IVS

Chứng khoán Guotai Junan (Việt Nam) ·HNX ·2026Q1

▲ MARGIN BOOK SWELLING

Margin book swelling Loans/Assets 53.4%, leverage 0.28x

Price

7,000

Latest close

02 Jun 2026

EPS TTM (TTM) 178

BVPS (Latest) 10,621

P/E (Price/EPS) 39.4x

P/B (Price/BVPS) 0.7x

ROAE TTM (TTM) 1.7%

PBT Margin (TTM) 22.0%

Trading Share (Mix) 0.0%

Service & Brokerage Share (Mix) 28.6%

Equity / Assets (Latest) 78.4%

Leverage (Latest) 0.3x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 26.3bn, equivalent to a pre-tax margin of 22.0%, showing an earnings base that is still positive but not yet clearly standout, while margin has narrowed by 3.7pp, pointing to greater pressure on earnings quality. The revenue mix is now leaning more toward lending at 71.4% after expanding by +2.1pp, while trading is at 0.0%; brokerage and services are still 28.6% but have narrowed by 2.1pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 78.4% while Leverage is about 0.28x, indicating that buffers and funding are not yet truly roomy, but equity buffers have weakened year on year.

	                            
	                                Trading
	                            
	                        
Doanh thu 38,6 tỷ
+94,5%
Lãi thuần 38,6 tỷ
+94,5%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 57,0 tỷ
+53,3%
Dư nợ 808 tỷ
+81,1%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 22,0 tỷ
+40,1%
Lãi thuần −1,55 tỷ
+65,8%

Metric	2025	2024
PBT	17.9	21.5
Trading Share	0.0%	0.0%
Lending Share	69.3%	64.8%
Service & Brokerage Share	30.7%	35.2%
PBT Margin	16.68%	28.82%
Equity / Assets	76.3%	85.0%
Leverage	0.31x	0.18x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	13.7	-4.1	5.4	11.3	5.2	1.9	5.7	6.2	7.7
Trading Share	—	—	0.0%	—	0.0%	—	0.0%	0.0%	0.0%
Lending Share	77.6%	71.4%	65.3%	67.1%	75.6%	70.8%	67.8%	60.9%	59.6%
Service & Brokerage Share	22.4%	28.6%	34.7%	32.9%	24.4%	29.2%	32.2%	39.1%	40.4%
PBT Margin	44.24%	-13.15%	17.64%	42.16%	28.17%	10.46%	30.53%	33.54%	40.25%
Equity / Assets	78.4%	76.3%	86.8%	83.1%	93.4%	85.0%	91.1%	93.4%	97.4%
Leverage	0.28x	0.31x	0.15x	0.20x	0.07x	0.18x	0.10x	0.07x	0.03x

Drivers of IVS'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 19.8bn

Trading +VND 18.8bn

Brokerage +VND 3.0bn

Other fees +VND 0.5bn

Total costs −VND 34.8bn

Tax −VND 2.5bn

TTM

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

Margin lending +VND 6.8bn

Trading +VND 4.0bn

Total costs −VND 2.9bn

Tax −VND 1.7bn

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 71.4%, trading is at 0.0%, brokerage and services together remain around 28.6% of the engine mix.

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

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

The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.

Key risks

Key signals

Securities business revenue 119.4bn +61.3% YoY

PBT margin 22.0% −3.7pp

Lending Share 71.4% +2.1pp

Brokerage Share 27.6% −1.7pp

Annual YoY · 2026Q1

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.

Pre-tax margin is currently 22.0%, Return on assets is about 1.4%, 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

PBT margin 22.0% −3.7pp

Net margin 16.6% −3.8pp

ROAA 1.4% +0.2pp

ROAE 1.7% +0.1pp

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 53.4% of assets, the prop book about 2.2%, liquid assets around 41.7%, equity roughly 78.4%.

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 53.4% +17.9pp

Prop book / Assets 2.2% —

Liquid assets / Assets 41.7% −17.6pp

Equity / Assets 78.4% −14.9pp

Liabilities / Equity 0.28x —

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 78.4% of assets, liabilities stand at 0.28x of equity, short-term borrowings are about 21.1% of assets, cash covers roughly 0.00x 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 remains relatively better than 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 78.4% −14.9pp

Liabilities / Equity 0.28x —

Short-term borrowings / Assets 21.1% +14.9pp

Liquid assets / Assets 41.7% −17.6pp

Cash / Short-term borrowings 0.00x −1.27x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, IVS 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.

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

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	0.0
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
c. Dividends and interest income from FVTPL financial assets	0.0	0.0
1.2. Gains from held to maturity investments	34.7	19.6
1.3. Interest income from loans and receivables	50.2	35.8
1.6. Revenue from brokerage services	20.7	17.1
1.8. Revenue from investment advisory services	0.4	1.6
1.10. Revenue from securities custody services	0.7	0.7
1.11. Other revenue	0.3	—
Revenue from securities business (01->11)	107.0	74.8
Net sales	107.0	74.8
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	0.0	0.0
b. Loss from revaluation of financial assets at FVTPL	0.0	0.0
2.7. Expenses for brokerage services	22.5	20.7
2.9. Expenses for financial advisory services	2.4	—
2.11. Expenses for secutiries custodian services	0.8	0.8
Operating expenses (21->33)	25.7	21.5
Gross profit	81.3	53.3
3.2. Dividends, interest income from demand deposits	0.3	0.0
Total financial income (41->44)	0.3	0.0
4.2. Borrowing costs	9.4	2.2
Total financial expenses (51->54)	9.4	2.2
VI. General and Administrative expenses	54.3	29.5
VII. Net profit from securities business (20+50-40-60-61-62)	17.9	21.5
8.1. Other incomes	0.0	0.0
Other profit (71-72)	0.0	0.0
IX. Profit before tax (70+80)	17.9	21.5
9.1. Realised profit	17.9	21.5
9.2. Unrealised profit	0.0	0.0
CORPORATE INCOME TAX	4.8	4.4
10.1. Current corporate income tax expenses	4.8	4.4
XI. Net profit after tax (90-100)	13.1	17.1
11.1. Profit after tax for shareholders of the parents company	13.1	17.1
13.1. Earning per share	132.00	247.00
13.2. Diluted earning per share	132.00	163.00
Earnings per Share	117.00	237.17

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	1,514.9	884.7
Short-term financial assets	1,512.7	882.4
1. Cash and cash equivalents	9.4	2.0
1.1. Cash	9.4	2.0
2. Financial assets at fair value through profit or loss (FVTPL)	33.8	33.8
3. Held to maturity investments (HTM)	731.0	417.0
4. Loans	720.0	429.7
6. Provisions for impairment loss of financial assets and mortgages	-14.7	-14.7
7. Short-term receivables	33.7	15.1
7.2. Receivables and accruals from dividends and interest income	33.7	15.1
7.2.1. Due dividend and interest receivables	33.7	15.1
Prepayments to suppliers	0.3	0.3
9. Service related receivable	0.2	0.1
12. Other receivables	38.8	38.8
13. Provision for doubtful debts	-39.7	-39.7
II. Other short-term assets	2.2	2.3
3. Short-term prepayments	1.5	1.6
4. Pledged assets, mortgages, security deposits in short term	0.0	0.0
5. Other short-term assets	0.7	0.7
B. LONG-TERM ASSETS (200=210+220+240+250-260)	25.2	23.5
2.3. Investments in associates, joint-ventures	17.0	17.0
II. Fixed assets	8.1	7.0
1. Tangible fixed assets	2.8	3.5
- Cost	14.0	13.4
- Accumulated depreciation	-11.2	-10.0
3. Intangible fixed assets	5.3	3.5
- Cost	39.0	35.8
- Accumulated depreciation	-33.7	-32.3
V. Other long-term assets	17.1	16.5
1. Pledged assets, mortgages, security deposits in long term	1.0	0.8
2. Long-term prepayments	1.7	2.2
4. Payment for Settlement Assistance Fund	14.4	13.5
TOTAL ASSETS (270=100+200)	1,540.2	908.3
A. LIABILITIES (300=310+340)	365.3	136.0
I. Short -term liabilities	365.3	136.0
1. Short-term borrowings	356.9	128.3
1.1. Short-term borrowings	356.9	128.3
8. Trade accounts payable	0.5	0.5
9. Advances from customers	0.6	0.3
10. Taxes and other payables to state authorities	1.2	2.4
11. Payable to employees	3.9	2.5
12. Employee welfare payables	0.1	0.1
13. Accrued expenses	0.5	0.2
17. Other payables	1.6	1.6
19. Bonus and welfare fund	0.1	0.1
B. OWNER'S EQUITY (400=410+420)	1,174.8	772.3
I. Owner's equity	1,174.8	772.3
1. Investment capital from owners	1,116.4	721.8
1.1. Capital from owners	1,049.2	693.5
a. Common stock	1,049,233,360,000.00	693,500,000,000.00
1.2. Share premium	67.2	28.3
4. Supplementary capital reserve	1.2	1.2
7. Undistributed earnings after tax	56.6	48.7
7.1. Realised profits	56.6	48.7
7.2. Unrealised losses	-0.0	-0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	1,540.2	908.3

Item	2025	2024
1. Profit before tax	17.9	21.5
2. Adjustments for	11.8	4.8
- Depreciation and amortization	2.7	2.6
- Loss/(profits) from other investing activities	-0.3	-0.0
- Interest expense	9.4	2.2
3. Add non-cash expenses	0.0	0.0
- Loss from revaluation losses of FVTPL financial assets	0.0	0.0
4. Less non-cash income	-0.0	-0.0
- Gains from revaluation gains of FVTPL financial assets	-0.0	-0.0
5. Changes of assets and liabilities	-604.3	-183.4
- Increase/decrease in FVTPL financial assets	-0.0	-0.0
- Increase/decrease in held to maturity investments	-314.0	-90.0
- Increase/decrease in loan	-290.3	-93.4
6. Operating profit before changes in working capital	-574.6	-157.1
Increase/decrease in receiables interest of financial assets	-18.6	1.9
Increase/decrease in service related receivables	-0.0	-0.0
Increases/decreases in other receivables	0.0	1.6
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.3	-0.3
- (Increase)/decrease in prepaid expenses	0.6	0.9
- Corporate income tax paid	-4.9	-4.7
- Interest paid	-9.4	-2.2
Increases/decreaese in trade payables	-0.0	-0.1
Increases/decreases in employee welfare payables	—	-0.4
Increases/decreases in tax and other payables to the State Budget	-1.1	1.4
Increases/dcreases in payable to employees	1.4	-2.0
Increases/dcreases in other payables	-0.0	0.0
- Other payments for operating activities	-0.9	-2.2
Net cash flows from securities trading activities	-607.2	-163.3
1. Payment for fixed assets, constructions and other long-term assets	-3.7	—
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.0
6. Collections on investment in other entities	—	30.0
7. Dividends, interest and profit received	0.3	0.0
Net cash flows from investing activities	-3.5	30.0
1. Receipts from equity issue and owner's capital contribution	394,864,029,600.00	—
3. Short-term and long-term borrowings	1,605.9	1,256.4
3.2. Other borrowings	1,605.9	1,256.4
4. Principal repayments	-1,377.3	-1,128.1
4.3. Other principal repayments	-1,377.3	-1,128.1
6. Dividends paid, profits distributed to owners	-5.1	—
Net cash flows from financing activities	618.0	128.3
IV. Net cash flows during the period	7.4	-5.0
V. Cash and cash equivalents at begingning of the period	2.0	7.0
Cash at bank	2.0	7.0
- Cash at bank for securities company activities	2.0	7.0
Cash and cash equivalents at end of period	9.4	2.0
Cash at bank	9.4	2.0
- Cash at bank for securities company activities	9.4	2.0
1. Proceeds from sale of brokerage securities to customers	6,692.4	6,044.3
2. Money spent on buying brokerage securities for customers	-6,723.3	-4,911.7
9. Receive deposits to pay for securities transactions of customers	4,479.3	3,881.7
11. Payment for customers' securities transactions	-4,438.3	-5,064.9
Increase / decrease of net money during the period	10.2	-50.6
II. Cash and cash equivalents at the beginning of the period of the customer	102.2	152.8
Cash at bank	102.2	152.8
-Securities clearing and settlement deposits	102.2	152.8
III. Cash and cash equivalents at the end of the period of the customer	112.4	102.2
Cash at bank	112.4	102.2
-Securities clearing and settlement deposits	112.4	102.2

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
a. Realised gains on disposals of FVTPL financial assets	—	—	0.0	—	0.0	—	—	0.0	—
b. Gains from revaluation of FVTPL financial assets	—	—	—	—	—	—	—	-0.0	0.0
c. Dividends and interest income from FVTPL financial assets	—	—	0.0	—	—	—	0.0	0.0	—
1.2. Gains from held to maturity investments	9.9	9.2	9.6	9.9	5.9	4.9	4.4	4.6	5.6
1.3. Interest income from loans and receivables	16.3	15.6	13.8	11.4	9.5	9.6	9.6	8.5	8.1
1.6. Revenue from brokerage services	4.2	5.9	6.9	5.0	2.8	3.7	4.2	5.1	4.2
1.8. Revenue from investment advisory services	0.2	0.1	0.1	0.3	—	0.1	0.2	0.2	1.1
1.10. Revenue from securities custody services	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
1.11. Other revenue	0.1	0.1	0.1	0.1	0.1	—	—	—	—
Revenue from securities business (01->11)	30.9	31.0	30.6	26.9	18.5	18.4	18.6	18.5	19.2
Net sales	30.9	31.0	30.6	26.9	18.5	18.4	18.6	18.5	19.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
b. Loss from revaluation of financial assets at FVTPL	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
2.7. Expenses for brokerage services	5.1	7.0	6.2	5.3	4.0	5.4	5.4	5.4	4.5
2.9. Expenses for financial advisory services	0.3	0.6	0.6	0.6	0.6	—	—	—	—
2.11. Expenses for secutiries custodian services	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Operating expenses (21->33)	5.6	7.8	7.0	6.1	4.8	5.6	5.6	5.6	4.7
Gross profit	25.3	23.2	23.7	20.8	13.7	12.8	13.0	12.9	14.5
3.2. Dividends, interest income from demand deposits	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Total financial income (41->44)	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0
4.2. Borrowing costs	4.7	2.8	2.9	1.8	1.8	1.2	0.7	0.3	0.1
Total financial expenses (51->54)	4.7	2.8	2.9	1.8	1.8	1.2	0.7	0.3	0.1
VI. General and Administrative expenses	6.9	24.5	15.3	7.7	6.9	9.7	6.7	6.4	6.7
VII. Net profit from securities business (20+50-40-60-61-62)	13.7	-4.1	5.4	11.3	5.2	1.9	5.7	6.2	7.7
8.1. Other incomes	—	0.0	—	—	—	—	0.0	—	—
Other profit (71-72)	—	0.0	—	—	—	—	0.0	—	—
IX. Profit before tax (70+80)	13.7	-4.1	5.4	11.3	5.2	1.9	5.7	6.2	7.7
9.1. Realised profit	5.2	-4.1	5.4	11.3	5.2	1.9	5.7	6.2	7.7
9.2. Unrealised profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
CORPORATE INCOME TAX	2.8	0.3	1.1	2.3	1.1	0.4	1.2	1.3	1.6
10.1. Current corporate income tax expenses	2.8	0.3	1.1	2.3	1.1	0.4	1.2	1.3	1.6
XI. Net profit after tax (90-100)	10.9	-4.4	4.3	9.0	4.1	1.5	4.5	4.9	6.1
11.1. Profit after tax for shareholders of the parents company	10.9	-4.4	4.3	9.0	4.1	1.5	4.5	4.9	6.1
13.1. Earning per share	104.00	-45.00	44.00	86.00	39.00	22.00	65.00	71.00	89.00
Earnings per Share	97.78	-39.55	38.50	81.04	37.01	20.87	62.58	68.53	85.19

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)	1,486.6	1,514.9	1,333.7	1,394.6	1,228.3	884.7	822.6	795.8	756.3
Short-term financial assets	1,484.2	1,512.7	1,330.9	1,391.2	1,225.7	882.4	820.0	792.9	754.0
1. Cash and cash equivalents	0.7	9.4	0.7	0.5	97.8	2.0	21.4	0.2	33.6
1.1. Cash	0.7	9.4	0.7	0.5	97.8	2.0	21.4	0.2	33.6
2. Financial assets at fair value through profit or loss (FVTPL)	33.8	33.8	33.8	33.8	33.8	33.8	33.8	33.8	33.8
3. Held to maturity investments (HTM)	629.7	731.0	651.0	738.0	646.0	417.0	377.0	377.0	337.0
4. Loans	808.0	720.0	632.9	612.3	446.1	429.7	388.7	383.9	351.2
6. Provisions for impairment loss of financial assets and mortgages	-14.7	-14.7	-14.7	-14.7	-14.7	-14.7	-14.7	-14.7	-14.7
7. Short-term receivables	26.6	33.7	27.5	21.6	16.9	15.1	12.1	11.3	13.6
7.1. Receivables from disposal of financial assets	—	—	—	—	—	—	12.1	—	—
7.2. Receivables and accruals from dividends and interest income	26.6	33.7	27.5	21.6	16.9	15.1	—	11.3	13.6
7.2.1. Due dividend and interest receivables	26.6	33.7	—	—	—	15.1	—	11.3	13.6
7.2.2. Undue dividend and interest receivables	—	—	27.5	21.6	16.9	—	—	—	—
Prepayments to suppliers	0.9	0.3	0.4	0.6	0.4	0.3	0.3	0.3	0.3
9. Service related receivable	0.1	0.2	0.1	0.1	0.1	0.1	0.2	0.2	0.2
12. Other receivables	38.9	38.8	38.8	38.8	39.0	38.8	40.8	40.6	38.8
13. Provision for doubtful debts	-39.7	-39.7	-39.7	-39.7	-39.7	-39.7	-39.7	-39.7	-39.7
II. Other short-term assets	2.4	2.2	2.8	3.4	2.6	2.3	2.6	2.9	2.3
3. Short-term prepayments	1.7	1.5	2.1	2.6	1.9	1.6	1.9	2.2	1.6
4. Pledged assets, mortgages, security deposits in short term	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
B. LONG-TERM ASSETS (200=210+220+240+250-260)	25.2	25.2	24.8	24.8	25.9	23.5	23.8	24.7	25.6
2.3. Investments in associates, joint-ventures	17.0	17.0	17.0	17.0	17.0	17.0	17.0	17.0	17.0
II. Fixed assets	7.5	8.1	8.5	8.4	9.2	7.0	7.6	8.3	8.9
1. Tangible fixed assets	2.5	2.8	2.9	2.8	3.1	3.5	3.8	4.1	4.5
- Cost	14.0	—	—	—	—	—	—	—	—
- Accumulated depreciation	-11.5	—	—	—	—	—	—	—	—
3. Intangible fixed assets	4.9	5.3	5.7	5.7	6.0	3.5	3.8	4.1	4.4
- Cost	39.0	—	—	—	—	—	—	—	—
- Accumulated depreciation	-34.1	—	—	—	—	—	—	—	—
V. Other long-term assets	17.7	17.1	16.3	16.3	16.7	16.5	16.1	16.4	16.7
1. Pledged assets, mortgages, security deposits in long term	1.0	1.0	1.0	0.9	0.9	0.8	0.8	0.8	0.8
2. Long-term prepayments	1.5	1.7	1.4	1.6	2.0	2.2	2.6	2.8	3.2
4. Payment for Settlement Assistance Fund	15.2	14.4	13.8	13.8	13.8	13.5	12.7	12.7	12.7
TOTAL ASSETS (270=100+200)	1,511.8	1,540.2	1,358.5	1,419.4	1,254.2	908.3	846.4	820.5	781.9
A. LIABILITIES (300=310+340)	326.1	365.3	179.3	239.3	83.2	136.0	75.6	54.2	20.6
I. Short -term liabilities	326.1	365.3	179.3	239.3	83.2	136.0	75.6	54.2	20.6
1. Short-term borrowings	318.3	356.9	173.9	231.8	77.0	128.3	69.0	46.9	14.5
1.1. Short-term borrowings	318.3	356.9	173.9	231.8	77.0	128.3	69.0	46.9	14.5
8. Trade accounts payable	0.6	0.5	0.4	0.8	1.9	0.5	0.4	0.5	0.7
9. Advances from customers	0.6	0.6	0.1	0.1	0.3	0.3	0.3	0.3	0.4
10. Taxes and other payables to state authorities	3.9	1.2	2.4	4.5	1.7	2.4	1.9	2.4	2.8
11. Payable to employees	—	3.9	—	—	—	2.5	1.4	1.4	—
12. Employee welfare payables	0.1	0.1	0.1	0.1	0.1	0.1	0.6	0.5	0.1
13. Accrued expenses	0.9	0.5	0.7	0.3	0.4	0.2	0.3	0.5	0.4
17. Other payables	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
19. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
B. OWNER'S EQUITY (400=410+420)	1,185.7	1,174.8	1,179.2	1,180.1	1,171.0	772.3	770.8	766.2	761.3
I. Owner's equity	1,185.7	1,174.8	1,179.2	1,180.1	1,171.0	772.3	770.8	766.2	761.3
1. Investment capital from owners	1,116.4	1,116.4	1,116.4	1,116.4	1,116.4	721.8	721.8	721.8	721.8
1.1. Capital from owners	1,049.2	1,049.2	1,049.2	1,049.2	1,049.2	693.5	693.5	693.5	693.5
a. Common stock	1,049,233,360,000.00	1,049,233,360,000.00	1,049,233,360,000.00	1,049,233,360,000.00	1,049,233,360,000.00	693,500,000,000.00	693,500,000,000.00	693,500,000,000.00	693,500,000,000.00
1.2. Share premium	67.2	67.2	67.2	67.2	67.2	28.3	28.3	28.3	28.3
4. Supplementary capital reserve	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
7. Undistributed earnings after tax	67.5	56.6	61.0	61.8	52.8	48.7	47.2	42.6	37.7
7.1. Realised profits	67.5	56.6	61.0	61.8	52.8	48.7	47.2	42.6	37.7
7.2. Unrealised losses	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	1,511.8	1,540.2	1,358.5	1,419.4	1,254.2	908.3	846.4	820.5	781.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	13.7	-4.1	5.4	11.3	5.2	1.9	5.7	6.2	7.7
2. Adjustments for	5.3	3.5	3.6	2.5	2.3	1.8	1.3	0.9	0.7
- Depreciation and amortization	0.7	0.6	0.7	0.7	0.6	0.6	0.6	0.6	0.6
- Loss/(profits) from other investing activities	-0.0	-0.0	-0.0	-0.0	-0.2	-0.0	-0.0	-0.0	-0.0
- Interest expense	4.7	2.8	2.9	3.7	—	1.2	0.7	0.3	0.1
- Adjustments for	—	—	—	—	—	—	-0.0	—	—
3. Add non-cash expenses	0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	0.0
- Loss from revaluation losses of FVTPL financial assets	0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.0	-0.0	0.0
4. Less non-cash income	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0
- Gains from revaluation gains of FVTPL financial assets	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0
5. Changes of assets and liabilities	13.4	-167.1	66.4	-258.2	-245.4	-81.0	-4.8	-72.7	-24.9
- Increase/decrease in FVTPL financial assets	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0
- Increase/decrease in held to maturity investments	101.3	-80.0	87.0	-92.0	-229.0	-40.0	0.0	-40.0	-10.0
- Increase/decrease in loan	-88.0	-87.1	-20.6	-166.2	-16.4	-41.0	-4.8	-32.7	-14.9
6. Operating profit before changes in working capital	32.4	-167.7	75.4	-244.3	-237.9	-77.2	2.2	-65.6	-16.4
Increase/decrease in receiables interest of financial assets	7.1	-6.2	-6.0	-4.6	-1.8	-3.0	-0.9	2.3	3.4
Increase/decrease in service related receivables	0.0	-0.0	-0.0	0.0	-0.0	0.1	-0.0	-0.0	-0.1
Increases/decreases in other receivables	-0.1	0.0	0.0	0.1	-0.1	1.9	-0.1	-1.9	1.7
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.4	-0.1	0.3	-0.1	0.2	-0.1	-0.1	0.0	-0.1
- (Increase)/decrease in prepaid expenses	-0.0	0.3	0.8	-0.4	-0.0	0.6	0.6	-0.3	-0.0
- Corporate income tax paid	-0.3	-1.1	-2.3	-1.1	-0.4	-1.2	-1.3	-1.6	-0.7
- Interest paid	-4.7	-2.8	-2.9	-1.8	-1.8	-1.2	-0.7	-0.3	-0.1
Increases/decreaese in trade payables	-0.5	0.3	-0.2	-1.3	1.3	0.2	-0.1	-0.1	0.0
Increases/decreases in employee welfare payables	—	—	—	—	—	-0.5	0.1	0.4	-0.4
Increases/decreases in tax and other payables to the State Budget	0.2	-0.4	-0.9	1.6	-1.3	1.3	-0.4	-0.1	0.5
Increases/dcreases in payable to employees	-3.9	3.9	0.0	0.0	-2.5	1.1	0.0	1.4	-4.5
Increases/dcreases in other payables	0.0	-0.0	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
- Other payments for operating activities	-0.8	-0.1	-0.2	-0.2	-0.4	-0.8	-0.0	-0.1	-1.3
Net cash flows from securities trading activities	29.9	-174.1	64.0	-252.2	-244.9	-78.8	-0.9	-65.8	-17.9
1. Payment for fixed assets, constructions and other long-term assets	-0.0	-0.2	-0.8	0.0	-2.8	—	—	—	—
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	—	—	—	0.0	0.0	—	—
6. Collections on investment in other entities	—	—	—	—	—	0.0	0.0	0.0	30.0
7. Dividends, interest and profit received	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Net cash flows from investing activities	-0.0	-0.2	-0.8	0.0	-2.6	0.0	0.0	0.0	30.0
1. Receipts from equity issue and owner's capital contribution	—	0.00	0.00	0.00	394,864,029,600.00	—	—	—	—
3. Short-term and long-term borrowings	505.8	490.9	372.8	495.9	246.3	374.4	338.1	378.0	165.8
3.2. Other borrowings	505.8	490.9	372.8	495.9	246.3	374.4	338.1	378.0	165.8
4. Principal repayments	-544.3	-307.9	-430.7	-341.1	-297.6	-315.2	-316.0	-345.6	-151.3
4.3. Other principal repayments	-544.3	-307.9	-430.7	-341.1	-297.6	-315.2	-316.0	-345.6	-151.3
6. Dividends paid, profits distributed to owners	—	0.0	-5.1	—	—	—	—	—	—
Net cash flows from financing activities	-38.5	182.9	-63.0	154.8	343.3	59.3	22.1	32.4	14.5
IV. Net cash flows during the period	-8.7	8.7	0.2	-97.3	95.9	-19.5	21.3	-33.4	26.6
V. Cash and cash equivalents at begingning of the period	9.4	0.7	0.5	97.8	2.0	21.4	0.2	33.6	7.0
Cash and cash equivalents at end of period	0.7	9.4	0.7	0.5	97.8	2.0	21.4	0.2	33.6
1. Proceeds from sale of brokerage securities to customers	1,288.6	1,712.4	2,538.5	1,503.7	937.8	922.9	1,931.1	1,808.0	1,382.3
2. Money spent on buying brokerage securities for customers	-1,438.6	-1,888.1	-2,161.6	-1,814.0	-859.6	-1,042.9	-883.3	-1,653.3	-1,332.2
9. Receive deposits to pay for securities transactions of customers	1,147.2	1,378.6	1,089.4	1,210.8	800.5	698.9	1,331.2	1,091.3	760.4
11. Payment for customers' securities transactions	-996.2	-1,376.5	-1,326.1	-900.0	-835.6	-591.6	-2,410.3	-1,319.6	-743.4
Increase / decrease of net money during the period	1.1	-173.6	140.2	0.6	43.1	-12.8	-31.3	-73.7	67.1
II. Cash and cash equivalents at the beginning of the period of the customer	112.4	286.0	145.9	145.3	102.2	115.0	146.3	220.0	152.8
-Securities clearing and settlement deposits	112.4	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	113.4	112.4	286.0	145.9	145.3	102.2	115.0	146.3	220.0
-Securities clearing and settlement deposits	113.4	—	—	—	—	—	—	—	—

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IVS

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