APS

Chứng khoán Châu Á Thái Bình Dương ·HNX ·2026Q1

▼ BALANCED OPERATIONS

Balanced operations NPAT n/a YoY

Price

6,800

Latest close

03 Jun 2026

EPS TTM (TTM) -410

BVPS (Latest) 8,789

P/E (Price/EPS) -16.6x

P/B (Price/BVPS) 0.8x

ROAE TTM (TTM) -4.5%

PBT Margin (TTM) -25.3%

Trading Share (Mix) 85.8%

Service & Brokerage Share (Mix) 6.2%

Equity / Assets (Latest) 99.3%

Leverage (Latest) 0.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 43.7bn, equivalent to a pre-tax margin of -25.3%, showing a profit base that is under clearer pressure. The revenue mix still leans mainly on trading at 85.8% but narrowing by 4.4pp, while lending is at 8.0%; brokerage and services are still only 6.2%, so diversification remains thin. On the balance sheet, Equity / Assets is 99.3% while Leverage is about 0.01x, indicating a still relatively balanced capital posture.

	                            
	                                Trading
	                            
	                        
Doanh thu 148 tỷ
−31,0%
Lãi thuần −40,8 tỷ
−0,3%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 13,3 tỷ
−13,7%
Dư nợ 178 tỷ
+12,9%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 9,52 tỷ
+57,6%
Lãi thuần 3,03 tỷ
+985,7%

Metric	2025	2024
PBT	-39.7	20.5
Trading Share	87.3%	89.4%
Lending Share	6.9%	6.8%
Service & Brokerage Share	5.8%	3.8%
PBT Margin	-21.93%	8.61%
Equity / Assets	99.2%	98.5%
Leverage	0.01x	0.02x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	-37.6	-51.8	54.5	-8.8	-30.9	-40.2	17.7	33.8	9.2
Trading Share	57.4%	47.7%	93.3%	89.4%	81.0%	67.5%	84.4%	95.8%	71.5%
Lending Share	25.2%	29.3%	2.8%	6.4%	12.2%	24.1%	10.3%	2.8%	14.5%
Service & Brokerage Share	17.4%	23.0%	3.9%	4.2%	6.9%	8.4%	5.3%	1.4%	14.0%
PBT Margin	-243.64%	-363.71%	55.15%	-19.75%	-131.14%	-227.05%	42.76%	21.80%	38.64%
Equity / Assets	99.3%	99.2%	99.3%	99.2%	99.2%	98.5%	98.8%	98.6%	98.5%
Leverage	0.01x	0.01x	0.01x	0.01x	0.01x	0.01x	0.01x	0.01x	0.02x

Drivers of APS's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher total costs. Supporting and offsetting drivers:

Brokerage +VND 2.8bn

Total costs −VND 25.2bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower trading. Supporting and offsetting drivers:

Tax +VND 1.8bn

Margin lending +VND 1.0bn

Brokerage +VND 0.9bn

Trading −VND 8.0bn

Total costs −VND 0.6bn

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 85.8%, lending is at 8.0%, brokerage is around 5.8%, other services about 0.4%, brokerage plus services together are 6.2%.

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 172.9bn −27.2% YoY

PBT margin -25.3% —

Trading Share 85.8% −4.4pp

Revaluation / Trading 100.0% —

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Profitability has broken more clearly, so this section should be read as a profit-hit case rather than a technical fluctuation.

Pre-tax margin is currently -25.3%, Return on assets is about -4.5%.

Headline profit still needs to be read together with what is creating it and how thick returns really are.

Profit appears cleaner and less dependent on revaluation.

Provisioning is not currently the main drag on profit.

Key risks

Return profile remains weak

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

Key signals

PBT margin -25.3% —

Net margin -20.0% —

ROAA -4.5% —

ROAE -4.5% —

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 23.8% of assets, the prop book about 51.7%, liquid assets around 10.3%, equity roughly 99.3%.

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.

Key risks

Prop-book concentration risk

A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.

Key signals

Margin book / Assets 23.8% +3.7pp

Prop book / Assets 51.7% −4.0pp

Liquid assets / Assets 10.3% −2.2pp

Equity / Assets 99.3% —

Liabilities / Equity 0.01x —

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 99.3% 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 looks adequate for now, though it still needs monitoring as funding structure shifts.

Key risks

Key signals

Equity / Assets 99.3% —

Liabilities / Equity 0.01x —

Liquid assets / Assets 10.3% −2.2pp

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, APS 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.

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)	155.2	210.9
a. Realised gains on disposals of FVTPL financial assets	0.2	12.8
b. Gains from revaluation of FVTPL financial assets	152.3	198.0
c. Dividends and interest income from FVTPL financial assets	2.7	0.2
1.2. Gains from held to maturity investments	3.4	2.1
1.3. Interest income from loans and receivables	12.3	16.0
1.6. Revenue from brokerage services	8.5	6.9
1.8. Revenue from investment advisory services	1.1	1.4
1.10. Revenue from securities custody services	0.7	0.8
Revenue from securities business (01->11)	181.1	238.1
Net sales	181.1	238.1
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	193.9	217.9
a. Loss from disposals of financial assets at FVTPL	1.3	7.0
b. Loss from revaluation of financial assets at FVTPL	192.6	210.9
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	0.1	0.6
2.7. Expenses for brokerage services	6.4	6.1
2.11. Expenses for secutiries custodian services	1.1	1.1
2.12. Other expenses	0.0	0.0
Operating expenses (21->33)	201.6	225.6
Gross profit	-20.4	12.5
3.2. Dividends, interest income from demand deposits	0.0	0.1
3.4. Other income about investment	0.8	1.0
Total financial income (41->44)	0.8	1.1
4.2. Borrowing costs	-0.1	0.6
Total financial expenses (51->54)	-0.1	0.6
VI. General and Administrative expenses	19.7	-8.0
VII. Net profit from securities business (20+50-40-60-61-62)	-39.2	21.0
8.1. Other incomes	0.0	0.0
8.2. Other expenses	0.5	0.5
Other profit (71-72)	-0.5	-0.5
IX. Profit before tax (70+80)	-39.7	20.5
9.1. Realised profit	0.6	33.4
9.2. Unrealised profit	-40.3	-12.9
CORPORATE INCOME TAX	-8.1	-1.3
10.1. Current corporate income tax expenses	—	1.3
10.2. Deferred income tax expenses	-8.1	-2.6
XI. Net profit after tax (90-100)	-31.7	21.8
11.1. Profit after tax for shareholders of the parents company	-31.7	21.8
13.1. Earning per share	-381.00	262.00
13.2. Diluted earning per share	—	262.00
Earnings per Share	-375.22	258.16

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	695.4	740.1
Short-term financial assets	549.3	593.7
1. Cash and cash equivalents	81.8	85.5
1.1. Cash	23.8	17.5
1.2. Cash equivalents	58.0	68.0
2. Financial assets at fair value through profit or loss (FVTPL)	426.1	481.8
4. Loans	173.8	162.8
6. Provisions for impairment loss of financial assets and mortgages	-10.8	-10.7
7. Short-term receivables	12.3	9.6
7.2. Receivables and accruals from dividends and interest income	12.3	9.6
7.2.1. Due dividend and interest receivables	—	9.6
7.2.2. Undue dividend and interest receivables	12.3	—
Prepayments to suppliers	3.3	3.3
9. Service related receivable	7.7	6.7
12. Other receivables	7.9	8.3
13. Provision for doubtful debts	-152.6	-153.6
II. Other short-term assets	146.1	146.5
1. Advances	145.0	145.6
3. Short-term prepayments	0.2	0.1
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1
Taxes and other receivables from state authorities	0.8	0.8
B. LONG-TERM ASSETS (200=210+220+240+250-260)	82.1	75.0
II. Fixed assets	7.1	8.7
1. Tangible fixed assets	4.6	5.2
- Cost	16.4	16.2
- Accumulated depreciation	-11.8	-11.0
3. Intangible fixed assets	2.5	3.5
- Cost	10.6	10.5
- Accumulated depreciation	-8.2	-7.0
V. Other long-term assets	75.0	66.3
2. Long-term prepayments	0.1	0.1
3. Deferred income tax assets	56.1	48.0
4. Payment for Settlement Assistance Fund	18.9	18.2
TOTAL ASSETS (270=100+200)	777.5	815.1
A. LIABILITIES (300=310+340)	6.1	12.1
I. Short -term liabilities	6.1	7.5
6. Payables to securities trading activities	0.3	0.3
8. Trade accounts payable	0.4	0.2
9. Advances from customers	0.8	0.8
10. Taxes and other payables to state authorities	0.8	1.0
11. Payable to employees	1.5	1.9
12. Employee welfare payables	0.4	0.3
13. Accrued expenses	0.3	0.5
17. Other payables	1.2	2.1
19. Bonus and welfare fund	0.4	0.4
II. Long-term liabilities	—	4.6
4. Long-term bonds	—	4.6
B. OWNER'S EQUITY (400=410+420)	771.4	803.0
I. Owner's equity	771.4	803.0
1. Investment capital from owners	843.8	843.8
1.1. Capital from owners	830.0	830.0
a. Common stock	830,000,000,000.00	830,000,000,000.00
1.2. Share premium	13.8	13.8
7. Undistributed earnings after tax	-75.2	-43.6
7.1. Realised profits	149.0	148.4
7.2. Unrealised losses	-224.2	-191.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	777.5	815.1

Item	2025	2024
1. Profit before tax	-39.7	20.5
2. Adjustments for	-11.3	-34.2
- Depreciation and amortization	1.9	1.8
- (Reversal of provisions)/provisions	-0.8	-27.0
- Interest expense	-0.1	0.6
- Accrued interest income	-12.3	-9.6
3. Add non-cash expenses	192.6	210.9
- Loss from revaluation losses of FVTPL financial assets	192.6	210.9
4. Less non-cash income	-152.3	-198.0
- Gains from revaluation gains of FVTPL financial assets	-152.3	-198.0
5. Changes of assets and liabilities	4.4	-84.5
- Increase/decrease in FVTPL financial assets	15.4	-68.4
- Increase/decrease in loan	-11.0	-16.2
6. Operating profit before changes in working capital	-6.3	-85.3
Increase/decrease in receiables interest of financial assets	9.6	3.2
Increase/decrease in service related receivables	-1.0	0.9
Increases/decreases in other receivables	0.4	-0.4
Increase/decrease in other assets	0.5	29.0
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.2	-0.0
- (Increase)/decrease in prepaid expenses	-0.1	0.3
- Corporate income tax paid	—	-7.0
- Interest paid	0.1	-0.6
Increases/decreaese in trade payables	0.2	0.1
Increases/decreases in employee welfare payables	0.1	-0.0
Increases/decreases in tax and other payables to the State Budget	-0.2	1.5
Increases/dcreases in payable to employees	-0.3	-3.1
Increases/dcreases in other payables	-0.9	-2.0
- Other payments for operating activities	-0.8	-1.7
Net cash flows from securities trading activities	1.1	-65.2
1. Payment for fixed assets, constructions and other long-term assets	-0.2	-0.2
Net cash flows from investing activities	-0.2	-0.2
4. Principal repayments	-4.6	—
4.3. Other principal repayments	-4.6	—
Net cash flows from financing activities	-4.6	—
IV. Net cash flows during the period	-3.7	-65.5
V. Cash and cash equivalents at begingning of the period	85.5	151.0
Cash at bank	85.5	151.0
- Cash at bank for securities company activities	17.5	30.0
- Cash equivalents	68.0	121.0
Cash and cash equivalents at end of period	81.8	85.5
Cash at bank	81.8	85.5
- Cash at bank for securities company activities	23.8	17.5
- Cash equivalents	58.0	68.0
1. Proceeds from sale of brokerage securities to customers	806.1	614.8
2. Money spent on buying brokerage securities for customers	-617.8	-482.6
9. Receive deposits to pay for securities transactions of customers	1,024.5	1,078.9
11. Payment for customers' securities transactions	-1,234.6	-1,236.7
14. Payment of customers' securities depository fees	-0.7	-0.8
17. Proceeds from Securities Issuers	53.1	49.3
18. Payments to Securities Issuers	-53.1	-49.6
Increase / decrease of net money during the period	-22.5	-26.6
II. Cash and cash equivalents at the beginning of the period of the customer	136.5	163.2
Cash at bank	136.5	-44.3
-Deposits of investors on securities transactions under the Securities Company management method	136.1	-49.6
-Securities clearing and settlement deposits	0.1	4.9
-Deposits from issuing organizations	0.2	0.5
III. Cash and cash equivalents at the end of the period of the customer	114.0	136.5
Cash at bank	114.0	136.5
-Deposits of investors on securities transactions under the Securities Company management method	113.6	136.1
-Securities clearing and settlement deposits	0.2	0.1
-Deposits from issuing organizations	0.2	0.2

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)	8.6	6.4	91.4	38.8	18.5	11.3	34.5	148.3	16.8
a. Realised gains on disposals of FVTPL financial assets	—	—	—	—	0.2	1.0	0.4	7.4	4.0
b. Gains from revaluation of FVTPL financial assets	7.5	5.9	91.0	37.1	18.3	10.2	34.1	140.9	12.8
c. Dividends and interest income from FVTPL financial assets	1.1	0.5	0.4	1.7	—	0.1	—	—	0.1
1.2. Gains from held to maturity investments	0.5	0.8	0.8	1.1	0.7	0.9	0.4	0.4	0.4
1.3. Interest income from loans and receivables	3.8	3.9	2.8	2.8	2.8	4.1	4.2	4.3	3.4
1.6. Revenue from brokerage services	2.3	2.0	3.6	1.6	1.2	1.2	1.6	1.9	2.1
1.8. Revenue from investment advisory services	0.2	0.9	—	—	0.2	0.0	0.3	0.1	1.0
1.10. Revenue from securities custody services	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Revenue from securities business (01->11)	15.4	14.3	98.7	44.5	23.5	17.7	41.3	155.2	23.9
Net sales	15.4	14.3	98.7	44.5	23.5	17.7	41.3	155.2	23.9
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	47.1	58.4	37.1	46.7	49.2	75.2	17.7	113.6	11.5
a. Loss from disposals of financial assets at FVTPL	0.0	—	—	—	1.3	5.2	1.4	0.3	0.2
b. Loss from revaluation of financial assets at FVTPL	47.1	58.4	37.1	46.7	47.9	70.0	16.3	113.3	11.3
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	-0.0	—	0.2	—	0.2	—	0.4	—
2.7. Expenses for brokerage services	1.5	1.4	2.1	1.5	1.4	1.3	1.5	1.6	1.7
2.11. Expenses for secutiries custodian services	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
2.12. Other expenses	—	—	—	—	0.0	—	—	—	0.0
Operating expenses (21->33)	48.9	60.0	39.5	48.6	50.9	77.0	19.4	115.8	13.4
Gross profit	-33.5	-45.7	59.2	-4.1	-27.4	-59.3	21.9	39.4	10.5
3.2. Dividends, interest income from demand deposits	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3.4. Other income about investment	—	0.8	—	—	—	1.0	—	—	—
Total financial income (41->44)	0.0	0.8	0.0	0.0	0.0	1.0	0.0	0.0	0.0
4.2. Borrowing costs	—	—	—	—	0.0	0.3	0.0	0.3	0.0
Total financial expenses (51->54)	—	—	—	—	0.0	0.3	0.0	0.3	0.0
VI. General and Administrative expenses	4.1	6.9	4.3	4.7	3.5	-18.7	4.2	5.2	1.2
VII. Net profit from securities business (20+50-40-60-61-62)	-37.6	-51.8	55.0	-8.8	-30.9	-39.7	17.7	33.9	9.2
8.1. Other incomes	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8.2. Other expenses	0.0	0.0	0.5	—	—	0.4	—	0.1	—
Other profit (71-72)	-0.0	-0.0	-0.5	0.0	0.0	-0.4	0.0	-0.1	0.0
IX. Profit before tax (70+80)	-37.6	-51.8	54.5	-8.8	-30.9	-40.2	17.7	33.8	9.2
9.1. Realised profit	2.1	0.7	0.5	0.8	-1.3	19.6	-0.1	6.2	7.8
9.2. Unrealised profit	-39.6	-52.5	53.9	-9.6	-29.6	-59.8	17.8	27.6	1.5
CORPORATE INCOME TAX	-7.7	-10.5	10.9	-1.9	-5.9	-12.7	3.6	6.8	1.1
10.1. Current corporate income tax expenses	0.2	0.0	0.1	—	—	-0.8	—	1.3	0.8
10.2. Deferred income tax expenses	-7.9	-10.5	10.8	-1.9	-5.9	-12.0	3.6	5.5	0.3
XI. Net profit after tax (90-100)	-29.8	-41.4	43.5	-6.9	-24.9	-27.4	14.1	27.0	8.1
11.1. Profit after tax for shareholders of the parents company	-29.8	-41.4	43.5	-6.9	-24.9	-27.4	14.1	27.0	8.1
13.1. Earning per share	-359.00	-498.00	524.00	-83.00	-301.00	-330.00	170.00	326.00	98.00
13.2. Diluted earning per share	-359.00	-498.00	524.00	-83.00	-301.00	-330.00	170.00	326.00	—
Earnings per Share	-353.60	-490.23	515.79	-81.56	-295.67	-325.00	167.14	320.47	96.31

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)	656.7	697.7	750.2	695.6	704.1	740.1	778.3	762.1	729.0
Short-term financial assets	509.9	551.9	603.8	549.2	556.9	593.7	608.3	592.0	557.6
1. Cash and cash equivalents	76.8	81.8	65.7	109.7	97.9	85.5	118.1	117.7	106.0
1.1. Cash	18.8	23.8	3.7	16.7	4.9	17.5	53.1	65.7	31.0
1.2. Cash equivalents	58.0	58.0	62.0	93.0	93.0	68.0	65.0	52.0	75.0
2. Financial assets at fair value through profit or loss (FVTPL)	386.4	428.6	481.2	427.3	436.8	481.8	500.3	472.4	461.8
4. Loans	178.0	173.8	191.7	147.6	157.7	162.8	152.4	159.6	155.3
6. Provisions for impairment loss of financial assets and mortgages	-10.8	-10.8	-10.9	-10.9	-10.7	-10.7	-10.5	-10.5	-10.1
7. Short-term receivables	13.0	12.3	11.1	10.6	10.4	9.6	8.2	6.0	4.2
7.2. Receivables and accruals from dividends and interest income	13.0	12.3	11.1	10.6	10.4	9.6	8.2	6.0	4.2
7.2.2. Undue dividend and interest receivables	13.0	12.3	11.1	10.6	10.4	9.6	8.2	6.0	4.2
Prepayments to suppliers	3.4	3.3	3.2	3.1	3.3	3.3	3.3	3.2	3.3
9. Service related receivable	7.5	7.7	6.7	6.7	6.7	6.7	6.7	6.5	6.8
12. Other receivables	8.2	7.9	7.8	7.8	7.4	8.3	7.4	14.8	8.0
13. Provision for doubtful debts	-152.6	-152.6	-152.6	-152.6	-152.6	-153.6	-177.6	-177.6	-177.6
II. Other short-term assets	146.8	145.9	146.4	146.4	147.2	146.5	170.0	170.1	171.4
1. Advances	145.1	145.0	145.1	145.2	145.0	145.6	169.6	169.6	169.5
3. Short-term prepayments	1.1	0.1	0.5	0.3	1.3	0.1	0.4	0.5	0.8
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
Taxes and other receivables from state authorities	0.6	0.6	0.7	0.8	0.8	0.8	0.0	—	1.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	90.3	81.6	70.8	81.9	80.4	75.0	62.3	66.3	72.2
II. Fixed assets	6.8	7.1	7.5	7.9	8.2	8.7	8.1	8.5	9.0
1. Tangible fixed assets	4.6	4.6	4.8	4.9	5.0	5.2	5.4	5.7	5.9
- Cost	16.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-12.0	—	—	—	—	—	—	—	—
3. Intangible fixed assets	2.2	2.5	2.8	2.9	3.2	3.5	2.7	2.9	3.1
- Cost	10.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-8.5	—	—	—	—	—	—	—	—
IV. Construction in progress	—	—	—	—	—	—	0.9	0.9	0.9
V. Other long-term assets	83.6	74.5	63.2	74.0	72.1	66.3	53.3	56.9	62.4
2. Long-term prepayments	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.1
3. Deferred income tax assets	64.0	55.5	45.0	55.8	53.9	48.0	36.0	39.6	45.1
4. Payment for Settlement Assistance Fund	19.2	18.9	18.1	18.1	18.1	18.2	17.2	17.2	17.2
5. Other long-term assets	0.3	—	—	—	—	—	—	—	—
TOTAL ASSETS (270=100+200)	747.1	779.3	820.9	777.5	784.5	815.1	840.6	828.4	801.2
A. LIABILITIES (300=310+340)	5.5	5.9	6.1	6.3	6.4	12.0	10.1	12.0	11.9
I. Short -term liabilities	5.5	5.9	6.1	6.3	6.4	7.4	5.4	7.4	7.2
6. Payables to securities trading activities	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.4	0.4
8. Trade accounts payable	0.4	0.2	0.3	1.3	1.2	0.2	0.2	0.2	0.2
9. Advances from customers	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
10. Taxes and other payables to state authorities	0.8	0.7	1.0	0.7	0.8	1.0	1.0	2.6	1.0
11. Payable to employees	0.8	1.4	1.2	0.8	0.8	1.8	0.9	0.9	1.0
12. Employee welfare payables	0.4	0.4	0.5	0.5	0.5	0.3	0.4	0.3	0.4
13. Accrued expenses	0.3	0.4	0.5	0.4	0.4	0.5	0.4	0.6	0.4
17. Other payables	1.2	1.2	1.3	1.2	1.2	2.1	1.2	1.3	2.5
19. Bonus and welfare fund	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
II. Long-term liabilities	—	—	—	—	—	4.6	4.6	4.6	4.6
4. Long-term bonds	—	—	—	—	—	4.6	4.6	4.6	4.6
B. OWNER'S EQUITY (400=410+420)	741.6	773.4	814.8	771.2	778.1	803.1	830.5	816.4	789.4
I. Owner's equity	741.6	773.4	814.8	771.2	778.1	803.1	830.5	816.4	789.4
1. Investment capital from owners	843.8	843.8	843.8	843.8	843.8	843.8	843.8	843.8	843.8
1.1. Capital from owners	830.0	830.0	830.0	830.0	830.0	830.0	830.0	830.0	830.0
a. Common stock	830,000,000,000.00	830,000,000,000.00	830,000,000,000.00	830,000,000,000.00	830,000,000,000.00	830,000,000,000.00	830,000,000,000.00	830,000,000,000.00	830,000,000,000.00
1.2. Share premium	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8
7. Undistributed earnings after tax	-105.1	-73.2	-31.8	-75.4	-68.5	-43.5	-16.1	-30.2	-57.2
7.1. Realised profits	150.8	149.0	148.3	147.8	147.1	148.4	128.0	128.1	123.2
7.2. Unrealised losses	-255.9	-222.2	-180.1	-223.2	-215.6	-191.9	-144.1	-158.3	-180.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	747.1	779.3	820.9	777.5	784.5	815.1	840.6	828.4	801.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	-37.6	-54.6	54.5	-8.7	-30.9	-40.2	17.7	33.8	9.2
2. Adjustments for	-12.5	-0.9	-0.0	0.5	-10.9	-24.5	-1.7	-0.8	-7.3
- Depreciation and amortization	0.5	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.4
- (Reversal of provisions)/provisions	—	-0.0	0.0	0.2	-1.0	-23.8	0.0	0.4	-3.6
- Interest expense	—	-0.1	0.0	0.0	0.0	0.3	0.0	0.3	0.0
- Accrued interest income	-13.0	-1.2	-0.5	-0.2	-10.4	-1.4	-2.1	-1.9	-4.2
3. Add non-cash expenses	47.1	61.0	37.1	46.7	47.9	70.0	16.3	113.3	11.3
- Loss from revaluation losses of FVTPL financial assets	47.1	61.0	37.1	46.7	47.9	70.0	16.3	113.3	11.3
4. Less non-cash income	-7.5	-5.9	-91.0	-37.1	-18.3	-10.2	-34.1	-140.9	-12.8
- Gains from revaluation gains of FVTPL financial assets	-7.5	-5.9	-91.0	-37.1	-18.3	-10.2	-34.1	-140.9	-12.8
5. Changes of assets and liabilities	-4.2	17.8	-44.0	10.1	20.5	-51.7	-3.0	12.8	-42.6
- Increase/decrease in FVTPL financial assets	0.0	0.0	0.0	0.0	15.4	-41.3	-10.1	17.0	-34.0
- Increase/decrease in loan	-4.2	17.8	-44.0	10.1	5.1	-10.4	7.2	-4.3	-8.7
6. Operating profit before changes in working capital	-14.6	17.5	-43.5	11.4	8.3	-56.6	-4.8	18.1	-42.1
Increase/decrease in receiables interest of financial assets	12.3	0.0	0.0	0.0	9.6	0.0	0.0	0.0	3.2
Increase/decrease in service related receivables	0.2	-1.0	—	—	—	0.0	-0.2	0.3	0.8
Increases/decreases in other receivables	-0.5	-0.2	-0.0	-0.3	0.9	-0.9	7.3	-6.7	-0.2
Increase/decrease in other assets	0.2	-0.1	0.2	-0.2	0.5	23.2	-0.0	1.0	4.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.0	-0.2	0.0	0.0	-0.1	0.1	-0.2	0.1	-0.1
- (Increase)/decrease in prepaid expenses	-0.9	0.4	-0.2	1.0	-1.2	0.3	0.1	0.3	-0.5
- Corporate income tax paid	—	—	—	—	—	0.0	-2.1	0.0	-5.0
- Interest paid	—	0.1	0.0	0.0	-0.0	-0.3	-0.0	-0.3	-0.0
Increases/decreaese in trade payables	0.1	0.1	-0.9	0.1	1.0	0.1	-0.1	-0.1	0.2
Increases/decreases in employee welfare payables	0.0	-0.1	0.0	0.0	0.1	-0.0	0.0	-0.1	0.0
Increases/decreases in tax and other payables to the State Budget	-0.2	-0.0	0.2	-0.1	-0.2	0.8	0.5	0.3	-0.1
Increases/dcreases in payable to employees	-0.8	0.4	0.4	-0.1	-1.0	1.0	-0.1	-0.0	-4.0
Increases/dcreases in other payables	-0.0	-0.0	0.0	0.0	-0.9	0.9	-0.0	-1.3	-1.5
- Other receipts from operating activities	—	—	—	—	—	—	—	-0.0	-0.6
- Other payments for operating activities	-0.6	-0.8	0.0	0.0	0.0	-1.0	-0.6	—	—
Net cash flows from securities trading activities	-4.8	16.1	-43.9	11.9	17.0	-32.4	0.5	11.7	-45.0
1. Payment for fixed assets, constructions and other long-term assets	-0.2	0.0	-0.1	-0.1	—	-0.2	—	—	—
Net cash flows from investing activities	-0.2	0.0	-0.1	-0.1	—	-0.2	—	—	—
3. Short-term and long-term borrowings	—	—	0.0	—	-4.6	—	—	—	—
3.2. Other borrowings	—	—	0.0	—	-4.6	—	—	—	—
4. Principal repayments	—	0.0	—	-4.6	—	—	—	—	—
4.3. Other principal repayments	—	0.0	—	-4.6	—	—	—	—	—
Net cash flows from financing activities	—	0.0	0.0	0.0	-4.6	—	—	—	—
IV. Net cash flows during the period	-5.0	16.1	-44.0	11.8	12.4	-32.6	0.5	11.7	-45.0
V. Cash and cash equivalents at begingning of the period	81.8	65.7	109.7	97.9	85.5	118.1	117.7	106.0	151.0
- Cash equivalents	58.0	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	76.8	81.8	65.7	109.7	97.9	85.5	118.1	117.7	106.0
- Cash equivalents	58.0	—	—	—	—	—	—	—	—
1. Proceeds from sale of brokerage securities to customers	210.6	191.8	318.9	180.9	114.6	144.9	162.4	118.8	188.8
2. Money spent on buying brokerage securities for customers	-184.7	-230.5	-170.3	-127.5	-89.5	-98.5	-109.9	-162.3	-111.9
9. Receive deposits to pay for securities transactions of customers	226.4	-262.1	874.5	213.3	198.9	549.2	—	292.1	237.5
11. Payment for customers' securities transactions	-243.9	213.2	-966.7	-242.3	-238.9	-330.5	-321.5	-265.0	-319.7
14. Payment of customers' securities depository fees	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
17. Proceeds from Securities Issuers	2.6	11.5	22.1	16.1	3.4	8.3	21.7	15.7	3.6
18. Payments to Securities Issuers	-2.6	-11.5	-22.0	-16.1	-3.4	-8.3	-22.8	-15.3	-3.2
Increase / decrease of net money during the period	8.3	-87.8	56.1	24.2	-15.1	-12.7	7.3	-16.2	-5.1
II. Cash and cash equivalents at the beginning of the period of the customer	114.0	201.8	145.7	121.4	136.5	149.2	141.9	158.1	163.2
-Securities clearing and settlement deposits	0.2	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.2	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	122.3	114.0	201.8	145.7	121.4	136.5	149.2	141.9	158.1
-Securities clearing and settlement deposits	0.2	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.2	—	—	—	—	—	—	—	—

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APS

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