VUA

Chứng khoán Stanley Brothers ·UPCOM ·2026Q1

▲▲ TRADING-LED STRONG

Trading-led Trading share 73.4%, NPAT n/a YoY

Price

16,800

Latest close

28 May 2026

EPS TTM (TTM) 283

BVPS (Latest) 9,746

P/E (Price/EPS) 59.4x

P/B (Price/BVPS) 1.7x

ROAE TTM (TTM) 2.2%

PBT Margin (TTM) 45.5%

Trading Share (Mix) 73.4%

Service & Brokerage Share (Mix) 19.2%

Equity / Assets (Latest) 99.9%

Leverage (Latest) 0.0x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 24.5bn, equivalent to a pre-tax margin of 45.5%, showing a relatively clean and sufficiently thick earnings base. The revenue mix still leans mainly on trading at 73.4% after expanding by +13.3pp, while lending is at 7.5%; brokerage and services are still 19.2% but have narrowed by 13.8pp, so diversification needs closer monitoring. On the balance sheet, Equity / Assets is 99.9% while Leverage is about 0.00x, indicating a still relatively balanced capital posture.

	                            
	                                Trading
	                            
	                        
Doanh thu —
—
Lãi thuần —
—

	                            
	                                Margin lending
	                            
	                        
Doanh thu 1,70 tỷ
+67,6%
Dư nợ 71,8 tỷ
+251,7%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 3,52 tỷ
+5,1%
Lãi thuần −3,81 tỷ
+39,4%

Metric	2025	2024
PBT	3.3	-28.6
Trading Share	79.5%	60.2%
Lending Share	5.1%	7.3%
Service & Brokerage Share	15.5%	32.5%
PBT Margin	14.79%	-141.56%
Equity / Assets	91.2%	99.4%
Leverage	0.10x	0.01x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	18.0	10.8	-4.1	-0.2	-3.2	-17.8	-5.6	0.1	-5.3
Trading Share	90.4%	96.9%	2.3%	—	—	0.8%	59.9%	78.5%	30.5%
Lending Share	2.9%	0.0%	7.9%	48.6%	23.1%	20.9%	3.7%	4.1%	21.5%
Service & Brokerage Share	6.7%	3.1%	89.8%	51.4%	76.9%	78.3%	36.4%	17.4%	48.0%
PBT Margin	53.75%	62.54%	-374.90%	-7.62%	-167.46%	-427.03%	-86.41%	0.70%	-303.18%
Equity / Assets	99.9%	91.2%	99.6%	99.4%	99.4%	99.4%	99.0%	99.4%	97.9%
Leverage	0.00x	0.10x	0.00x	0.01x	0.01x	0.01x	0.01x	0.01x	0.02x

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?

Revenue remains tilted toward trading, but the quality of that engine still needs to be read alongside concentration and the real contribution from brokerage and services.

Trading currently accounts for about 73.4%, lending is at 7.5%, brokerage is around 15.5%, other services about 3.7%, brokerage plus services together are 19.2%.

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

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 53.8bn +164.1% YoY

PBT margin 45.5% —

Trading Share 73.4% +13.3pp

Brokerage Share 15.5% −7.5pp

Annual YoY · 2026Q1

Profitability Quality & Volatility

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

Profitability currently looks relatively clean, with margins and returns strong enough not to rely heavily on unusual support.

Pre-tax margin is currently 45.5%, Return on assets is about 2.2%.

Headline profit is still fairly readable because returns are not being materially distorted by less durable support.

Profit appears cleaner and less dependent on revaluation.

Provisioning is not currently the main drag on profit.

Key risks

Key signals

PBT margin 45.5% —

Net margin 45.5% —

ROAA 2.2% —

ROAE 2.2% —

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 prop book, making market-valuation sensitivity a key issue to monitor.

The margin book is about 3.7% of assets, liquid assets around 7.2%, equity roughly 99.9%.

A high prop-book share lets market-valuation swings flow more directly into the balance sheet.

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

Key signals

Margin book / Assets 3.7% −4.0pp

Liquid assets / Assets 7.2% −23.4pp

Equity / Assets 99.9% +0.6pp

Liabilities / Equity 0.00x —

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 99.9% of assets, liabilities stand at 0.00x of equity, short-term borrowings are about 1.3% of assets, cash covers roughly 5.56x of short-term borrowings.

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 remains relatively better than short-term funding needs.

Key risks

Key signals

Equity / Assets 99.9% +0.6pp

Liabilities / Equity 0.00x —

Short-term borrowings / Assets 1.3% —

Liquid assets / Assets 7.2% −23.4pp

Cash / Short-term borrowings 5.56x —

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, VUA is showing a more balanced earnings mix thanks to brokerage and service income, making it cleaner than a pure trading-led case.

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

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	16.7	8.8
a. Realised gains on disposals of FVTPL financial assets	16.7	8.8
1.3. Interest income from loans and receivables	1.1	1.1
1.4. Gains from available-for-sale financial assets (AFS)	1.3	5.6
1.6. Revenue from brokerage services	2.2	3.0
1.8. Revenue from investment advisory services	0.1	0.3
1.10. Revenue from securities custody services	1.0	1.4
1.11. Other revenue	0.0	—
Revenue from securities business (01->11)	22.3	20.2
Net sales	22.3	20.2
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	1.0	26.9
a. Loss from disposals of financial assets at FVTPL	1.0	26.9
c. Transaction cost of acquisition of financial assets at FVTPL	0.0	—
2.6. Expenses for proprietary trading activities	0.0	0.0
2.7. Expenses for brokerage services	7.1	10.8
2.9. Expenses for financial advisory services	0.6	0.3
2.11. Expenses for secutiries custodian services	0.7	0.9
Operating expenses (21->33)	9.5	38.8
Gross profit	12.8	-18.6
3.2. Dividends, interest income from demand deposits	0.7	0.7
Total financial income (41->44)	0.7	0.7
4.2. Borrowing costs	0.1	—
Total financial expenses (51->54)	0.1	—
VI. General and Administrative expenses	11.9	11.9
VII. Net profit from securities business (20+50-40-60-61-62)	1.6	-29.8
8.1. Other incomes	2.3	2.3
8.2. Other expenses	0.5	1.0
Other profit (71-72)	1.8	1.2
IX. Profit before tax (70+80)	3.3	-28.6
9.1. Realised profit	3.3	-28.6
XI. Net profit after tax (90-100)	3.3	-28.6
11.1. Profit after tax for shareholders of the parents company	3.3	-28.6
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	-0.9	-1.0
Total other comprehensive income	-0.9	-1.0
13.1. Earning per share	98.00	-843.00
Earnings per Share	97.51	-843.42

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	283.4	255.5
Short-term financial assets	282.2	255.2
1. Cash and cash equivalents	100.7	170.3
1.1. Cash	100.7	170.3
4. Loans	0.7	6.5
5. Available-for-sale financial assets (AFS)	180.3	77.6
7. Short-term receivables	0.0	0.0
7.2. Receivables and accruals from dividends and interest income	0.0	0.0
7.2.2. Undue dividend and interest receivables	0.0	0.0
Prepayments to suppliers	0.1	0.2
9. Service related receivable	0.8	0.9
13. Provision for doubtful debts	-0.3	-0.3
II. Other short-term assets	1.2	0.3
1. Advances	0.6	—
3. Short-term prepayments	0.6	0.3
4. Pledged assets, mortgages, security deposits in short term	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	12.9	14.0
II. Fixed assets	1.1	2.1
1. Tangible fixed assets	0.1	0.2
- Cost	21.0	21.0
- Accumulated depreciation	-20.9	-20.8
3. Intangible fixed assets	1.1	1.9
- Cost	17.2	17.2
- Accumulated depreciation	-16.1	-15.3
V. Other long-term assets	11.8	11.9
1. Pledged assets, mortgages, security deposits in long term	0.6	0.6
2. Long-term prepayments	0.5	0.7
4. Payment for Settlement Assistance Fund	10.7	10.6
TOTAL ASSETS (270=100+200)	296.4	269.5
A. LIABILITIES (300=310+340)	26.0	1.6
I. Short -term liabilities	26.0	1.6
1. Short-term borrowings	25.2	—
1.1. Short-term borrowings	25.2	—
6. Payables to securities trading activities	0.1	0.1
8. Trade accounts payable	0.3	0.1
9. Advances from customers	—	0.2
10. Taxes and other payables to state authorities	0.2	0.1
11. Payable to employees	0.0	0.6
12. Employee welfare payables	0.0	0.0
13. Accrued expenses	0.3	0.2
17. Other payables	0.0	0.4
B. OWNER'S EQUITY (400=410+420)	270.3	267.9
I. Owner's equity	270.3	267.9
1. Investment capital from owners	339.0	339.0
1.1. Capital from owners	339.0	339.0
a. Common stock	339,000,000,000.00	339,000,000,000.00
2. Assets revaluation differences	-0.0	0.9
4. Supplementary capital reserve	2.9	2.9
7. Undistributed earnings after tax	-74.4	-77.7
7.1. Realised profits	-74.4	-77.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	296.4	269.5

Item	2025	2024
1. Profit before tax	3.3	-28.6
2. Adjustments for	0.4	4.2
- Depreciation and amortization	1.0	4.7
- (Reversal of provisions)/provisions	—	0.2
- Loss/(profits) from other investing activities	-0.7	-0.7
- Interest expense	0.1	—
5. Changes of assets and liabilities	-97.7	128.4
- Increase/decrease in loan	5.9	5.4
- Increase/decrease in AFS financial assets	-103.6	123.0
6. Operating profit before changes in working capital	-94.0	104.0
Increase/decrease in receiables sale of financial assets	—	-0.0
Increase/decrease in receiables interest of financial assets	0.0	0.1
Increase/decrease in service related receivables	-0.1	-0.5
Increase/decrease in other assets	-0.6	-0.5
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.0	-0.0
- (Increase)/decrease in prepaid expenses	-0.2	0.2
- Corporate income tax paid	—	-0.0
Increases/decreaese in trade payables	0.3	0.1
Increases/decreases in employee welfare payables	-0.0	0.0
Increases/decreases in tax and other payables to the State Budget	0.1	-0.6
Increases/dcreases in payable to employees	-0.5	-0.2
Increases/dcreases in other payables	-0.0	-0.1
- Other receipts from operating activities	0.0	0.2
Net cash flows from securities trading activities	-95.1	102.6
7. Dividends, interest and profit received	0.7	0.7
Net cash flows from investing activities	0.7	0.7
3. Short-term and long-term borrowings	25.2	—
3.2. Other borrowings	25.2	—
6. Dividends paid, profits distributed to owners	-0.3	—
Net cash flows from financing activities	24.8	—
IV. Net cash flows during the period	-69.6	103.3
V. Cash and cash equivalents at begingning of the period	170.3	67.0
Cash at bank	170.3	67.0
- Cash at bank for securities company activities	170.3	67.0
Cash and cash equivalents at end of period	100.7	170.3
Cash at bank	100.7	170.3
- Cash at bank for securities company activities	100.7	170.3
1. Proceeds from sale of brokerage securities to customers	1,147.5	1,198.0
2. Money spent on buying brokerage securities for customers	-1,435.8	-1,017.8
9. Receive deposits to pay for securities transactions of customers	1,537.1	1,111.4
11. Payment for customers' securities transactions	-1,271.3	-1,258.2
14. Payment of customers' securities depository fees	-1.0	-1.4
17. Proceeds from Securities Issuers	11.3	199.7
18. Payments to Securities Issuers	-11.3	-199.7
Increase / decrease of net money during the period	-23.5	32.0
II. Cash and cash equivalents at the beginning of the period of the customer	45.1	13.0
Cash at bank	45.1	13.0
-Deposits of investors on securities transactions under the Securities Company management method	37.1	13.0
-Securities clearing and settlement deposits	8.0	0.0
III. Cash and cash equivalents at the end of the period of the customer	21.6	45.1
Cash at bank	21.6	45.1
-Deposits of investors on securities transactions under the Securities Company management method	21.1	37.1
-Securities clearing and settlement deposits	0.4	8.0
-Deposits from issuing organizations	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)	30.2	16.7	0.0	—	—	0.0	3.1	5.1	0.5
a. Realised gains on disposals of FVTPL financial assets	30.2	16.7	0.0	—	—	0.0	3.1	5.1	0.5
1.3. Interest income from loans and receivables	1.0	0.0	0.1	0.6	0.3	0.2	0.2	0.3	0.4
1.4. Gains from available-for-sale financial assets (AFS)	—	0.0	—	0.8	0.5	3.0	1.3	1.3	—
1.6. Revenue from brokerage services	2.0	0.3	0.8	0.5	0.6	0.4	1.5	0.8	0.3
1.8. Revenue from investment advisory services	—	0.1	—	—	—	0.1	—	—	0.2
1.10. Revenue from securities custody services	0.3	0.2	0.2	0.2	0.4	0.3	0.3	0.3	0.3
1.11. Other revenue	—	—	—	0.0	—	—	—	—	—
Revenue from securities business (01->11)	33.4	17.2	1.1	2.1	1.9	4.2	6.4	7.8	1.7
Net sales	33.4	17.2	1.1	2.1	1.9	4.2	6.4	7.8	1.7
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	4.5	0.7	0.3	—	—	18.0	7.1	1.8	0.0
a. Loss from disposals of financial assets at FVTPL	4.4	0.7	0.3	—	—	18.0	7.1	1.8	0.0
c. Transaction cost of acquisition of financial assets at FVTPL	0.1	0.0	—	—	—	—	—	—	—
2.6. Expenses for proprietary trading activities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2.7. Expenses for brokerage services	2.1	1.6	2.0	1.7	1.9	2.4	2.7	2.7	3.0
2.9. Expenses for financial advisory services	1.2	0.6	0.1	0.0	0.0	0.1	—	0.1	0.1
2.11. Expenses for secutiries custodian services	0.2	0.2	0.1	0.1	0.3	0.2	0.2	0.2	0.2
Operating expenses (21->33)	8.0	3.1	2.5	1.8	2.2	20.7	10.0	4.8	3.4
Gross profit	25.5	14.2	-1.4	0.3	-0.2	-16.5	-3.5	3.0	-1.6
3.2. Dividends, interest income from demand deposits	0.2	0.5	0.1	0.0	0.0	0.6	0.0	0.0	0.0
3.4. Other income about investment	0.2	—	—	—	—	—	—	—	—
Total financial income (41->44)	0.4	0.5	0.1	0.0	0.0	0.6	0.0	0.0	0.0
4.2. Borrowing costs	0.4	0.1	—	—	—	—	—	—	—
Total financial expenses (51->54)	0.4	0.1	—	—	—	—	—	—	—
VI. General and Administrative expenses	7.0	3.6	2.6	2.6	3.0	3.0	2.8	2.9	3.2
VII. Net profit from securities business (20+50-40-60-61-62)	18.4	11.0	-3.9	-2.3	-3.2	-18.9	-6.3	0.2	-4.8
8.1. Other incomes	—	0.1	—	2.2	—	1.5	0.7	0.0	0.0
8.2. Other expenses	0.5	0.3	0.2	0.0	0.0	0.4	0.0	0.1	0.5
Other profit (71-72)	-0.5	-0.2	-0.2	2.2	-0.0	1.1	0.7	-0.1	-0.5
IX. Profit before tax (70+80)	18.0	10.8	-4.1	-0.2	-3.2	-17.8	-5.6	0.1	-5.3
9.1. Realised profit	18.0	10.8	-4.1	-0.2	-32.4	-17.8	-5.6	0.1	-5.3
XI. Net profit after tax (90-100)	18.0	10.8	-4.1	-0.2	-3.2	-17.8	-5.6	0.1	-5.3
11.1. Profit after tax for shareholders of the parents company	18.0	10.8	-4.1	-0.2	-3.2	-17.8	-5.6	0.1	-5.3
12.2. Gains/Loss from revaluation of availables-for-sale financial assets	—	-0.0	3.4	-4.3	0.0	—	-8.2	-1.0	6.7
Total other comprehensive income	—	-0.0	3.4	-4.3	—	1.5	-8.2	-1.0	6.7
13.1. Earning per share	—	318.00	-120.00	-5.00	-96.00	-524.00	-165.00	2.00	-156.00
13.2. Diluted earning per share	—	—	—	—	-96.00	—	—	—	—
Earnings per Share	89.85	317.61	-119.76	-4.75	-95.59	-524.27	-164.33	1.61	-155.77

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)	1,936.1	283.4	247.9	248.8	252.7	256.1	272.6	284.4	288.8
Short-term financial assets	1,934.3	282.2	247.2	224.2	156.6	255.8	198.4	235.3	263.2
1. Cash and cash equivalents	140.0	100.7	245.0	152.7	81.5	170.3	97.9	52.1	39.2
1.1. Cash	140.0	100.7	245.0	152.7	81.5	170.3	97.9	52.1	39.2
3. Held to maturity investments (HTM)	50.0	—	—	—	—	—	—	—	—
4. Loans	71.8	0.7	0.1	21.2	20.4	6.5	18.0	3.8	11.2
5. Available-for-sale financial assets (AFS)	1,670.3	180.3	1.6	49.5	53.8	77.6	81.6	178.6	210.7
7. Short-term receivables	0.6	0.0	—	0.1	0.1	0.0	0.0	0.0	1.0
7.1. Receivables from disposal of financial assets	—	—	—	—	—	—	—	—	0.9
7.2. Receivables and accruals from dividends and interest income	0.6	0.0	—	0.1	0.1	0.0	0.0	0.0	0.1
7.2.2. Undue dividend and interest receivables	0.6	0.0	—	0.1	0.1	0.0	0.0	0.0	0.1
Prepayments to suppliers	1.1	0.1	0.1	0.1	0.1	0.2	0.3	0.3	0.3
9. Service related receivable	0.8	0.8	0.8	0.8	1.0	1.5	0.8	0.7	0.7
12. Other receivables	—	—	—	—	—	—	—	—	0.0
13. Provision for doubtful debts	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.1	-0.1	-0.1
II. Other short-term assets	1.8	1.2	0.7	24.5	96.0	0.3	74.2	49.1	25.6
1. Advances	0.7	0.6	—	23.4	20.9	—	23.6	—	24.5
2. Office supplies, tools	—	—	—	—	—	—	0.0	0.0	0.0
3. Short-term prepayments	1.1	0.6	0.7	1.2	1.1	0.3	0.6	1.1	1.1
4. Pledged assets, mortgages, security deposits in short term	0.0	0.0	0.0	0.0	74.0	0.0	50.0	48.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250-260)	14.4	12.9	12.7	12.9	13.7	13.4	14.3	15.4	16.4
II. Fixed assets	1.0	1.1	1.3	1.5	1.7	2.1	3.2	4.3	5.5
1. Tangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.2	0.8	1.4	2.0
- Cost	21.0	—	—	—	—	—	—	—	—
- Accumulated depreciation	-20.9	—	—	—	—	—	—	—	—
3. Intangible fixed assets	0.9	1.1	1.2	1.4	1.6	1.9	2.4	2.9	3.5
- Cost	17.2	—	—	—	—	—	—	—	—
- Accumulated depreciation	-16.2	—	—	—	—	—	—	—	—
V. Other long-term assets	13.4	11.8	11.4	11.5	12.0	11.3	11.1	11.1	10.9
1. Pledged assets, mortgages, security deposits in long term	1.3	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
2. Long-term prepayments	1.6	0.5	0.5	0.6	0.7	0.7	0.4	0.5	0.3
4. Payment for Settlement Assistance Fund	10.5	10.7	10.2	10.2	10.6	10.0	10.0	10.0	10.0
TOTAL ASSETS (270=100+200)	1,950.6	296.4	260.6	261.7	266.3	269.5	286.9	299.8	305.2
A. LIABILITIES (300=310+340)	1.3	26.0	1.1	1.5	1.7	1.6	2.8	1.8	6.4
I. Short -term liabilities	1.3	26.0	1.1	1.5	1.7	1.6	2.8	1.8	6.4
1. Short-term borrowings	—	25.2	—	—	—	—	—	—	—
1.1. Short-term borrowings	—	25.2	—	—	—	—	—	—	—
6. Payables to securities trading activities	0.2	0.1	0.2	0.1	0.2	0.1	—	0.1	—
8. Trade accounts payable	0.5	0.3	0.1	0.0	0.0	0.1	0.0	0.0	4.4
9. Advances from customers	—	—	0.2	0.2	0.2	0.2	0.4	0.4	0.4
10. Taxes and other payables to state authorities	0.3	0.2	0.3	0.1	0.1	0.1	1.0	0.2	0.1
11. Payable to employees	0.1	0.0	0.2	0.5	0.6	0.6	0.6	0.6	0.7
12. Employee welfare payables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Accrued expenses	0.2	0.3	0.1	0.1	0.2	0.2	0.4	0.2	0.4
17. Other payables	0.0	0.0	0.0	0.4	0.4	0.4	0.4	0.4	0.4
B. OWNER'S EQUITY (400=410+420)	1,949.3	270.3	259.6	260.2	264.6	267.9	284.2	298.0	298.9
I. Owner's equity	1,949.3	270.3	259.6	260.2	264.6	267.9	284.2	298.0	298.9
1. Investment capital from owners	2,000.0	339.0	339.0	339.0	339.0	339.0	339.0	339.0	339.0
1.1. Capital from owners	2,000.0	339.0	339.0	339.0	339.0	339.0	339.0	339.0	339.0
a. Common stock	2,000,000,000,000.00	339,000,000,000.00	339,000,000,000.00	339,000,000,000.00	339,000,000,000.00	339,000,000,000.00	339,000,000,000.00	339,000,000,000.00	339,000,000,000.00
2. Assets revaluation differences	-0.0	-0.0	-0.0	-3.4	0.9	0.9	-0.6	7.6	8.6
4. Supplementary capital reserve	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9	2.9
7. Undistributed earnings after tax	-56.5	-74.4	-85.2	-81.1	-81.0	-77.7	-60.0	-54.4	-54.4
7.1. Realised profits	-56.5	-74.4	-85.2	-81.1	-81.0	-77.7	-60.0	-54.4	-54.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	1,950.6	296.4	260.6	261.7	266.3	269.5	286.9	299.8	305.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	18.0	10.8	-4.1	-0.2	-3.2	-17.8	-5.6	0.1	-5.3
2. Adjustments for	0.2	0.3	-0.5	0.5	0.1	2.2	-0.6	1.8	0.8
- Depreciation and amortization	0.2	0.7	-0.4	0.6	0.1	2.7	-0.6	1.8	0.8
- (Reversal of provisions)/provisions	—	—	—	—	—	0.1	0.0	0.1	—
- Loss/(profits) from other investing activities	-0.2	-0.5	-0.1	-0.0	-0.0	-0.6	-0.0	-0.0	-0.0
- Interest expense	—	0.1	—	—	—	—	—	—	—
4. Less non-cash income	—	—	-0.9	—	—	—	—	—	-6.7
- Gains from revaluation gains of FVTPL financial assets	—	—	-0.9	—	—	—	—	—	-6.7
5. Changes of assets and liabilities	-1,611.1	-179.3	72.5	-0.8	9.9	2.4	89.1	46.8	-9.9
- Increase/decrease in held to maturity investments	-50.0	—	—	—	—	—	—	—	—
- Increase/decrease in loan	-71.1	-0.6	21.2	-0.8	-13.9	-0.6	-2.1	8.9	-0.7
- Increase/decrease in AFS financial assets	-1,490.0	-178.7	51.3	0.0	23.8	3.0	91.3	37.9	-9.2
6. Operating profit before changes in working capital	-1,592.9	-167.3	67.0	-0.4	6.7	-13.2	82.9	55.4	-21.2
Increase/decrease in receiables sale of financial assets	—	—	—	—	—	-0.9	—	—	0.9
Increase/decrease in receiables interest of financial assets	-0.6	-0.0	0.1	-0.0	-0.0	0.1	-0.2	1.0	-0.9
Increase/decrease in service related receivables	-0.0	-0.2	0.1	0.2	-0.1	-0.6	0.3	-0.2	-0.1
Increases/decreases in other receivables	—	—	—	—	—	—	23.6	—	-0.0
Increase/decrease in other assets	0.0	-2.0	24.4	-2.0	-20.9	-0.4	-0.2	0.2	-0.1
- Increase/(decrease) in payables (other than interest, corporate income tax)	-0.4	0.1	0.0	-0.1	0.0	-0.2	0.2	-0.3	0.2
- (Increase)/decrease in prepaid expenses	-1.6	0.1	0.6	0.0	-0.9	0.2	0.4	-0.8	0.3
- Corporate income tax paid	—	—	—	—	—	-0.0	—	—	—
Increases/decreaese in trade payables	-0.8	0.1	0.1	-0.1	0.1	0.3	-0.1	1.1	-1.2
Increases/decreases in employee welfare payables	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	0.1	-0.1	0.1	-0.0	-0.0	-0.9	0.8	0.0	-0.6
Increases/dcreases in payable to employees	0.0	-0.2	-0.3	-0.0	-0.0	-0.1	0.0	-0.1	-0.0
Increases/dcreases in other payables	0.1	0.2	-0.2	-0.1	0.1	-0.0	—	5.1	-5.2
- Other receipts from operating activities	-0.7	0.0	0.0	73.8	-73.7	-45.5	45.7	—	—
- Other payments for operating activities	—	—	—	—	—	—	-107.7	-47.8	—
Net cash flows from securities trading activities	-1,596.8	-169.3	91.8	71.2	-88.8	71.7	45.8	12.8	-27.8
7. Dividends, interest and profit received	0.2	0.5	0.1	0.0	0.0	0.6	0.0	0.0	0.0
Net cash flows from investing activities	0.2	0.5	0.1	0.0	0.0	0.6	0.0	0.0	0.0
1. Receipts from equity issue and owner's capital contribution	1,661,000,000,000.00	—	—	—	—	—	—	—	—
3. Short-term and long-term borrowings	-25.2	25.2	—	—	—	—	—	—	—
3.2. Other borrowings	-25.2	25.2	—	—	—	—	—	—	—
6. Dividends paid, profits distributed to owners	—	-0.7	0.4	—	—	—	—	—	—
Net cash flows from financing activities	1,635.8	24.5	0.4	—	—	—	—	—	—
IV. Net cash flows during the period	39.3	-144.3	92.3	71.2	-88.8	72.4	45.8	12.8	-27.8
V. Cash and cash equivalents at begingning of the period	100.7	245.0	152.7	81.5	170.3	97.9	52.1	39.2	67.0
Cash and cash equivalents at end of period	140.0	100.7	245.0	152.7	81.5	170.3	97.9	52.1	39.2
1. Proceeds from sale of brokerage securities to customers	1,933.0	400.5	440.8	160.3	146.0	370.0	411.5	305.5	110.9
2. Money spent on buying brokerage securities for customers	-2,117.6	-495.1	-509.1	-171.4	-260.2	-201.7	-494.5	-226.9	-94.7
9. Receive deposits to pay for securities transactions of customers	2,667.1	613.1	423.9	316.6	183.6	-873.6	1,719.8	214.2	51.0
11. Payment for customers' securities transactions	-2,366.7	-540.7	-336.0	-343.3	-51.3	656.1	-1,587.0	-261.2	-66.1
14. Payment of customers' securities depository fees	—	-0.7	0.3	-0.6	—	-0.7	—	-1.0	0.3
17. Proceeds from Securities Issuers	-0.7	8.3	-7.7	10.7	-0.0	199.1	-26.7	27.1	0.1
18. Payments to Securities Issuers	—	-9.0	8.5	-10.7	—	-199.1	26.7	-27.1	-0.1
Increase / decrease of net money during the period	115.5	-23.8	20.7	-38.1	17.7	-51.4	51.4	30.6	1.4
II. Cash and cash equivalents at the beginning of the period of the customer	21.4	45.3	24.7	62.7	45.1	96.5	45.1	14.5	13.0
-Securities clearing and settlement deposits	0.4	—	—	—	—	—	—	—	—
III. Cash and cash equivalents at the end of the period of the customer	137.0	21.6	45.3	24.7	62.7	45.1	96.5	45.1	14.5
-Securities clearing and settlement deposits	46.0	—	—	—	—	—	—	—	—
-Deposits from issuing organizations	0.1	—	—	—	—	—	—	—	—

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