SHS

Chứng khoán Sài Gòn - Hà Nội ·HNX ·2026Q1

● TRADING VOLATILE

Trading volatile Revaluation 42.5% of PBT

Price

17,700

Latest close

02 Jun 2026

EPS TTM (TTM) 1,405

BVPS (Latest) 13,568

P/E (Price/EPS) 12.6x

P/B (Price/BVPS) 1.3x

ROAE TTM (TTM) 10.8%

PBT Margin (TTM) 43.7%

Trading Share (Mix) 61.1%

Service & Brokerage Share (Mix) 13.6%

Equity / Assets (Latest) 56.9%

Leverage (Latest) 0.8x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 1,604.9bn, equivalent to a pre-tax margin of 43.7%, but headline durability remains more sensitive to revaluation, while margin has narrowed by 12.4pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 61.1% after expanding by +1.5pp, while lending is at 25.3%; brokerage and services are still 13.6% but have narrowed by 0.7pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 56.9% while Leverage is about 0.76x, indicating that buffers and funding are not yet truly roomy, but buffers have thinned while leverage has risen further.

	                            
	                                Trading
	                            
	                        
Doanh thu 2.221 tỷ
+92,2%
Lãi thuần 1.398 tỷ
+80,3%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 920 tỷ
+82,1%
Dư nợ 10.502 tỷ
+126,2%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 405 tỷ
+82,5%
Lãi thuần 62,2 tỷ
+100,2%

Metric	2025	2024
PBT	1,649.4	1,239.3
Trading Share	66.3%	59.2%
Lending Share	21.4%	25.5%
Service & Brokerage Share	12.3%	15.3%
PBT Margin	44.96%	62.24%
Equity / Assets	54.7%	79.9%
Leverage	0.83x	0.25x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	280.0	271.5	590.4	463.0	325.7	281.9	74.0	434.9	443.9
Trading Share	32.1%	77.0%	48.3%	62.8%	65.8%	63.6%	25.5%	63.1%	65.3%
Lending Share	47.8%	15.2%	31.4%	23.0%	22.8%	22.9%	45.5%	23.7%	21.3%
Service & Brokerage Share	20.1%	7.8%	20.3%	14.2%	11.4%	13.5%	29.1%	13.2%	13.4%
PBT Margin	49.58%	17.01%	72.36%	66.72%	58.00%	51.14%	26.82%	72.55%	78.62%
Equity / Assets	56.9%	54.7%	59.4%	64.5%	76.3%	79.9%	85.3%	89.6%	89.4%
Leverage	0.76x	0.83x	0.68x	0.55x	0.31x	0.25x	0.17x	0.12x	0.12x

Drivers of SHS's profit

TTM

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

Trading +VND 613bn

Margin lending +VND 415bn

Total costs −VND 599bn

Tax −VND 92.9bn

TTM

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

Margin lending +VND 142bn

Brokerage +VND 20.5bn

Tax +VND 14.8bn

Other fees +VND 4.8bn

Total costs −VND 141bn

Trading −VND 71.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

Revenue Mix & Earnings Engine

Where are current earnings coming from?

Earnings are still being supported by trading, but revaluation has become large enough to make the headline less durable than usual.

Trading currently accounts for about 61.1%, lending is at 25.3%, brokerage is around 11.1%, other services about 2.5%, brokerage plus services together are 13.6%.

Trading is still the main engine, but brokerage and services have become large enough to start providing a more tangible diversification layer.

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 3,670.3bn +84.6% YoY

PBT margin 43.7% −12.4pp

Trading Share 61.1% +1.5pp

Brokerage Share 11.1% −0.3pp

Revaluation / Trading 30.7% —

TTM YoY · 2026Q1

Profitability Quality & Volatility

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

Headline profitability remains solid, but durability is weaker because part of the result is still sensitive to revaluation.

Pre-tax margin is currently 43.7%, Return on assets is about 7.0%, provisions equal 10.9% of pre-tax profit, revaluation accounts for 42.5% of pre-tax profit.

Headline profit should not be read purely off reported PBT because revaluation still makes the result more volatile.

Profit remains sensitive to revaluation swings.

Provisioning is not currently the main drag on profit.

Key risks

Revaluation volatility remains high

Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.

Key signals

PBT margin 43.7% −12.4pp

Net margin 35.8% −10.4pp

ROAA 7.0% +2.0pp

ROAE 10.8% +3.1pp

Revaluation / PBT 42.5% —

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 47.0% of assets, the prop book about 42.7%, liquid assets around 2.6%, equity roughly 56.9%.

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.

Prop-book concentration risk

A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.

Key signals

Margin book / Assets 47.0% +16.5pp

Prop book / Assets 42.7% −15.0pp

Liquid assets / Assets 2.6% −1.7pp

Equity / Assets 56.9% −19.3pp

Liabilities / Equity 0.76x +0.45x

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 56.9% of assets, liabilities stand at 0.76x of equity, short-term borrowings are about 33.5% of assets, cash covers roughly 0.08x 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 56.9% −19.3pp

Liabilities / Equity 0.76x +0.45x

Short-term borrowings / Assets 33.5% +13.6pp

Liquid assets / Assets 2.6% −1.7pp

Cash / Short-term borrowings 0.08x −0.14x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, SHS is showing a more balanced earnings mix thanks to brokerage and service income, but short-term funding remains tight enough for caution.

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

Short-term funding structure is tight enough to become the most visible risk in the current capital posture.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	2,410.6	1,155.3
a. Realised gains on disposals of FVTPL financial assets	1,049.3	742.2
b. Gains from revaluation of FVTPL financial assets	1,130.1	186.6
c. Dividends and interest income from FVTPL financial assets	231.1	226.4
1.2. Gains from held to maturity investments	0.5	12.7
1.3. Interest income from loans and receivables	778.6	497.7
1.4. Gains from available-for-sale financial assets (AFS)	29.7	26.8
1.6. Revenue from brokerage services	360.4	238.0
1.7. Revenue from share issue guarantee and agency activities	2.6	8.8
1.8. Revenue from investment advisory services	61.6	36.0
1.10. Revenue from securities custody services	16.3	13.6
1.11. Other revenue	8.3	2.5
Revenue from securities business (01->11)	3,668.5	1,991.3
Net sales	3,668.5	1,991.3
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	940.8	233.5
a. Loss from disposals of financial assets at FVTPL	514.1	131.7
b. Loss from revaluation of financial assets at FVTPL	422.8	98.8
c. Transaction cost of acquisition of financial assets at FVTPL	4.0	3.0
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	175.4	1.2
2.6. Expenses for proprietary trading activities	31.8	36.9
2.7. Expenses for brokerage services	320.0	203.6
2.8. Expenses for underwriting and issurance agency services	5.5	7.7
2.9. Expenses for financial advisory services	21.4	19.4
2.11. Expenses for secutiries custodian services	12.8	11.3
2.12. Other expenses	71.3	52.4
Operating expenses (21->33)	1,579.0	566.0
Gross profit	2,089.6	1,425.3
3.2. Dividends, interest income from demand deposits	5.1	3.6
Total financial income (41->44)	5.1	3.6
4.2. Borrowing costs	280.3	63.2
4.4. Other investment expenses	1.6	—
Total financial expenses (51->54)	281.9	63.2
VI. General and Administrative expenses	163.4	129.1
VII. Net profit from securities business (20+50-40-60-61-62)	1,649.3	1,236.5
8.1. Other incomes	0.0	2.7
8.2. Other expenses	0.0	0.0
Other profit (71-72)	0.0	2.7
IX. Profit before tax (70+80)	1,649.4	1,239.3
9.1. Realised profit	942.0	1,151.5
9.2. Unrealised profit	707.3	87.8
CORPORATE INCOME TAX	306.2	223.7
10.1. Current corporate income tax expenses	199.8	206.1
10.2. Deferred income tax expenses	106.4	17.6
XI. Net profit after tax (90-100)	1,343.2	1,015.6
11.1. Profit after tax for shareholders of the parents company	1,343.2	1,015.6
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	851.1	-48.0
Total other comprehensive income	851.1	-48.0
13.1. Earning per share	1,500.00	1,249.00
Earnings per Share	1,430.89	1,147.16

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	22,932.7	13,935.1
Short-term financial assets	22,897.3	13,893.1
1. Cash and cash equivalents	887.6	680.8
1.1. Cash	887.6	680.8
2. Financial assets at fair value through profit or loss (FVTPL)	11,291.6	8,144.4
4. Loans	9,097.7	4,186.9
5. Available-for-sale financial assets (AFS)	1,536.3	612.6
7. Short-term receivables	181.8	275.4
7.1. Receivables from disposal of financial assets	3.8	171.1
7.2. Receivables and accruals from dividends and interest income	178.0	104.3
7.2.1. Due dividend and interest receivables	178.0	104.3
Prepayments to suppliers	4.1	1.2
9. Service related receivable	453.3	498.8
12. Other receivables	9.3	—
13. Provision for doubtful debts	-564.4	-507.0
II. Other short-term assets	35.4	41.9
1. Advances	21.7	38.4
2. Office supplies, tools	0.1	0.1
3. Short-term prepayments	13.5	3.4
4. Pledged assets, mortgages, security deposits in short term	—	0.0
5. Other short-term assets	0.1	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	99.2	92.6
II. Fixed assets	35.2	29.9
1. Tangible fixed assets	13.3	9.0
- Cost	57.5	47.0
- Accumulated depreciation	-44.2	-38.0
3. Intangible fixed assets	21.9	20.9
- Cost	57.3	50.4
- Accumulated depreciation	-35.3	-29.5
IV. Construction in progress	6.5	2.7
V. Other long-term assets	57.5	60.1
1. Pledged assets, mortgages, security deposits in long term	7.8	22.8
2. Long-term prepayments	19.7	7.3
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)	23,031.9	14,027.7
A. LIABILITIES (300=310+340)	10,429.6	2,816.5
I. Short -term liabilities	10,232.5	2,725.8
1. Short-term borrowings	8,220.0	2,141.0
1.1. Short-term borrowings	8,220.0	2,141.0
4. Short-term bonds	1,130.0	—
6. Payables to securities trading activities	14.3	0.1
8. Trade accounts payable	452.9	298.5
9. Advances from customers	2.7	2.0
10. Taxes and other payables to state authorities	142.2	101.0
11. Payable to employees	79.0	54.5
12. Employee welfare payables	3.2	2.6
13. Accrued expenses	81.5	32.8
16. Short-term deposits, collateral received	5.0	0.0
17. Other payables	13.2	7.8
19. Bonus and welfare fund	88.4	85.5
II. Long-term liabilities	197.1	90.7
14. Deferred income tax liabilities	197.1	90.7
B. OWNER'S EQUITY (400=410+420)	12,602.3	11,211.2
I. Owner's equity	12,602.3	11,211.2
1. Investment capital from owners	9,387.0	8,853.3
1.1. Capital from owners	8,994.6	8,131.6
a. Common stock	8,994,622,200,000.00	8,131,567,480,000.00
1.2. Share premium	392.4	721.8
2. Assets revaluation differences	754.4	-96.7
4. Supplementary capital reserve	—	77.1
7. Undistributed earnings after tax	2,460.9	2,377.4
7.1. Realised profits	1,497.1	2,014.5
7.2. Unrealised losses	963.8	362.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	23,031.9	14,027.7

Item	2025	2024
1. Profit before tax	1,649.4	1,239.3
2. Adjustments for	520.0	107.2
- Depreciation and amortization	12.0	8.3
- (Reversal of provisions)/provisions	232.8	39.3
- Loss/(profits) from other investing activities	-5.1	-3.6
- Interest expense	280.3	63.2
3. Add non-cash expenses	422.8	98.8
- Loss from revaluation losses of FVTPL financial assets	422.8	98.8
4. Less non-cash income	-1,130.1	-186.6
- Gains from revaluation gains of FVTPL financial assets	-1,130.1	-186.6
5. Changes of assets and liabilities	-7,598.7	-3,376.2
- Increase/decrease in FVTPL financial assets	-2,439.9	-3,024.4
- Increase/decrease in held to maturity investments	-4,910.8	—
- Increase/decrease in loan	—	-351.8
- Increase/decrease in AFS financial assets	-248.0	—
6. Operating profit before changes in working capital	-6,136.6	-2,117.5
Increase/decrease in receiables sale of financial assets	167.3	-171.1
Increase/decrease in receiables interest of financial assets	-73.7	-1.2
Increase/decrease in service related receivables	46.2	862.4
Increases/decreases in other receivables	-9.3	—
Increase/decrease in other assets	31.7	-55.8
- Increase/(decrease) in payables (other than interest, corporate income tax)	6.1	3.7
- (Increase)/decrease in prepaid expenses	-22.5	12.3
- Corporate income tax paid	-169.8	-140.2
- Interest paid	-237.6	-58.6
Increases/decreaese in trade payables	151.6	295.8
Increases/decreases in employee welfare payables	0.6	0.7
Increases/decreases in tax and other payables to the State Budget	11.3	-9.2
Increases/dcreases in payable to employees	24.5	25.9
Increases/dcreases in other payables	24.6	-11.3
- Other payments for operating activities	-37.1	-39.5
Net cash flows from securities trading activities	-6,222.9	-1,403.6
1. Payment for fixed assets, constructions and other long-term assets	-21.2	-20.1
7. Dividends, interest and profit received	5.1	3.6
Net cash flows from investing activities	-16.1	-16.5
1. Receipts from equity issue and owner's capital contribution	50,000,000,000.00	—
3. Short-term and long-term borrowings	28,629.0	6,810.0
3.2. Other borrowings	28,629.0	6,810.0
4. Principal repayments	-21,420.0	-5,561.0
4.3. Other principal repayments	-21,420.0	-5,561.0
6. Dividends paid, profits distributed to owners	-813.2	-0.0
Net cash flows from financing activities	6,445.8	1,249.0
IV. Net cash flows during the period	206.9	-171.1
V. Cash and cash equivalents at begingning of the period	680.8	851.9
Cash at bank	680.8	851.9
- Cash at bank for securities company activities	680.8	851.9
Cash and cash equivalents at end of period	887.6	680.8
Cash at bank	887.6	680.8
- Cash at bank for securities company activities	887.6	680.8
1. Proceeds from sale of brokerage securities to customers	242,392.2	156,585.8
2. Money spent on buying brokerage securities for customers	-225,499.5	-170,710.4
9. Receive deposits to pay for securities transactions of customers	-16,115.5	14,125.5
14. Payment of customers' securities depository fees	-10.4	-11.7
17. Proceeds from Securities Issuers	9,700.3	16,139.3
18. Payments to Securities Issuers	-9,700.3	-17,589.4
Increase / decrease of net money during the period	766.7	-1,460.9
II. Cash and cash equivalents at the beginning of the period of the customer	719.3	2,180.2
Cash at bank	719.3	2,180.2
-Deposits of investors on securities transactions under the Securities Company management method	493.3	430.0
-Cash deposit for securities transactions for customers	226.0	300.0
-Deposits from issuing organizations	0.1	1,450.2
III. Cash and cash equivalents at the end of the period of the customer	1,486.0	719.3
Cash at bank	1,486.0	719.3
-Deposits of investors on securities transactions under the Securities Company management method	810.1	493.3
-Cash deposit for securities transactions for customers	656.6	226.0
-Securities clearing and settlement deposits	19.3	—
-Deposits from issuing organizations	0.1	0.1

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)	181.5	1,228.7	394.1	417.2	369.2	348.6	61.9	376.0	368.7
a. Realised gains on disposals of FVTPL financial assets	392.1	161.3	493.1	154.4	240.6	186.8	137.8	264.7	152.9
b. Gains from revaluation of FVTPL financial assets	-352.7	1,002.0	-154.6	187.0	94.3	83.4	-148.7	78.6	173.3
c. Dividends and interest income from FVTPL financial assets	142.1	65.4	55.6	75.7	34.3	78.4	72.8	32.7	42.4
1.2. Gains from held to maturity investments	—	—	—	—	0.5	3.2	6.4	3.1	—
1.3. Interest income from loans and receivables	269.7	242.1	255.8	152.7	128.0	125.4	110.4	141.5	120.5
1.4. Gains from available-for-sale financial assets (AFS)	—	—	—	29.7	—	—	26.8	—	—
1.6. Revenue from brokerage services	97.0	99.6	137.4	71.4	52.0	53.6	49.2	67.3	67.9
1.7. Revenue from share issue guarantee and agency activities	0.8	2.1	0.1	—	0.5	0.1	5.9	2.7	—
1.8. Revenue from investment advisory services	5.8	16.0	19.6	18.4	7.5	16.3	11.3	4.9	3.6
1.10. Revenue from securities custody services	3.5	3.6	5.3	3.7	3.6	3.4	3.0	3.4	3.7
1.11. Other revenue	6.5	3.7	3.6	0.9	0.1	0.7	1.2	0.5	0.2
Revenue from securities business (01->11)	564.7	1,595.8	815.9	693.9	561.5	551.2	276.1	599.4	564.6
Net sales	564.7	1,595.8	815.9	693.9	561.5	551.2	276.1	599.4	564.6
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	4.2	739.0	-4.0	83.8	120.6	108.1	106.7	44.9	-26.1
a. Loss from disposals of financial assets at FVTPL	398.9	191.3	66.4	102.3	154.0	90.7	21.1	16.1	3.8
b. Loss from revaluation of financial assets at FVTPL	-395.4	546.4	-71.2	-19.4	-34.4	16.1	85.1	28.1	-30.6
c. Transaction cost of acquisition of financial assets at FVTPL	0.7	1.2	0.8	0.9	1.0	1.2	0.5	0.7	0.6
2.4. Selling loss available-for-sale financial assets (AFS)	—	175.4	—	—	—	—	—	—	—
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	0.5	0.3	0.4	0.1	0.2	0.3	0.1	0.7
2.6. Expenses for proprietary trading activities	4.0	7.7	4.8	3.4	3.9	24.9	5.5	2.9	4.1
2.7. Expenses for brokerage services	69.7	104.6	109.8	59.1	45.3	51.6	41.3	53.0	57.9
2.8. Expenses for underwriting and issurance agency services	1.6	2.8	1.5	0.4	0.8	2.9	1.4	1.7	2.5
2.9. Expenses for financial advisory services	2.5	9.0	5.3	3.7	3.4	7.0	3.3	4.0	5.4
2.11. Expenses for secutiries custodian services	3.4	3.5	3.3	3.1	2.9	2.9	2.8	2.8	2.8
2.12. Other expenses	6.5	67.3	-0.9	2.2	2.8	5.0	2.0	18.8	26.8
Operating expenses (21->33)	91.9	1,109.8	120.1	156.0	179.7	202.6	163.2	128.2	74.1
Gross profit	472.8	486.0	695.8	537.9	381.9	348.6	112.9	471.2	490.4
3.2. Dividends, interest income from demand deposits	1.1	2.3	1.4	0.9	0.5	1.7	0.6	0.7	0.6
Total financial income (41->44)	1.1	2.3	1.4	0.9	0.5	1.7	0.6	0.7	0.6
4.2. Borrowing costs	165.1	129.5	71.7	52.5	26.6	23.6	14.6	13.5	11.5
4.4. Other investment expenses	0.5	1.0	0.6	—	—	—	—	—	—
Total financial expenses (51->54)	165.6	130.5	72.3	52.5	26.6	23.6	14.6	13.5	11.5
VI. General and Administrative expenses	28.4	86.2	34.5	23.3	30.1	45.7	23.4	26.7	35.8
VII. Net profit from securities business (20+50-40-60-61-62)	280.0	271.5	590.4	463.0	325.7	281.0	75.5	431.7	443.7
8.1. Other incomes	0.0	0.0	0.0	0.0	0.0	0.9	-1.4	3.1	0.1
8.2. Other expenses	0.0	0.0	0.0	—	0.0	—	—	0.0	—
Other profit (71-72)	-0.0	0.0	0.0	0.0	0.0	0.9	-1.4	3.1	0.1
IX. Profit before tax (70+80)	280.0	271.5	590.4	463.0	325.7	281.9	74.0	434.9	443.9
9.1. Realised profit	237.2	-184.0	673.8	256.5	197.0	214.7	307.9	384.4	240.0
9.2. Unrealised profit	42.8	455.5	-83.4	206.5	128.7	67.2	-233.9	50.5	203.9
CORPORATE INCOME TAX	48.2	50.0	112.6	80.2	62.9	49.4	5.1	80.7	87.6
10.1. Current corporate income tax expenses	43.6	-6.0	129.3	38.9	37.2	36.0	51.8	70.6	46.8
10.2. Deferred income tax expenses	4.6	56.0	-16.7	41.3	25.7	13.4	-46.8	10.1	40.8
XI. Net profit after tax (90-100)	231.8	221.5	477.8	382.7	262.8	232.5	69.0	354.2	356.3
11.1. Profit after tax for shareholders of the parents company	231.8	221.5	477.8	382.7	262.8	232.5	69.0	354.2	356.3
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-98.2	154.1	374.9	18.0	163.3	-47.6	-31.8	-9.6	41.0
13.1. Earning per share	258.00	246.00	534.00	471.00	323.00	286.00	85.00	436.00	438.00
Earnings per Share	246.96	235.93	511.75	409.92	296.78	262.58	77.93	400.03	402.45

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)	22,268.8	22,932.7	20,194.4	17,236.1	15,166.6	13,936.1	12,853.5	12,194.5	11,856.9
Short-term financial assets	22,238.0	22,897.3	20,152.5	17,209.8	15,125.1	13,894.1	12,809.0	12,149.8	11,807.7
1. Cash and cash equivalents	586.5	887.6	664.8	791.0	660.0	680.8	440.5	1,637.3	422.7
1.1. Cash	586.5	887.6	664.8	791.0	660.0	680.8	440.5	1,637.3	422.7
2. Financial assets at fair value through profit or loss (FVTPL)	9,541.6	11,291.6	9,019.9	9,174.3	8,804.6	8,144.4	6,902.1	5,041.8	5,333.0
3. Held to maturity investments (HTM)	—	—	—	—	—	—	800.0	1,000.0	—
4. Loans	10,502.3	9,097.7	9,136.7	6,268.4	4,643.6	4,186.9	3,881.2	3,622.2	4,428.5
5. Available-for-sale financial assets (AFS)	1,443.9	1,536.3	1,168.8	793.9	775.9	612.6	660.2	692.0	701.6
7. Short-term receivables	265.1	181.8	149.7	179.8	151.5	275.5	120.5	159.1	67.2
7.1. Receivables from disposal of financial assets	35.9	3.8	18.5	21.6	67.2	171.4	20.5	74.4	—
7.2. Receivables and accruals from dividends and interest income	229.2	178.0	131.3	158.2	84.4	104.1	100.0	84.7	67.2
7.2.1. Due dividend and interest receivables	229.2	—	131.3	158.2	84.4	104.1	100.0	84.7	67.2
7.2.2. Undue dividend and interest receivables	—	178.0	—	—	—	—	—	—	—
Prepayments to suppliers	3.7	4.1	17.7	13.6	7.2	0.9	2.6	4.2	201.7
9. Service related receivable	454.3	453.2	453.8	496.5	497.6	499.7	499.4	500.3	1,160.7
12. Other receivables	7.2	9.3	44.4	0.0	92.2	0.3	9.7	—	45.3
13. Provision for doubtful debts	-566.6	-564.4	-503.3	-507.6	-507.5	-507.0	-507.1	-507.1	-552.8
II. Other short-term assets	30.9	35.4	41.9	26.2	41.5	41.9	44.5	44.7	49.2
1. Advances	21.8	21.7	22.7	22.7	38.5	38.4	40.5	40.5	45.0
2. Office supplies, tools	0.3	0.1	0.1	0.1	0.2	0.1	0.1	0.2	0.2
3. Short-term prepayments	8.7	13.5	19.0	3.3	2.7	3.4	3.8	4.0	3.8
4. Pledged assets, mortgages, security deposits in short term	—	—	—	—	—	0.0	0.0	0.0	0.0
5. Other short-term assets	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
B. LONG-TERM ASSETS (200=210+220+240+250-260)	98.6	99.2	79.5	92.1	91.3	92.6	65.5	67.8	68.4
II. Fixed assets	32.4	35.2	31.9	30.7	32.0	29.9	18.5	11.3	9.4
1. Tangible fixed assets	12.2	13.3	12.6	12.4	12.5	9.0	3.6	4.7	6.1
- Cost	53.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-41.6	—	—	—	—	—	—	—	—
3. Intangible fixed assets	20.2	21.9	19.3	18.3	19.6	20.9	14.9	6.5	3.3
- Cost	56.6	—	—	—	—	—	—	—	—
- Accumulated depreciation	-36.4	—	—	—	—	—	—	—	—
IV. Construction in progress	10.2	6.5	2.2	2.7	2.7	2.7	4.0	10.9	10.7
V. Other long-term assets	56.0	57.5	45.4	58.7	56.6	60.1	42.9	45.6	48.3
1. Pledged assets, mortgages, security deposits in long term	7.6	7.8	9.4	24.9	22.8	22.8	2.8	2.8	2.6
2. Long-term prepayments	18.4	19.7	6.1	3.8	3.8	7.3	10.1	12.8	15.7
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)	22,367.4	23,031.8	20,273.9	17,328.1	15,257.9	14,028.7	12,919.0	12,262.3	11,925.3
A. LIABILITIES (300=310+340)	9,631.5	10,428.0	8,236.4	6,143.4	3,620.8	2,821.2	1,896.4	1,276.9	1,264.5
I. Short -term liabilities	9,429.8	10,230.8	8,095.3	5,985.6	3,504.3	2,729.2	1,818.8	1,152.9	1,150.5
1. Short-term borrowings	7,482.0	8,220.0	6,775.0	4,837.0	3,034.0	2,141.0	1,585.0	896.0	846.0
1.1. Short-term borrowings	7,482.0	8,220.0	6,775.0	4,837.0	3,034.0	2,141.0	1,585.0	896.0	846.0
4. Short-term bonds	1,030.0	1,130.0	550.0	—	—	—	—	—	—
6. Payables to securities trading activities	23.4	14.3	0.4	0.4	0.0	0.1	0.0	4.2	101.5
8. Trade accounts payable	630.8	452.9	29.6	91.1	298.1	3.4	0.9	1.1	0.6
9. Advances from customers	3.0	2.6	2.3	2.6	2.6	296.8	25.4	5.0	1.7
10. Taxes and other payables to state authorities	60.2	144.6	150.4	77.9	47.2	100.0	61.1	85.6	60.5
11. Payable to employees	10.7	75.1	22.9	7.4	7.1	58.9	23.1	29.1	22.4
12. Employee welfare payables	3.4	3.2	3.1	2.9	2.7	2.6	2.4	2.3	2.1
13. Accrued expenses	80.9	81.7	43.4	41.1	33.8	33.0	25.3	22.2	25.5
16. Short-term deposits, collateral received	5.0	5.0	355.0	0.0	0.0	0.0	0.0	0.0	0.0
17. Other payables	16.9	13.2	67.5	828.4	12.2	7.8	7.4	8.5	11.1
19. Bonus and welfare fund	83.6	88.2	95.8	96.7	66.5	85.5	88.1	98.8	79.0
II. Long-term liabilities	201.7	197.1	141.1	157.8	116.5	92.0	77.6	124.1	114.0
9. Unearned revenue	—	—	—	—	—	1.3	0.3	—	—
14. Deferred income tax liabilities	201.7	197.1	141.1	157.8	116.5	90.7	77.3	124.0	113.9
B. OWNER'S EQUITY (400=410+420)	12,735.9	12,603.9	12,037.5	11,184.8	11,637.2	11,207.5	11,022.6	10,985.3	10,660.8
I. Owner's equity	12,735.9	12,603.9	12,037.5	11,184.8	11,637.2	11,207.5	11,022.6	10,985.3	10,660.8
1. Investment capital from owners	9,387.0	9,387.0	9,337.0	9,337.0	8,853.3	8,853.3	8,853.3	8,853.3	8,853.3
1.1. Capital from owners	8,994.6	8,994.6	8,944.6	8,944.6	8,131.6	8,131.6	8,131.6	8,131.6	8,131.6
a. Common stock	8,994,622,200,000.00	8,994,622,200,000.00	8,944,622,200,000.00	8,944,622,200,000.00	8,131,567,480,000.00	8,131,567,480,000.00	8,131,567,480,000.00	8,131,567,480,000.00	8,131,567,480,000.00
1.2. Share premium	392.4	392.4	392.4	392.4	721.8	721.8	721.8	721.8	721.8
2. Assets revaluation differences	656.2	754.4	459.5	84.6	66.6	-96.7	-49.1	-17.4	-7.7
4. Supplementary capital reserve	—	—	—	—	77.1	77.1	77.1	77.1	77.1
7. Undistributed earnings after tax	2,692.7	2,462.5	2,241.0	1,763.2	2,640.1	2,373.7	2,141.2	2,072.2	1,738.1
7.1. Realised profits	1,690.7	1,498.7	1,676.7	1,132.2	2,174.3	2,010.8	1,832.1	1,576.1	1,282.3
7.2. Unrealised losses	1,002.0	963.8	564.3	631.0	465.8	362.9	309.1	496.2	455.8
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	22,367.4	23,031.8	20,273.9	17,328.1	15,257.9	14,028.7	12,919.0	12,262.3	11,925.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	280.0	270.3	590.4	463.0	325.7	286.5	74.0	434.9	443.9
2. Adjustments for	160.6	367.1	69.0	54.6	29.3	86.6	-46.5	31.4	35.6
- Depreciation and amortization	-5.7	3.4	2.9	2.9	2.8	2.5	1.8	2.0	1.9
- (Reversal of provisions)/provisions	2.3	236.4	-4.2	0.1	0.5	62.2	-62.3	16.6	22.8
- Loss/(profits) from other investing activities	-1.1	-2.3	-1.4	-0.9	-0.5	-1.7	-0.6	-0.7	-0.6
- Interest expense	165.1	129.5	71.7	52.5	26.6	23.6	14.6	13.5	11.5
3. Add non-cash expenses	-395.4	547.8	-71.2	-19.4	-34.4	16.1	134.2	-20.9	-30.6
- Loss from revaluation losses of FVTPL financial assets	-395.4	547.8	-71.2	-19.4	-34.4	16.1	134.2	-20.9	-30.6
4. Less non-cash income	352.7	-1,003.4	154.6	-187.0	-94.3	-83.4	99.7	-29.6	-173.3
- Gains from revaluation gains of FVTPL financial assets	352.7	-1,003.4	154.6	-187.0	-94.3	-83.4	99.7	-29.6	-173.3
5. Changes of assets and liabilities	382.4	-2,025.2	-2,797.2	-1,788.0	-988.2	-680.7	-2,653.1	647.9	-690.2
- Increase/decrease in FVTPL financial assets	1,792.7	-1,816.2	71.1	-163.3	-531.5	-1,175.0	-2,094.2	341.6	-96.9
- Increase/decrease in held to maturity investments	—	-4,910.8	—	—	—	—	-300.0	-500.0	—
- Increase/decrease in loan	-1,404.6	—	-2,868.3	-1,624.8	-456.7	-305.7	-259.0	806.3	-593.4
- Increase/decrease in AFS financial assets	-5.8	-248.0	—	—	—	—	—	—	—
6. Operating profit before changes in working capital	780.2	-1,843.4	-2,054.5	-1,476.9	-761.9	-374.8	-2,391.8	1,063.7	-414.6
Increase/decrease in receiables sale of financial assets	-32.1	14.7	8.2	40.5	103.9	-174.3	77.6	-74.4	—
Increase/decrease in receiables interest of financial assets	-51.2	-46.8	26.9	-73.8	20.0	-4.3	-15.3	-17.5	35.9
Increase/decrease in service related receivables	-0.7	0.9	42.4	1.2	1.7	-16.4	14.9	646.4	217.5
Increases/decreases in other receivables	2.1	35.1	-44.4	92.2	-92.2	—	35.6	—	-0.3
Increase/decrease in other assets	-0.1	2.6	15.4	13.8	-0.2	-17.9	0.0	4.5	-42.4
- Increase/(decrease) in payables (other than interest, corporate income tax)	-5.9	6.1	1.4	-0.5	-1.0	4.0	-1.4	-0.2	1.3
- (Increase)/decrease in prepaid expenses	6.1	-8.2	-17.9	-0.6	4.1	3.2	2.9	2.7	3.5
- Corporate income tax paid	-118.7	-5.0	-59.9	-16.2	-88.7	0.0	-70.6	-46.8	-22.8
- Interest paid	-159.8	-97.5	-70.8	-44.7	-24.6	-20.2	-10.1	-16.6	-11.8
Increases/decreaese in trade payables	178.2	437.0	-70.8	-208.3	-6.3	298.9	1.4	198.0	-202.5
Increases/decreases in employee welfare payables	0.2	0.1	0.1	0.2	0.1	0.2	0.1	0.2	0.2
Increases/decreases in tax and other payables to the State Budget	-6.9	2.4	3.2	7.9	-2.2	2.9	-5.7	1.3	-7.7
Increases/dcreases in payable to employees	-68.3	56.1	15.5	0.3	-47.4	31.5	-6.1	6.7	-6.2
Increases/dcreases in other payables	12.7	-390.3	407.2	3.4	4.3	0.2	-4.9	-99.9	93.4
- Other receipts from operating activities	—	—	—	—	—	—	-3.2	—	—
- Other payments for operating activities	-4.9	-7.3	-0.9	-9.8	-19.0	-5.9	-7.4	-0.2	-25.9
Net cash flows from securities trading activities	531.0	-1,843.4	-1,798.9	-1,671.3	-909.3	-304.9	-2,384.3	1,668.2	-382.6
1. Payment for fixed assets, constructions and other long-term assets	4.8	-11.1	-3.5	-1.6	-5.0	-12.5	-2.2	-4.2	-1.2
7. Dividends, interest and profit received	1.1	2.3	1.4	0.9	0.5	1.7	0.6	0.7	0.6
Net cash flows from investing activities	5.9	-8.8	-2.1	-0.7	-4.4	-10.8	-1.6	-3.5	-0.6
1. Receipts from equity issue and owner's capital contribution	—	50,000,000,000.00	—	—	—	—	—	—	—
3. Short-term and long-term borrowings	9,375.0	10,253.0	8,679.0	5,749.0	3,948.0	2,426.0	2,033.0	1,601.0	750.0
3.2. Other borrowings	9,375.0	10,253.0	8,679.0	5,749.0	3,948.0	2,426.0	2,033.0	1,601.0	750.0
4. Principal repayments	-10,213.0	-8,228.0	-6,191.0	-3,946.0	-3,055.0	-1,870.0	-1,344.0	-1,551.0	-796.0
4.3. Other principal repayments	-10,213.0	-8,228.0	-6,191.0	-3,946.0	-3,055.0	-1,870.0	-1,344.0	-1,551.0	-796.0
6. Dividends paid, profits distributed to owners	—	0.0	-813.1	-0.0	—	0.0	-0.0	-0.0	—
Net cash flows from financing activities	-838.0	2,075.0	1,674.9	1,803.0	893.0	556.0	689.0	50.0	-46.0
IV. Net cash flows during the period	-301.1	222.8	-126.2	131.0	-20.8	240.3	-1,696.9	1,714.7	-429.2
V. Cash and cash equivalents at begingning of the period	887.6	664.8	791.0	660.0	680.8	440.5	2,137.3	422.7	851.9
Cash and cash equivalents at end of period	586.5	887.6	664.8	791.0	660.0	680.8	440.5	2,137.3	422.7
1. Proceeds from sale of brokerage securities to customers	53,700.5	48,496.9	75,744.1	63,430.3	54,720.9	56,757.0	33,166.1	36,578.4	30,084.4
2. Money spent on buying brokerage securities for customers	-48,188.9	-41,190.6	-74,738.0	-56,588.5	-52,982.5	-54,897.2	-41,478.8	-30,198.8	-44,135.5
9. Receive deposits to pay for securities transactions of customers	-5,417.1	-7,853.2	-739.4	-5,856.2	-1,666.7	-2,127.7	8,424.7	-6,808.2	14,636.8
14. Payment of customers' securities depository fees	-2.2	-2.0	-2.2	-4.7	-1.5	-1.8	-4.0	-5.9	—
17. Proceeds from Securities Issuers	1,046.7	1,400.8	2,582.5	4,975.8	741.3	1,627.7	9,819.2	2,435.3	2,257.2
18. Payments to Securities Issuers	-1,046.7	-1,400.8	-2,582.5	-4,975.8	-741.2	-1,627.7	-9,909.8	-2,352.6	-3,699.4
Increase / decrease of net money during the period	92.4	-548.7	264.6	980.8	70.1	-269.8	17.4	-348.3	-860.2
II. Cash and cash equivalents at the beginning of the period of the customer	1,486.0	2,034.8	1,770.2	789.4	719.3	989.1	971.7	1,320.0	2,180.2
-Cash deposit for securities transactions for customers	656.6	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	19.3	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.1	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	1,578.5	1,486.0	2,034.8	1,770.2	789.4	719.3	989.1	971.7	1,320.0
-Cash deposit for securities transactions for customers	731.0	—	—	—	—	—	—	—	—
-Securities clearing and settlement deposits	233.1	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.1	—	—	—	—	—	—	—	—

Explore Other Stocks In The Same Sector

TCX, VIX, SSI, VCK, VPX, VND, VCI, HCM, MBS, CTS, BSI, FTS, TVS, VDS, DSC, DSE, BVS, ABW, AAS, VFS, AGR, ORS, BMS, PHS, WSS, HAC, PSI, TVB, IVS, EVS, TCI, CSI, APG, HBS, VUA, VIG, APS, ART, SBS

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

SHS

Securities House Picture

Drivers of SHS's profit

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