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Techcom Securities (TCX VN) – Q3 2025 – Powerful Earnings Momentum and Strong 2026 Outlook
Summary of 9M 2025 results and outlook of Techcom Securities (TCX VN)
- TCX delivered strong results in 9M/2025, with total operating income (TOI) rising 30.0% y/y, supported by solid growth across all major business lines. The company maintained its dominant ~45% share in corporate bond issuance, with revenue from investment banking increasing 38.3% y/y. Activity was boosted by large corporates accelerating funding plans ahead of the new credit-rating regulation effective from September 2025. Treasury and distribution income also grew robustly by 23.3% y/y thanks to wide distribution network, covering more than one million retail clients and linked to Techcombank’s 17 million customer base. Margin lending was also a major income contributor, up 25.9% y/y and the loan book expanded by 63.7% as investor leverage demand strengthened. The IPO completed in September fortified the capital base, allowed further expansion of lending while keeping the margin balance over equity ratio below regulatory threshold of 200%. Brokerage income recorded the fastest growth, increasing 86.7% y/y, supported by higher trading turnover in both equities and bonds. Cost control was effective, with operating costs representing 8.3% of TOI. Overall, net profit increased by 30.6% y/y to VND 4,051bn. We expect robust momentum to be maintained in the last quarter of 2025, and for TCX to conclude FY2025 with net profit growth.
- Vietnam’s capital market is expected to expand further in 2026 as both equity and fixed-income activities gain momentum. Stock trading value is projected to rise year-over-year, supported by sustained retail participation, new listings, and improved market infrastructure. Meanwhile, corporate bond issuance is forecast to increase, reflecting a structural shift in funding from bank credit toward capital-market channels.
- These conditions provide a favorable backdrop for TCX’s 2026 earnings, driven by all income streams. Brokerage revenue should rise with higher trading volumes, while margin lending expands alongside market activity, supported by the firm’s strengthened capital base after its IPO. Investment banking income is expected to remain steady, with strong corporate bond issuance growth offsetting lower fees amid rising competition. Distribution and treasury income are expected to rise, supported by a larger fixed-income investment balance, and higher deposit rate. Cost efficiency remains firm, supporting 2026 net profit to grow.
Interested in TCX? Click here to read more of our previous analysis on TCX’s quarterly earnings.
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