The upcoming TCBS IPO, slated for late 2025 to early 2026, has attracted strong investor interest as the securities subsidiary within the Techcombank ecosystem prepares for its public debut. On July 9, TCBS’s Board of Directors approved a plan to increase charter capital by offering 231.15 million shares (11.11% of total shares outstanding), with the sale scheduled between Q3/2025 and Q1/2026. The offering price will be no lower than the book value per share, based on the latest quarterly financial statements.

Another key value driver for TCBS lies in its highly loyal customer base, who are deeply integrated within the TCBS and Techcombank ecosystem. Given the company’s superior profitability and the premium associated with its digital asset trading segment, the most optimistic valuation scenario for TCBS corresponds to a P/B multiple of 3.0, translating to a target price of VND 39,360 per share (with a base case scenario of VND 28,400 per share, equivalent to a P/B of 2.17).

On the other hand, it is important to note the risks associated with the bond segment, which accounts for a significant portion of TCBS’s asset structure and contributes substantially to its overall profitability.