Back to Previous Page
Techcombank Securities (TCX VN) Debut On Stock Exchange
Techcombank Securities (TCX VN) IPO
Techcombank Securities (TCX) made its debut on the Ho Chi Minh Stock Exchange (HOSE), marking its first trading week following a successful IPO in September.
- The IPO was 2.5x oversubscribed, attracting strong demand from both retail and institutional investors, with participation split roughly 50:50 between the two groups. In total, 26,220 investors took part in the offering.
- This is also the first IPO and listing under Decree 245, which requires companies to list within 30 days of IPO completion.
- Following the IPO, Techcombank retains 79.8% ownership in TCX, while the free float stands at 12.9%. On its first day of trading, TCX closed up 5%.
Broader IPO Momentum
- The successful IPO and listing of TCX marks the beginning of a new wave of public offerings in Vietnam’s capital markets. In the coming months, we expect several more IPOs, including securities firms VPS and VPBankS, as well as Hoa Phat Agricultural, a livestock company focused on pig and cattle farming.
- The IPO pipeline into 2026 remains robust, spanning financial services, consumer retail, and other sectors. Notably, under new regulations, companies are no longer permitted to set Foreign Ownership Limits (FOL) below the regulatory thresholds applicable to their business lines—further enhancing market accessibility for foreign investors.
Regulatory and Market Developments
Vietnam’s regulators are not only introducing measures to enhance transparency, efficiency, and inclusivity in the capital markets—they are also taking risk management seriously to ensure sustainable development.
- Last week, the government released the findings of an inspection into 67 corporations regarding corporate bond issuance and use of proceeds during 2015–2023. The announcement temporarily weighed on sentiment, leading to a sharp sell-off on Monday when the VN-Index declined 5.6%. We view this as an overreaction, as investor sentiment was likely influenced by lingering memories of the 2022 corporate bond crackdown, which had previously triggered a market and economic slowdown.
- However, we view this development as structurally positive for the market. The inspection followed the 2022 corporate bond crisis, and most of the bonds in question have since been fully repaid. Driven by early repayments and a slowdown in new issuances, the corporate bond market has contracted from 18% of GDP in 2022 to approximately 11% at present.
- Importantly, this demonstrates that authorities are monitoring capital-raising activities closely, which should strengthen investor confidence in the long term.
Investment View
Vietnam’s equity market—where individual investors account for roughly 80% of trading activity—can exhibit significant short-term volatility. While sentiment may fluctuate, we maintain our value-oriented investment approach, viewing market overreactions as opportunities to accumulate quality names with sound fundamentals and undemanding valuations. Our BUY-rated stocks currently offer upside potential ranging from around 21% to over 130%, based on our target price estimates.
Outlook
Vietnam’s growing appeal for patient, value-focused investors is reinforced with:
- Accelerating reforms, a deepening investor base, and a vibrant IPO pipeline are propelling Vietnam’s equity market into a new stage of growth. The recent FTSE upgrade to Emerging Market status serves as a strong endorsement of these efforts, and further upgrades from MSCI and in the country’s sovereign credit rating could materialize within the next two years.
- Alongside these structural developments, corporate earnings growth remains solid, supported by an economy that is expanding across multiple sectors. The government targets GDP growth of over 8% this year and above 10% by 2026, underscoring Vietnam’s robust medium-term outlook.
