TCBS (TCX) Posts Record Q3 Pre-Tax Profit of VND 2,152B; DSC Profit Falls 98%

Overview

TCBS (ticker TCX, HOSE) reported record quarterly pre-tax profit of VND 2,152 billion for Q3/2026, with nine-month pre-tax profit reaching VND 5,708 billion, up 13% year-on-year and equal to 76% of the full-year plan. The same reporting season brought a sharp reversal at DSC (ticker DSC), where Q3 pre-tax profit fell 98% to just over VND 4.15 billion, highlighting a widening gap between securities firms with strong margin-lending and bond franchises and those reliant on proprietary trading.

Key Facts

• TCBS Q3/2026 pre-tax profit: VND 2,152 billion, the highest quarterly level in the company’s history.
• TCBS 9M/2026 pre-tax profit: VND 5,708 billion, up 13% year-on-year, completing 76% of the annual target.
• TCBS margin lending and advance-sale income: VND 1,548 billion in Q3, up 55% year-on-year, about 44% of total net operating income.
• TCBS margin and advance-sale loan book: VND 54,740 billion at end-September, up 25% from end-2025 and 6% from end-Q2.
• TCBS investment banking net income: VND 740 billion, up 45% year-on-year; Q3 bond issuance reached nearly VND 29,700 billion, or 46% of the corporate bond market excluding bank bonds.
• TCBS HoSE equity brokerage market share exceeded 10% for the first time, at 10.03%, ranking among the top three firms.
• DSC Q3/2026 pre-tax profit: just over VND 4.15 billion, down 98% from VND 168.1 billion a year earlier; operating revenue fell 38% to nearly VND 161 billion.

What Happened

According to the earnings roundup published on the afternoon of 19 October, 20 securities companies had reported Q3/2026 results. Techcom Securities (TCBS) recorded pre-tax profit of VND 2,152 billion for the quarter, its highest ever, with nine-month pre-tax profit of VND 5,708 billion, up 13% from the same period in 2025. The company said the main growth driver remained margin lending and advance-sale services, which generated net income of VND 1,548 billion in Q3, up 55% year-on-year and contributing roughly 44% of total net operating income. The margin and advance-sale loan balance reached VND 54,740 billion at end-September, up 25% since the start of the year.

TCBS’s investment banking unit posted net income of VND 740 billion, up 45% year-on-year, as the firm arranged nearly VND 29,700 billion of bond issuance in the quarter, equal to 46% of the corporate bond market excluding bank bonds. Capital markets and bond distribution contributed a further VND 1,155 billion. Brokerage, commission and custody income fell 39% to VND 64 billion, though TCBS’s HoSE equity brokerage market share crossed 10% for the first time, reaching 10.03%. By contrast, DSC reported Q3 pre-tax profit of just over VND 4.15 billion, down 98% from VND 168.1 billion, with operating revenue down 38% to nearly VND 161 billion. The company attributed the decline mainly to weaker proprietary trading, with FVTPL gains of nearly VND 54 billion, down 54% year-on-year, and most income coming from dividends and cash.

Market Context

TCX closed at VND 27,600 on 18 October 2026, while DSC closed at VND 9,600. The results underscore a divergence within the securities sector as the Q3 reporting season progresses: firms with large margin-lending books and bond-issuance franchises are capturing the benefit of elevated trading liquidity and a recovering corporate bond market, while smaller firms with concentrated proprietary positions face earnings volatility. TCBS’s record quarter and its first move above 10% HoSE brokerage share reinforce its position among the top three brokers by market share.

Strategic Significance

For long-term investors, TCBS’s results show a business model increasingly anchored in recurring, balance-sheet-driven income: margin lending and bond distribution together accounted for a large majority of net operating income, while brokerage fees fell. That mix makes earnings sensitive to interest rates and margin-debt demand rather than to daily turnover alone, and the 76% plan completion after nine months leaves limited upside surprise for the full year unless Q4 activity accelerates. DSC’s 98% profit decline illustrates the opposite risk: a reliance on proprietary trading gains that can reverse sharply, leaving the firm exposed to cost pressure and market direction.

What to Watch

• TCBS Q4/2026 margin lending balances and any change in funding costs as the loan book grows.
• Corporate bond issuance volumes in Q4/2026 and TCBS’s share of the market excluding bank bonds.
• DSC’s proprietary trading position and FVTPL income in the Q4 report, to see whether the decline stabilizes.
• HoSE brokerage market share rankings for Q4/2026, confirming whether TCBS holds above 10%.
• Full-year 2026 profit versus TCBS’s annual plan, given 76% completion after nine months.