GTJASVN_TCBS Equity Report – Pre-IPO Update (EN)

KEY HIGHLIGHTS
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.
Industry Leader: Operating a traditional securities model, TCBS is recognized for its superior customer experience and comprehensive financial product ecosystem. Since first entering the top 10 brokerage firms by market share in 2022, TCBS now ranks third in stock brokerage on HOSE and leads the market in bond brokerage.
Pioneering Digital Transformation: Backed by a strong IT team and the largest financial database in the market, TCBS is a frontrunner in digital finance, well positioned to benefit from the government’s push toward digital financial products.