HAC

Chứng khoán Hải Phòng ·UPCOM ·2026Q1

▲ BALANCED OPERATIONS

Balanced operations NPAT n/a YoY

Price

10,200

Latest close

29 May 2026

EPS TTM (TTM) 1,694

BVPS (Latest) 10,258

P/E (Price/EPS) 6.0x

P/B (Price/BVPS) 1.0x

ROAE TTM (TTM) 7.6%

PBT Margin (TTM) 55.3%

Trading Share (Mix) 37.5%

Service & Brokerage Share (Mix) 29.0%

Equity / Assets (Latest) 66.8%

Leverage (Latest) 0.5x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 60.7bn, equivalent to a pre-tax margin of 55.3%, but headline durability remains more sensitive to revaluation. The revenue mix still leans mainly on trading at 37.5% after expanding by +10.0pp, while lending is at 33.5%; brokerage and services are still 29.0% but have narrowed by 2.6pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 66.8% while Leverage is about 0.50x, indicating a still relatively balanced capital posture, with equity buffers also improving year on year.

	                            
	                                Trading
	                            
	                        
Doanh thu 68,9 tỷ
+241,6%
Lãi thuần —
—

	                            
	                                Margin lending
	                            
	                        
Doanh thu 16,6 tỷ
+31,0%
Dư nợ 176 tỷ
+43,1%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 13,2 tỷ
+57,7%
Lãi thuần 1,38 tỷ
+150,8%

Metric	2025	2024
PBT	44.9	2.8
Trading Share	66.1%	60.8%
Lending Share	16.9%	20.6%
Service & Brokerage Share	17.0%	18.6%
PBT Margin	52.48%	4.41%
Equity / Assets	77.4%	95.6%
Leverage	0.29x	0.05x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	14.6	7.7	-5.8	44.2	-1.1	-4.0	-1.1	-4.7	11.8
Trading Share	60.4%	48.6%	6.0%	88.6%	17.7%	0.0%	66.7%	56.7%	74.2%
Lending Share	24.6%	29.0%	37.9%	4.9%	52.0%	52.2%	18.0%	22.2%	13.6%
Service & Brokerage Share	15.0%	22.5%	56.1%	6.6%	30.2%	47.8%	15.3%	21.1%	12.2%
PBT Margin	47.50%	43.99%	-62.11%	84.52%	-17.88%	-63.78%	-6.35%	-32.48%	46.79%
Equity / Assets	66.8%	77.4%	83.4%	91.5%	63.6%	95.6%	96.7%	96.7%	94.7%
Leverage	0.50x	0.29x	0.20x	0.09x	0.57x	0.05x	0.03x	0.03x	0.06x

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 37.5%, lending is at 33.5%, brokerage is around 26.7%, other services about 2.3%, brokerage plus services together are 29.0%.

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.

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 109.8bn +150.8% YoY

PBT margin 55.3% —

Trading Share 37.5% +10.0pp

Brokerage Share 26.7% −0.4pp

Revaluation / Trading 100.0% —

TTM 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 55.3%, Return on assets is about 5.1%, provisions equal -0.3% of pre-tax profit, revaluation accounts for 30.7% 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.

Key signals

PBT margin 55.3% —

Net margin 55.3% —

ROAA 5.1% —

ROAE 7.6% —

Revaluation / PBT 30.7% —

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 8.9% of assets, the prop book about 31.3%, liquid assets around 4.2%, equity roughly 66.8%.

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.

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 8.9% −20.7pp

Prop book / Assets 31.3% —

Liquid assets / Assets 4.2% −35.5pp

Equity / Assets 66.8% +3.1pp

Liabilities / Equity 0.50x −0.07x

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 66.8% of assets, liabilities stand at 0.50x of equity, short-term borrowings are about 32.8% of assets, cash covers roughly 0.13x of short-term borrowings.

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 66.8% +3.1pp

Liabilities / Equity 0.50x −0.07x

Short-term borrowings / Assets 32.8% +24.6pp

Liquid assets / Assets 4.2% −35.5pp

Cash / Short-term borrowings 0.13x −4.74x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, HAC 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.

The current revenue mix does not yet offer a clear enough earnings anchor to read as a healthy case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	56.5	37.6
a. Realised gains on disposals of FVTPL financial assets	42.9	10.1
b. Gains from revaluation of FVTPL financial assets	13.6	26.5
c. Dividends and interest income from FVTPL financial assets	0.0	1.1
1.2. Gains from held to maturity investments	—	0.6
1.3. Interest income from loans and receivables	14.5	12.8
1.6. Revenue from brokerage services	11.7	9.6
1.8. Revenue from investment advisory services	1.6	0.5
1.10. Revenue from securities custody services	1.1	1.4
1.11. Other revenue	0.1	0.1
Revenue from securities business (01->11)	85.5	62.6
Net sales	85.5	62.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	7.1	26.6
a. Loss from disposals of financial assets at FVTPL	0.1	18.3
b. Loss from revaluation of financial assets at FVTPL	7.0	8.4
c. Transaction cost of acquisition of financial assets at FVTPL	0.1	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	-0.2	1.2
2.6. Expenses for proprietary trading activities	0.7	1.7
2.7. Expenses for brokerage services	11.5	11.6
2.9. Expenses for financial advisory services	1.7	—
2.11. Expenses for secutiries custodian services	0.9	0.9
Operating expenses (21->33)	21.7	42.2
Gross profit	63.8	20.4
3.2. Dividends, interest income from demand deposits	0.5	1.8
Total financial income (41->44)	0.5	1.8
4.2. Borrowing costs	1.7	—
Total financial expenses (51->54)	1.7	—
VI. General and Administrative expenses	18.0	19.0
VII. Net profit from securities business (20+50-40-60-61-62)	44.6	3.2
8.1. Other incomes	0.3	0.3
8.2. Other expenses	0.0	0.8
Other profit (71-72)	0.3	-0.4
IX. Profit before tax (70+80)	44.9	2.8
9.1. Realised profit	38.3	-15.3
9.2. Unrealised profit	6.6	18.1
CORPORATE INCOME TAX	—	0.0
10.1. Current corporate income tax expenses	—	0.0
XI. Net profit after tax (90-100)	44.9	2.8
11.1. Profit after tax for shareholders of the parents company	44.9	2.8
13.1. Earning per share	1,538.00	95.00
13.2. Diluted earning per share	347.00	—
Earnings per Share	1,538.48	94.57

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	391.3	266.3
Short-term financial assets	389.2	264.8
1. Cash and cash equivalents	147.5	69.1
1.1. Cash	27.5	49.1
1.2. Cash equivalents	120.0	20.0
2. Financial assets at fair value through profit or loss (FVTPL)	85.7	41.1
4. Loans	155.2	100.1
5. Available-for-sale financial assets (AFS)	—	54.0
6. Provisions for impairment loss of financial assets and mortgages	-1.3	-1.4
7. Short-term receivables	3.2	2.8
7.2. Receivables and accruals from dividends and interest income	3.2	2.8
7.2.1. Due dividend and interest receivables	1.7	1.7
7.2.2. Undue dividend and interest receivables	1.4	1.1
Prepayments to suppliers	0.0	0.4
9. Service related receivable	0.4	0.3
12. Other receivables	0.2	0.1
13. Provision for doubtful debts	-1.7	-1.7
II. Other short-term assets	2.1	1.6
1. Advances	0.1	0.0
3. Short-term prepayments	0.9	0.6
4. Pledged assets, mortgages, security deposits in short term	0.5	0.2
Taxes and other receivables from state authorities	0.6	0.6
B. LONG-TERM ASSETS (200=210+220+240+250-260)	10.2	11.5
II. Fixed assets	3.3	3.9
1. Tangible fixed assets	2.0	2.4
- Cost	13.4	13.4
- Accumulated depreciation	-11.3	-10.9
3. Intangible fixed assets	1.3	1.5
- Cost	19.5	19.5
- Accumulated depreciation	-18.2	-18.0
V. Other long-term assets	6.9	7.6
1. Pledged assets, mortgages, security deposits in long term	0.1	0.6
2. Long-term prepayments	1.2	2.0
4. Payment for Settlement Assistance Fund	5.6	5.0
TOTAL ASSETS (270=100+200)	401.5	277.8
A. LIABILITIES (300=310+340)	90.9	12.1
I. Short -term liabilities	90.9	12.1
1. Short-term borrowings	80.0	—
1.1. Short-term borrowings	80.0	—
6. Payables to securities trading activities	0.2	—
8. Trade accounts payable	0.8	—
10. Taxes and other payables to state authorities	0.8	1.1
11. Payable to employees	2.0	1.8
12. Employee welfare payables	0.1	0.1
13. Accrued expenses	0.0	0.8
17. Other payables	6.9	8.3
19. Bonus and welfare fund	0.0	0.0
B. OWNER'S EQUITY (400=410+420)	310.6	265.7
I. Owner's equity	310.6	265.7
1. Investment capital from owners	291.8	291.8
1.1. Capital from owners	291.8	291.8
a. Common stock	291,810,960,000.00	291,810,960,000.00
1.5. Treasury shares	-47,060,000.00	-47,060,000.00
4. Supplementary capital reserve	5.1	5.1
7. Undistributed earnings after tax	8.6	-36.3
7.1. Realised profits	2.0	-36.3
7.2. Unrealised losses	6.6	-0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	401.5	277.8

Item	2025	2024
1. Profit before tax	44.9	2.8
2. Adjustments for	0.2	-3.7
- Depreciation and amortization	0.6	0.6
- (Reversal of provisions)/provisions	-0.2	-1.3
- Loss/(profits) from other investing activities	-0.5	-1.9
- Interest expense	1.7	—
- Accrued interest income	-1.4	-1.1
3. Add non-cash expenses	7.0	8.4
- Loss from revaluation losses of FVTPL financial assets	7.0	8.4
4. Less non-cash income	-13.6	-26.5
- Gains from revaluation gains of FVTPL financial assets	-13.6	-26.5
5. Changes of assets and liabilities	-39.1	74.5
- Increase/decrease in FVTPL financial assets	-38.0	86.0
- Increase/decrease in loan	-55.0	1.9
- Increase/decrease in AFS financial assets	54.0	-13.4
6. Operating profit before changes in working capital	-0.6	55.5
Increase/decrease in receiables interest of financial assets	1.6	3.0
Increase/decrease in service related receivables	-0.1	-0.3
Increases/decreases in other receivables	-0.2	2.5
Increase/decrease in other assets	-0.4	-0.6
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.8	0.8
- (Increase)/decrease in prepaid expenses	0.4	1.4
- Interest paid	-1.7	—
Increases/decreaese in trade payables	1.2	0.6
Increases/decreases in employee welfare payables	0.0	-0.2
Increases/decreases in tax and other payables to the State Budget	-0.3	0.2
Increases/dcreases in payable to employees	0.3	0.1
Increases/dcreases in other payables	-1.1	2.0
- Other payments for operating activities	—	-0.4
Net cash flows from securities trading activities	-1.5	64.6
1. Payment for fixed assets, constructions and other long-term assets	—	-3.8
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.3
Net cash flows from investing activities	—	-3.5
3. Short-term and long-term borrowings	214.6	—
3.2. Other borrowings	214.6	—
4. Principal repayments	-134.6	—
4.3. Other principal repayments	-134.6	—
6. Dividends paid, profits distributed to owners	-0.1	-0.0
Net cash flows from financing activities	79.9	-0.0
IV. Net cash flows during the period	78.4	61.0
V. Cash and cash equivalents at begingning of the period	69.1	8.1
Cash at bank	69.1	8.1
- Cash at bank for securities company activities	49.1	8.1
- Cash equivalents	20.0	—
Cash and cash equivalents at end of period	147.5	69.1
Cash at bank	147.5	69.1
- Cash at bank for securities company activities	27.5	49.1
- Cash equivalents	120.0	20.0
1. Proceeds from sale of brokerage securities to customers	3,492.2	3,181.1
2. Money spent on buying brokerage securities for customers	-3,378.5	-2,230.7
9. Receive deposits to pay for securities transactions of customers	-97.7	-965.0
14. Payment of customers' securities depository fees	-1.1	-1.4
17. Proceeds from Securities Issuers	122.1	198.2
18. Payments to Securities Issuers	-122.1	-199.4
Increase / decrease of net money during the period	14.9	-17.1
II. Cash and cash equivalents at the beginning of the period of the customer	82.7	99.8
Cash at bank	82.7	99.8
-Deposits of investors on securities transactions under the Securities Company management method	80.6	96.6
-Securities clearing and settlement deposits	0.1	0.0
-Deposits from issuing organizations	2.0	3.2
III. Cash and cash equivalents at the end of the period of the customer	97.6	82.7
Cash at bank	97.6	82.7
-Deposits of investors on securities transactions under the Securities Company management method	93.7	80.6
-Securities clearing and settlement deposits	1.9	0.1
-Deposits from issuing organizations	2.0	2.0

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)	13.5	8.5	0.6	46.3	1.1	0.0	11.0	8.0	18.6
a. Realised gains on disposals of FVTPL financial assets	8.3	1.9	0.6	39.5	1.0	—	4.8	4.7	0.5
b. Gains from revaluation of FVTPL financial assets	5.2	6.6	0.0	6.9	0.1	0.0	5.7	2.8	18.0
c. Dividends and interest income from FVTPL financial assets	—	0.0	—	0.0	—	—	0.5	0.5	0.1
1.2. Gains from held to maturity investments	8.4	—	—	—	—	—	0.1	0.4	0.1
1.3. Interest income from loans and receivables	5.5	5.1	3.5	2.6	3.3	3.3	3.0	3.1	3.4
1.6. Revenue from brokerage services	3.1	3.0	4.8	2.4	1.5	2.1	2.2	2.6	2.7
1.8. Revenue from investment advisory services	—	0.6	0.1	0.8	0.1	0.4	—	0.0	—
1.10. Revenue from securities custody services	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.3	0.3
1.11. Other revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Revenue from securities business (01->11)	30.7	17.5	9.3	52.3	6.4	6.2	16.6	14.5	25.2
Net sales	30.7	17.5	9.3	52.3	6.4	6.2	16.6	14.5	25.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	6.1	0.1	7.0	0.0	—	0.0	10.5	10.9	5.2
a. Loss from disposals of financial assets at FVTPL	0.2	0.1	0.0	—	—	0.0	7.4	5.8	5.1
b. Loss from revaluation of financial assets at FVTPL	5.7	—	6.9	0.0	—	—	3.2	5.1	0.1
c. Transaction cost of acquisition of financial assets at FVTPL	0.2	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	—	—	—	—	—	0.2	—	1.3	—
2.6. Expenses for proprietary trading activities	0.0	0.1	0.2	0.2	0.3	0.4	0.4	0.4	0.5
2.7. Expenses for brokerage services	3.3	3.3	3.0	2.3	2.6	2.9	2.7	2.9	3.6
2.9. Expenses for financial advisory services	0.2	0.2	0.3	0.8	—	—	—	—	—
2.11. Expenses for secutiries custodian services	0.2	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Operating expenses (21->33)	9.8	3.9	10.6	3.5	3.1	3.7	13.8	15.7	9.5
Gross profit	20.8	13.6	-1.3	48.8	3.3	2.5	2.8	-1.2	15.7
3.2. Dividends, interest income from demand deposits	0.3	0.1	0.1	0.0	0.3	0.0	0.4	0.5	0.8
Total financial income (41->44)	0.3	0.1	0.1	0.0	0.3	0.0	0.4	0.5	0.8
4.2. Borrowing costs	1.1	0.5	0.2	1.1	0.0	—	—	—	—
Total financial expenses (51->54)	1.1	0.5	0.2	1.1	0.0	—	—	—	—
VI. General and Administrative expenses	5.5	5.5	4.4	3.6	4.9	5.9	4.3	4.1	4.8
VII. Net profit from securities business (20+50-40-60-61-62)	14.6	7.7	-5.8	44.1	-1.3	-3.3	-1.1	-4.8	11.7
8.1. Other incomes	0.0	0.0	0.0	0.2	0.1	0.0	0.2	0.1	0.1
8.2. Other expenses	—	—	—	0.0	0.0	0.6	0.1	—	0.0
Other profit (71-72)	0.0	0.0	0.0	0.2	0.1	-0.6	0.1	0.1	0.0
IX. Profit before tax (70+80)	14.6	7.7	-5.8	44.2	-1.1	-4.0	-1.1	-4.7	11.8
9.1. Realised profit	15.0	1.1	1.2	37.4	-1.3	-4.0	-3.5	-2.4	-6.2
9.2. Unrealised profit	-0.5	6.6	-6.9	6.8	0.1	0.0	2.5	-2.4	18.0
CORPORATE INCOME TAX	—	—	—	—	—	—	0.0	—	—
10.1. Current corporate income tax expenses	—	—	—	—	—	—	0.0	—	—
XI. Net profit after tax (90-100)	14.6	7.7	-5.8	44.2	-1.1	-4.0	-1.1	-4.7	11.8
11.1. Profit after tax for shareholders of the parents company	14.6	7.7	-5.8	44.2	-1.1	-4.0	-1.1	-4.7	11.8
13.1. Earning per share	113.00	263.00	—	1,516.00	—	—	—	—	—
Earnings per Share	112.75	263.41	-198.40	1,516.03	-39.26	-136.18	-36.21	-161.71	403.80

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)	1,973.5	391.3	352.6	326.6	404.2	266.3	268.5	268.9	279.0
Short-term financial assets	1,970.2	389.2	333.9	325.1	329.5	264.8	170.8	266.6	275.7
1. Cash and cash equivalents	84.1	147.5	110.3	91.6	165.2	69.1	35.6	91.1	9.9
1.1. Cash	84.1	27.5	60.3	91.6	6.2	49.1	35.6	6.1	9.9
1.2. Cash equivalents	—	120.0	50.0	—	159.0	20.0	—	85.0	—
2. Financial assets at fair value through profit or loss (FVTPL)	620.7	85.7	0.6	108.0	0.8	41.1	0.6	30.2	110.2
3. Held to maturity investments (HTM)	910.8	—	—	—	—	—	—	40.0	—
4. Loans	176.0	155.2	122.0	65.4	123.0	100.1	81.0	103.1	111.4
5. Available-for-sale financial assets (AFS)	173.1	—	—	—	—	54.0	54.0	2.6	40.6
6. Provisions for impairment loss of financial assets and mortgages	-1.3	-1.3	-1.3	-1.3	-1.4	-1.4	-1.3	-3.8	-2.6
7. Short-term receivables	7.1	3.2	2.9	2.4	2.8	2.8	2.6	2.9	2.9
7.2. Receivables and accruals from dividends and interest income	7.1	3.2	2.9	2.4	2.8	2.8	2.6	2.9	2.9
7.2.1. Due dividend and interest receivables	1.7	—	—	—	—	—	—	—	—
7.2.2. Undue dividend and interest receivables	5.4	3.2	2.9	2.4	2.8	2.8	2.6	2.9	2.9
Prepayments to suppliers	0.3	0.0	100.8	60.4	0.4	0.4	0.0	0.6	2.1
9. Service related receivable	0.5	0.4	0.3	0.3	0.5	0.3	—	0.0	—
12. Other receivables	0.6	0.2	0.0	0.0	40.0	0.1	0.0	1.8	3.1
13. Provision for doubtful debts	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.9
II. Other short-term assets	3.4	2.1	18.7	1.5	74.7	1.6	97.7	2.3	3.3
1. Advances	0.9	0.1	17.1	0.1	72.4	0.0	95.2	0.0	0.0
3. Short-term prepayments	1.4	0.9	0.7	0.5	1.3	0.6	1.5	1.2	2.2
4. Pledged assets, mortgages, security deposits in short term	0.4	0.5	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Taxes and other receivables from state authorities	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
B. LONG-TERM ASSETS (200=210+220+240+250-260)	11.0	10.2	10.7	10.9	11.5	11.5	10.3	11.1	11.0
II. Fixed assets	3.2	3.3	3.5	3.6	3.8	3.9	2.5	2.7	2.4
1. Tangible fixed assets	1.9	2.0	2.1	2.2	2.3	2.4	2.5	2.7	2.4
- Cost	13.3	—	—	—	—	—	—	—	—
- Accumulated depreciation	-11.4	—	—	—	—	—	—	—	—
3. Intangible fixed assets	1.3	1.3	1.4	1.4	1.4	1.5	—	—	—
- Cost	19.5	—	—	—	—	—	—	—	—
- Accumulated depreciation	-18.2	—	—	—	—	—	—	—	—
V. Other long-term assets	7.8	6.9	7.2	7.3	7.7	7.6	7.9	8.4	8.7
1. Pledged assets, mortgages, security deposits in long term	0.3	0.1	0.6	0.6	0.6	0.6	0.6	0.6	0.5
2. Long-term prepayments	1.3	1.2	1.0	1.2	1.5	2.0	2.3	2.8	3.1
4. Payment for Settlement Assistance Fund	6.3	5.6	5.6	5.6	5.6	5.0	5.0	5.0	5.0
TOTAL ASSETS (270=100+200)	1,984.5	401.5	363.3	337.5	415.7	277.8	278.9	279.9	290.0
A. LIABILITIES (300=310+340)	659.4	90.9	60.3	28.8	151.1	12.1	9.2	9.2	15.3
I. Short -term liabilities	659.4	90.9	60.3	28.8	151.1	12.1	9.2	9.2	15.3
1. Short-term borrowings	650.0	80.0	50.7	19.6	33.9	—	—	—	—
1.1. Short-term borrowings	650.0	80.0	50.7	19.6	33.9	—	—	—	—
6. Payables to securities trading activities	0.3	0.2	—	—	—	—	—	—	—
8. Trade accounts payable	0.2	0.8	—	—	—	—	—	0.1	—
9. Advances from customers	—	—	0.4	0.4	—	—	—	—	—
10. Taxes and other payables to state authorities	0.7	0.8	0.7	0.5	0.5	1.1	1.3	0.9	1.2
11. Payable to employees	1.3	2.0	1.1	1.0	1.0	1.8	0.9	1.0	1.0
12. Employee welfare payables	0.1	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.3
13. Accrued expenses	0.6	0.0	0.0	0.2	—	0.8	0.4	—	0.3
17. Other payables	6.3	6.9	7.3	7.0	115.6	8.3	6.6	7.0	12.3
19. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
B. OWNER'S EQUITY (400=410+420)	1,325.1	310.6	302.9	308.7	264.5	265.7	269.7	270.7	274.7
I. Owner's equity	1,325.1	310.6	302.9	308.7	264.5	265.7	269.7	270.7	274.7
1. Investment capital from owners	1,291.7	291.8	291.8	291.8	291.8	291.8	291.8	291.8	291.8
1.1. Capital from owners	1,291.8	291.8	291.8	291.8	291.8	291.8	291.8	291.8	291.8
a. Common stock	1,291,810,960,000.00	291,810,960,000.00	291,810,960,000.00	291,810,960,000.00	291,810,960,000.00	291,810,960,000.00	291,810,960,000.00	291,810,960,000.00	291,810,960,000.00
1.2. Share premium	-0.1	—	—	—	—	—	—	—	—
1.5. Treasury shares	-47,060,000.00	-47,060,000.00	-47,060,000.00	-47,060,000.00	-47,060,000.00	-47,060,000.00	-47,060,000.00	-47,060,000.00	-47,060,000.00
4. Supplementary capital reserve	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1	5.1
7. Undistributed earnings after tax	23.2	8.6	1.0	6.7	-37.4	-36.3	-32.3	-31.3	-27.3
7.1. Realised profits	17.0	2.0	1.0	-0.2	-37.5	-36.3	-32.3	-28.7	-27.1
7.2. Unrealised losses	6.1	6.6	-0.0	6.9	0.1	-0.0	-0.0	-2.5	-0.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	1,984.5	401.5	363.3	337.5	415.7	277.8	278.9	279.9	290.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	14.6	7.6	-5.8	44.2	-1.1	-4.0	-1.1	-4.0	11.8
2. Adjustments for	-6.2	0.2	-0.3	1.5	-1.2	-2.5	-0.1	1.9	-3.0
- Depreciation and amortization	0.1	0.1	0.1	0.1	0.1	0.1	0.1	-0.3	0.7
- (Reversal of provisions)/provisions	—	0.0	0.0	-0.2	—	-2.4	0.0	1.1	—
- Loss/(profits) from other investing activities	-0.4	-0.1	-0.1	-0.0	-0.3	-0.0	-0.5	-0.6	-0.8
- Interest expense	1.1	0.4	0.2	1.1	0.0	—	—	—	—
- Accrued interest income	-7.1	-0.2	-0.5	0.4	-1.1	-0.3	0.3	1.8	-2.9
3. Add non-cash expenses	5.7	0.0	6.9	0.0	—	0.0	3.2	5.1	0.1
- Loss from revaluation losses of FVTPL financial assets	5.7	0.0	6.9	0.0	—	0.0	3.2	5.1	0.1
4. Less non-cash income	-5.2	-6.6	-0.0	-6.9	-0.1	-0.0	-5.7	-2.8	-18.0
- Gains from revaluation gains of FVTPL financial assets	-5.2	-6.6	-0.0	-6.9	-0.1	-0.0	-5.7	-2.8	-18.0
5. Changes of assets and liabilities	-1,639.8	-111.7	43.8	-42.7	71.5	-57.1	40.2	84.0	7.4
- Increase/decrease in FVTPL financial assets	-535.0	-78.5	100.5	-100.3	40.3	-40.4	32.1	77.6	16.8
- Increase/decrease in held to maturity investments	-910.8	—	—	—	—	—	—	-40.0	—
- Increase/decrease in loan	-20.9	-33.2	-56.6	57.6	-22.9	-19.2	22.1	8.3	-9.4
- Increase/decrease in AFS financial assets	-173.1	0.0	0.0	0.0	54.0	2.6	-54.0	38.0	—
6. Operating profit before changes in working capital	-1,631.0	-110.4	44.7	-3.9	69.0	-63.6	36.6	84.2	-1.8
Increase/decrease in receiables interest of financial assets	3.2	1.3	-0.8	-2.0	3.1	1.8	0.0	-2.6	3.8
Increase/decrease in service related receivables	-0.1	-0.5	0.4	0.2	-0.2	-0.3	—	-0.0	—
Increases/decreases in other receivables	-0.3	-0.2	0.0	40.0	-40.0	-0.0	1.7	1.3	-0.5
Increase/decrease in other assets	-1.6	17.2	-17.0	72.4	-72.9	95.2	-95.2	0.0	-0.6
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.5	-0.0	0.0	0.0	-0.8	0.4	0.0	—	0.3
- (Increase)/decrease in prepaid expenses	-0.6	-0.3	-0.1	1.2	-0.3	1.2	0.3	1.3	-1.4
- Interest paid	-1.1	-0.4	-0.3	-1.0	-0.0	—	—	—	—
Increases/decreaese in trade payables	-0.9	101.6	-40.4	-60.0	0.0	-0.4	0.4	1.6	-1.0
Increases/decreases in employee welfare payables	-0.0	-0.1	0.1	-0.0	0.1	0.0	-0.1	-0.1	-0.0
Increases/decreases in tax and other payables to the State Budget	-0.1	0.1	0.2	0.0	-0.6	-0.1	0.4	-0.3	0.2
Increases/dcreases in payable to employees	-0.7	1.0	0.1	0.0	-0.8	0.9	-0.1	-0.0	-0.7
Increases/dcreases in other payables	-1.1	-0.9	0.7	-106.4	105.6	1.8	-0.4	-5.3	5.9
- Other receipts from operating activities	—	—	—	0.0	—	—	—	—	—
- Other payments for operating activities	0.1	—	0.0	-0.1	0.0	0.0	0.0	-0.2	-0.2
Net cash flows from securities trading activities	-1,633.7	8.3	-12.5	-59.5	62.2	36.8	-56.0	79.7	4.1
1. Payment for fixed assets, constructions and other long-term assets	—	—	—	—	—	-1.6	0.0	0.0	-2.2
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	—	—	—	0.0	0.2	0.1	—
7. Dividends, interest and profit received	0.3	—	0.1	0.3	—	—	0.4	1.4	—
Net cash flows from investing activities	0.3	—	0.1	0.3	—	-3.3	0.6	1.4	-2.2
1. Receipts from equity issue and owner's capital contribution	999,950,000,000.00	—	—	—	—	—	—	—	—
3. Short-term and long-term borrowings	650.0	110.0	50.0	20.7	33.9	—	—	—	—
3.2. Other borrowings	650.0	110.0	50.0	20.7	33.9	—	—	—	—
4. Principal repayments	-80.0	-80.7	-18.9	-35.0	—	—	—	—	—
4.3. Other principal repayments	-80.0	-80.7	-18.9	-35.0	—	—	—	—	—
6. Dividends paid, profits distributed to owners	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	—	-0.0
Net cash flows from financing activities	1,569.9	29.3	31.1	-14.4	33.9	-0.0	-0.0	—	-0.0
IV. Net cash flows during the period	-63.4	37.2	18.7	-73.6	96.1	33.5	-55.4	81.1	1.8
V. Cash and cash equivalents at begingning of the period	147.5	110.3	91.6	165.2	69.1	35.6	91.1	9.9	8.1
- Cash equivalents	120.0	—	—	—	—	—	—	—	—
Cash and cash equivalents at end of period	84.1	147.5	110.3	91.6	165.2	69.1	35.6	91.1	9.9
1. Proceeds from sale of brokerage securities to customers	874.8	2,014.7	333.8	698.3	445.4	856.2	820.2	727.4	777.3
2. Money spent on buying brokerage securities for customers	-911.8	-1,887.3	-516.1	-599.5	-375.7	-321.9	-439.8	-2,230.1	761.1
9. Receive deposits to pay for securities transactions of customers	51.8	-163.3	197.8	-15.7	-116.4	-536.3	-393.6	1,447.0	-1,482.1
14. Payment of customers' securities depository fees	-0.3	-0.3	-0.4	-0.1	-0.3	-2.3	1.6	-0.3	-0.3
17. Proceeds from Securities Issuers	5.4	13.6	16.3	21.2	70.9	9.4	131.0	0.0	57.8
18. Payments to Securities Issuers	-5.5	-13.7	-16.3	-21.2	-71.0	-9.4	-132.1	0.0	-57.8
Increase / decrease of net money during the period	14.5	-36.2	15.2	83.0	-47.1	-4.4	-12.7	-56.1	56.1
II. Cash and cash equivalents at the beginning of the period of the customer	97.6	133.8	118.6	35.6	82.7	87.1	99.8	155.9	99.8
-Securities clearing and settlement deposits	1.9	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	2.0	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	112.2	97.6	133.8	118.6	35.6	82.7	87.1	99.8	155.9
-Securities clearing and settlement deposits	8.0	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	2.0	—	—	—	—	—	—	—	—

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, PSI, TVB, IVS, EVS, TCI, CSI, APG, HBS, VUA, VIG, APS, ART, SBS

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

HAC

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