HBS

Chứng khoán Hòa Bình ·HNX ·2025Q2

▼ BALANCED REVENUE MIX

Balanced revenue Brokerage and services 76.1%

Price

4,000

Latest close

29 May 2026

EPS TTM (TTM) 273

BVPS (Latest) 11,171

P/E (Price/EPS) 14.6x

P/B (Price/BVPS) 0.4x

ROAE TTM (TTM) 1.3%

PBT Margin (TTM) —

Trading Share (Mix) —

Service & Brokerage Share (Mix) —

Equity / Assets (Latest) 98.8%

Leverage (Latest) 0.0x

Securities House Picture

On a TTM basis through 2025Q2, pre-tax profit is currently about 5.9bn, showing an earnings base that is still positive but not yet clearly standout, while pre-tax profit has also fallen year on year. The revenue mix still leans mainly on trading at 23.9%; brokerage and services have reached 76.1%, making diversification visibly stronger. On the balance sheet, Equity / Assets is 98.8% while Leverage is about 0.01x, indicating a still relatively balanced capital posture, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu —
—
Lãi thuần —
—

	                            
	                                Margin lending
	                            
	                        
Doanh thu —
—
Dư nợ —
—

	                            
	                                Brokerage
	                            
	                        
Doanh thu —
—
Lãi thuần —
—

Metric	2025	2024
PBT	5.9	12.3
Trading Share	—	25.3%
Lending Share	—	—
Service & Brokerage Share	100.0%	74.7%
PBT Margin	692.56%	42.45%
Equity / Assets	92.0%	98.4%
Leverage	0.09x	0.02x

Metric	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	5.0	3.1	1.3	1.9	4.7	5.8
Trading Share	38.4%	21.5%	0.1%	4.5%	49.0%	48.5%
Lending Share	—	—	—	—	—	—
Service & Brokerage Share	61.6%	78.5%	99.9%	95.5%	51.0%	51.5%
PBT Margin	55.76%	44.77%	21.82%	30.82%	56.09%	63.10%
Equity / Assets	98.8%	99.0%	98.8%	97.8%	83.8%	99.2%
Leverage	0.01x	0.01x	0.01x	0.02x	0.19x	0.01x

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 earnings engine is now supported more by non-brokerage service income, so the revenue structure is less dependent on pure trading.

Trading currently accounts for about 23.9%, brokerage is around 1.7%, other services about 74.4%, brokerage plus services together are 76.1%.

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 0.9bn −97.1% YoY

Trading Share 23.9% —

Other Fee Share 74.4% —

Latest annual · 2025Q2

Profitability Quality & Volatility

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

Profitability still holds on a positive base, but the quality and durability of returns are not yet strong enough to read as a clearly robust case.

Return on assets is about 1.2%, revaluation accounts for 0.0% of pre-tax profit.

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 1.2% −1.5pp

ROAE 1.3% −1.5pp

Annual YoY · 2025Q2

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 prop book about 1.1%, liquid assets around 83.8%, equity roughly 98.8%.

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

Key signals

Prop book / Assets 1.1% —

Liquid assets / Assets 83.8% −1.6pp

Equity / Assets 98.8% +15.0pp

Liabilities / Equity 0.01x −0.18x

Quarterly YoY · 2025Q2

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 98.8% 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 remains relatively better than short-term funding needs.

Key risks

Key signals

Equity / Assets 98.8% +15.0pp

Liabilities / Equity 0.01x −0.18x

Liquid assets / Assets 83.8% −1.6pp

Quarterly YoY · 2025Q2

Investment Takeaway

Overall, HBS 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)	—	3.7
a. Realised gains on disposals of FVTPL financial assets	—	3.7
b. Gains from revaluation of FVTPL financial assets	—	0.0
c. Dividends and interest income from FVTPL financial assets	—	0.0
1.2. Gains from held to maturity investments	—	14.4
1.6. Revenue from brokerage services	—	0.3
1.10. Revenue from securities custody services	0.9	—
1.11. Other revenue	—	10.7
Revenue from securities business (01->11)	0.9	29.0
Net sales	0.9	29.0
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	—	1.1
b. Loss from revaluation of financial assets at FVTPL	—	1.1
2.7. Expenses for brokerage services	—	4.8
2.11. Expenses for secutiries custodian services	0.1	0.2
Operating expenses (21->33)	0.1	6.1
Gross profit	0.7	22.9
3.2. Dividends, interest income from demand deposits	5.5	0.7
Total financial income (41->44)	5.5	0.7
4.4. Other investment expenses	—	-0.1
Total financial expenses (51->54)	—	-0.1
VI. General and Administrative expenses	9.4	11.1
VII. Net profit from securities business (20+50-40-60-61-62)	-3.2	12.6
8.1. Other incomes	9.1	0.0
8.2. Other expenses	—	0.3
Other profit (71-72)	9.1	-0.3
IX. Profit before tax (70+80)	5.9	12.3
9.1. Realised profit	5.9	13.4
9.2. Unrealised profit	—	-1.1
CORPORATE INCOME TAX	1.2	2.5
10.1. Current corporate income tax expenses	1.2	2.7
10.2. Deferred income tax expenses	—	-0.2
XI. Net profit after tax (90-100)	4.7	9.8
11.1. Profit after tax for shareholders of the parents company	4.7	9.8
13.1. Earning per share	143.00	282.00
Earnings per Share	143.44	296.86

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	330.3	319.8
Short-term financial assets	330.3	318.2
1. Cash and cash equivalents	19.8	12.8
1.1. Cash	19.8	12.8
2. Financial assets at fair value through profit or loss (FVTPL)	—	2.0
3. Held to maturity investments (HTM)	306.3	296.9
7. Short-term receivables	—	3.5
7.2. Receivables and accruals from dividends and interest income	—	3.5
7.2.1. Due dividend and interest receivables	—	3.5
Prepayments to suppliers	—	0.1
12. Other receivables	4.2	2.9
II. Other short-term assets	—	1.6
1. Advances	—	0.0
3. Short-term prepayments	—	1.5
B. LONG-TERM ASSETS (200=210+220+240+250-260)	46.1	49.1
I. Long-term financial assets	8.4	6.5
2. Long-term investments	8.4	6.5
2.5. Other long-term investments	8.4	8.4
II. Fixed assets	—	1.4
1. Tangible fixed assets	—	0.0
- Cost	18.4	18.4
- Accumulated depreciation	-18.4	-18.4
3. Intangible fixed assets	—	1.4
- Cost	20.8	20.8
- Accumulated depreciation	-20.8	-19.4
III. Investment property	26.9	28.8
- Cost	76.9	76.9
- Accumulated depreciation	-50.0	-48.0
V. Other long-term assets	10.9	12.4
1. Pledged assets, mortgages, security deposits in long term	—	0.2
2. Long-term prepayments	—	0.7
3. Deferred income tax assets	—	0.6
4. Payment for Settlement Assistance Fund	10.9	11.0
TOTAL ASSETS (270=100+200)	376.4	368.9
A. LIABILITIES (300=310+340)	29.9	6.1
I. Short -term liabilities	29.9	6.1
6. Payables to securities trading activities	—	0.0
8. Trade accounts payable	—	0.3
10. Taxes and other payables to state authorities	1.2	2.0
11. Payable to employees	—	1.2
12. Employee welfare payables	—	0.2
13. Accrued expenses	—	0.2
17. Other payables	28.8	0.8
19. Bonus and welfare fund	—	1.3
B. OWNER'S EQUITY (400=410+420)	346.5	362.8
I. Owner's equity	346.5	362.8
1. Investment capital from owners	330.0	330.0
1.1. Capital from owners	330.0	330.0
a. Common stock	329,999,800,000.00	329,999,800,000.00
4. Supplementary capital reserve	5.9	5.9
7. Undistributed earnings after tax	4.7	21.1
7.1. Realised profits	4.7	20.3
7.2. Unrealised losses	—	0.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	376.4	368.9

Item	2025	2024
- Other receipts from operating activities	3.1	15.0
- Other payments for operating activities	-4.2	-11.5
Net cash flows from securities trading activities	-1.9	58.8
7. Dividends, interest and profit received	9.1	0.5
Net cash flows from investing activities	9.1	0.5
6. Dividends paid, profits distributed to owners	—	-62.0
Net cash flows from financing activities	—	-62.0
IV. Net cash flows during the period	7.2	-2.7
V. Cash and cash equivalents at begingning of the period	12.6	15.5
Cash and cash equivalents at end of period	19.8	12.8

Item	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)	2.1	0.8	0.0	0.1	2.6	2.4
a. Realised gains on disposals of FVTPL financial assets	—	—	—	—	3.7	—
b. Gains from revaluation of FVTPL financial assets	2.1	0.8	0.0	0.1	-1.1	2.4
c. Dividends and interest income from FVTPL financial assets	0.0	0.0	0.0	0.0	0.0	0.0
1.2. Gains from held to maturity investments	3.5	3.0	3.0	3.2	3.1	4.3
1.6. Revenue from brokerage services	0.1	0.1	0.0	0.1	0.0	0.1
1.11. Other revenue	3.3	2.9	2.9	2.7	2.7	2.4
Revenue from securities business (01->11)	9.0	6.9	6.0	6.1	8.4	9.2
Net sales	9.0	6.9	6.0	6.1	8.4	9.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	0.0	0.0	0.3	0.5	0.0	—
b. Loss from revaluation of financial assets at FVTPL	0.0	0.0	0.3	0.5	0.0	—
2.7. Expenses for brokerage services	1.2	1.2	1.2	1.2	1.2	1.2
2.11. Expenses for secutiries custodian services	0.1	0.0	0.0	0.1	0.1	0.0
Operating expenses (21->33)	1.3	1.3	1.5	1.8	1.3	1.2
Gross profit	7.7	5.6	4.4	4.3	7.1	7.9
3.2. Dividends, interest income from demand deposits	0.1	0.0	—	—	0.8	0.0
Total financial income (41->44)	0.1	0.0	—	—	0.8	0.0
VI. General and Administrative expenses	2.8	2.6	3.1	2.3	3.2	2.1
VII. Net profit from securities business (20+50-40-60-61-62)	5.0	3.1	1.3	2.1	4.7	5.9
8.1. Other incomes	—	0.0	0.0	—	0.0	0.0
8.2. Other expenses	0.0	0.0	0.0	0.2	—	0.1
Other profit (71-72)	-0.0	-0.0	-0.0	-0.2	0.0	-0.1
IX. Profit before tax (70+80)	5.0	3.1	1.3	1.9	4.7	5.8
9.1. Realised profit	2.9	2.3	1.6	2.3	5.8	3.4
9.2. Unrealised profit	2.1	0.8	-0.3	-0.4	-1.1	2.4
CORPORATE INCOME TAX	1.0	0.6	0.3	0.4	1.3	1.2
10.1. Current corporate income tax expenses	0.6	0.5	0.3	0.5	1.2	0.7
10.2. Deferred income tax expenses	0.4	0.2	-0.1	-0.1	0.1	0.5
XI. Net profit after tax (90-100)	4.0	2.5	1.0	1.5	3.4	4.6
11.1. Profit after tax for shareholders of the parents company	4.0	2.5	1.0	1.5	3.4	4.6
13.1. Earning per share	121.00	74.00	32.00	46.00	76.00	140.00
Earnings per Share	121.48	74.48	31.51	45.82	103.04	140.24

Item	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	327.1	321.1	319.8	319.7	381.0	377.0
Short-term financial assets	326.5	319.1	318.2	317.1	380.0	375.6
1. Cash and cash equivalents	14.3	17.1	12.8	4.4	27.5	14.9
1.1. Cash	5.7	8.5	12.8	4.4	10.5	2.9
1.2. Cash equivalents	8.6	8.5	—	—	17.0	12.0
2. Financial assets at fair value through profit or loss (FVTPL)	4.1	2.8	2.0	2.3	4.3	10.2
3. Held to maturity investments (HTM)	298.3	292.6	296.9	296.8	340.4	340.4
7. Short-term receivables	2.1	3.0	3.5	5.2	2.1	5.2
7.2. Receivables and accruals from dividends and interest income	2.1	3.0	3.5	5.2	2.1	5.2
7.2.2. Undue dividend and interest receivables	2.1	3.0	3.5	5.2	2.1	5.2
Prepayments to suppliers	0.4	0.1	0.1	0.1	0.0	0.1
12. Other receivables	7.2	3.4	2.9	8.3	5.6	4.9
II. Other short-term assets	0.7	2.0	1.6	2.6	1.0	1.4
1. Advances	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term prepayments	0.6	2.0	1.5	2.5	0.9	1.3
B. LONG-TERM ASSETS (200=210+220+240+250-260)	46.0	47.9	48.5	50.0	50.0	51.0
I. Long-term financial assets	6.5	6.5	6.4	6.4	6.4	6.4
2. Long-term investments	6.5	6.5	6.4	6.4	6.4	6.4
2.3. Investments in associates, joint-ventures	—	—	2.9	2.9	2.9	2.9
2.5. Other long-term investments	8.4	8.4	5.4	5.4	5.4	5.4
II. Fixed assets	0.6	1.0	1.4	1.9	2.3	2.7
1. Tangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	1.0	1.4	1.8	2.3	2.7
III. Investment property	27.9	28.3	28.8	29.8	29.8	30.3
V. Other long-term assets	11.1	12.1	11.8	11.9	11.5	11.6
1. Pledged assets, mortgages, security deposits in long term	0.2	0.2	0.2	0.2	0.2	0.2
2. Long-term prepayments	0.4	0.5	0.7	0.8	1.0	1.2
3. Deferred income tax assets	0.2	0.4	0.6	0.5	—	-0.1
4. Payment for Settlement Assistance Fund	10.4	11.0	10.4	10.4	10.4	10.4
TOTAL ASSETS (270=100+200)	373.1	369.1	368.3	369.7	431.0	428.0
A. LIABILITIES (300=310+340)	4.5	3.8	4.5	8.0	69.9	3.5
I. Short -term liabilities	4.5	3.8	4.5	8.0	69.7	3.5
6. Payables to securities trading activities	0.0	0.0	0.0	0.0	0.0	0.0
8. Trade accounts payable	0.4	0.3	0.3	0.4	0.3	0.3
10. Taxes and other payables to state authorities	1.1	0.5	0.8	4.8	1.1	1.8
11. Payable to employees	0.5	0.4	0.9	0.4	0.4	0.4
12. Employee welfare payables	0.2	0.2	0.2	0.2	0.2	0.2
13. Accrued expenses	0.1	0.2	0.1	0.1	0.2	0.2
17. Other payables	0.9	0.8	0.8	0.9	66.0	—
19. Bonus and welfare fund	1.2	1.3	1.3	1.4	1.4	0.5
II. Long-term liabilities	—	—	—	—	0.2	—
14. Deferred income tax liabilities	—	—	—	—	0.2	—
B. OWNER'S EQUITY (400=410+420)	368.7	365.3	363.8	361.7	361.1	424.6
I. Owner's equity	368.7	365.3	363.8	361.7	361.1	424.6
1. Investment capital from owners	330.0	330.0	330.0	330.0	330.0	330.0
1.1. Capital from owners	330.0	330.0	330.0	330.0	330.0	330.0
a. Common stock	329,999,800,000.00	329,999,800,000.00	329,999,800,000.00	329,999,800,000.00	329,999,800,000.00	329,999,800,000.00
4. Supplementary capital reserve	5.9	5.9	5.9	5.9	5.9	5.0
7. Undistributed earnings after tax	26.9	23.5	22.0	19.9	19.3	84.6
7.1. Realised profits	24.3	22.2	21.5	19.1	16.5	80.6
7.2. Unrealised losses	2.6	1.4	0.5	0.8	2.8	4.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	373.1	369.1	368.3	369.7	431.0	428.0

Item	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
- Other receipts from operating activities	0.1	0.1	2.9	-41.8	51.4	1.6	3.7
- Other payments for operating activities	-0.7	-1.5	-2.0	99.2	-107.2	-2.2	-1.3
Net cash flows from securities trading activities	-2.8	-3.4	4.3	69.9	-23.1	12.5	-0.6
7. Dividends, interest and profit received	8.5	0.6	—	0.5	—	—	—
Net cash flows from investing activities	8.5	0.6	—	0.5	—	—	—
6. Dividends paid, profits distributed to owners	—	—	—	-62.0	—	—	—
Net cash flows from financing activities	—	—	—	-62.0	—	—	—
IV. Net cash flows during the period	5.7	-2.8	4.3	8.4	-23.1	12.5	-0.6
V. Cash and cash equivalents at begingning of the period	12.6	17.1	12.8	4.4	27.5	14.9	15.5
Cash and cash equivalents at end of period	19.8	14.3	17.1	12.8	4.4	27.5	14.9

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HBS

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