HCM

Chứng khoán Thành phố Hồ Chí Minh ·HOSE ·2026Q1

● PROVISION HEAVY

Provision drag PBT margin 27.7%, -0.2% YoY

Price

26,650

Latest close

02 Jun 2026

EPS TTM (TTM) 1,294

BVPS (Latest) 12,244

P/E (Price/EPS) 20.6x

P/B (Price/BVPS) 2.2x

ROAE TTM (TTM) 10.1%

PBT Margin (TTM) 27.7%

Trading Share (Mix) 27.6%

Service & Brokerage Share (Mix) 25.4%

Equity / Assets (Latest) 35.6%

Leverage (Latest) 1.8x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 1,554.5bn, equivalent to a pre-tax margin of 27.7%, but earnings quality is still being dragged down by provisioning, while pre-tax profit is also rising clearly year on year. The revenue mix is now leaning more toward lending at 47.1% after expanding by +4.1pp, while trading is down to 27.6% after narrowing by 8.2pp; brokerage and services have reached 25.4% and improved by +4.2pp, making diversification more visible. On the balance sheet, Equity / Assets is 35.6% while Leverage is about 1.81x, indicating that buffers and funding are not yet truly roomy, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 1.544 tỷ
−2,2%
Lãi thuần 721 tỷ
+17,2%

	                            
	                                Margin lending
	                            
Doanh thu 2.637 tỷ
+39,0%
Dư nợ 28.140 tỷ
+38,0%

	                                    Margin/equity 195.4% — approaching cap 200%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 1.349 tỷ
+69,0%
Lãi thuần 470 tỷ
+136,0%

Metric	2025	2024
PBT	1,474.3	1,295.6
Trading Share	27.9%	38.2%
Lending Share	46.6%	40.1%
Service & Brokerage Share	25.5%	21.7%
PBT Margin	28.70%	30.30%
Equity / Assets	31.3%	33.3%
Leverage	2.20x	2.00x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	363.4	401.5	550.0	239.7	283.1	284.6	275.3	389.9	345.8
Trading Share	24.5%	24.8%	30.2%	31.2%	24.9%	40.1%	40.4%	36.4%	35.1%
Lending Share	52.2%	52.3%	38.5%	46.5%	52.3%	43.2%	42.0%	35.3%	39.3%
Service & Brokerage Share	23.3%	22.9%	31.3%	22.3%	22.8%	16.8%	17.6%	28.3%	25.6%
PBT Margin	24.78%	28.71%	33.03%	22.33%	28.32%	24.09%	24.20%	35.64%	40.06%
Equity / Assets	35.6%	31.3%	23.7%	29.1%	33.8%	33.3%	30.7%	38.4%	42.1%
Leverage	1.81x	2.20x	3.21x	2.43x	1.95x	2.00x	2.25x	1.60x	1.38x

Drivers of HCM's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher margin lending. Supporting and offsetting drivers:

Margin lending +VND 740bn

Brokerage +VND 271bn

Trading +VND 106bn

Total costs −VND 730bn

Tax −VND 68.5bn

Other fees −VND 65.2bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher margin lending. Supporting and offsetting drivers:

Margin lending +VND 242bn

Brokerage +VND 62.9bn

Trading +VND 61.3bn

Total costs −VND 240bn

Other fees −VND 46.1bn

Tax −VND 16.2bn

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?

Current earnings lean more heavily on margin lending, so the quality of the revenue engine should be read together with margin-book dependence.

Margin income currently accounts for about 47.1%, trading is at 27.6%, brokerage and services together remain around 25.4% of the engine mix.

When lending is the main engine, headline quality depends more heavily on margin-book safety and funding cost.

Revaluation does not fully dominate trading income at this stage.

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

Key risks

Provision drag is eroding revenue

Provision load is large enough relative to revenue to weaken the quality of the earnings engine.

Key signals

Securities business revenue 5,603.0bn +27.0% YoY

PBT margin 27.7% −0.2pp

Lending Share 47.1% +4.1pp

Brokerage Share 24.1% +6.0pp

Provisions / Revenue 25.9% +6.9pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

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

Profit remains positive, but quality is no longer clean because provisioning is materially eroding headline returns.

Pre-tax margin is currently 27.7%, Return on assets is about 3.5%, provisions equal 93.5% of pre-tax profit, revaluation accounts for 7.9% of pre-tax profit.

Headline profit needs a discount because provisioning is eating into core returns.

Profit appears cleaner and less dependent on revaluation.

Provisioning is a meaningful drag on profit.

Key risks

Provision drag remains meaningful

Provision load relative to PBT is high enough to weigh on profitability quality.

Key signals

PBT margin 27.7% −0.2pp

Net margin 22.2% −0.2pp

ROAA 3.5% +1.0pp

ROAE 10.1% +2.1pp

Provisions / PBT 93.5% +25.3pp

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 69.5% of assets, the prop book about 25.0%, liquid assets around 3.0%, equity roughly 35.6%.

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 69.5% +2.6pp

Prop book / Assets 25.0% +0.7pp

Liquid assets / Assets 3.0% −2.2pp

Equity / Assets 35.6% +1.7pp

Liabilities / Equity 1.81x −0.14x

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 35.6% of assets, liabilities stand at 1.81x of equity, short-term borrowings are about 62.8% of assets, cash covers roughly 0.05x 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 is not yet thick enough relative to 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 35.6% +1.7pp

Liabilities / Equity 1.81x −0.14x

Short-term borrowings / Assets 62.8% −1.3pp

Liquid assets / Assets 3.0% −2.2pp

Cash / Short-term borrowings 0.05x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, HCM is still profitable, but headline quality is being pulled down more clearly by provisioning, so earnings should be read with caution.

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

When earnings lean heavily on margin lending, margin-book asset quality and funding need closer monitoring.

Provisioning is now large enough that headline profitability should be read with more caution.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	1,433.1	1,633.3
a. Realised gains on disposals of FVTPL financial assets	732.5	1,177.0
b. Gains from revaluation of FVTPL financial assets	139.6	157.2
c. Dividends and interest income from FVTPL financial assets	565.6	291.3
d. Gain from revaluation of outstanding covered warrant payables	-4.6	7.9
1.3. Interest income from loans and receivables	2,395.0	1,714.0
1.6. Revenue from brokerage services	1,189.1	848.4
1.8. Revenue from investment advisory services	74.3	60.1
1.10. Revenue from securities custody services	14.2	11.4
1.11. Other revenue	30.5	9.0
Revenue from securities business (01->11)	5,136.2	4,276.2
Net sales	5,136.2	4,276.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	773.0	967.8
a. Loss from disposals of financial assets at FVTPL	735.1	963.7
b. Loss from revaluation of financial assets at FVTPL	30.5	3.8
c. Transaction cost of acquisition of financial assets at FVTPL	7.4	—
d. Loss from revaluation of outstanding covered warrant payables	—	0.2
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	1,452.8	840.2
2.6. Expenses for proprietary trading activities	78.5	97.4
2.7. Expenses for brokerage services	782.1	597.9
2.9. Expenses for financial advisory services	42.7	33.4
2.11. Expenses for secutiries custodian services	14.6	12.0
2.12. Other expenses	8.8	6.7
Operating expenses (21->33)	3,152.4	2,555.4
Gross profit	1,983.7	1,720.9
3.2. Dividends, interest income from demand deposits	2.4	2.8
Total financial income (41->44)	2.4	2.8
VI. General and Administrative expenses	511.9	428.3
VII. Net profit from securities business (20+50-40-60-61-62)	1,474.2	1,295.3
8.1. Other incomes	0.1	0.2
Other profit (71-72)	0.1	0.2
IX. Profit before tax (70+80)	1,474.3	1,295.6
9.1. Realised profit	1,377.3	1,134.5
9.2. Unrealised profit	97.0	161.0
CORPORATE INCOME TAX	295.7	255.9
10.1. Current corporate income tax expenses	295.3	256.8
10.2. Deferred income tax expenses	0.4	-0.9
XI. Net profit after tax (90-100)	1,178.6	1,039.7
11.1. Profit after tax for shareholders of the parents company	1,178.6	1,039.7
Total other comprehensive income	—	1,039.7
13.1. Earning per share	1,468.00	1,637.00
13.2. Diluted earning per share	1,468.00	1,637.00
Earnings per Share	1,001.99	1,273.60

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	46,331.3	31,172.2
Short-term financial assets	46,273.6	30,941.8
1. Cash and cash equivalents	3,701.6	2,023.9
1.1. Cash	3,701.6	2,023.9
2. Financial assets at fair value through profit or loss (FVTPL)	13,766.1	7,931.4
4. Loans	28,150.1	20,428.5
Prepayments to suppliers	16.6	12.7
9. Service related receivable	—	489.7
Receivables from securities trading activities	546.5	—
12. Other receivables	104.5	67.3
13. Provision for doubtful debts	-11.8	-11.8
II. Other short-term assets	57.7	230.4
1. Advances	2.8	1.1
3. Short-term prepayments	29.7	27.6
4. Pledged assets, mortgages, security deposits in short term	0.2	0.2
5. Other short-term assets	24.9	201.5
B. LONG-TERM ASSETS (200=210+220+240+250-260)	167.7	167.5
II. Fixed assets	35.7	41.5
1. Tangible fixed assets	31.1	38.2
- Cost	210.9	196.4
- Accumulated depreciation	-179.7	-158.2
3. Intangible fixed assets	4.5	3.3
- Cost	97.3	93.9
- Accumulated depreciation	-92.8	-90.6
IV. Construction in progress	—	1.1
V. Other long-term assets	132.1	124.9
1. Pledged assets, mortgages, security deposits in long term	12.9	12.4
2. Long-term prepayments	86.1	79.0
3. Deferred income tax assets	3.1	3.5
4. Payment for Settlement Assistance Fund	20.0	20.0
5. Other long-term assets	—	10.0
6. Goodwill	10.0	—
TOTAL ASSETS (270=100+200)	46,499.0	31,339.6
A. LIABILITIES (300=310+340)	31,955.9	20,895.7
I. Short -term liabilities	31,955.9	20,895.7
1. Short-term borrowings	30,889.1	20,429.9
1.1. Short-term borrowings	30,889.1	20,429.9
6. Payables to securities trading activities	352.6	68.5
8. Trade accounts payable	4.3	6.0
10. Taxes and other payables to state authorities	251.5	97.5
12. Employee welfare payables	8.9	7.7
13. Accrued expenses	318.5	243.1
17. Other payables	94.8	20.7
19. Bonus and welfare fund	36.1	22.4
B. OWNER'S EQUITY (400=410+420)	14,543.1	10,443.9
I. Owner's equity	14,543.1	10,443.9
1. Investment capital from owners	11,762.8	8,163.1
1.1. Capital from owners	10,808.0	7,208.1
a. Common stock	10,807,970,890,000.00	7,208,115,320,000.00
1.2. Share premium	967.3	967.5
1.5. Treasury shares	-12,477,449,008.00	-12,477,449,008.00
4. Supplementary capital reserve	277.7	277.7
7. Undistributed earnings after tax	2,502.7	2,003.2
7.1. Realised profits	2,201.6	1,799.1
7.2. Unrealised losses	301.1	204.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	46,499.0	31,339.6

Item	2025	2024
1. Profit before tax	1,474.3	1,295.6
2. Adjustments for	1,374.2	808.8
- Depreciation and amortization	23.8	30.7
- (Reversal of provisions)/provisions	—	11.4
- Loss/(profits) from other investing activities	—	-0.2
- Interest expense	1,452.8	828.8
- Loss/(profits) from disposal of fixed asset	-0.0	—
- Accrued interest income	-102.4	-61.8
3. Add non-cash expenses	37.9	4.0
- Loss from revaluation losses of FVTPL financial assets	37.9	4.0
4. Less non-cash income	-135.0	-165.0
- Gains from revaluation gains of FVTPL financial assets	-135.0	-165.0
5. Changes of assets and liabilities	-13,447.2	-13,849.3
- Increase/decrease in FVTPL financial assets	-5,725.6	-5,555.9
- Increase/decrease in loan	-7,721.6	-8,293.4
6. Operating profit before changes in working capital	-10,695.7	-11,906.0
Increase/decrease in service related receivables	-56.8	-208.3
Increases/decreases in other receivables	63.4	66.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	68.5	47.6
- (Increase)/decrease in prepaid expenses	-8.2	2.4
- Corporate income tax paid	-166.1	-245.6
- Interest paid	-1,446.0	-780.4
Increases/decreaese in trade payables	-5.6	-3.6
Increases/decreases in employee welfare payables	1.2	-0.3
Increases/decreases in tax and other payables to the State Budget	24.9	13.2
Increases/dcreases in other payables	328.8	-105.3
- Other receipts from operating activities	176.6	—
- Other payments for operating activities	-0.5	-45.4
Net cash flows from securities trading activities	-11,715.4	-13,164.9
1. Payment for fixed assets, constructions and other long-term assets	-18.0	-18.7
2. Proceeds from disposals of fixed assets and other long-term assets	0.0	0.7
Net cash flows from investing activities	-18.0	-17.9
1. Receipts from equity issue and owner's capital contribution	3,599,702,990,000.00	1,941,792,340,000.00
3. Short-term and long-term borrowings	202,925.5	131,966.4
3.2. Other borrowings	202,925.5	131,966.4
4. Principal repayments	-192,466.2	-120,696.8
4.3. Other principal repayments	-192,466.2	-120,696.8
6. Dividends paid, profits distributed to owners	-647.9	-829.2
Net cash flows from financing activities	13,411.1	12,382.2
IV. Net cash flows during the period	1,677.6	-800.6
V. Cash and cash equivalents at begingning of the period	2,023.9	2,824.6
Cash at bank	2,023.9	2,824.6
- Cash at bank for securities company activities	2,023.9	2,824.6
Cash and cash equivalents at end of period	3,701.6	2,023.9
Cash at bank	3,701.6	2,023.9
- Cash at bank for securities company activities	3,701.6	2,023.9
1. Proceeds from sale of brokerage securities to customers	272,327.0	187,627.7
2. Money spent on buying brokerage securities for customers	-279,109.7	-197,570.6
9. Receive deposits to pay for securities transactions of customers	7,075.4	9,567.6
14. Payment of customers' securities depository fees	-14.2	-11.4
Increase / decrease of net money during the period	278.5	-386.8
II. Cash and cash equivalents at the beginning of the period of the customer	1,711.6	2,098.4
Cash at bank	1,711.6	2,098.4
-Deposits of investors on securities transactions under the Securities Company management method	1,711.6	2,098.4
III. Cash and cash equivalents at the end of the period of the customer	1,990.1	1,711.6
Cash at bank	1,990.1	1,711.6
-Deposits of investors on securities transactions under the Securities Company management method	1,990.1	1,711.6

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)	359.2	346.7	502.5	335.3	248.6	473.3	459.4	397.8	302.8
a. Realised gains on disposals of FVTPL financial assets	267.0	116.6	282.6	129.1	204.2	320.1	285.7	328.8	242.4
b. Gains from revaluation of FVTPL financial assets	40.1	124.7	-47.5	-21.8	33.7	-12.3	116.9	27.8	24.8
c. Dividends and interest income from FVTPL financial assets	54.6	97.3	246.3	228.1	44.3	140.4	63.1	36.7	51.0
d. Gain from revaluation of outstanding covered warrant payables	-2.5	8.1	21.1	-0.1	-33.7	25.2	-6.4	4.4	-15.4
1.3. Interest income from loans and receivables	765.3	731.5	641.6	499.1	522.8	509.9	478.4	386.4	339.4
1.6. Revenue from brokerage services	324.3	285.4	506.7	232.7	164.4	187.3	193.0	253.5	214.7
1.8. Revenue from investment advisory services	4.1	12.4	1.6	1.6	58.7	6.1	1.7	51.3	1.0
1.10. Revenue from securities custody services	3.9	3.8	3.7	3.4	3.2	3.1	2.9	2.7	2.7
1.11. Other revenue	9.6	18.4	8.9	1.4	1.8	1.8	2.4	2.3	2.5
Revenue from securities business (01->11)	1,466.4	1,398.2	1,664.9	1,073.5	999.6	1,181.5	1,137.7	1,093.9	863.1
Net sales	1,466.4	1,398.2	1,664.9	1,073.5	999.6	1,181.5	1,137.7	1,093.9	863.1
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	187.3	130.5	276.2	228.2	138.0	293.4	307.3	225.0	142.0
a. Loss from disposals of financial assets at FVTPL	236.5	146.8	217.0	229.9	141.4	291.3	314.5	213.4	144.5
b. Loss from revaluation of financial assets at FVTPL	-41.2	-15.0	61.1	-13.0	-2.6	6.5	-12.1	14.0	-4.6
c. Transaction cost of acquisition of financial assets at FVTPL	—	—	—	—	—	—	—	—	2.1
d. Loss from revaluation of outstanding covered warrant payables	-8.0	-1.3	-1.9	11.4	-0.8	-4.4	4.9	-2.4	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	522.0	—	391.3	288.3	302.5	318.1	270.9	148.1	103.0
2.6. Expenses for proprietary trading activities	21.1	21.6	19.8	18.2	18.8	25.0	21.5	26.3	24.6
2.7. Expenses for brokerage services	231.9	212.6	264.5	170.1	134.9	144.6	151.4	168.1	133.7
2.9. Expenses for financial advisory services	8.1	7.9	16.2	5.1	13.5	7.4	5.3	14.3	6.3
2.11. Expenses for secutiries custodian services	4.0	3.9	3.8	3.5	3.3	3.3	3.2	2.8	2.7
2.12. Other expenses	2.3	2.8	1.9	2.1	2.0	1.9	1.8	1.6	1.5
Operating expenses (21->33)	976.9	850.1	973.7	715.6	613.1	793.8	761.4	586.2	413.9
Gross profit	489.5	548.2	691.2	357.9	386.5	387.8	376.3	507.7	449.2
3.2. Dividends, interest income from demand deposits	1.2	0.5	0.2	0.1	1.5	0.3	0.4	0.9	1.2
Total financial income (41->44)	1.2	0.5	0.2	0.1	1.5	0.3	0.4	0.9	1.2
VI. General and Administrative expenses	127.4	147.2	141.5	118.3	104.9	103.4	101.4	118.9	104.6
VII. Net profit from securities business (20+50-40-60-61-62)	363.3	401.5	549.9	239.7	283.1	284.6	275.3	389.6	345.8
8.1. Other incomes	0.0	0.0	0.0	0.0	—	—	—	0.2	—
Other profit (71-72)	0.0	0.0	0.0	0.0	—	—	—	0.2	—
IX. Profit before tax (70+80)	363.4	401.5	550.0	239.7	283.1	284.6	275.3	389.9	345.8
9.1. Realised profit	276.5	252.3	635.5	260.1	279.7	273.9	157.5	369.3	333.8
9.2. Unrealised profit	86.8	149.1	-85.5	-20.3	3.4	10.7	117.8	20.6	11.9
CORPORATE INCOME TAX	72.6	82.5	109.4	47.4	56.4	57.6	52.9	76.5	68.9
10.1. Current corporate income tax expenses	72.6	82.1	109.4	47.4	56.4	57.4	52.9	77.7	68.9
10.2. Deferred income tax expenses	—	0.4	—	—	—	0.2	—	-1.1	—
XI. Net profit after tax (90-100)	290.7	319.0	440.5	192.4	226.7	227.0	222.4	313.4	276.9
11.1. Profit after tax for shareholders of the parents company	290.7	319.0	440.5	192.4	226.7	227.0	222.4	313.4	276.9
Earnings per Share	247.15	271.18	539.67	235.66	277.74	278.14	277.88	391.54	445.01

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)	40,295.3	46,331.3	44,591.0	34,776.6	30,298.5	31,172.2	32,540.5	27,574.5	20,220.3
Short-term financial assets	40,240.3	46,273.6	44,223.0	34,746.8	30,203.7	30,941.8	32,195.6	27,180.7	20,068.7
1. Cash and cash equivalents	1,209.0	3,701.6	6,709.1	1,309.5	1,591.1	2,023.9	2,241.6	2,584.3	3,361.3
1.1. Cash	1,209.0	3,701.6	6,709.1	1,309.5	1,591.1	2,023.9	2,241.6	2,584.3	3,361.3
2. Financial assets at fair value through profit or loss (FVTPL)	10,109.3	13,766.1	16,044.2	13,067.8	7,396.9	7,931.4	8,701.5	5,905.9	2,273.7
4. Loans	28,140.5	28,150.1	20,215.7	19,813.1	20,389.7	20,428.5	19,286.4	18,542.2	14,200.4
Prepayments to suppliers	6.5	16.6	10.1	25.8	15.7	12.7	4.8	4.5	0.8
9. Service related receivable	658.7	546.5	1,030.9	450.5	750.9	489.7	1,886.5	51.3	122.6
12. Other receivables	128.1	104.5	224.7	91.9	71.2	67.3	86.6	104.4	110.3
13. Provision for doubtful debts	-11.8	-11.8	-11.8	-11.8	-11.8	-11.8	-11.8	-11.8	-0.4
II. Other short-term assets	55.0	57.7	368.0	29.8	94.8	230.4	344.9	393.8	151.6
1. Advances	3.1	2.8	7.5	0.6	0.6	1.1	1.4	2.3	0.6
3. Short-term prepayments	27.9	29.7	26.7	24.9	26.5	27.6	20.7	22.7	26.4
4. Pledged assets, mortgages, security deposits in short term	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1
5. Other short-term assets	23.8	24.9	333.6	4.1	67.5	201.5	322.8	368.5	124.6
B. LONG-TERM ASSETS (200=210+220+240+250-260)	171.5	167.7	171.1	160.5	163.7	167.5	174.8	181.8	188.5
II. Fixed assets	33.4	35.7	34.8	38.5	39.7	41.5	44.8	49.8	55.1
1. Tangible fixed assets	29.4	31.1	31.3	34.8	35.7	38.2	42.2	45.9	50.4
- Cost	213.9	—	—	—	—	—	—	—	—
- Accumulated depreciation	-184.5	—	—	—	—	—	—	—	—
3. Intangible fixed assets	4.0	4.5	3.5	3.7	4.0	3.3	2.6	3.9	4.7
- Cost	97.3	—	—	—	—	—	—	—	—
- Accumulated depreciation	-93.3	—	—	—	—	—	—	—	—
IV. Construction in progress	—	—	—	1.1	1.5	1.1	1.8	1.9	1.8
V. Other long-term assets	138.0	132.1	136.3	120.9	122.5	124.9	128.3	130.2	131.6
1. Pledged assets, mortgages, security deposits in long term	12.9	12.9	12.6	13.4	12.4	12.4	12.4	11.2	10.5
2. Long-term prepayments	92.1	86.1	90.2	74.0	76.6	79.0	82.2	85.3	88.5
3. Deferred income tax assets	3.1	3.1	3.5	3.5	3.5	3.5	3.7	3.7	2.6
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
5. Other long-term assets	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
TOTAL ASSETS (270=100+200)	40,466.7	46,499.0	44,762.2	34,937.2	30,462.1	31,339.6	32,715.4	27,756.3	20,408.9
A. LIABILITIES (300=310+340)	26,064.8	31,955.9	34,137.7	24,753.2	20,151.5	20,895.7	22,658.5	17,092.5	11,819.9
I. Short -term liabilities	26,064.8	31,955.9	34,137.7	24,753.2	20,151.5	20,895.7	22,658.5	17,092.5	11,819.9
1. Short-term borrowings	25,415.3	30,889.1	29,859.4	24,351.2	19,534.9	20,429.9	22,147.8	16,277.8	9,662.1
1.1. Short-term borrowings	25,415.3	30,889.1	29,859.4	24,351.2	19,534.9	20,429.9	22,147.8	16,277.8	9,662.1
6. Payables to securities trading activities	140.4	352.6	191.2	113.9	342.2	68.5	120.1	401.4	90.7
8. Trade accounts payable	5.0	4.3	5.6	8.1	7.8	6.0	7.0	7.9	8.0
10. Taxes and other payables to state authorities	150.9	251.5	187.3	82.1	97.2	97.5	80.7	121.9	114.8
12. Employee welfare payables	9.7	8.9	9.8	8.1	8.9	7.7	7.9	7.9	7.3
13. Accrued expenses	157.3	318.5	226.2	133.7	135.2	243.1	210.7	175.9	84.2
17. Other payables	160.9	94.8	3,622.2	20.1	20.4	20.7	21.8	37.3	1,810.6
19. Bonus and welfare fund	25.3	36.1	36.0	36.0	4.9	22.4	62.4	62.4	42.2
B. OWNER'S EQUITY (400=410+420)	14,402.0	14,543.1	10,624.5	10,183.9	10,310.7	10,443.9	10,056.9	10,663.8	8,588.9
I. Owner's equity	14,402.0	14,543.1	10,624.5	10,183.9	10,310.7	10,443.9	10,056.9	10,663.8	8,588.9
1. Investment capital from owners	11,762.8	11,762.8	8,163.1	8,163.1	8,163.1	8,163.1	8,003.1	8,003.1	6,221.4
1.1. Capital from owners	10,808.0	10,808.0	7,208.1	7,208.1	7,208.1	7,208.1	7,048.1	7,048.1	5,266.3
a. Common stock	10,807,970,890,000.00	10,807,970,890,000.00	7,208,115,320,000.00	7,208,115,320,000.00	7,208,115,320,000.00	7,208,115,320,000.00	7,048,115,320,000.00	7,048,115,320,000.00	5,266,322,980,000.00
1.2. Share premium	967.3	967.3	967.5	967.5	967.5	967.5	967.5	967.5	967.5
1.5. Treasury shares	-12,477,449,008.00	-12,477,449,008.00	-12,477,449,008.00	-12,477,449,008.00	-12,477,449,008.00	-12,477,449,008.00	-12,477,449,008.00	-12,477,449,008.00	-12,477,449,008.00
4. Supplementary capital reserve	277.7	277.7	277.7	277.7	277.7	277.7	277.7	277.7	277.7
7. Undistributed earnings after tax	2,361.5	2,502.7	2,183.7	1,743.1	1,869.9	2,003.2	1,776.1	2,383.0	1,808.2
7.1. Realised profits	1,973.6	2,201.6	2,011.8	1,556.1	1,662.5	1,799.1	1,601.4	2,326.0	1,753.3
7.2. Unrealised losses	387.9	301.1	171.8	187.1	207.4	204.0	174.7	57.0	54.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	40,466.7	46,499.0	44,762.2	34,937.2	30,462.1	31,339.6	32,715.4	27,756.3	20,408.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	363.4	401.5	550.0	239.7	283.1	284.6	275.3	389.9	345.8
2. Adjustments for	401.9	474.3	383.2	275.6	241.1	341.3	294.3	170.8	2.5
- Depreciation and amortization	5.2	5.7	6.1	6.1	6.0	7.3	7.5	7.9	7.8
- (Reversal of provisions)/provisions	—	—	—	—	—	0.0	0.0	11.4	—
- Loss/(profits) from other investing activities	—	—	-0.0	—	—	0.0	0.0	-0.2	—
- Interest expense	522.0	470.7	391.3	288.3	302.5	318.1	270.9	136.7	103.0
- Loss/(profits) from disposal of fixed asset	—	-0.0	—	—	—	—	—	—	—
- Accrued interest income	-125.3	-2.1	-14.1	-18.8	-67.4	15.8	15.8	14.9	-108.4
3. Add non-cash expenses	-49.2	-16.3	59.2	-1.6	-3.3	2.1	-7.2	11.6	-2.5
- Loss from revaluation losses of FVTPL financial assets	-49.2	-16.3	59.2	-1.6	-3.3	2.1	-7.2	11.6	-2.5
4. Less non-cash income	-37.6	-112.9	-43.9	22.0	-0.0	-31.4	-110.6	-13.7	-9.4
- Gains from revaluation gains of FVTPL financial assets	-37.6	-112.9	-43.9	22.0	-0.0	-31.4	-110.6	-13.7	-9.4
5. Changes of assets and liabilities	3,747.8	-5,536.5	-3,417.2	-5,103.1	609.6	-372.4	-3,410.7	-7,978.8	-2,087.4
- Increase/decrease in FVTPL financial assets	3,738.1	2,397.9	-3,014.6	-5,679.7	570.8	769.7	-2,666.5	-3,637.0	-22.1
- Increase/decrease in loan	9.6	-7,934.4	-402.6	576.6	38.8	-1,142.1	-744.2	-4,341.8	-2,065.3
6. Operating profit before changes in working capital	4,426.3	-4,790.0	-2,468.7	-4,567.5	1,130.5	224.3	-2,958.9	-7,420.2	-1,751.1
Increase/decrease in service related receivables	-112.2	484.4	-580.5	300.4	-261.1	1,396.8	-1,835.2	71.4	158.7
Increases/decreases in other receivables	101.5	127.0	-125.7	-1.9	64.0	3.8	2.9	-10.7	70.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	-150.3	59.4	81.7	34.1	-106.6	22.1	17.6	62.7	-54.8
- (Increase)/decrease in prepaid expenses	-4.1	2.2	-18.0	4.2	3.4	-3.8	5.2	6.8	-5.9
- Corporate income tax paid	-186.5	-5.0	-47.4	-56.4	-57.4	-52.9	-77.7	-68.9	-46.2
- Interest paid	-532.9	-437.8	-380.4	-323.9	-303.9	-307.9	-253.7	-107.7	-111.0
Increases/decreaese in trade payables	10.7	-7.7	13.2	-9.8	-1.3	-8.8	-1.2	-3.8	10.2
Increases/decreases in employee welfare payables	0.8	-0.9	1.7	-0.8	1.2	-0.2	0.0	0.6	-0.7
Increases/decreases in tax and other payables to the State Budget	13.3	-12.8	43.1	-6.1	0.7	12.3	-16.5	-1.7	19.1
Increases/dcreases in other payables	-151.2	-3,356.6	3,702.4	-240.1	223.0	-63.2	-308.1	-1,455.7	1,721.8
- Other receipts from operating activities	1.1	-20.8	—	63.4	134.0	—	—	—	33.6
- Other payments for operating activities	-0.0	131.9	-131.3	-1.0	-0.0	121.2	44.6	-211.2	—
Net cash flows from securities trading activities	3,416.3	-7,629.3	-107.4	-4,805.3	826.6	1,343.7	-5,381.1	-9,172.1	44.6
1. Payment for fixed assets, constructions and other long-term assets	-3.0	-7.7	-1.3	-4.5	-4.5	-3.4	-2.5	-3.1	-9.7
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0	0.0	—	—	0.0	0.0	0.7	—
Net cash flows from investing activities	-3.0	-7.7	-1.3	-4.5	-4.5	-3.4	-2.5	-2.3	-9.7
1. Receipts from equity issue and owner's capital contribution	—	3,599,702,990,000.00	—	—	—	160,000,000,000.00	0.00	1,781,792,340,000.00	—
3. Short-term and long-term borrowings	61,187.9	54,473.5	64,044.3	52,997.1	31,410.6	35,546.4	37,259.9	34,380.3	24,779.7
3.2. Other borrowings	61,187.9	54,473.5	64,044.3	52,997.1	31,410.6	35,546.4	71,640.3	—	24,779.7
4. Principal repayments	-66,661.8	-53,443.7	-58,536.1	-48,180.8	-32,305.5	-37,264.4	-31,389.9	-27,764.7	-24,277.9
4.3. Other principal repayments	-66,661.8	-53,443.7	-58,536.1	-48,180.8	-32,305.5	-37,264.4	-59,154.5	—	-24,277.9
6. Dividends paid, profits distributed to owners	-432.0	0.0	0.0	-288.0	-360.0	0.0	-829.2	—	—
Net cash flows from financing activities	-5,905.9	4,629.5	5,508.2	4,528.3	-1,254.9	-1,557.9	5,040.8	8,397.5	501.8
IV. Net cash flows during the period	-2,492.6	-3,007.5	5,399.6	-281.5	-432.9	-217.6	-342.8	-776.9	536.7
V. Cash and cash equivalents at begingning of the period	3,701.6	6,709.1	1,309.5	1,591.1	2,023.9	2,241.6	2,584.3	3,361.3	2,824.6
Cash and cash equivalents at end of period	1,209.0	3,701.6	6,709.1	1,309.5	1,591.1	2,023.9	2,241.6	2,584.3	3,361.3
1. Proceeds from sale of brokerage securities to customers	77,430.7	72,699.0	106,038.4	56,676.8	36,912.8	41,112.0	41,535.9	54,574.4	50,405.4
2. Money spent on buying brokerage securities for customers	78,416.4	-70,709.6	-113,780.1	-54,666.4	-39,953.6	-39,448.0	-45,213.7	-62,711.3	-50,197.5
9. Receive deposits to pay for securities transactions of customers	—	-1,991.1	6,780.2	-922.8	3,209.1	-1,812.2	3,104.5	8,275.3	—
11. Payment for customers' securities transactions	-154,812.9	—	—	—	—	—	—	—	-351.6
14. Payment of customers' securities depository fees	-3.9	-3.8	-3.7	-3.4	-3.2	-3.1	-2.9	-2.7	-2.7
Increase / decrease of net money during the period	1,030.2	-5.5	-965.3	1,084.2	165.1	-151.3	-576.2	487.3	-146.5
II. Cash and cash equivalents at the beginning of the period of the customer	1,990.1	1,995.7	2,961.0	1,876.8	1,711.6	1,863.0	2,439.2	1,951.9	2,098.4
III. Cash and cash equivalents at the end of the period of the customer	3,020.4	1,990.1	1,995.7	2,961.0	1,876.8	1,711.6	1,863.0	2,439.2	1,951.9

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HCM

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