Pre-listing note – TCX

On October 21, 2025, Techcom Securities JSC (TCBS – ticker: TCX) officially listed on the HOSE with a reference price of VND46,800 per share, equivalent to a market capitalization of VND108 trillion – the highest in the securities brokerage industry. Earlier, TCBS’s IPO received strong market demand, with an oversubscription of 2.5x, about half of which came from foreign funds.
TCBS is the first securities company in Vietnam to operate fully on a digital platform, without a traditional brokerage team. The entire process of account opening, trading, advisory and wealth management is fully digitized via the TCInvest app, helping optimize costs and rapidly expand its retail client base. As a result, TCBS’s market share has surged, ranking 3rd (HOSE: 7.6%), while maintaining consistent profitability from brokerage even during market downturns.
TCBS benefits significantly from the ecosystem of its parent bank TCB:
• The bank’s large and affluent retail customer base can easily shift from savings to investment products such as bonds, mutual funds, or equities via TCBS.
• Strong relationships with leading corporations – including Vingroup, Masan, and Masterise – bring substantial income from advisory and underwriting (IB). The IB activities also provides a source of bond products for TCBS’s distribution.
• The strong reputation of TCB enhances TCBS’s treasury segment.
In Q3/2025, TCBS posted strong results, with PBT rising 16.8% q/q and 84.5% y/y, mainly driven by a 23.4% q/q and 63.7% y/y increase in margin lending. ROE remained stable at around 15%.
At the reference price of VND 46,800 per share, TCX is trading at 22.4x P/E and 2.5x P/B – comparable to the leading securities firms – despite having the largest scale and the most consistent profitability in the industry. This suggests an attractive investment opportunity as Vietnam’s stock market enters a new growth cycle.
The listing on HOSE marks a strategic milestone that enhances TCX’s capital-raising ability, operational transparency, and re-valuation potential for its parent bank, TCB. The valuation correlation between TCX and TCB is estimated at 3%, implying that a 10% rise in TCX’s share price could lift TCB’s valuation by approximately 3%.