0
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	0.0	—
2.6. Expenses for proprietary trading activities	5.2	—
2.7. Expenses for brokerage services	16.3	5.3
2.8. Expenses for underwriting and issurance agency services	6.4	—
2.9. Expenses for financial advisory services	1.1	—
2.11. Expenses for secutiries custodian services	1.3	6.5
Operating expenses (21->33)	155.4	217.0
Gross profit	191.5	-101.0
3.2. Dividends, interest income from demand deposits	0.3	0.1
Total financial income (41->44)	0.3	0.1
4.1. Realized and unrealized loss from changes in foreign exchange rates	37.9	—
4.2. Borrowing costs	93.4	18.5
4.4. Other investment expenses	0.0	—
Total financial expenses (51->54)	131.3	18.5
VI. General and Administrative expenses	40.4	26.5
VII. Net profit from securities business (20+50-40-60-61-62)	20.0	-145.9
8.1. Other incomes	18.6	1.0
8.2. Other expenses	2.2	0.9
Other profit (71-72)	16.4	0.1
IX. Profit before tax (70+80)	36.4	-145.8
9.1. Realised profit	-86.2	15.7
9.2. Unrealised profit	112.6	-161.6
CORPORATE INCOME TAX	31.0	-15.3
10.1. Current corporate income tax expenses	—	3.1
10.2. Deferred income tax expenses	31.0	-18.5
XI. Net profit after tax (90-100)	5.5	-130.5
11.1. Profit after tax for shareholders of the parents company	5.5	-130.5
13.1. Earning per share	24.00	-656.00
13.2. Diluted earning per share	24.00	—
Earnings per Share	23.68	-565.83

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	4,361.6	2,161.2
Short-term financial assets	4,357.9	2,160.2
1. Cash and cash equivalents	406.5	17.6
1.1. Cash	406.5	17.6
2. Financial assets at fair value through profit or loss (FVTPL)	229.4	445.5
3. Held to maturity investments (HTM)	2,044.2	45.2
4. Loans	791.0	278.2
6. Provisions for impairment loss of financial assets and mortgages	-0.0	—
7. Short-term receivables	303.7	583.2
7.1. Receivables from disposal of financial assets	238.5	579.6
7.2. Receivables and accruals from dividends and interest income	65.2	3.6
7.2.1. Due dividend and interest receivables	53.3	1.2
7.2.2. Undue dividend and interest receivables	11.9	2.4
Prepayments to suppliers	257.3	790.3
9. Service related receivable	0.3	0.2
12. Other receivables	325.6	—
II. Other short-term assets	3.7	1.0
1. Advances	0.4	0.5
3. Short-term prepayments	3.0	0.6
4. Pledged assets, mortgages, security deposits in short term	0.0	0.0
Taxes and other receivables from state authorities	0.3	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	1,325.0	510.7
I. Long-term financial assets	1,248.3	464.2
2. Long-term investments	1,248.3	464.2
2.1. Held to maturity investments (HTM)	808.0	38.0
2.5. Other long-term investments	440.4	426.2
II. Fixed assets	43.4	6.9
1. Tangible fixed assets	24.7	3.1
- Cost	35.6	9.0
- Accumulated depreciation	-10.9	-5.9
3. Intangible fixed assets	18.7	3.8
- Cost	29.1	11.5
- Accumulated depreciation	-10.4	-7.7
IV. Construction in progress	7.6	—
V. Other long-term assets	25.7	39.6
1. Pledged assets, mortgages, security deposits in long term	1.9	1.9
2. Long-term prepayments	14.3	—
3. Deferred income tax assets	1.3	32.3
4. Payment for Settlement Assistance Fund	8.0	5.4
TOTAL ASSETS (270=100+200)	5,686.6	2,672.0
A. LIABILITIES (300=310+340)	3,304.3	269.6
I. Short -term liabilities	3,004.3	269.6
1. Short-term borrowings	2,968.5	250.0
1.1. Short-term borrowings	2,968.5	250.0
6. Payables to securities trading activities	0.1	—
8. Trade accounts payable	7.5	0.1
9. Advances from customers	3.0	3.0
10. Taxes and other payables to state authorities	0.5	3.3
11. Payable to employees	3.9	0.1
12. Employee welfare payables	0.1	0.0
13. Accrued expenses	20.5	13.0
17. Other payables	0.0	—
II. Long-term liabilities	300.0	—
4. Long-term bonds	300.0	—
B. OWNER'S EQUITY (400=410+420)	2,382.3	2,402.3
I. Owner's equity	2,382.3	2,402.3
1. Investment capital from owners	2,306.1	2,306.1
1.1. Capital from owners	2,236.2	2,236.2
a. Common stock	2,236,219,420,000.00	2,236,219,420,000.00
1.2. Share premium	69.9	69.9
4. Supplementary capital reserve	0.3	0.3
7. Undistributed earnings after tax	75.5	95.5
7.1. Realised profits	116.4	228.1
7.2. Unrealised losses	-40.9	-132.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	5,686.6	2,672.0

Item	2025	2024
1. Profit before tax	36.4	-145.8
2. Adjustments for	35.6	19.9
- Depreciation and amortization	7.7	1.5
- Loss/(profits) from other investing activities	-0.3	-0.1
- Interest expense	93.4	18.5
- Accrued interest income	-65.2	—
3. Add non-cash expenses	—	161.6
- Loss from revaluation losses of FVTPL financial assets	—	161.6
4. Less non-cash income	-127.2	—
- Gains from revaluation gains of FVTPL financial assets	-127.2	—
5. Changes of assets and liabilities	-2,952.5	369.4
- Increase/decrease in FVTPL financial assets	343.4	-126.7
- Increase/decrease in held to maturity investments	-2,783.1	669.7
- Increase/decrease in loan	-512.8	-173.5
6. Operating profit before changes in working capital	-3,007.6	405.0
Increase/decrease in receiables sale of financial assets	341.1	-529.0
Increase/decrease in receiables interest of financial assets	114.4	65.9
Increase/decrease in service related receivables	-0.1	-0.1
Increases/decreases in other receivables	-325.6	-1.3
Increase/decrease in other assets	-2.7	-0.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	-13.0	-1.4
- (Increase)/decrease in prepaid expenses	-16.7	-0.1
- Corporate income tax paid	-17.3	-2.0
- Interest paid	-72.9	-5.5
Increases/decreaese in trade payables	316.1	376.5
Increases/decreases in employee welfare payables	0.1	0.0
Increases/decreases in tax and other payables to the State Budget	-10.9	-3.2
Increases/dcreases in payable to employees	3.8	-0.6
Increases/dcreases in other payables	0.0	-0.0
Net cash flows from securities trading activities	-2,691.3	304.1
1. Payment for fixed assets, constructions and other long-term assets	-51.8	-2.2
5. Payments for investment in other entities	-209.3	-1,031.3
6. Collections on investment in other entities	322.9	-168.6
Net cash flows from investing activities	61.7	-1,202.0
1. Receipts from equity issue and owner's capital contribution	—	770,000,000,000.00
3. Short-term and long-term borrowings	8,510.6	250.0
3.2. Other borrowings	8,510.6	250.0
4. Principal repayments	-5,492.0	-226.9
4.3. Other principal repayments	-5,492.0	-226.9
Net cash flows from financing activities	3,018.6	793.1
IV. Net cash flows during the period	389.0	-104.8
V. Cash and cash equivalents at begingning of the period	17.6	122.4
Cash at bank	17.6	122.4
- Cash at bank for securities company activities	17.6	22.4
- Cash equivalents	—	100.0
Cash and cash equivalents at end of period	406.5	17.6
Cash at bank	406.5	17.6
- Cash at bank for securities company activities	406.5	17.6
1. Proceeds from sale of brokerage securities to customers	1,737.1	1,015.2
2. Money spent on buying brokerage securities for customers	-2,248.8	-28,678.1
9. Receive deposits to pay for securities transactions of customers	1,297.4	28,678.1
11. Payment for customers' securities transactions	-853.2	-970.0
14. Payment of customers' securities depository fees	-0.4	-3.7
Increase / decrease of net money during the period	-68.0	41.5
II. Cash and cash equivalents at the beginning of the period of the customer	71.0	29.5
Cash at bank	71.0	29.5
-Deposits of investors on securities transactions under the Securities Company management method	71.0	29.5
III. Cash and cash equivalents at the end of the period of the customer	3.1	71.0
Cash at bank	3.1	71.0
-Deposits of investors on securities transactions under the Securities Company management method	3.1	71.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	21.2	1.6	32.3	124.0	4.8	—	—	32.5	10.9
a. Realised gains on disposals of FVTPL financial assets	1.4	6.0	29.0	-3.0	3.8	—	—	22.4	5.6
b. Gains from revaluation of FVTPL financial assets	19.8	-4.4	3.3	127.0	1.0	—	—	10.2	5.3
c. Dividends and interest income from FVTPL financial assets	0.0	0.0	—	—	—	—	—	—	—
1.2. Gains from held to maturity investments	38.0	43.8	19.2	16.5	0.9	2.3	5.5	1.4	9.8
1.3. Interest income from loans and receivables	22.4	25.7	25.2	15.1	13.9	3.1	6.0	11.8	2.9
1.4. Gains from available-for-sale financial assets (AFS)	—	—	8.1	—	—	—	—	—	—
1.6. Revenue from brokerage services	2.8	1.3	2.3	1.1	0.8	0.9	9.5	10.6	2.4
1.7. Revenue from share issue guarantee and agency activities	—	—	—	4.8	3.0	2.5	3.7	4.2	2.5
1.8. Revenue from investment advisory services	0.3	0.5	—	-0.5	0.9	0.7	0.6	1.5	0.4
1.10. Revenue from securities custody services	0.1	0.2	0.1	0.1	0.4	0.3	0.1	0.3	0.1
1.11. Other revenue	0.0	0.0	—	0.2	—	—	0.9	2.7	1.1
Revenue from securities business (01->11)	85.0	73.1	87.2	161.3	24.8	9.8	26.2	65.0	30.2
Net sales	85.0	73.1	87.2	161.3	24.8	9.8	26.2	65.0	30.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	17.3	-0.7	0.9	123.2	1.2	48.2	160.1	-2.0	14.6
a. Loss from disposals of financial assets at FVTPL	0.5	0.3	0.9	123.2	1.2	46.2	—	-7.9	10.1
b. Loss from revaluation of financial assets at FVTPL	16.8	-1.0	—	—	—	2.0	160.1	5.9	4.5
c. Transaction cost of acquisition of financial assets at FVTPL	—	—	—	0.0	0.0	—	—	0.0	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	0.0	—	—	—	—	—	—	—
2.6. Expenses for proprietary trading activities	0.3	1.9	1.7	1.7	—	—	—	—	—
2.7. Expenses for brokerage services	4.0	4.1	5.6	5.0	0.4	1.2	1.4	1.7	1.0
2.8. Expenses for underwriting and issurance agency services	—	1.2	5.1	—	—	—	—	—	—
2.9. Expenses for financial advisory services	0.5	0.4	0.7	—	—	—	—	—	—
2.11. Expenses for secutiries custodian services	0.6	0.7	0.6	0.6	0.7	0.6	3.3	1.7	0.9
2.12. Other expenses	-0.0	—	—	-1.1	1.1	—	—	—	—
Operating expenses (21->33)	22.7	7.6	14.6	129.4	3.4	50.0	164.7	1.4	16.5
Gross profit	62.3	65.5	72.7	31.9	21.3	-40.1	-138.5	63.6	13.7
3.1. Realized and unrealized gain from changes in foreign exchange rates	7.2	—	—	—	—	—	—	—	—
3.2. Dividends, interest income from demand deposits	0.3	0.1	0.1	0.1	0.0	0.0	0.0	0.1	0.0
Total financial income (41->44)	7.5	0.1	0.1	0.1	0.0	0.0	0.0	0.1	0.0
4.1. Realized and unrealized loss from changes in foreign exchange rates	6.9	34.2	—	—	—	—	—	—	—
4.2. Borrowing costs	47.6	39.7	32.8	24.6	—	12.5	1.6	3.0	1.3
4.4. Other investment expenses	0.1	—	—	—	—	—	—	—	—
Total financial expenses (51->54)	54.6	73.9	32.8	24.6	—	12.5	1.6	3.0	1.3
VI. General and Administrative expenses	12.2	10.7	11.0	9.5	9.3	7.8	7.7	4.9	6.1
VII. Net profit from securities business (20+50-40-60-61-62)	3.0	-18.9	29.0	-2.2	12.1	-60.4	-147.8	55.8	6.2
8.1. Other incomes	3.5	17.8	0.0	0.0	0.9	0.5	0.2	0.2	0.0
8.2. Other expenses	0.0	-9.1	9.2	0.2	1.9	0.4	0.5	0.0	—
Other profit (71-72)	3.5	26.9	-9.2	-0.1	-1.1	0.1	-0.3	0.2	0.0
IX. Profit before tax (70+80)	6.5	8.0	19.8	-2.3	11.0	-60.3	-148.1	56.0	6.3
9.1. Realised profit	-1.8	15.9	16.5	-129.3	10.1	-49.4	7.5	47.8	—
9.2. Unrealised profit	8.3	-8.0	3.3	127.0	1.0	-11.0	-155.6	8.2	6.3
CORPORATE INCOME TAX	—	23.8	0.5	4.5	2.2	-9.4	—	8.6	—
10.1. Current corporate income tax expenses	—	-5.1	5.1	—	—	-8.4	—	9.6	—
10.2. Deferred income tax expenses	—	28.9	-4.7	4.5	2.2	-1.0	—	-1.0	—
XI. Net profit after tax (90-100)	6.5	-15.8	19.3	-6.8	8.8	-51.0	-148.1	47.4	6.3
11.1. Profit after tax for shareholders of the parents company	6.5	-15.8	19.3	-6.8	8.8	-51.0	-148.1	47.4	6.3
13.1. Earning per share	—	—	86.00	-31.00	39.00	-228.00	-662.00	212.00	41.00
Earnings per Share	28.15	-68.68	83.74	-29.63	38.25	-221.02	-642.11	205.68	40.71

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	4,139.2	5,171.6	5,328.9	3,525.6	3,574.4	2,115.3	2,238.7	2,270.6	1,480.4
Short-term financial assets	4,129.9	5,165.9	5,321.0	3,513.9	3,570.9	2,114.6	2,237.6	2,270.0	1,479.5
1. Cash and cash equivalents	308.5	406.5	30.8	33.0	4.3	17.6	142.7	217.5	31.6
1.1. Cash	308.5	406.5	30.8	33.0	4.3	17.6	1.7	177.5	1.6
1.2. Cash equivalents	—	—	—	—	—	—	141.0	40.0	30.0
2. Financial assets at fair value through profit or loss (FVTPL)	440.3	229.4	231.7	273.2	260.2	445.5	503.4	663.4	408.0
3. Held to maturity investments (HTM)	1,402.2	2,852.2	2,814.2	1,100.0	895.2	—	272.2	522.1	551.9
4. Loans	694.7	791.0	892.9	776.4	495.8	278.2	83.2	185.1	75.6
6. Provisions for impairment loss of financial assets and mortgages	-0.0	-0.0	—	—	—	—	—	—	—
7. Short-term receivables	527.5	303.7	270.1	246.5	1,118.8	582.8	410.3	349.3	89.2
7.1. Receivables from disposal of financial assets	435.6	238.5	238.5	239.5	1,113.3	579.6	405.8	345.6	85.2
7.2. Receivables and accruals from dividends and interest income	91.8	65.2	31.6	7.0	5.5	3.2	4.5	3.7	4.0
7.2.1. Due dividend and interest receivables	76.2	53.3	30.0	6.6	0.9	0.9	4.0	2.7	3.3
7.2.2. Undue dividend and interest receivables	15.7	11.9	1.5	0.4	4.6	2.4	0.5	1.1	0.7
Prepayments to suppliers	422.3	257.3	761.5	785.1	796.5	790.3	825.6	332.2	323.1
9. Service related receivable	0.3	0.3	0.3	0.2	0.1	0.2	0.1	0.2	0.0
12. Other receivables	334.2	325.6	319.6	299.6	—	—	0.1	0.1	0.1
II. Other short-term assets	9.3	5.6	7.9	11.7	3.5	0.7	1.1	0.7	1.0
1. Advances	1.1	0.4	3.5	3.6	1.0	0.5	0.2	0.6	0.5
3. Short-term prepayments	8.0	4.9	4.4	7.2	2.4	0.3	0.8	0.1	0.5
4. Pledged assets, mortgages, security deposits in short term	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Taxes and other receivables from state authorities	0.3	0.3	—	0.9	—	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	1,323.4	515.0	402.6	749.1	510.2	537.8	491.3	677.3	338.7
I. Long-term financial assets	1,248.3	440.4	307.9	667.8	464.2	509.4	464.2	647.2	302.6
2. Long-term investments	1,248.3	440.4	307.9	667.8	464.2	509.4	464.2	647.2	302.6
2.1. Held to maturity investments (HTM)	808.0	—	190.4	241.6	38.0	83.2	38.0	221.0	39.1
2.5. Other long-term investments	440.4	440.4	117.5	426.2	426.2	426.2	426.2	426.2	263.6
II. Fixed assets	40.9	43.4	42.8	37.9	6.5	6.9	7.8	8.4	8.2
1. Tangible fixed assets	23.1	24.7	26.3	28.0	2.9	3.1	3.8	4.2	4.1
- Cost	35.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-12.5	—	—	—	—	—	—	—	—
3. Intangible fixed assets	17.8	18.7	16.4	10.0	3.5	3.8	4.0	4.2	4.2
- Cost	29.1	—	—	—	—	—	—	—	—
- Accumulated depreciation	-11.3	—	—	—	—	—	—	—	—
IV. Construction in progress	9.9	7.6	4.7	7.4	—	—	—	—	—
V. Other long-term assets	24.2	23.7	47.3	36.0	39.5	21.4	19.3	21.7	27.9
1. Pledged assets, mortgages, security deposits in long term	1.9	1.9	1.9	2.0	1.9	1.9	0.0	0.0	0.5
2. Long-term prepayments	12.9	12.4	7.6	1.0	—	0.3	—	0.4	0.2
3. Deferred income tax assets	1.3	1.3	30.3	25.6	30.1	13.8	13.8	15.8	21.8
4. Payment for Settlement Assistance Fund	8.1	8.0	7.5	7.5	7.5	5.4	5.4	5.4	5.4
TOTAL ASSETS (270=100+200)	5,462.6	5,686.6	5,731.5	4,274.7	4,084.5	2,653.1	2,730.0	2,947.9	1,819.2
A. LIABILITIES (300=310+340)	3,073.8	3,304.2	3,324.2	1,870.4	1,673.4	269.5	295.4	361.4	50.1
I. Short -term liabilities	2,773.8	3,004.2	3,324.2	1,870.4	1,673.4	269.5	295.4	361.4	43.1
1. Short-term borrowings	2,725.4	2,968.5	3,233.1	1,836.5	1,653.6	250.0	276.9	126.9	—
1.1. Short-term borrowings	2,725.4	2,968.5	3,233.1	1,836.5	1,653.6	250.0	276.9	126.9	—
4. Short-term bonds	—	—	—	—	—	—	—	36.3	36.3
6. Payables to securities trading activities	0.2	0.1	—	—	—	—	0.1	0.1	0.3
8. Trade accounts payable	7.5	7.5	52.1	6.1	0.1	0.1	0.1	182.1	0.3
9. Advances from customers	2.9	3.0	3.2	3.2	3.0	3.0	3.2	2.2	1.8
10. Taxes and other payables to state authorities	3.7	0.5	6.7	1.8	3.7	3.2	12.9	10.7	2.3
11. Payable to employees	3.2	3.9	3.0	2.3	1.4	0.1	0.7	0.8	0.7
12. Employee welfare payables	0.1	0.1	0.3	0.0	0.0	0.0	0.0	—	0.0
13. Accrued expenses	30.9	20.6	25.8	20.5	11.5	13.0	1.4	2.4	1.4
15. Unearned revenue	0.0	—	—	—	—	—	—	—	—
17. Other payables	0.0	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0
II. Long-term liabilities	300.0	300.0	—	—	—	—	—	—	7.0
4. Long-term bonds	300.0	300.0	—	—	—	—	—	—	—
B. OWNER'S EQUITY (400=410+420)	2,388.8	2,382.3	2,407.3	2,404.3	2,411.2	2,383.6	2,434.5	2,586.5	1,769.1
I. Owner's equity	2,388.8	2,382.3	2,407.3	2,404.3	2,411.2	2,383.6	2,434.5	2,586.5	1,769.1
1. Investment capital from owners	2,306.1	2,306.1	2,306.1	2,306.1	2,306.1	2,306.1	2,306.1	2,306.1	1,536.1
1.1. Capital from owners	2,236.2	2,236.2	2,236.2	2,236.2	2,236.2	2,236.2	2,236.2	2,236.2	1,536.2
a. Common stock	2,236,219,420,000.00	2,236,219,420,000.00	2,236,219,420,000.00	2,236,219,420,000.00	2,236,219,420,000.00	2,236,219,420,000.00	2,236,219,420,000.00	2,236,219,420,000.00	1,536,219,420,000.00
1.2. Share premium	69.9	69.9	69.9	69.9	69.9	69.9	69.9	69.9	-0.1
4. Supplementary capital reserve	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
7. Undistributed earnings after tax	82.0	75.5	100.4	97.5	104.3	76.7	127.7	279.7	232.2
7.1. Realised profits	114.6	116.4	102.4	114.8	235.9	227.8	267.8	209.0	215.5
7.2. Unrealised losses	-32.6	-40.9	-2.0	-17.3	-131.6	-151.0	-140.1	70.7	16.8
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	5,462.6	5,686.6	5,731.5	4,274.7	4,084.5	2,653.1	2,730.0	2,947.9	1,819.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	6.5	8.0	19.8	-2.3	11.0	-60.0	-148.1	56.0	6.3
2. Adjustments for	-34.8	88.1	-79.6	28.6	-1.4	-30.3	44.4	4.0	1.8
- Depreciation and amortization	2.5	2.6	2.5	2.2	0.4	-0.2	0.2	1.0	0.5
- Unrealized foreign exchange (gains)/losses	6.9	—	—	—	—	—	—	—	—
- Loss/(profits) from other investing activities	—	-0.1	-0.1	-0.1	—	-25.9	25.8	-0.1	-0.0
- Interest expense	47.6	150.8	-82.1	24.6	—	12.5	1.6	3.0	1.3
- Accrued interest income	-91.8	-63.3	—	—	-1.9	—	16.7	—	—
- Adjustments for	—	—	—	—	—	—	0.0	—	—
3. Add non-cash expenses	16.8	—	—	—	—	-8.9	160.1	11.2	-0.8
- Loss from revaluation losses of FVTPL financial assets	16.8	—	—	—	—	-8.9	160.1	11.2	-0.8
4. Less non-cash income	-19.8	-127.0	127.8	-127.9	—	—	0.0	-10.2	-5.3
- Gains from revaluation gains of FVTPL financial assets	-19.8	-127.0	127.8	-127.9	—	—	0.0	-10.2	-5.3
5. Changes of assets and liabilities	530.3	369.7	-2,069.5	-370.4	-882.3	-115.1	550.3	-330.2	264.4
- Increase/decrease in FVTPL financial assets	-208.0	129.5	-130.6	159.1	185.3	-170.1	221.4	-250.4	72.4
- Increase/decrease in held to maturity investments	642.0	138.2	-1,822.4	-248.9	-850.0	227.0	249.9	29.7	163.0
- Increase/decrease in loan	96.2	101.9	-116.5	-280.6	-217.6	-194.9	101.9	-109.5	29.0
- Increase/decrease in AFS financial assets	—	—	—	—	—	—	-23.0	—	—
6. Operating profit before changes in working capital	499.0	338.7	-2,001.6	-472.1	-872.7	-198.8	606.6	-269.2	266.4
Increase/decrease in receiables sale of financial assets	-197.1	0.1	1.1	873.6	-533.7	-175.4	-59.4	-261.3	-32.9
Increase/decrease in receiables interest of financial assets	65.2	142.4	-67.7	41.6	-1.9	55.4	-37.9	37.4	10.9
Increase/decrease in service related receivables	-0.0	-0.0	-0.1	-0.1	0.1	-0.1	0.1	-0.2	0.1
Increases/decreases in other receivables	-8.5	-26.0	3.2	-302.7	—	-1.2	-0.4	1.4	-1.1
Increase/decrease in other assets	-0.7	2.3	-2.9	-2.1	—	-2.0	2.0	-0.6	0.5
- Increase/(decrease) in payables (other than interest, corporate income tax)	-26.9	-25.8	25.8	-11.5	-1.5	-1.4	1.4	-1.4	—
- (Increase)/decrease in prepaid expenses	-3.5	-12.9	2.1	-4.1	-1.9	0.4	-0.5	0.2	-0.2
- Corporate income tax paid	—	-14.4	-0.5	-2.0	-0.4	-1.0	—	-1.0	—
- Interest paid	-17.2	-58.7	-10.0	-4.2	—	0.5	-4.0	-0.6	-1.3
Increases/decreaese in trade payables	-164.9	255.4	304.0	-237.1	-6.1	1,182.2	-1,057.5	585.2	-333.4
Increases/decreases in employee welfare payables	-0.0	-0.2	0.3	0.0	-0.0	0.0	—	-0.0	—
Increases/decreases in tax and other payables to the State Budget	3.1	-14.3	2.5	0.4	0.4	-13.8	22.2	-11.7	0.1
Increases/dcreases in payable to employees	-0.7	0.9	0.7	1.0	1.2	-0.6	-0.0	0.1	-0.1
Increases/dcreases in other payables	-0.1	-0.0	0.0	0.4	-0.4	15.0	-15.1	—	0.0
- Other receipts from operating activities	—	—	0.0	—	—	—	—	—	—
- Other payments for operating activities	—	—	-0.0	—	—	—	0.1	—	0.0
Net cash flows from securities trading activities	147.4	587.3	-1,742.9	-118.9	-1,416.8	857.9	-541.4	78.4	-90.8
1. Payment for fixed assets, constructions and other long-term assets	-2.3	-16.4	—	-35.4	—	-5.2	7.2	-4.2	—
5. Payments for investment in other entities	—	-518.1	308.7	—	—	-868.6	686.7	-849.4	—
6. Collections on investment in other entities	—	322.9	—	—	—	-232.7	—	64.2	—
7. Dividends, interest and profit received	—	—	—	—	—	—	0.1	—	—
Net cash flows from investing activities	-2.3	-247.0	344.1	-35.4	—	-1,042.5	629.8	-789.4	—
1. Receipts from equity issue and owner's capital contribution	—	—	—	—	—	0.00	0.00	770,000,000,000.00	—
3. Short-term and long-term borrowings	4,043.6	2,495.6	2,943.8	1,667.6	1,403.6	123.1	—	126.9	—
3.2. Other borrowings	4,043.6	2,495.6	2,943.8	1,667.6	1,403.6	123.1	—	126.9	—
4. Principal repayments	-4,286.8	-2,460.2	-1,547.2	-1,484.7	—	-190.6	-36.3	—	—
4.3. Other principal repayments	-4,286.8	-2,460.2	-1,547.2	-1,484.7	—	-190.6	-36.3	—	—
Net cash flows from financing activities	-243.2	35.4	1,396.6	182.9	1,403.6	59.4	-163.2	896.9	—
IV. Net cash flows during the period	-98.0	375.7	-2.2	28.7	-13.2	-125.2	-74.7	185.9	-90.8
V. Cash and cash equivalents at begingning of the period	406.5	30.8	33.0	4.3	17.6	142.7	217.5	31.6	122.4
Cash and cash equivalents at end of period	308.5	406.5	30.8	33.0	4.3	17.6	142.7	217.5	31.6
1. Proceeds from sale of brokerage securities to customers	1,454.0	560.4	380.2	725.7	70.8	253.8	147.3	25.4	588.7
2. Money spent on buying brokerage securities for customers	-461.5	-342.7	-861.3	-589.8	-455.0	-9,315.3	-8,751.1	-9,429.5	-1,182.3
9. Receive deposits to pay for securities transactions of customers	310.1	-459.3	1,561.4	-571.5	766.8	2,724.3	15,342.0	9,660.7	951.0
11. Payment for customers' securities transactions	-1,303.9	232.7	-649.3	—	-436.6	6,369.8	-7,142.8	166.2	-363.2
14. Payment of customers' securities depository fees	-0.1	0.2	1.2	-1.8	-0.1	-3.1	2.2	-2.6	-0.1
17. Proceeds from Securities Issuers	—	—	-0.0	—	0.3	—	—	—	—
18. Payments to Securities Issuers	—	—	0.0	—	-0.3	—	-0.8	—	—
Increase / decrease of net money during the period	-1.4	-8.6	-4.5	-0.8	-54.1	30.3	-403.2	420.2	-5.8
II. Cash and cash equivalents at the beginning of the period of the customer	3.1	11.7	16.2	17.0	71.0	40.7	443.9	23.7	29.5
III. Cash and cash equivalents at the end of the period of the customer	1.7	3.1	11.7	16.2	17.0	71.0	40.7	443.9	23.7

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