VIG

Chứng khoán Đầu tư tài chính Việt Nam ·HNX ·2026Q1

▼ BALANCED REVENUE MIX

Balanced revenue Brokerage and services 67.0%

Price

4,400

Latest close

02 Jun 2026

EPS TTM (TTM) -14

BVPS (Latest) 7,632

P/E (Price/EPS) -321.2x

P/B (Price/BVPS) 0.6x

ROAE TTM (TTM) -0.2%

PBT Margin (TTM) 4.6%

Trading Share (Mix) 33.0%

Service & Brokerage Share (Mix) 67.0%

Equity / Assets (Latest) 97.5%

Leverage (Latest) 0.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 1.8bn, equivalent to a pre-tax margin of 4.6%, showing a profit base that is under clearer pressure, while margin has narrowed by 28.6pp, pointing to greater pressure on earnings quality. The revenue mix still leans mainly on trading at 33.0% but narrowing by 44.9pp, while lending is at 0.0%; brokerage and services have reached 67.0% and improved by +45.7pp, making diversification more visible. On the balance sheet, Equity / Assets is 97.5% while Leverage is about 0.03x, indicating a still relatively balanced capital posture.

	                            
	                                Trading
	                            
	                        
Doanh thu 12,3 tỷ
−17,0%
Lãi thuần —
—

	                            
	                                Margin lending
	                            
	                        
Doanh thu —
—
Dư nợ —
—

	                            
	                                Brokerage
	                            
	                        
Doanh thu 0,68 tỷ
−74,6%
Lãi thuần −1,54 tỷ
−593,4%

Metric	2025	2024
PBT	0.6	25.0
Trading Share	34.4%	72.2%
Lending Share	0.0%	0.7%
Service & Brokerage Share	65.6%	27.0%
PBT Margin	1.56%	58.40%
Equity / Assets	97.6%	95.6%
Leverage	0.02x	0.05x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	-1.8	1.7	19.3	-17.4	-2.9	-2.3	1.9	14.2	10.4
Trading Share	—	63.2%	29.0%	—	—	—	0.0%	60.7%	76.9%
Lending Share	0.1%	0.0%	—	—	—	—	1.3%	1.0%	1.3%
Service & Brokerage Share	99.9%	36.8%	71.0%	100.0%	100.0%	100.0%	98.7%	38.2%	21.8%
PBT Margin	-33.13%	20.22%	85.81%	-496.40%	-72.39%	-36.46%	34.81%	81.10%	78.83%
Equity / Assets	97.5%	97.7%	96.2%	96.7%	96.9%	95.6%	96.1%	96.1%	96.2%
Leverage	0.03x	0.02x	0.04x	0.03x	0.03x	0.05x	0.04x	0.04x	0.04x

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 33.0%, lending is at 0.0%, brokerage is around 2.5%, other services about 64.6%, brokerage plus services together are 67.0%.

The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.

Trading income is materially dependent on revaluation.

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

Key risks

Revaluation volatility risk

A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.

Key signals

Securities business revenue 39.9bn +20.4% YoY

PBT margin 4.6% −28.6pp

Trading Share 33.0% −44.9pp

Other Fee Share 64.6% +53.8pp

Revaluation / Trading 88.7% +34.5pp

Annual YoY · 2026Q1

Profitability Quality & Volatility

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

Profitability has broken more clearly, so this section should be read as a profit-hit case rather than a technical fluctuation.

Pre-tax margin is currently 4.6%, Return on assets is about -0.2%, revaluation accounts for 437.8% of pre-tax profit.

Headline profit still needs to be read together with what is creating it and how thick returns really are.

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.

Return profile remains weak

ROAA or ROAE remains in a weak range, leaving profitability on an insufficient base.

Key signals

PBT margin 4.6% −28.6pp

Net margin -1.6% −24.8pp

ROAA -0.2% −2.3pp

ROAE -0.2% −2.3pp

Revaluation / PBT 437.8% +341.1pp

TTM YoY · 2026Q1

Are assets at risk?

Balance Sheet Quality & Asset Composition

Where is the balance sheet exposed, and how resilient does it look?

Asset composition currently looks more balanced between earning assets and liquidity buffers.

The margin book is about 0.0% of assets, the prop book about 24.3%, liquid assets around 40.6%, equity roughly 97.5%.

A more balanced asset mix prevents risk from becoming too concentrated in one pocket of assets.

The prop book is the more prominent balance-sheet component.

Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.

Key risks

Key signals

Margin book / Assets 0.0% —

Prop book / Assets 24.3% −5.3pp

Liquid assets / Assets 40.6% −11.1pp

Equity / Assets 97.5% +0.6pp

Liabilities / Equity 0.03x —

Quarterly YoY · 2026Q1

Is leverage safe?

Capital, Funding & Risk Posture

Are capital buffers and funding posture sufficiently safe?

Capital and funding posture looks more balanced for now, though the effective thickness of liquidity buffers still needs monitoring.

Equity currently equals 97.5% of assets, liabilities stand at 0.03x of equity.

Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.

When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.

Liquidity buffer looks adequate for now, though it still needs monitoring as funding structure shifts.

Key risks

Key signals

Equity / Assets 97.5% +0.6pp

Liabilities / Equity 0.03x —

Liquid assets / Assets 4.9% −11.1pp

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, VIG is showing a more balanced earnings mix thanks to brokerage and service income, but funding or capital risk still calls for caution.

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

Profitability does not currently show a sufficiently durable base to be read as a clean case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	9.0	19.7
a. Realised gains on disposals of FVTPL financial assets	1.0	9.0
b. Gains from revaluation of FVTPL financial assets	8.0	10.6
1.2. Gains from held to maturity investments	12.4	15.6
1.3. Interest income from loans and receivables	0.0	0.2
1.6. Revenue from brokerage services	1.1	3.2
1.8. Revenue from investment advisory services	0.1	0.1
1.10. Revenue from securities custody services	0.3	0.4
1.11. Other revenue	15.6	3.7
Revenue from securities business (01->11)	38.5	42.9
Net sales	38.5	42.9
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	23.3	4.5
a. Loss from disposals of financial assets at FVTPL	—	4.5
b. Loss from revaluation of financial assets at FVTPL	23.3	—
2.6. Expenses for proprietary trading activities	—	0.2
2.7. Expenses for brokerage services	2.3	3.3
2.11. Expenses for secutiries custodian services	0.4	0.4
2.12. Other expenses	0.4	0.1
Operating expenses (21->33)	26.4	8.4
Gross profit	12.2	34.4
3.1. Realized and unrealized gain from changes in foreign exchange rates	0.0	—
3.2. Dividends, interest income from demand deposits	0.7	1.0
3.4. Other income about investment	—	1.7
Total financial income (41->44)	0.7	2.7
4.1. Realized and unrealized loss from changes in foreign exchange rates	0.0	—
4.2. Borrowing costs	—	0.0
Total financial expenses (51->54)	0.0	0.0
VI. General and Administrative expenses	11.2	11.3
VII. Net profit from securities business (20+50-40-60-61-62)	1.7	25.8
8.1. Other incomes	0.0	0.0
8.2. Other expenses	1.1	0.8
Other profit (71-72)	-1.1	-0.8
IX. Profit before tax (70+80)	0.6	25.0
9.1. Realised profit	15.9	18.9
9.2. Unrealised profit	-15.3	6.2
CORPORATE INCOME TAX	0.3	4.2
10.1. Current corporate income tax expenses	3.4	4.2
10.2. Deferred income tax expenses	-3.1	—
XI. Net profit after tax (90-100)	0.3	20.8
11.1. Profit after tax for shareholders of the parents company	0.3	20.8
13.1. Earning per share	6.00	461.00
13.2. Diluted earning per share	2.00	219.00
Earnings per Share	5.61	446.24

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	216.3	225.2
Short-term financial assets	155.9	224.6
1. Cash and cash equivalents	0.2	50.2
1.1. Cash	0.2	10.2
1.2. Cash equivalents	—	40.0
2. Financial assets at fair value through profit or loss (FVTPL)	92.9	111.2
4. Loans	0.1	—
7. Short-term receivables	55.3	56.3
7.1. Receivables from disposal of financial assets	42.9	38.9
7.2. Receivables and accruals from dividends and interest income	12.4	17.4
7.2.1. Due dividend and interest receivables	—	17.4
7.2.2. Undue dividend and interest receivables	12.4	—
9. Service related receivable	63.4	62.5
12. Other receivables	9.0	9.5
13. Provision for doubtful debts	-65.1	-65.1
II. Other short-term assets	60.4	0.6
1. Advances	—	0.0
3. Short-term prepayments	0.3	0.6
4. Pledged assets, mortgages, security deposits in short term	60.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	149.6	148.1
I. Long-term financial assets	130.0	130.0
2. Long-term investments	130.0	130.0
2.1. Held to maturity investments (HTM)	130.0	130.0
II. Fixed assets	9.1	10.4
1. Tangible fixed assets	3.6	4.2
- Cost	6.7	6.6
- Accumulated depreciation	-3.2	-2.4
3. Intangible fixed assets	5.5	6.2
- Cost	9.8	9.8
- Accumulated depreciation	-4.3	-3.6
V. Other long-term assets	10.6	7.7
1. Pledged assets, mortgages, security deposits in long term	0.2	0.2
2. Long-term prepayments	0.5	0.7
3. Deferred income tax assets	3.1	—
4. Payment for Settlement Assistance Fund	6.8	6.8
TOTAL ASSETS (270=100+200)	365.9	373.4
A. LIABILITIES (300=310+340)	8.8	16.6
I. Short -term liabilities	8.8	16.6
8. Trade accounts payable	0.4	0.4
10. Taxes and other payables to state authorities	3.5	5.0
11. Payable to employees	0.8	1.0
17. Other payables	4.2	10.2
B. OWNER'S EQUITY (400=410+420)	357.1	356.8
I. Owner's equity	357.1	356.8
1. Investment capital from owners	466.0	466.0
1.1. Capital from owners	451.3	451.3
a. Common stock	451,333,000,000.00	451,333,000,000.00
1.2. Share premium	14.6	14.6
4. Supplementary capital reserve	1.8	1.8
7. Undistributed earnings after tax	-112.5	-112.8
7.1. Realised profits	-106.4	-119.0
7.2. Unrealised losses	-6.1	6.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	365.9	373.4

Item	2025	2024
1. Profit before tax	0.6	25.0
2. Adjustments for	0.8	-1.3
- Depreciation and amortization	1.5	1.5
- Unrealized foreign exchange (gains)/losses	0.0	—
- Loss/(profits) from other investing activities	-0.7	-2.7
- Interest expense	—	0.0
- Accrued interest income	—	-0.2
3. Add non-cash expenses	23.3	—
- Loss from revaluation losses of FVTPL financial assets	23.3	—
4. Less non-cash income	-8.0	-10.6
- Gains from revaluation gains of FVTPL financial assets	-8.0	-10.6
5. Changes of assets and liabilities	2.9	-2.8
- Increase/decrease in FVTPL financial assets	3.0	-7.4
- Increase/decrease in loan	-0.1	4.6
6. Operating profit before changes in working capital	19.6	10.2
Increase/decrease in receiables sale of financial assets	-4.0	-32.6
Increase/decrease in receiables interest of financial assets	5.0	-2.6
Increase/decrease in service related receivables	-0.9	-1.0
Increases/decreases in other receivables	0.4	-4.4
Increase/decrease in other assets	-60.0	27.6
- (Increase)/decrease in prepaid expenses	0.5	-0.1
- Corporate income tax paid	-3.9	-0.3
- Interest paid	-6.0	-0.0
Increases/decreaese in trade payables	-0.0	0.1
Increases/decreases in tax and other payables to the State Budget	2.4	0.2
Increases/dcreases in payable to employees	-0.2	0.5
Increases/dcreases in other payables	-3.4	—
Net cash flows from securities trading activities	-50.6	-2.4
1. Payment for fixed assets, constructions and other long-term assets	-0.1	—
7. Dividends, interest and profit received	0.7	2.7
Net cash flows from investing activities	0.6	2.7
IV. Net cash flows during the period	-49.9	0.3
V. Cash and cash equivalents at begingning of the period	50.2	49.9
Cash at bank	50.2	49.9
- Cash at bank for securities company activities	10.2	4.9
- Cash equivalents	40.0	45.0
Cash and cash equivalents at end of period	0.2	50.2
Cash at bank	0.2	50.2
- Cash at bank for securities company activities	0.2	10.2
- Cash equivalents	—	40.0
1. Proceeds from sale of brokerage securities to customers	331.6	1,103.8
2. Money spent on buying brokerage securities for customers	-346.8	-795.2
9. Receive deposits to pay for securities transactions of customers	460.0	424.6
11. Payment for customers' securities transactions	-464.2	-725.7
17. Proceeds from Securities Issuers	59.6	42.8
18. Payments to Securities Issuers	-59.6	-42.8
Increase / decrease of net money during the period	-19.4	7.6
II. Cash and cash equivalents at the beginning of the period of the customer	22.5	14.9
Cash at bank	22.5	14.9
-Deposits of investors on securities transactions under the Securities Company management method	4.5	2.4
-Cash deposit for securities transactions for customers	18.0	12.5
III. Cash and cash equivalents at the end of the period of the customer	3.1	22.5
Cash at bank	3.1	22.5
-Deposits of investors on securities transactions under the Securities Company management method	0.3	4.5
-Cash deposit for securities transactions for customers	2.8	18.0

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)	—	3.6	5.4	—	—	—	0.0	3.5	7.1
a. Realised gains on disposals of FVTPL financial assets	—	1.0	5.4	—	—	—	0.0	3.5	7.1
b. Gains from revaluation of FVTPL financial assets	—	2.6	—	—	—	—	0.0	—	—
c. Dividends and interest income from FVTPL financial assets	—	—	—	—	—	—	0.0	—	—
d. Gain from revaluation of outstanding covered warrant payables	—	—	—	—	—	—	0.0	—	—
1.2. Gains from held to maturity investments	2.9	2.9	3.8	2.7	3.0	3.9	3.9	3.9	3.9
1.3. Interest income from loans and receivables	0.0	0.0	—	—	—	—	0.0	0.1	0.1
1.4. Gains from available-for-sale financial assets (AFS)	—	—	—	—	—	1.1	0.0	7.9	—
1.6. Revenue from brokerage services	0.1	0.1	0.0	0.5	0.5	0.5	0.5	1.1	1.0
1.7. Revenue from share issue guarantee and agency activities	—	—	—	—	—	—	0.0	—	—
1.8. Revenue from investment advisory services	—	—	0.1	—	0.1	0.1	0.1	0.1	0.1
1.10. Revenue from securities custody services	0.1	0.0	—	0.1	—	—	0.0	—	—
1.11. Other revenue	2.3	2.0	13.1	0.2	0.4	0.5	0.9	1.0	0.9
Revenue from securities business (01->11)	5.4	8.6	22.5	3.5	4.0	6.2	5.5	17.6	13.2
Net sales	5.4	8.6	22.5	3.5	4.0	6.2	5.5	17.6	13.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	4.5	3.5	—	16.3	3.5	4.5	0.0	—	—
a. Loss from disposals of financial assets at FVTPL	—	—	—	—	—	—	0.0	—	—
b. Loss from revaluation of financial assets at FVTPL	4.5	3.5	—	16.3	3.5	4.5	0.0	—	—
c. Transaction cost of acquisition of financial assets at FVTPL	—	—	—	—	—	—	0.0	—	—
d. Loss from revaluation of outstanding covered warrant payables	—	—	—	—	—	—	0.0	—	—
2.4. Selling loss available-for-sale financial assets (AFS)	—	—	0.0	—	0.0	—	0.0	0.1	0.0
(Reversal)/provision expenses for diminution in value and impairment of financial assets and doubtful debts and borrowing costs of loans	—	—	—	—	—	—	0.0	—	—
2.6. Expenses for proprietary trading activities	—	—	—	—	—	—	0.7	—	—
2.7. Expenses for brokerage services	0.6	0.5	0.4	0.7	0.8	0.6	0.0	1.0	1.0
2.8. Expenses for underwriting and issurance agency services	—	—	—	—	—	—	0.0	—	—
2.9. Expenses for financial advisory services	—	—	—	—	—	—	0.0	—	0.1
2.11. Expenses for secutiries custodian services	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	—
2.12. Other expenses	0.0	0.0	0.0	0.1	0.2	0.1	0.0	0.0	0.0
Operating expenses (21->33)	5.1	4.2	0.5	17.2	4.6	5.2	0.8	1.2	1.2
Gross profit	0.2	4.4	22.0	-13.7	-0.6	0.9	4.6	16.4	12.0
3.1. Realized and unrealized gain from changes in foreign exchange rates	—	—	—	—	—	—	0.0	—	—
3.2. Dividends, interest income from demand deposits	0.2	0.0	0.1	0.1	0.5	0.2	0.2	0.2	0.2
3.3. Gains from disposal investments in subsidiaries, associates, joint-ventures	—	—	—	—	—	—	0.0	—	—
3.4. Other income about investment	—	—	—	—	—	0.0	0.9	0.5	0.5
Total financial income (41->44)	0.2	0.0	0.1	0.1	0.5	0.3	1.1	0.7	0.7
4.1. Realized and unrealized loss from changes in foreign exchange rates	—	—	—	—	—	—	0.0	—	—
4.2. Borrowing costs	—	—	—	—	—	—	0.0	—	—
4.3. Loss from disposal investments in subsidiaries, associates, joint-ventures	—	—	—	—	—	—	0.0	—	—
4.4. Other investment expenses	—	—	—	—	—	—	0.0	—	—
Total financial expenses (51->54)	—	—	—	—	—	—	0.0	—	—
VI. General and Administrative expenses	2.1	2.7	2.8	3.1	2.7	3.2	3.0	2.8	2.3
VII. Net profit from securities business (20+50-40-60-61-62)	-1.6	1.7	19.3	-16.6	-2.8	-2.0	2.6	14.3	10.4
8.1. Other incomes	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8.2. Other expenses	0.1	0.0	0.0	0.8	0.1	0.3	0.7	0.0	0.0
Other profit (71-72)	-0.1	-0.0	0.0	-0.8	-0.1	-0.3	-0.7	-0.0	-0.0
IX. Profit before tax (70+80)	-1.8	1.7	19.3	-17.4	-2.9	-2.3	1.9	14.2	10.4
9.1. Realised profit	2.7	2.7	13.9	-1.1	0.6	3.3	1.9	10.7	3.2
9.2. Unrealised profit	-4.5	-1.0	5.4	-16.3	-3.5	—	0.0	3.5	7.1
CORPORATE INCOME TAX	-0.3	0.2	2.5	—	0.1	0.7	0.4	2.1	0.1
10.1. Current corporate income tax expenses	0.6	0.2	2.5	—	0.1	0.7	0.4	2.1	0.1
10.2. Deferred income tax expenses	-0.9	—	—	—	—	—	0.0	—	—
XI. Net profit after tax (90-100)	-1.5	1.5	16.7	-17.4	-3.0	-2.9	1.5	12.1	10.3
11.1. Profit after tax for shareholders of the parents company	-1.5	1.5	16.7	-17.4	-3.0	-2.9	1.5	12.1	10.3
11.3. Profit after tax attribute to non-controling interest	—	—	—	—	—	—	0.0	—	—
OTHER COMPREHENSIVE INCOME AFTER TAX	—	—	—	—	—	—	0.0	—	—
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	—	—	—	—	—	—	0.0	—	—
Total other comprehensive income	—	—	—	—	—	—	0.0	—	—
Other comprehensive income attribute to the Parent Company's owners	—	—	—	—	—	—	0.0	—	—
13.1. Earning per share	—	—	—	—	—	—	0.00	268.00	—
13.2. Diluted earning per share	—	33.00	—	—	—	—	0.00	—	—
Earnings per Share	-31.12	32.05	359.16	-373.78	-64.40	-62.65	32.61	259.46	220.61

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)	214.7	216.4	220.1	200.7	217.5	224.6	224.6	222.9	210.3
Short-term financial assets	153.9	155.9	219.2	199.3	217.1	224.5	197.0	195.4	182.8
1. Cash and cash equivalents	18.0	0.2	69.0	54.2	58.5	50.2	43.2	46.8	49.8
1.1. Cash	18.0	0.2	59.0	50.2	58.5	10.2	1.2	1.8	17.8
1.2. Cash equivalents	—	—	10.0	4.0	—	40.0	42.0	45.0	32.0
2. Financial assets at fair value through profit or loss (FVTPL)	88.5	92.9	96.9	91.5	107.7	111.2	49.9	49.9	100.3
4. Loans	—	0.1	—	—	—	—	4.3	4.3	4.3
7. Short-term receivables	38.9	55.3	50.1	46.3	43.7	56.3	96.1	91.7	25.5
7.1. Receivables from disposal of financial assets	38.9	42.9	38.9	38.9	38.9	38.9	68.2	68.2	6.4
7.2. Receivables and accruals from dividends and interest income	—	12.4	11.2	7.4	4.8	17.4	28.0	23.5	19.1
7.2.1. Due dividend and interest receivables	—	12.4	—	—	—	17.4	28.0	23.5	—
7.2.2. Undue dividend and interest receivables	—	—	11.2	7.4	4.8	—	—	—	19.1
Prepayments to suppliers	0.5	—	—	—	—	—	—	0.1	0.2
9. Service related receivable	63.6	67.1	62.9	62.9	62.8	62.4	63.3	62.4	62.4
12. Other receivables	9.5	5.3	5.3	9.4	9.5	9.5	5.3	5.3	5.3
13. Provision for doubtful debts	-65.1	-65.1	-65.1	-65.1	-65.1	-65.1	-65.1	-65.1	-65.1
II. Other short-term assets	60.8	60.5	0.9	1.4	0.4	0.0	27.6	27.6	27.5
1. Advances	—	—	0.1	0.1	0.0	0.0	0.0	0.0	0.0
3. Short-term prepayments	0.8	0.5	0.8	1.2	0.3	—	—	—	—
4. Pledged assets, mortgages, security deposits in short term	60.0	60.0	0.0	0.1	0.0	0.0	27.5	27.5	27.5
Taxes and other receivables from state authorities	—	—	—	—	—	—	—	—	0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	150.1	149.2	146.8	147.2	147.7	148.4	149.3	149.4	149.5
I. Long-term financial assets	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0
2. Long-term investments	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0
2.1. Held to maturity investments (HTM)	130.0	130.0	130.0	130.0	130.0	130.0	130.0	130.0	—
2.5. Other long-term investments	—	—	—	—	—	—	—	—	130.0
II. Fixed assets	8.7	9.1	9.3	9.7	10.1	10.4	10.8	11.2	11.6
1. Tangible fixed assets	3.3	3.6	3.6	3.8	4.0	4.2	4.4	4.6	4.8
- Cost	6.7	—	—	—	—	—	—	—	—
- Accumulated depreciation	-3.4	—	—	—	—	—	—	—	—
3. Intangible fixed assets	5.3	5.5	5.7	5.9	6.0	6.2	6.4	6.6	6.7
- Cost	9.8	—	—	—	—	—	—	—	—
- Accumulated depreciation	-4.5	—	—	—	—	—	—	—	—
V. Other long-term assets	11.4	10.1	7.5	7.5	7.6	7.9	8.4	8.3	7.9
1. Pledged assets, mortgages, security deposits in long term	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
2. Long-term prepayments	0.4	0.5	0.5	0.5	0.6	1.2	1.8	1.6	1.2
3. Deferred income tax assets	4.0	2.6	—	—	—	—	—	—	—
4. Payment for Settlement Assistance Fund	6.8	6.8	6.8	6.8	6.8	6.5	6.5	6.5	6.5
TOTAL ASSETS (270=100+200)	364.8	365.6	366.9	347.9	365.2	372.9	373.8	372.4	359.8
A. LIABILITIES (300=310+340)	9.1	8.3	13.8	11.4	11.3	16.5	14.5	14.5	13.5
I. Short -term liabilities	9.1	8.3	13.8	11.4	11.3	16.5	14.5	14.5	13.5
8. Trade accounts payable	0.5	0.4	0.4	0.4	0.1	0.4	0.1	0.2	0.2
10. Taxes and other payables to state authorities	4.0	3.0	2.7	0.1	0.2	4.9	3.5	3.4	2.4
11. Payable to employees	0.5	0.8	0.5	0.7	0.7	1.1	0.7	0.7	0.7
12. Employee welfare payables	—	—	—	—	0.1	—	0.1	0.0	0.1
17. Other payables	4.2	4.2	10.3	10.2	10.2	10.2	10.2	10.2	10.2
B. OWNER'S EQUITY (400=410+420)	355.6	357.2	353.1	336.5	353.8	356.4	359.4	357.8	346.3
I. Owner's equity	355.6	357.2	353.1	336.5	353.8	356.4	359.4	357.8	346.3
1. Investment capital from owners	466.0	466.0	466.0	466.0	466.0	466.0	466.0	466.0	466.0
1.1. Capital from owners	451.3	451.3	451.3	451.3	451.3	451.3	451.3	451.3	451.3
a. Common stock	451,333,000,000.00	451,333,000,000.00	451,333,000,000.00	451,333,000,000.00	451,333,000,000.00	451,333,000,000.00	451,333,000,000.00	451,333,000,000.00	451,333,000,000.00
1.2. Share premium	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6	14.6
4. Supplementary capital reserve	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
7. Undistributed earnings after tax	-114.0	-112.4	-116.5	-133.1	-115.8	-113.2	-110.2	-111.8	-123.3
7.1. Realised profits	-104.3	—	—	—	—	—	—	—	—
7.2. Unrealised losses	-9.6	—	—	—	—	—	—	—	—
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	364.8	365.6	366.9	347.9	365.2	372.9	373.8	372.4	359.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	-1.8	1.6	18.5	-16.6	-2.9	-1.5	1.9	14.2	10.4
2. Adjustments for	0.2	16.8	-14.4	0.5	-2.2	-2.6	2.1	-1.7	0.9
- Depreciation and amortization	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
- Unrealized foreign exchange (gains)/losses	—	0.0	-0.0	—	—	—	—	—	—
- Loss/(profits) from other investing activities	-0.2	19.0	-19.2	2.9	-3.5	-1.8	0.6	-0.9	-0.5
- Interest expense	—	—	—	—	—	0.0	—	—	—
- Accrued interest income	—	—	4.4	-2.8	1.0	-1.2	1.1	-1.1	1.0
3. Add non-cash expenses	4.5	3.5	—	19.8	—	—	—	-10.6	—
- Loss from revaluation losses of FVTPL financial assets	4.5	3.5	—	19.8	—	—	—	-10.6	—
4. Less non-cash income	—	-8.0	—	—	—	-10.6	—	—	—
- Gains from revaluation gains of FVTPL financial assets	—	-8.0	—	—	—	-10.6	—	—	—
5. Changes of assets and liabilities	0.1	-11.4	-5.4	16.3	3.5	-46.2	-10.8	61.3	-7.1
- Increase/decrease in FVTPL financial assets	—	-11.4	-5.4	16.3	3.5	-50.7	-10.6	61.1	-7.1
- Increase/decrease in loan	0.1	-0.1	—	—	—	4.5	-0.1	0.2	0.0
6. Operating profit before changes in working capital	2.9	22.3	-21.1	20.0	-1.5	-61.0	3.9	63.2	4.1
Increase/decrease in receiables sale of financial assets	4.0	-4.0	—	—	—	29.3	0.0	-61.8	—
Increase/decrease in receiables interest of financial assets	12.6	14.1	—	-9.1	—	-1.1	7.3	-8.3	-0.5
Increase/decrease in service related receivables	-0.2	-0.4	0.0	-0.1	-0.3	0.8	-0.9	0.0	-0.9
Increases/decreases in other receivables	-1.0	-3.8	4.1	0.0	0.0	-4.5	0.1	0.0	-0.1
Increase/decrease in other assets	-0.9	-60.0	0.0	-0.1	-0.0	27.5	-0.0	0.0	0.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	—	—	0.0	—	0.0	—	0.0	—	0.0
- (Increase)/decrease in prepaid expenses	-0.4	0.7	0.3	-0.4	-0.1	-0.8	1.1	-0.5	0.1
- Corporate income tax paid	—	-3.6	3.6	-3.6	-0.3	-0.0	-0.3	—	—
- Interest paid	—	-6.0	—	—	—	-0.0	—	—	—
Increases/decreaese in trade payables	0.1	0.0	-0.0	0.2	-0.2	0.3	-0.1	-0.0	-0.0
Increases/decreases in employee welfare payables	—	—	—	—	-0.1	—	-0.1	0.1	-0.1
Increases/decreases in tax and other payables to the State Budget	0.8	4.7	-1.3	3.8	-4.8	-2.4	2.8	-1.8	1.6
Increases/dcreases in payable to employees	-0.3	0.3	-0.2	-0.1	-0.2	0.2	0.0	0.0	0.2
Increases/dcreases in other payables	-0.0	-24.5	20.8	-15.5	15.8	—	-17.0	4.8	-4.8
- Other receipts from operating activities	—	—	0.0	—	-0.0	—	-0.0	—	-0.0
- Other payments for operating activities	—	—	0.0	—	0.0	—	0.8	-0.0	0.0
Net cash flows from securities trading activities	17.7	-69.4	15.4	-4.9	8.4	4.5	-2.3	-4.4	-0.2
1. Payment for fixed assets, constructions and other long-term assets	—	-0.1	—	—	—	—	—	—	—
7. Dividends, interest and profit received	—	0.1	—	0.6	—	2.5	-1.2	1.3	0.1
Net cash flows from investing activities	—	0.0	—	0.6	—	2.5	-1.2	1.3	0.1
IV. Net cash flows during the period	17.7	-68.8	14.8	-4.3	8.4	7.0	-3.6	-3.1	-0.1
V. Cash and cash equivalents at begingning of the period	0.2	69.0	54.2	58.5	50.2	43.2	46.8	49.8	49.9
Cash and cash equivalents at end of period	18.0	0.2	69.0	54.2	58.5	50.2	43.2	46.8	49.8
1. Proceeds from sale of brokerage securities to customers	111.4	53.0	21.4	107.0	150.2	231.3	147.6	366.5	358.5
2. Money spent on buying brokerage securities for customers	-110.1	-52.9	-3.3	-116.7	-173.9	-79.7	-144.4	-288.2	-282.9
9. Receive deposits to pay for securities transactions of customers	88.9	154.0	—	158.6	147.3	57.9	68.1	105.4	193.3
11. Payment for customers' securities transactions	-87.0	-169.8	—	-154.5	-140.0	-187.9	-79.4	-179.2	-279.2
17. Proceeds from Securities Issuers	28.1	1.7	57.3	-23.3	23.9	35.3	0.4	6.7	0.4
18. Payments to Securities Issuers	-28.1	-1.7	-57.3	23.3	-23.9	-35.3	-0.4	-6.7	-0.4
Increase / decrease of net money during the period	3.2	2.4	-0.0	-5.5	-16.3	21.5	-8.0	4.4	-10.4
II. Cash and cash equivalents at the beginning of the period of the customer	3.1	0.7	0.7	6.2	22.5	1.0	9.0	4.6	14.9
III. Cash and cash equivalents at the end of the period of the customer	6.2	3.1	0.7	0.7	6.2	22.5	1.0	9.0	4.6

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