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Techcom Securities (TCX VN) – Q4 2025 – 47.6% Profit Growth and Strong IPO-Driven Expansion
Summary of FY 2025 results and outlook of Techcom Securities (TCX VN)
- TCX delivered strong results in 2025, with total operating income (TOI) rising 44.7% y/y, supported by solid growth across all major business lines. The company maintained its dominant 38% share in corporate bond issuance, with revenue from investment banking increasing 50.1% y/y. Treasury and distribution income also grew robustly by 45.4% y/y thanks to wide distribution network, covering more than one million retail clients and linked to Techcombank’s 18 million customer base.
- Margin lending was also a major income contributor, up 37.1% y/y and the loan book expanded by 69.3% as investors’ 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 63.3% y/y, supported by higher trading turnover of the market. Cost control was effective, with operating costs representing 8.5% of TOI. Overall, net profit increased by 47.6% y/y to VND 5,684bn.
- In early 2026, TCX applied for digital asset and gold trading licenses. The management expects to have the result in the next few months. Although the contribution of these two new products is unlikely to be significant in the first two years, according to the Chairman, it will support TCX in customer acquisition.
- 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 21% y/y, supported by sustained retail participation, new listings, and the return of foreign investors. Meanwhile, corporate bond issuance is forecast to increase 30% y/y, reflecting a structural shift in funding from bank credit toward capital-market channels as the State Bank of Vietnam is taking more conservative approach on credit growth.
- These conditions provide a favorable backdrop for TCX’s 2026 earnings. 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 growth is supported by a larger fixed-income investment balance, and higher deposit rate. Cost efficiency remains high, supporting 2026F 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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