Thanh Cong Securities (TCI) Appoints Deputy CEO as Q3 Profit Falls 89.8%

Overview

Thanh Cong Securities Corporation (TCSC, ticker TCI) has appointed Ms. Luu Thi Viet Ha as Deputy General Director effective 2/11/2026, according to a personnel-change notice sent to the State Securities Commission and exchanges. The appointment coincides with a sharp deterioration in third-quarter 2026 results, with revenue down 40.8% and after-tax profit down 89.8% year-on-year.

Key Facts

• Ms. Luu Thi Viet Ha becomes Deputy General Director of TCSC from 2/11/2026 until a replacement document is issued.
• TCSC cites 20 years of securities and finance experience for Ms. Ha, who previously served as Deputy Director at PetroVietnam Securities (Chứng khoán Dầu khí).
• Q3/2026 total revenue was approximately VND 63.2 billion, down 40.8% year-on-year.
• Brokerage revenue fell 71% year-on-year to roughly VND 3.8 billion; FVTPL gains of about VND 34.8 billion accounted for more than half of total revenue.
• Pre-tax profit was VND 6.9 billion (-89.6%) and after-tax profit VND 5.5 billion (-89.8%) versus Q3/2025.
• Total costs rose 41.8% year-on-year to VND 56.2 billion, driven by a VND 40.6 billion increase in financial costs after a VND 32.7 billion TCAM impairment reversal in Q3/2025.
• On 20/10/2026, TCSC sold 50,200 TAB shares of Freco Vietnam, cutting its stake from 12.2147% to 11.4423%.

What Happened

In a notice to the State Securities Commission and market exchanges, Thanh Cong Securities said its board appointed Ms. Luu Thi Viet Ha as Deputy General Director from 2/11/2026, with the term running until a replacement document is issued. The company said Ms. Ha will carry out assigned duties under current regulations and receive income and allowances under existing company policy. TCSC described her as bringing 20 years of securities and finance experience, familiarity with securities processes and operations, and management experience across core business lines. Before joining TCSC’s leadership team, she was Deputy Director at PetroVietnam Securities, where she oversaw securities services, investment, capital management and corporate operations.

The personnel announcement came alongside the Q3/2026 earnings disclosure. TCSC reported total revenue of about VND 63.2 billion, down 40.8% year-on-year, with FVTPL gains of nearly VND 34.8 billion making up more than half. Brokerage revenue fell 71% to about VND 3.8 billion, while HTM interest, AFS gains and financial-activity revenue fell 34.2%, 100% and 38.2% respectively. Total costs rose to VND 56.2 billion, up VND 16.6 billion or 41.8%, mainly because Q3/2025 had booked a VND 32.7 billion reversal of the impairment provision on its long-term TCAM investment. Operating and administrative costs fell 40.5% and 23.5%. The revenue decline against higher costs left pre-tax profit at VND 6.9 billion and after-tax profit at VND 5.5 billion.

Market Context

TCI trades on HOSE and closed at VND 9,500 on 3/11/2026, the session after the appointment took effect. The results reflect pressure across Vietnamese securities firms in 2026, where weak brokerage turnover and thinner proprietary-investment gains have compressed earnings. For TCI, the swing is amplified by a high base: Q3/2025 included the TCAM provision reversal, so the year-on-year comparison overstates the operational deterioration even as the underlying revenue mix remains heavily reliant on FVTPL gains rather than fee income.

Strategic Significance

The appointment brings in a manager with operational and capital-markets experience from a larger peer at a point when TCI’s earnings depend on proprietary positions rather than recurring brokerage fees. The strategic question is whether Ms. Ha can rebuild the fee-based franchise, particularly brokerage, which fell 71%, and diversify revenue away from FVTPL gains that fluctuate with market conditions. The Freco Vietnam stake sale, trimming TCSC’s holding in TAB from 12.2147% to 11.4423%, points to continued portfolio restructuring. For long-term holders, the thesis rests on whether new leadership translates into a more stable revenue base before the Q3/2025 base effect fades from comparisons.

What to Watch

• Q4/2026 earnings disclosure, which will show whether brokerage revenue recovers from the VND 3.8 billion Q3 level.
• Any further filings on Ms. Ha’s specific portfolio responsibilities and reporting lines.
• Additional disclosures on the TAB/Freco Vietnam holding and other portfolio restructuring.
• Monthly HOSE trading-liquidity data as a proxy for sector-wide brokerage volumes.
• Any change to the FVTPL share of revenue, which exceeded half of Q3/2026 turnover.