PHS

Chứng khoán Phú Hưng ·UPCOM ·2026Q1

▲ MARGIN BOOK SWELLING

Margin book swelling Loans/Assets 73.2%, leverage 1.71x

Price

11,500

Latest close

02 Jun 2026

EPS TTM (TTM) 410

BVPS (Latest) 10,719

P/E (Price/EPS) 28.1x

P/B (Price/BVPS) 1.1x

ROAE TTM (TTM) 3.9%

PBT Margin (TTM) 15.1%

Trading Share (Mix) 8.6%

Service & Brokerage Share (Mix) 33.1%

Equity / Assets (Latest) 36.9%

Leverage (Latest) 1.7x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 102.6bn, equivalent to a pre-tax margin of 15.1%, showing an earnings base that is still positive but not yet clearly standout, while pre-tax profit is also rising clearly year on year. The revenue mix is now leaning more toward lending at 58.2% but narrowing by 7.8pp, while trading is at 8.6%; brokerage and services are still 33.1% but have narrowed by 0.9pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 36.9% while Leverage is about 1.71x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 112 tỷ
+186,9%
Lãi thuần 70,8 tỷ
+95,5%

	                            
	                                Margin lending
	                            
Doanh thu 362 tỷ
+34,7%
Dư nợ 4.255 tỷ
+20,7%

	                                    Margin/equity 198.5% — approaching cap 200%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 197 tỷ
+52,5%
Lãi thuần 1,42 tỷ
+105,7%

Metric	2025	2024
PBT	116.8	0.3
Trading Share	6.5%	2.8%
Lending Share	59.5%	62.5%
Service & Brokerage Share	34.1%	34.7%
PBT Margin	18.85%	0.07%
Equity / Assets	38.3%	52.6%
Leverage	1.61x	0.90x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	4.5	27.0	51.5	19.6	18.6	-1.6	-13.3	-0.5	15.8
Trading Share	13.2%	6.1%	11.6%	5.5%	-0.5%	0.5%	1.5%	-1.4%	8.7%
Lending Share	59.6%	57.2%	51.7%	64.5%	70.3%	66.1%	64.5%	63.4%	57.8%
Service & Brokerage Share	27.2%	36.7%	36.7%	30.0%	30.3%	33.5%	33.9%	38.0%	33.5%
PBT Margin	2.59%	14.97%	27.52%	14.03%	16.64%	-1.55%	-12.22%	-0.45%	10.67%
Equity / Assets	36.9%	38.3%	36.4%	41.4%	43.3%	52.6%	44.2%	43.3%	42.3%
Leverage	1.71x	1.61x	1.75x	1.41x	1.31x	0.90x	1.26x	1.31x	1.36x

Drivers of PHS'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 93.4bn

Trading +VND 34.6bn

Brokerage +VND 26.2bn

Total costs −VND 54.7bn

Tax −VND 19.9bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher total costs. Supporting and offsetting drivers:

Margin lending +VND 25.2bn

Trading +VND 5.9bn

Brokerage +VND 5.5bn

Tax +VND 2.7bn

Total costs −VND 50.9bn

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 58.2%, trading is at 8.6%, brokerage and services together remain around 33.1% 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 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 681.4bn +52.4% YoY

PBT margin 15.1% —

Lending Share 58.2% −7.8pp

Brokerage Share 31.7% —

Revaluation / Trading 17.8% —

TTM 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 15.1%, Return on assets is about 1.5%, provisions equal 17.5% of pre-tax profit, revaluation accounts for 9.3% 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 15.1% —

Net margin 12.0% —

ROAA 1.5% —

ROAE 3.9% —

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 73.2% of assets, the prop book about 3.4%, liquid assets around 15.3%, equity roughly 36.9%.

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 73.2% −0.2pp

Prop book / Assets 3.4% —

Liquid assets / Assets 15.3% −7.5pp

Equity / Assets 36.9% −6.5pp

Liabilities / Equity 1.71x +0.40x

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 36.9% of assets, liabilities stand at 1.71x of equity, short-term borrowings are about 53.5% 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 36.9% −6.5pp

Liabilities / Equity 1.71x +0.40x

Short-term borrowings / Assets 53.5% +5.3pp

Liquid assets / Assets 11.0% −11.8pp

Cash / Short-term borrowings 0.05x −0.05x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, PHS 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)	36.6	12.6
a. Realised gains on disposals of FVTPL financial assets	22.0	5.6
b. Gains from revaluation of FVTPL financial assets	10.9	6.3
c. Dividends and interest income from FVTPL financial assets	1.0	0.6
d. Gain from revaluation of outstanding covered warrant payables	2.7	—
1.2. Gains from held to maturity investments	52.1	37.3
1.3. Interest income from loans and receivables	337.2	278.5
1.6. Revenue from brokerage services	183.9	145.5
1.8. Revenue from investment advisory services	0.2	0.0
1.10. Revenue from securities custody services	4.9	7.4
1.11. Other revenue	4.2	1.8
Revenue from securities business (01->11)	619.2	483.2
Net sales	619.2	483.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	23.8	2.2
a. Loss from disposals of financial assets at FVTPL	21.9	2.6
b. Loss from revaluation of financial assets at FVTPL	1.4	-0.2
d. Loss from revaluation of outstanding covered warrant payables	0.5	-0.2
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	18.0
2.6. Expenses for proprietary trading activities	6.4	4.4
2.7. Expenses for brokerage services	188.0	166.8
2.9. Expenses for financial advisory services	1.6	1.1
2.11. Expenses for secutiries custodian services	5.5	7.9
2.12. Other expenses	-0.0	1.4
Operating expenses (21->33)	225.2	201.9
Gross profit	394.1	281.3
3.1. Realized and unrealized gain from changes in foreign exchange rates	54.7	21.7
3.2. Dividends, interest income from demand deposits	1.7	1.8
Total financial income (41->44)	56.4	23.5
4.1. Realized and unrealized loss from changes in foreign exchange rates	72.8	69.1
4.2. Borrowing costs	153.0	128.8
Total financial expenses (51->54)	225.7	197.9
VI. General and Administrative expenses	108.0	106.7
VII. Net profit from securities business (20+50-40-60-61-62)	116.7	0.2
8.1. Other incomes	0.3	0.3
8.2. Other expenses	0.3	0.1
Other profit (71-72)	0.0	0.2
IX. Profit before tax (70+80)	116.8	0.3
9.1. Realised profit	103.4	-12.1
9.2. Unrealised profit	13.4	12.5
CORPORATE INCOME TAX	23.4	0.2
10.1. Current corporate income tax expenses	21.2	2.8
10.2. Deferred income tax expenses	2.2	-2.6
XI. Net profit after tax (90-100)	93.3	0.1
11.1. Profit after tax for shareholders of the parents company	93.3	0.1
13.1. Earning per share	467.00	1.00
Earnings per Share	466.58	0.54

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	5,270.9	3,848.3
Short-term financial assets	5,258.1	3,840.8
1. Cash and cash equivalents	318.0	182.0
1.1. Cash	72.6	38.4
1.2. Cash equivalents	245.4	143.5
2. Financial assets at fair value through profit or loss (FVTPL)	195.1	73.9
3. Held to maturity investments (HTM)	552.5	696.0
4. Loans	4,119.8	2,874.8
6. Provisions for impairment loss of financial assets and mortgages	-47.5	-47.5
7. Short-term receivables	86.4	51.3
7.2. Receivables and accruals from dividends and interest income	86.4	51.3
7.2.1. Due dividend and interest receivables	86.4	51.3
Prepayments to suppliers	1.1	1.2
9. Service related receivable	28.0	3.8
12. Other receivables	13.0	13.8
13. Provision for doubtful debts	-8.3	-8.3
II. Other short-term assets	12.8	7.5
1. Advances	0.1	0.2
3. Short-term prepayments	3.8	5.2
Taxes and other receivables from state authorities	—	2.1
5. Other short-term assets	9.0	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	313.3	83.1
I. Long-term financial assets	250.0	—
2. Long-term investments	250.0	—
2.1. Held to maturity investments (HTM)	250.0	—
II. Fixed assets	18.4	28.7
1. Tangible fixed assets	6.4	12.0
- Cost	46.8	51.8
- Accumulated depreciation	-40.3	-39.8
3. Intangible fixed assets	11.9	16.8
- Cost	37.1	36.9
- Accumulated depreciation	-25.2	-20.1
V. Other long-term assets	44.9	54.3
1. Pledged assets, mortgages, security deposits in long term	4.6	5.5
2. Long-term prepayments	3.3	10.2
3. Deferred income tax assets	6.9	9.1
4. Payment for Settlement Assistance Fund	20.0	19.5
5. Other long-term assets	10.1	10.1
TOTAL ASSETS (270=100+200)	5,584.2	3,931.4
A. LIABILITIES (300=310+340)	3,443.8	1,864.3
I. Short -term liabilities	3,441.5	1,862.2
1. Short-term borrowings	2,871.5	1,433.4
1.1. Short-term borrowings	2,871.5	1,433.4
6. Payables to securities trading activities	514.1	399.8
8. Trade accounts payable	0.1	0.7
9. Advances from customers	0.1	0.1
10. Taxes and other payables to state authorities	17.7	8.2
12. Employee welfare payables	0.4	0.4
13. Accrued expenses	33.8	17.6
15. Unearned revenue	0.0	0.0
17. Other payables	3.9	2.1
II. Long-term liabilities	2.3	2.1
B. OWNER'S EQUITY (400=410+420)	2,140.4	2,067.1
I. Owner's equity	2,140.4	2,067.1
1. Investment capital from owners	2,000.1	2,000.1
1.1. Capital from owners	2,000.1	2,000.1
a. Common stock	2,000,098,190,000.00	2,000,098,190,000.00
1.5. Treasury shares	-1,185,000.00	-1,185,000.00
4. Supplementary capital reserve	12.1	12.1
7. Undistributed earnings after tax	128.3	54.9
7.1. Realised profits	107.5	47.6
7.2. Unrealised losses	20.7	7.3
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	5,584.2	3,931.4

Item	2025	2024
1. Profit before tax	116.8	0.3
2. Adjustments for	80.9	102.1
- Depreciation and amortization	10.6	10.4
- (Reversal of provisions)/provisions	0.2	18.4
- Unrealized foreign exchange (gains)/losses	-1.6	-5.7
- Loss/(profits) from other investing activities	0.0	—
- Interest expense	153.0	128.8
- Accrued interest income	-81.3	-49.7
3. Add non-cash expenses	1.8	-0.4
- Loss from revaluation losses of FVTPL financial assets	1.8	-0.4
4. Less non-cash income	-13.6	-6.3
- Gains from revaluation gains of FVTPL financial assets	-13.6	-6.3
5. Changes of assets and liabilities	-1,463.2	58.7
- Increase/decrease in FVTPL financial assets	-111.7	23.3
- Increase/decrease in held to maturity investments	-106.5	-41.8
- Increase/decrease in loan	-1,245.0	77.1
6. Operating profit before changes in working capital	-1,277.4	154.4
Increase/decrease in receiables sale of financial assets	—	73.2
Increase/decrease in receiables interest of financial assets	46.1	—
Increase/decrease in service related receivables	-24.3	0.2
Increases/decreases in other receivables	0.8	-1.0
Increase/decrease in other assets	-6.5	-4.5
- Increase/(decrease) in payables (other than interest, corporate income tax)	11.6	-3.4
- (Increase)/decrease in prepaid expenses	8.3	7.5
- Corporate income tax paid	-14.1	-8.7
- Interest paid	-148.3	-131.2
Increases/decreaese in trade payables	-0.5	6.6
Increases/decreases in employee welfare payables	0.0	0.0
Increases/decreases in tax and other payables to the State Budget	2.5	2.1
Increases/dcreases in other payables	116.5	1.0
Net cash flows from securities trading activities	-1,285.3	96.2
1. Payment for fixed assets, constructions and other long-term assets	-0.3	-15.4
2. Proceeds from disposals of fixed assets and other long-term assets	0.1	—
Net cash flows from investing activities	-0.2	-15.4
1. Receipts from equity issue and owner's capital contribution	—	500,000,000,000.00
3. Short-term and long-term borrowings	19,729.6	7,890.4
3.2. Other borrowings	19,729.6	7,890.4
4. Principal repayments	-18,289.8	-8,441.4
4.3. Other principal repayments	-18,289.8	-8,441.4
6. Dividends paid, profits distributed to owners	-18.2	-44.7
Net cash flows from financing activities	1,421.6	-95.6
IV. Net cash flows during the period	136.0	-14.9
V. Cash and cash equivalents at begingning of the period	182.0	196.8
Cash at bank	182.0	—
- Cash at bank for securities company activities	182.0	—
Cash and cash equivalents at end of period	318.0	182.0
Cash at bank	318.0	182.0
- Cash at bank for securities company activities	72.6	38.4
- Cash equivalents	245.4	143.5
1. Proceeds from sale of brokerage securities to customers	49,741.7	38,621.8
2. Money spent on buying brokerage securities for customers	-50,951.4	-37,876.4
9. Receive deposits to pay for securities transactions of customers	65,814.9	52,277.9
10. Margin deposit of investors at VSD	-57.0	76.2
11. Payment for customers' securities transactions	-64,557.9	-53,149.8
14. Payment of customers' securities depository fees	-2.2	-2.7
Increase / decrease of net money during the period	-11.9	-52.9
II. Cash and cash equivalents at the beginning of the period of the customer	710.7	763.6
Cash at bank	710.7	763.6
-Deposits of investors on securities transactions under the Securities Company management method	710.7	763.6
III. Cash and cash equivalents at the end of the period of the customer	698.8	710.7
Cash at bank	698.8	710.7
-Deposits of investors on securities transactions under the Securities Company management method	698.8	710.7

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)	21.3	10.2	20.1	6.9	-0.5	0.5	1.5	-1.6	12.1
a. Realised gains on disposals of FVTPL financial assets	22.0	8.4	7.1	5.9	0.6	0.8	0.3	1.1	3.4
b. Gains from revaluation of FVTPL financial assets	-2.8	0.1	11.3	0.9	-1.4	-0.7	1.1	-2.8	8.8
c. Dividends and interest income from FVTPL financial assets	0.0	0.4	0.2	0.1	0.3	0.3	0.1	0.1	0.0
d. Gain from revaluation of outstanding covered warrant payables	2.1	1.2	1.4	—	—	—	—	—	—
1.2. Gains from held to maturity investments	12.8	14.0	13.6	13.6	10.9	10.9	9.4	8.0	9.0
1.3. Interest income from loans and receivables	96.3	95.1	89.8	81.3	71.0	62.6	64.1	71.3	80.5
1.6. Revenue from brokerage services	41.3	58.4	61.3	36.1	28.2	29.2	31.2	40.5	44.5
1.8. Revenue from investment advisory services	—	—	0.2	0.1	—	—	—	0.0	—
1.10. Revenue from securities custody services	0.8	0.8	0.8	1.2	2.0	1.9	2.1	1.9	1.5
1.11. Other revenue	1.7	1.9	1.5	0.5	0.4	0.6	0.3	0.3	0.5
Revenue from securities business (01->11)	174.2	180.4	187.2	139.6	112.0	105.6	108.8	120.6	148.2
Net sales	174.2	180.4	187.2	139.6	112.0	105.6	108.8	120.6	148.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	19.0	9.2	7.2	6.1	1.2	0.7	0.2	0.9	0.4
a. Loss from disposals of financial assets at FVTPL	20.3	8.7	5.7	6.9	0.6	0.5	0.6	0.3	1.1
b. Loss from revaluation of financial assets at FVTPL	-1.1	0.1	1.5	-0.8	0.6	0.2	-0.4	0.6	-0.5
d. Loss from revaluation of outstanding covered warrant payables	-0.2	0.5	0.0	—	—	—	—	—	-0.2
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	—	—	—	—	—	4.8	6.7	6.5
2.6. Expenses for proprietary trading activities	1.4	1.4	2.0	1.8	1.2	0.9	1.1	1.2	1.2
2.7. Expenses for brokerage services	42.0	56.9	57.0	39.8	34.3	35.3	38.8	45.5	47.2
2.9. Expenses for financial advisory services	0.2	0.4	0.3	0.5	0.4	0.2	0.3	0.4	0.2
2.11. Expenses for secutiries custodian services	1.0	1.0	1.0	1.4	2.1	2.0	2.2	2.0	1.7
2.12. Other expenses	-0.3	0.2	-0.2	0.3	-0.4	-0.1	1.0	0.1	0.4
Operating expenses (21->33)	63.2	69.1	67.4	49.9	38.8	39.1	48.4	56.7	57.7
Gross profit	111.0	111.3	119.8	89.8	73.2	66.6	60.3	63.9	90.5
3.1. Realized and unrealized gain from changes in foreign exchange rates	21.4	16.2	20.5	8.0	13.2	6.7	3.1	14.7	6.6
3.2. Dividends, interest income from demand deposits	0.4	0.5	0.5	0.4	0.4	0.4	0.5	0.5	0.4
Total financial income (41->44)	21.8	16.7	21.0	8.4	13.6	7.1	3.6	15.2	7.0
4.1. Realized and unrealized loss from changes in foreign exchange rates	57.7	28.0	20.6	12.9	14.5	20.7	19.7	20.1	18.0
4.2. Borrowing costs	46.4	48.1	41.3	37.9	25.8	28.8	31.2	32.7	36.0
Total financial expenses (51->54)	104.1	76.0	61.9	50.8	40.2	49.5	50.9	52.8	54.1
VI. General and Administrative expenses	24.2	25.0	27.3	27.8	27.9	25.7	26.3	26.9	27.7
VII. Net profit from securities business (20+50-40-60-61-62)	4.5	26.9	51.6	19.6	18.7	-1.6	-13.3	-0.6	15.7
8.1. Other incomes	—	0.1	0.1	0.2	—	0.0	0.1	0.1	0.1
8.2. Other expenses	—	—	0.2	0.1	0.0	0.0	0.1	—	-0.0
Other profit (71-72)	—	0.1	-0.1	0.0	-0.0	-0.0	0.0	0.1	0.1
IX. Profit before tax (70+80)	4.5	27.0	51.5	19.6	18.6	-1.6	-13.3	-0.5	15.8
9.1. Realised profit	3.9	26.2	37.1	21.1	19.0	2.8	-16.7	-10.3	12.2
9.2. Unrealised profit	0.6	0.8	14.4	-1.5	-0.4	-4.4	3.5	9.8	3.7
CORPORATE INCOME TAX	1.0	5.4	10.3	4.0	3.7	-0.3	-2.6	-0.0	3.2
10.1. Current corporate income tax expenses	0.8	5.0	7.5	4.5	4.2	-0.3	-1.7	2.1	2.8
10.2. Deferred income tax expenses	0.2	0.3	2.8	-0.5	-0.4	0.0	-0.9	-2.1	0.4
XI. Net profit after tax (90-100)	3.5	21.6	41.2	15.6	14.9	-1.3	-10.7	-0.5	12.6
11.1. Profit after tax for shareholders of the parents company	3.5	21.6	41.2	15.6	14.9	-1.3	-10.7	-0.5	12.6
13.1. Earning per share	18.00	108.00	206.00	78.00	75.00	-8.00	-71.00	-4.00	84.00
Earnings per Share	17.54	108.19	205.97	77.91	74.51	-6.56	-71.22	-3.51	84.19

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)	5,503.1	5,270.9	5,610.9	4,790.1	4,726.1	3,848.3	3,457.4	3,559.0	3,755.8
Short-term financial assets	5,205.5	5,258.1	5,605.5	4,785.9	4,717.8	3,840.8	3,450.1	3,554.5	3,750.4
1. Cash and cash equivalents	147.8	318.0	531.6	472.7	235.0	182.0	373.7	148.0	143.5
1.1. Cash	147.8	72.6	274.3	351.7	99.7	38.4	58.3	57.1	53.7
1.2. Cash equivalents	—	245.4	257.3	121.0	135.3	143.5	315.4	90.9	89.7
2. Financial assets at fair value through profit or loss (FVTPL)	195.6	195.1	159.5	73.8	75.1	73.9	79.2	77.7	81.5
3. Held to maturity investments (HTM)	489.5	552.5	760.5	729.0	858.0	696.0	596.0	668.0	611.4
4. Loans	4,255.0	4,119.8	4,117.6	3,447.7	3,526.7	2,874.8	2,292.2	2,641.5	2,833.7
6. Provisions for impairment loss of financial assets and mortgages	-47.5	-47.5	-47.5	-47.5	-47.5	-47.5	-47.5	-42.7	-37.1
7. Short-term receivables	88.6	86.4	73.0	69.6	61.9	51.3	50.5	55.3	52.5
7.2. Receivables and accruals from dividends and interest income	88.6	86.4	73.0	69.6	61.9	51.3	50.5	55.3	52.5
7.2.1. Due dividend and interest receivables	88.6	—	—	—	—	—	—	—	—
7.2.2. Undue dividend and interest receivables	—	86.4	73.0	69.6	61.9	51.3	50.5	55.3	52.5
Prepayments to suppliers	0.7	1.1	0.6	0.3	0.0	1.2	0.2	1.7	4.0
9. Service related receivable	71.6	28.0	5.5	36.0	4.3	3.8	101.5	—	56.0
12. Other receivables	12.2	13.0	12.7	12.5	12.3	13.8	12.7	12.5	12.3
13. Provision for doubtful debts	—	-8.3	-8.1	-8.2	-8.0	-8.3	-8.4	-7.4	-7.3
II. Other short-term assets	297.6	12.8	5.4	4.3	8.3	7.5	7.3	4.5	5.4
1. Advances	0.1	0.1	0.1	0.2	0.2	0.2	0.3	0.2	0.1
3. Short-term prepayments	6.8	3.8	5.3	4.1	7.1	5.2	5.3	4.3	5.3
Taxes and other receivables from state authorities	—	—	—	—	—	2.1	1.7	—	—
5. Other short-term assets	290.8	9.0	—	—	1.0	—	—	—	—
B. LONG-TERM ASSETS (200=210+220+240+250-260)	310.8	313.3	217.0	224.5	78.5	83.1	87.5	86.1	85.4
I. Long-term financial assets	250.0	250.0	150.0	150.0	—	—	—	—	—
2. Long-term investments	250.0	250.0	150.0	150.0	—	—	—	—	—
2.1. Held to maturity investments (HTM)	250.0	250.0	150.0	150.0	—	—	—	—	—
II. Fixed assets	16.4	18.4	20.4	23.0	25.9	28.7	30.9	24.2	26.5
1. Tangible fixed assets	5.6	6.4	7.5	8.8	10.4	12.0	13.6	15.0	16.7
- Cost	46.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-41.3	—	—	—	—	—	—	—	—
3. Intangible fixed assets	10.8	11.9	12.9	14.1	15.5	16.8	17.4	9.2	9.8
- Cost	37.1	—	—	—	—	—	—	—	—
- Accumulated depreciation	-26.4	—	—	—	—	—	—	—	—
IV. Construction in progress	0.7	—	—	—	—	—	—	3.6	—
V. Other long-term assets	43.8	44.9	46.7	51.6	52.6	54.3	56.6	58.3	59.0
1. Pledged assets, mortgages, security deposits in long term	4.6	4.6	4.5	4.9	4.8	5.5	5.5	5.5	5.4
2. Long-term prepayments	2.3	3.3	4.9	6.5	8.2	10.2	12.4	15.0	17.9
3. Deferred income tax assets	6.8	6.9	7.2	10.1	9.6	9.1	9.2	8.3	6.2
4. Payment for Settlement Assistance Fund	20.0	20.0	20.0	20.0	20.0	19.5	19.5	19.5	19.5
5. Other long-term assets	—	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
6. Goodwill	10.1	—	—	—	—	—	—	—	—
TOTAL ASSETS (270=100+200)	5,814.0	5,584.2	5,827.9	5,014.7	4,804.6	3,931.4	3,544.9	3,645.1	3,841.3
A. LIABILITIES (300=310+340)	3,670.0	3,443.8	3,709.1	2,937.1	2,722.6	1,864.3	1,976.4	2,076.0	2,216.6
I. Short -term liabilities	3,667.6	3,441.5	3,706.8	2,934.9	2,720.5	1,862.2	1,974.3	2,073.9	2,214.5
1. Short-term borrowings	3,110.8	2,871.5	2,983.7	2,534.5	2,317.3	1,433.4	1,612.9	1,744.1	1,703.8
1.1. Short-term borrowings	3,110.8	2,871.5	2,983.7	2,534.5	2,317.3	1,433.4	1,612.9	1,744.1	1,703.8
6. Payables to securities trading activities	517.4	514.1	662.8	338.5	373.1	399.8	334.2	254.0	477.5
8. Trade accounts payable	0.1	0.1	0.4	0.4	0.4	0.7	0.4	0.1	0.1
9. Advances from customers	0.2	0.1	0.1	0.1	0.1	0.1	0.1	—	—
10. Taxes and other payables to state authorities	11.7	17.7	24.6	12.7	9.2	8.2	6.7	10.3	13.8
11. Payable to employees	—	—	—	—	—	—	0.4	—	0.0
12. Employee welfare payables	0.4	0.4	0.4	0.4	0.4	0.4	17.4	0.4	0.4
13. Accrued expenses	23.0	33.8	30.9	26.2	17.9	17.6	0.1	18.0	17.0
15. Unearned revenue	0.0	0.0	0.0	0.1	0.0	0.0	—	0.1	0.0
17. Other payables	4.1	3.9	4.0	22.1	2.1	2.1	2.4	47.1	2.0
II. Long-term liabilities	2.4	2.3	2.3	2.2	2.1	2.1	2.1	2.1	2.1
B. OWNER'S EQUITY (400=410+420)	2,143.9	2,140.4	2,118.8	2,077.6	2,082.0	2,067.1	1,568.4	1,579.1	1,624.6
I. Owner's equity	2,143.9	2,140.4	2,118.8	2,077.6	2,082.0	2,067.1	1,568.4	1,579.1	1,624.6
1. Investment capital from owners	2,000.1	2,000.1	2,000.1	2,000.1	2,000.1	2,000.1	1,500.1	1,500.1	1,500.1
1.1. Capital from owners	2,000.1	2,000.1	2,000.1	2,000.1	2,000.1	2,000.1	1,500.1	1,500.1	1,500.1
a. Common stock	2,000,098,190,000.00	2,000,098,190,000.00	2,000,098,190,000.00	2,000,098,190,000.00	2,000,098,190,000.00	2,000,098,190,000.00	1,500,098,190,000.00	1,500,098,190,000.00	1,500,098,190,000.00
1.5. Treasury shares	-1,185,000.00	-1,185,000.00	-1,185,000.00	-1,185,000.00	-1,185,000.00	-1,185,000.00	-1,185,000.00	-1,185,000.00	-1,185,000.00
4. Supplementary capital reserve	12.1	12.1	12.1	12.1	12.1	12.1	12.1	12.1	12.1
7. Undistributed earnings after tax	131.8	128.3	106.6	65.4	69.8	54.9	56.2	66.9	112.5
7.1. Realised profits	110.4	107.5	86.7	60.0	62.9	47.6	44.5	58.7	114.0
7.2. Unrealised losses	21.3	20.7	19.9	5.4	7.0	7.3	11.7	8.3	-1.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	5,814.0	5,584.2	5,827.9	5,014.7	4,804.6	3,931.4	3,544.9	3,655.1	3,841.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	4.5	27.0	51.5	19.6	18.6	-1.6	-13.3	-0.5	15.8
2. Adjustments for	-16.1	36.9	42.5	26.3	-24.8	34.3	41.9	-47.7	73.6
- Depreciation and amortization	2.1	2.2	2.5	2.9	2.9	2.9	2.6	2.4	2.4
- (Reversal of provisions)/provisions	-0.2	0.2	-0.1	0.4	-0.3	-0.1	5.8	5.7	7.0
- Unrealized foreign exchange (gains)/losses	—	0.0	0.0	0.0	-1.6	3.5	-1.9	-13.2	5.8
- Loss/(profits) from other investing activities	—	-0.1	0.1	0.0	—	—	—	—	—
- Interest expense	46.4	48.1	41.3	37.9	25.8	28.8	31.2	32.7	36.0
- Accrued interest income	-64.3	-13.5	-1.3	-14.9	-51.5	-0.8	4.1	-75.3	22.3
3. Add non-cash expenses	-1.3	0.5	1.5	-0.8	0.6	0.2	-0.4	0.6	-0.7
- Loss from revaluation losses of FVTPL financial assets	-1.3	0.5	1.5	-0.8	0.6	0.2	-0.4	0.6	-0.7
4. Less non-cash income	0.7	-1.4	-12.7	-0.9	1.4	0.7	-1.1	2.8	-8.8
- Gains from revaluation gains of FVTPL financial assets	0.7	-1.4	-12.7	-0.9	1.4	0.7	-1.1	2.8	-8.8
5. Changes of assets and liabilities	-74.3	70.3	-777.4	61.0	-817.1	-678.2	421.3	136.0	179.5
- Increase/decrease in FVTPL financial assets	-2.1	-35.5	-76.0	3.0	-3.2	4.4	0.1	0.4	18.5
- Increase/decrease in held to maturity investments	63.0	108.0	-31.5	-21.0	-162.0	-100.0	72.0	-56.6	42.8
- Increase/decrease in loan	-135.2	-2.2	-669.9	79.0	-651.9	-582.6	349.2	192.3	118.2
6. Operating profit before changes in working capital	-86.5	133.4	-694.6	105.1	-821.2	-644.6	448.4	91.2	259.4
Increase/decrease in receiables sale of financial assets	—	—	—	—	—	73.2	—	—	—
Increase/decrease in receiables interest of financial assets	62.2	0.2	-2.2	7.2	40.9	—	0.6	72.5	—
Increase/decrease in service related receivables	—	-22.6	30.6	-31.7	-0.6	97.7	-91.6	46.1	-52.0
Increases/decreases in other receivables	0.8	-0.2	-0.2	-0.3	1.5	-1.2	-0.1	-0.2	0.5
Increase/decrease in other assets	-36.4	-9.1	0.5	0.8	1.3	-0.4	-1.7	-0.2	-2.2
- Increase/(decrease) in payables (other than interest, corporate income tax)	-15.5	3.1	7.2	5.9	-4.6	0.5	-0.3	2.0	-5.6
- (Increase)/decrease in prepaid expenses	-2.0	3.1	0.5	4.7	0.0	2.4	5.2	0.2	-0.4
- Corporate income tax paid	-5.1	-7.5	-4.5	-2.1	-0.1	0.0	-2.1	-2.8	-3.9
- Interest paid	-41.6	-48.3	-43.7	-35.5	-20.8	-29.2	-31.5	-33.8	-36.8
Increases/decreaese in trade payables	0.4	-0.8	-0.3	-0.2	0.8	-0.6	1.8	2.3	3.1
Increases/decreases in employee welfare payables	-0.0	0.0	-0.0	-0.0	0.0	0.0	-0.0	0.0	—
Increases/decreases in tax and other payables to the State Budget	-1.7	-4.4	8.9	1.0	-3.0	1.8	0.1	-2.7	2.9
Increases/dcreases in payable to employees	—	—	—	—	—	—	—	—	0.0
Increases/dcreases in other payables	5.9	-148.0	325.7	-34.5	-26.7	65.3	80.3	-223.4	78.8
Net cash flows from securities trading activities	-163.2	-101.3	-372.1	20.5	-832.4	-508.1	409.1	-48.7	243.9
1. Payment for fixed assets, constructions and other long-term assets	-0.7	-0.3	0.0	0.0	-0.0	-0.7	-9.3	-0.2	-5.1
2. Proceeds from disposals of fixed assets and other long-term assets	—	0.1	0.0	—	—	—	—	—	—
Net cash flows from investing activities	-0.7	-0.2	0.0	0.0	-0.0	-0.7	-9.3	-0.2	-5.1
1. Receipts from equity issue and owner's capital contribution	—	—	—	—	—	500,000,000,000.00	—	—	—
3. Short-term and long-term borrowings	6,709.0	6,782.9	5,610.5	3,397.0	3,939.2	2,280.5	1,642.5	2,176.7	1,790.8
3.2. Other borrowings	6,709.0	6,782.9	5,610.5	3,397.0	3,939.2	2,280.5	1,642.5	2,176.7	1,790.8
4. Principal repayments	-6,469.7	-6,895.0	-5,161.3	-3,179.8	-3,053.7	-2,463.5	-1,771.8	-2,123.2	-2,082.9
4.3. Other principal repayments	-6,469.7	-6,895.0	-5,161.3	-3,179.8	-3,053.7	-2,463.5	-1,771.8	-2,123.2	-2,082.9
6. Dividends paid, profits distributed to owners	—	0.0	-18.2	—	—	0.0	-44.7	—	—
Net cash flows from financing activities	239.3	-112.2	431.0	217.2	885.5	317.0	-174.0	53.4	-292.1
IV. Net cash flows during the period	75.3	-213.6	58.9	237.7	53.0	-191.8	225.8	4.5	-53.4
V. Cash and cash equivalents at begingning of the period	72.6	531.6	472.7	235.0	182.0	373.7	148.0	143.5	196.8
Cash and cash equivalents at end of period	147.8	318.0	531.6	472.7	235.0	182.0	373.7	148.0	143.5
1. Proceeds from sale of brokerage securities to customers	11,329.0	17,072.7	16,180.4	9,633.4	6,855.1	7,774.2	8,250.4	10,802.7	11,794.6
2. Money spent on buying brokerage securities for customers	-11,150.1	-16,518.5	-16,648.7	-9,530.7	-8,253.5	-8,116.6	-7,791.1	-10,533.8	-11,434.9
9. Receive deposits to pay for securities transactions of customers	15,458.6	21,812.6	20,481.4	12,400.7	11,120.3	11,880.9	10,986.4	14,269.0	15,141.7
10. Margin deposit of investors at VSD	26.7	-44.2	-39.2	32.2	-5.8	-8.1	18.5	46.2	19.6
11. Payment for customers' securities transactions	-15,614.1	-22,373.5	-19,926.0	-12,513.5	-9,744.9	-11,570.8	-11,474.9	-14,657.0	-15,447.1
14. Payment of customers' securities depository fees	-0.6	-0.5	-0.6	-0.6	-0.5	-0.6	-0.6	-0.8	-0.7
Increase / decrease of net money during the period	49.4	-51.4	47.3	21.5	-29.3	-41.0	-11.3	-73.7	73.1
II. Cash and cash equivalents at the beginning of the period of the customer	698.8	750.2	702.9	681.4	710.7	751.7	763.0	836.7	763.6
III. Cash and cash equivalents at the end of the period of the customer	748.2	698.8	750.2	702.9	681.4	710.7	751.7	763.0	836.7

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PHS

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