ART

Chứng khoán ARTEX ·UPCOM ·2026Q1

● BALANCED REVENUE MIX

Balanced revenue Brokerage and services 97.7%

Price

—

Latest close

EPS TTM (TTM) -511

BVPS (Latest) 799

P/E (Price/EPS) —

P/B (Price/BVPS) —

ROAE TTM (TTM) -48.3%

PBT Margin (TTM) —

Trading Share (Mix) 0.0%

Service & Brokerage Share (Mix) 100.0%

Equity / Assets (Latest) 95.6%

Leverage (Latest) 0.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 49.5bn, showing a profit base that is under clearer pressure. The revenue mix still leans mainly on trading at 2.1%, while lending is at 0.2%; brokerage and services have reached 97.7%, making diversification visibly stronger. On the balance sheet, Equity / Assets is 95.6% while Leverage is about 0.05x, indicating a still relatively balanced capital posture.

	                            
	                                Trading
	                            
	                        
Doanh thu —
—
Lãi thuần —
—

	                            
	                                Margin lending
	                            
	                        
Doanh thu —
—
Dư nợ 114 tỷ
0,0%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 0,37 tỷ
+291,5%
Lãi thuần −2,80 tỷ
+33,4%

Metric	2025	2024
PBT	-36.2	-21.0
Trading Share	0.0%	16.7%
Lending Share	—	0.6%
Service & Brokerage Share	100.0%	82.8%
PBT Margin	-1964.11%	-2586.26%
Equity / Assets	95.6%	96.5%
Leverage	0.05x	0.04x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	-17.8	-2.3	9.1	-38.4	-4.2	-3.3	-5.0	-6.2	-6.5
Trading Share	—	0.0%	0.0%	0.3%	0.0%	-8.9%	14.7%	20.9%	19.5%
Lending Share	—	—	—	—	—	—	—	—	2.3%
Service & Brokerage Share	100.0%	100.0%	100.0%	99.7%	100.0%	108.9%	85.3%	79.1%	78.2%
PBT Margin	-5937.08%	-161.06%	5069.28%	-69675.83%	-9173.67%	-6517.90%	-1896.07%	-2103.20%	-3207.42%
Equity / Assets	95.6%	95.6%	96.8%	95.9%	96.4%	96.5%	96.8%	97.0%	97.0%
Leverage	0.05x	0.05x	0.03x	0.04x	0.04x	0.04x	0.03x	0.03x	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?

The current revenue mix does not yet show an earnings engine that is both clean and strong enough, so this section needs to be read more cautiously.

Trading currently accounts for about 2.1%, lending is at 0.2%, brokerage is around 19.7%, other services about 78.0%, brokerage plus services together are 97.7%.

The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.

Revaluation is currently only a small component and not a headline driver.

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

Key risks

Key signals

Securities business revenue 2.0bn —

Trading Share 2.1% —

Brokerage Share 19.7% —

Other Fee Share 78.0% —

Annual 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.

Return on assets is about -46.4%.

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

ROAA -46.4% —

ROAE -48.3% —

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 margin book, so growth quality depends meaningfully on the safety of loans and receivables.

The margin book is about 141.1% of assets, the prop book about 11.3%, liquid assets around 50.5%, equity roughly 95.6%.

A high margin-book share makes the balance sheet more sensitive to asset quality and funding cost.

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

Margin-book concentration risk

Loans and receivables are large enough to make the balance sheet more sensitive to asset quality and funding cost.

Key signals

Margin book / Assets 141.1% +54.5pp

Prop book / Assets 11.3% +4.4pp

Liquid assets / Assets 50.5% +0.2pp

Equity / Assets 95.6% −0.8pp

Liabilities / Equity 0.05x —

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 95.6% of assets, liabilities stand at 0.05x 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.

Key risks

Key signals

Equity / Assets 95.6% −0.8pp

Liabilities / Equity 0.05x —

Liquid assets / Assets 50.5% +0.2pp

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, ART is showing a more balanced earnings mix thanks to brokerage and service income, but funding or capital risk still calls for caution.

Brokerage and service income are now large enough to reduce pure dependence on trading or margin.

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)	0.0	0.1
a. Realised gains on disposals of FVTPL financial assets	—	0.0
b. Gains from revaluation of FVTPL financial assets	0.0	0.1
c. Dividends and interest income from FVTPL financial assets	—	0.0
1.2. Gains from held to maturity investments	0.2	—
1.3. Interest income from loans and receivables	—	0.0
1.6. Revenue from brokerage services	0.2	0.1
1.8. Revenue from investment advisory services	—	0.4
1.10. Revenue from securities custody services	1.4	0.1
1.11. Other revenue	0.0	—
Revenue from securities business (01->11)	1.8	0.8
Net sales	1.8	0.8
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	-20.0	0.4
a. Loss from disposals of financial assets at FVTPL	7.9	0.1
b. Loss from revaluation of financial assets at FVTPL	-27.9	0.3
2.7. Expenses for brokerage services	3.1	5.1
2.11. Expenses for secutiries custodian services	0.5	0.5
Operating expenses (21->33)	-16.4	6.0
Gross profit	18.2	-5.2
3.2. Dividends, interest income from demand deposits	0.1	1.3
Total financial income (41->44)	0.1	1.3
VI. General and Administrative expenses	12.1	15.7
VII. Net profit from securities business (20+50-40-60-61-62)	6.3	-19.7
8.1. Other incomes	0.0	0.0
8.2. Other expenses	42.5	1.3
Other profit (71-72)	-42.5	-1.3
IX. Profit before tax (70+80)	-36.2	-21.0
9.1. Realised profit	-64.1	-20.7
9.2. Unrealised profit	27.9	-0.2
XI. Net profit after tax (90-100)	-36.2	-21.0
11.1. Profit after tax for shareholders of the parents company	-36.2	-21.0
13.1. Earning per share	-374.00	-216.00
Earnings per Share	-373.59	-216.23

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	48.7	84.2
Short-term financial assets	45.5	79.8
1. Cash and cash equivalents	35.8	69.2
1.1. Cash	35.8	69.2
2. Financial assets at fair value through profit or loss (FVTPL)	9.2	9.2
4. Loans	114.4	114.4
6. Provisions for impairment loss of financial assets and mortgages	-114.4	-114.4
Prepayments to suppliers	0.1	0.7
9. Service related receivable	29.5	29.4
12. Other receivables	531.3	531.3
13. Provision for doubtful debts	-560.5	-560.0
II. Other short-term assets	3.2	4.4
1. Advances	—	0.7
3. Short-term prepayments	0.1	0.3
4. Pledged assets, mortgages, security deposits in short term	0.1	0.4
Taxes and other receivables from state authorities	3.0	3.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	51.0	52.2
II. Fixed assets	32.1	32.8
1. Tangible fixed assets	12.2	12.4
- Cost	29.1	28.9
- Accumulated depreciation	-16.9	-16.5
3. Intangible fixed assets	20.0	20.4
- Cost	46.1	46.1
- Accumulated depreciation	-26.1	-25.7
V. Other long-term assets	18.9	19.4
2. Long-term prepayments	0.6	0.0
4. Payment for Settlement Assistance Fund	18.2	19.3
TOTAL ASSETS (270=100+200)	99.7	136.4
A. LIABILITIES (300=310+340)	4.4	4.8
I. Short -term liabilities	4.4	4.8
6. Payables to securities trading activities	1.1	1.1
8. Trade accounts payable	0.9	1.2
9. Advances from customers	0.1	0.1
10. Taxes and other payables to state authorities	0.0	0.1
11. Payable to employees	0.5	0.7
12. Employee welfare payables	0.1	0.1
13. Accrued expenses	0.5	0.3
17. Other payables	0.3	0.3
19. Bonus and welfare fund	0.9	0.9
B. OWNER'S EQUITY (400=410+420)	95.3	131.5
I. Owner's equity	95.3	131.5
1. Investment capital from owners	969.5	969.5
1.1. Capital from owners	969.2	969.2
a. Common stock	969,225,090,000.00	969,225,090,000.00
1.2. Share premium	-0.2	-0.2
4. Supplementary capital reserve	10.7	10.7
7. Undistributed earnings after tax	-896.2	-860.0
7.1. Realised profits	-636.4	-572.3
7.2. Unrealised losses	-259.8	-287.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	99.7	136.4

Item	2025	2024
- Other receipts from operating activities	7.2	3.1
- Other payments for operating activities	-54.5	-4.7
Net cash flows from securities trading activities	-33.2	38.1
1. Payment for fixed assets, constructions and other long-term assets	-0.2	-1.7
Net cash flows from investing activities	-0.2	-1.7
IV. Net cash flows during the period	-33.4	36.4
V. Cash and cash equivalents at begingning of the period	69.2	32.8
Cash and cash equivalents at end of period	35.8	69.2

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)	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.1	0.0
a. Realised gains on disposals of FVTPL financial assets	—	—	—	—	—	—	0.0	0.0	—
b. Gains from revaluation of FVTPL financial assets	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
c. Dividends and interest income from FVTPL financial assets	—	—	—	—	—	0.0	0.0	0.0	0.0
1.2. Gains from held to maturity investments	—	0.0	0.0	0.0	—	—	—	—	—
1.3. Interest income from loans and receivables	—	—	—	—	—	—	—	—	0.0
1.6. Revenue from brokerage services	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1
1.8. Revenue from investment advisory services	—	0.0	—	—	—	—	0.2	0.2	0.1
1.10. Revenue from securities custody services	0.1	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1.11. Other revenue	0.1	—	—	—	—	—	—	—	—
Revenue from securities business (01->11)	0.3	1.5	0.2	0.1	0.0	0.1	0.3	0.3	0.2
Net sales	0.3	1.5	0.2	0.1	0.0	0.1	0.3	0.3	0.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	0.0	0.0	-12.0	-8.0	0.0	0.1	0.0	0.2	0.0
a. Loss from disposals of financial assets at FVTPL	—	—	4.7	3.2	—	—	0.0	0.0	—
b. Loss from revaluation of financial assets at FVTPL	0.0	0.0	-16.7	-11.2	0.0	0.1	0.0	0.2	0.0
2.7. Expenses for brokerage services	0.7	1.2	0.5	0.7	0.7	0.7	1.2	1.7	1.5
2.11. Expenses for secutiries custodian services	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Operating expenses (21->33)	0.8	1.4	-11.4	-7.2	0.8	0.9	1.4	2.0	1.7
Gross profit	-0.5	0.1	11.6	7.2	-0.8	-0.9	-1.1	-1.7	-1.5
3.2. Dividends, interest income from demand deposits	0.8	0.0	0.0	0.0	0.0	1.1	0.0	0.0	0.0
Total financial income (41->44)	0.8	0.0	0.0	0.0	0.0	1.1	0.0	0.0	0.0
VI. General and Administrative expenses	2.2	2.4	2.5	3.2	3.5	3.4	3.9	4.5	4.0
VII. Net profit from securities business (20+50-40-60-61-62)	-1.9	-2.3	9.1	4.1	-4.2	-3.1	-5.0	-6.2	-5.4
8.1. Other incomes	—	0.0	0.0	0.0	—	—	0.0	—	—
8.2. Other expenses	16.0	0.0	0.0	42.5	—	0.2	—	0.0	1.1
Other profit (71-72)	-16.0	-0.0	-0.0	-42.5	—	-0.2	0.0	-0.0	-1.1
IX. Profit before tax (70+80)	-17.8	-2.3	9.1	-38.4	-4.2	-3.3	-5.0	-6.2	-6.5
9.1. Realised profit	-17.8	-2.3	-7.6	-49.6	-4.2	-3.1	-5.0	-6.0	-6.5
9.2. Unrealised profit	-0.0	-0.0	16.7	11.2	-0.0	-0.1	0.0	-0.2	0.0
XI. Net profit after tax (90-100)	-17.8	-2.3	9.1	-38.4	-4.2	-3.3	-5.0	-6.2	-6.5
11.1. Profit after tax for shareholders of the parents company	-17.8	-2.3	9.1	-38.4	-4.2	-3.3	-5.0	-6.2	-6.5
13.1. Earning per share	-184.00	-24.00	94.00	-396.00	-44.00	-34.00	-52.00	-64.00	-67.00
Earnings per Share	-184.01	-24.24	93.74	-396.09	-43.55	-34.00	-51.61	-63.82	-66.80

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)	61.8	48.7	49.5	41.9	81.3	84.2	87.9	92.0	97.4
Short-term financial assets	57.8	45.5	46.1	38.1	76.7	79.8	83.5	87.6	92.7
1. Cash and cash equivalents	40.9	35.8	36.4	27.2	66.4	69.2	72.3	76.0	80.4
1.1. Cash	40.9	35.8	26.4	27.2	66.4	69.2	72.3	76.0	80.4
1.2. Cash equivalents	—	—	10.0	—	—	—	—	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	9.2	9.2	9.2	9.2	9.2	9.2	9.3	9.4	9.8
4. Loans	114.4	114.4	114.4	114.4	114.4	114.4	114.4	114.4	114.4
6. Provisions for impairment loss of financial assets and mortgages	-114.4	-114.4	-114.4	-114.4	-114.4	-114.4	-114.4	-114.4	-114.4
7. Short-term receivables	—	—	—	—	—	—	—	0.0	—
7.1. Receivables from disposal of financial assets	—	—	—	—	—	—	—	0.0	—
Prepayments to suppliers	0.1	0.1	0.2	0.9	0.4	0.7	1.1	1.4	1.5
9. Service related receivable	29.6	29.5	29.4	29.5	29.4	29.4	29.5	29.4	29.4
12. Other receivables	538.4	531.3	531.3	531.3	531.3	531.3	531.3	531.3	531.5
13. Provision for doubtful debts	-560.5	-560.5	-560.5	-560.0	-560.0	-560.0	-560.0	-560.0	-560.0
II. Other short-term assets	4.1	3.2	3.4	3.8	4.5	4.4	4.4	4.5	4.7
1. Advances	0.0	—	0.0	0.0	0.1	0.7	0.7	0.8	0.6
3. Short-term prepayments	0.9	0.1	0.3	0.4	1.0	0.3	0.3	0.3	0.9
4. Pledged assets, mortgages, security deposits in short term	0.1	0.1	0.1	0.4	0.4	0.4	0.4	0.4	0.3
Taxes and other receivables from state authorities	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	19.2	51.0	51.3	50.9	50.8	52.2	51.4	52.2	53.2
II. Fixed assets	0.4	32.1	32.4	32.6	32.6	32.8	33.1	33.9	34.9
1. Tangible fixed assets	0.4	12.2	12.3	12.4	12.3	12.4	12.6	12.7	12.9
- Cost	16.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-16.3	—	—	—	—	—	—	—	—
3. Intangible fixed assets	—	20.0	20.1	20.2	20.3	20.4	20.5	21.2	22.1
- Cost	25.0	—	—	—	—	—	—	—	—
- Accumulated depreciation	-25.0	—	—	—	—	—	—	—	—
V. Other long-term assets	18.8	18.9	18.9	18.2	18.3	19.4	18.3	18.3	18.3
2. Long-term prepayments	0.6	0.6	0.7	0.0	0.0	0.0	0.0	0.0	0.0
4. Payment for Settlement Assistance Fund	18.2	18.2	18.2	18.2	18.2	19.3	18.2	18.2	18.2
TOTAL ASSETS (270=100+200)	81.1	99.7	100.8	92.8	132.1	136.4	139.3	144.2	150.6
A. LIABILITIES (300=310+340)	3.6	4.4	3.3	3.8	4.8	4.8	4.5	4.4	4.6
I. Short -term liabilities	3.6	4.4	3.3	3.8	4.8	4.8	4.5	4.4	4.6
6. Payables to securities trading activities	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
8. Trade accounts payable	0.1	0.9	0.1	0.4	0.5	1.2	0.6	0.6	0.6
9. Advances from customers	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.3	0.5
10. Taxes and other payables to state authorities	0.1	0.0	0.1	0.0	0.1	0.1	0.1	0.1	0.1
11. Payable to employees	0.5	0.5	0.5	0.5	0.6	0.7	0.8	0.9	0.8
12. Employee welfare payables	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
13. Accrued expenses	0.5	0.5	0.2	0.1	0.2	0.3	0.5	0.1	0.2
17. Other payables	0.3	0.3	0.3	0.6	1.2	0.3	0.3	0.3	0.3
19. Bonus and welfare fund	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
B. OWNER'S EQUITY (400=410+420)	77.5	95.3	97.6	88.9	127.3	131.5	134.8	139.8	146.0
I. Owner's equity	77.5	95.3	97.6	88.9	127.3	131.5	134.8	139.8	146.0
1. Investment capital from owners	969.5	969.5	969.5	969.5	969.5	969.5	969.5	969.5	969.5
1.1. Capital from owners	969.2	969.2	969.2	969.2	969.2	969.2	969.2	969.2	969.2
a. Common stock	969,225,090,000.00	969,225,090,000.00	969,225,090,000.00	969,225,090,000.00	969,225,090,000.00	969,225,090,000.00	969,225,090,000.00	969,225,090,000.00	969,225,090,000.00
1.2. Share premium	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
4. Supplementary capital reserve	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7	10.7
7. Undistributed earnings after tax	-914.1	-896.2	-894.0	-902.6	-864.2	-860.0	-856.7	-851.7	-845.5
7.1. Realised profits	-654.2	-636.4	-634.1	-626.0	-576.5	-572.3	-569.1	-564.1	-558.1
7.2. Unrealised losses	-259.8	-259.8	-259.8	-276.6	-287.7	-287.7	-287.6	-287.6	-287.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	81.1	99.7	100.8	92.8	132.1	136.4	139.3	144.2	150.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
- Corporate income tax paid	-0.1	—	—	—	—	—	—	—	—
- Other receipts from operating activities	0.4	1.3	0.6	3.7	1.7	0.8	0.5	0.6	1.3
- Other payments for operating activities	-0.1	-6.7	3.4	-50.7	-0.4	-0.9	-0.2	-1.2	-2.4
Net cash flows from securities trading activities	-3.3	-0.7	9.4	-39.2	-2.8	-3.1	-3.7	-2.7	47.6
1. Payment for fixed assets, constructions and other long-term assets	—	0.0	-0.2	—	—	0.0	0.0	-1.7	—
2. Proceeds from disposals of fixed assets and other long-term assets	8.5	—	—	—	—	—	—	—	—
Net cash flows from investing activities	8.5	0.0	-0.2	—	—	0.0	0.0	-1.7	—
IV. Net cash flows during the period	5.2	-0.7	9.2	-39.2	-2.8	-3.1	-3.7	-4.4	47.6
V. Cash and cash equivalents at begingning of the period	35.8	36.4	27.2	66.4	69.2	72.3	76.0	80.4	32.8
Cash and cash equivalents at end of period	40.9	35.8	36.4	27.2	66.4	69.2	72.3	76.0	80.4

Explore Other Stocks In The Same Sector

TCX, VIX, SSI, VCK, VPX, VND, SHS, VCI, HCM, MBS, CTS, BSI, FTS, TVS, VDS, DSC, DSE, BVS, ABW, AAS, VFS, AGR, ORS, BMS, PHS, WSS, HAC, PSI, TVB, IVS, EVS, TCI, CSI, APG, HBS, VUA, VIG, APS, SBS

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

ART

Securities House Picture

Financial Highlights

Is revenue sustainable?

Revenue Mix & Earnings Engine ▼▼

Profitability Quality & Volatility ▼▼

Are assets at risk?

Balance Sheet Quality & Asset Composition ●

Is leverage safe?

Capital, Funding & Risk Posture ●

Investment Takeaway

Statement Data

Revenue Mix & Earnings Engine

Profitability Quality & Volatility

Balance Sheet Quality & Asset Composition

Capital, Funding & Risk Posture