TCBS overtakes SSI to become Vietnam’s largest securities company by market cap

Over 2.3 billion shares of Techcom Securities JSC (TCBS) debuted on the Ho Chi Minh City Stock Exchange (HoSE) on Tuesday. The stock, TCX, recorded the highest price and the largest market capitalization in the Vietnamese securities sector.

With a reference price of VND46,800 ($1.78) per share, TCBS was valued at VND108,155 billion ($4.11 billion).

TCX closed the first session at VND48,950 ($1.86), up 4.6% from the reference price. Trading volume hit nearly 14.67 million shares.

Founded in 2008, Techcom Securities, formerly Techcombank Securities Co., Ltd., is a member of the Techcombank (TCB) ecosystem.

With a market capitalization of VND112,585 billion, or $4.27 billion (based on the closing price on Tuesday), TCBS has surpassed SSI Securities Corporation (nearly VND77,368 billion, or $2.94 billion) to become the largest securities company by market value on the Vietnamese stock market.

Ahead of its listing, TCBS's board of directors approved a shareholder resolution to distribute dividends totaling VND5,800 billion ($220.2 million) before June 30, 2026, including a 5% cash dividend and a 20% stock dividend.

Specifically, TCBS plans to pay VND1,200 billion ($45.55 million) in cash dividends and issue approximately 462.3 million bonus shares, thereby increasing its charter capital to VND27,700 billion ($1.05 billion) and solidifying its position as the largest securities firm in Vietnam.

In terms of business performance, TCBS recorded VND1,619 billion ($61.46 million) in post-tax profit in Q3/2025, nearly double the same period last year. For the first nine months, net profit reached VND4,050 billion ($153.74 million), up 30.5% year-on-year.

As a result, retained earnings rose to VND10,739 billion ($407.66 million). Meanwhile, following its recent IPO, TCBS added VND8,606 billion ($326.69 million) in share premium, bringing total shareholders’ equity to VND42,478 billion ($1.61 billion) as of the end of Q3, an increase of 61% from the beginning of the year.

This strong capital base enables TCBS to expand its maximum lending capacity to over VND84,000 billion ($3.19 billion), providing ample room for growth, given that its outstanding margin loans stood at VND41,713 billion ($1.58 billion) at the end of Q3.

Foreign investors' highest net buying power in three years helped VN-Index gain 27 points on Tuesday, after the sharpest decline in its 25-year history on Monday.

After the Monday plunge, many securities companies had predicted that VN-Index would continue to plummet and could break the 1,600-point mark. However, the opposite happened when the index, which represents the Ho Chi Minh City Stock Exchange (HoSE), traded in the green for most of the time on Tuesday.

VN-Index closed at 1,663 points, up 27 points from the reference, thus breaking the chain of two consecutive sessions of deep decline. VN30, which represents the large-cap basket, increased 45 points to nearly 1,916 points.

On the HoSE, there were more than 210 stocks increasing, of which 11 stocks hit the ceiling, and 133 decreasing.