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CVS Securities reported first-quarter 2026 results with operating revenue of over 7.7 billion dong, up 57% year over year. The company recorded income from held-to-maturity (HTM) investments of over 3 billion dong, down 26% from the prior year, while income from lending and receivables rose 880% to nearly 2 billion dong. Brokerage revenue reached nearly 3 billion dong, up 374% compared with Q1 2025.
Despite higher revenue, CVS’s operating expenses in Q1 totaled 9 billion dong, concentrated in brokerage costs. After adding 3 billion dong in brokerage management expenses, the company posted a pre-tax loss of 5 billion dong in the first quarter. This marked the 15th consecutive quarter of losses.
As of 31/3/2026, CVS’s total assets were 327 billion dong, up about 10 billion dong from the start of the year. HTM investments stood at 200 billion dong, all in time deposits at banks, down 30 billion dong from year-end.
Margin lending debt reached nearly 33 billion dong, up about 8 billion dong from the quarter start. The company’s cumulative loss through the end of Q1 2025 was nearly 150 billion.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
