TCBS (TCX) Becomes Largest Securities Firm by Charter Capital, Surpassing SSI

Overview

TCBS (TCX), the securities arm of Techcombank, has completed a stock dividend issuance that raises its charter capital to over VND 27,739 billion, making it the largest securities company by charter capital in Vietnam, surpassing SSI. The issuance, funded from retained earnings, adds more than 462 million shares and positions TCBS ahead of several mid-sized banks in terms of charter capital.

Key Facts

• TCBS issued over 462.3 million shares as stock dividends for 2024, with a total par value of nearly VND 4,623.2 billion.
• The source of capital was retained earnings from the audited financial statements as of December 31, 2024.
• Post-issuance, TCBS’s outstanding shares increased from over 2.3 billion to over 2.77 billion, and charter capital rose to nearly VND 27,739 billion.
• TCBS now surpasses SSI to become the securities company with the largest charter capital on the market.
• TCBS’s charter capital exceeds that of several banks: OCB (VND 26,650 billion), Sacombank/STB (VND 18,852 billion), Eximbank/EIB (VND 18,688 billion), and Nam A Bank/NAB (VND 17,157 billion).
• TCBS previously held the top spot in 2025 but was overtaken by SSI in early 2026 after SSI’s rights issue.
• SSI plans to raise charter capital to over VND 30,000 billion by end of 2026, potentially regaining the lead.

What Happened

TCBS announced the completion of its stock dividend issuance for 2024, distributing over 462.3 million shares to 19,125 shareholders. The remaining 3,392 fractional shares were canceled. The total issuance value at par was nearly VND 4,623.2 billion, sourced from retained earnings. This capital increase lifts TCBS’s charter capital to approximately VND 27,739 billion, officially surpassing SSI to become the largest securities company by charter capital.

The move is part of an ongoing capital race among Vietnamese brokerages, driven by the need to expand margin lending and capture market share. TCBS had previously held the top position in 2025, but SSI reclaimed it in early 2026 after a rights issue of over 415 million shares. SSI now plans to further raise capital to over VND 30,000 billion by end of 2026 through preferential offerings and ESOP.

Market Context

TCX shares closed at VND 40,300 on June 3, 2026, unchanged from the previous session, with volume of 1,007,600 shares. The stock trades on HOSE. The securities sector has seen intense competition in capital raising, with firms like VIX and VPS also boosting their charter capital. VIX recently completed a rights issue of nearly 919 million shares at VND 12,000 per share, raising its charter capital to nearly VND 24,503 billion. VPS (VCK) currently has charter capital of VND 24,349 billion and plans to issue 240 million private shares to reach VND 26,749 billion.

Strategic Significance

TCBS’s capital increase strengthens its balance sheet for margin lending, a key revenue driver for securities companies. With charter capital now exceeding many mid-sized banks, TCBS gains a competitive edge in terms of lending capacity and regulatory compliance. The move also signals the company’s ambition to maintain leadership in the brokerage industry, especially as rivals like SSI and VIX continue to raise capital. For long-term investors, the enlarged capital base supports potential growth in market share and earnings, but the sustainability of returns on equity will depend on how effectively the additional capital is deployed.

What to Watch

• SSI’s planned capital increase to over VND 30,000 billion by end of 2026 and its impact on the competitive landscape.
• TCBS’s margin loan growth and net interest income in upcoming quarterly reports.
• Regulatory changes regarding securities company capital adequacy requirements.
• Further capital-raising moves by other major brokerages such as VIX and VPS.
• TCBS’s dividend policy and potential for future stock dividends or cash dividends.