TCX, LPS, VPX, VCK Fall Below IPO Prices as Securities Sector Sheds Tens of Trillions

Overview

Four newly listed Vietnamese securities stocks — TCX, LPS, VPX and VCK — are now trading below their IPO reference prices, erasing tens of trillions of dong in combined market capitalization. The pullback reflects selective cash flow and a high interest-rate environment that is drawing capital toward deposits and bonds rather than broad equity exposure. TCX, the TCBS listing on HOSE, remains the largest brokerage by market capitalization despite the decline.

Key Facts

• TCX closed at VND 29,200 per share on 29 September 2026, up 0.17% on the session but below its VND 46,800 reference price set at its 21 October 2025 HOSE debut.
• TCX market capitalization has fallen from roughly VND 110,000B at listing to about VND 97,200B.
• LPS (Chứng khoán LPBank) closed at VND 19,900, its fifth consecutive decline and about 38% below its mid-August 2026 IPO price, with market cap near VND 28,000B.
• VPX (Chứng khoán VPBank) closed at VND 25,450, giving a market cap of about VND 47,700B versus roughly VND 64,000B at its mid-December IPO — a decline of more than VND 16,000B.
• VCK (Chứng khoán VPS) closed at VND 28,100, its lowest level since the start of the year, with market cap around VND 68,400B versus about VND 88,938B at listing.
• VCBS attributed part of the pressure to high interest rates raising funding costs, particularly for brokerages expanding margin lending.

What Happened

The four brokerages — Chứng khoán Kỹ Thương (TCBS, ticker TCX), Chứng khoán LPBank (LPS), Chứng khoán VPBank (VPX) and Chứng khoán VPS (VCK) — all came to market during a concentrated wave of securities-sector listings, and each has now broken below its IPO reference price. LPS has fallen for five straight sessions, while VCK printed its lowest close since the beginning of the year. The article, citing market data for the 29 September 2026 session, frames the moves as evidence of a market where cash is concentrating in select groups and individual names rather than spreading broadly.

The article points to Vietnam’s elevated interest-rate backdrop as a structural headwind. With deposit rates and bond yields more attractive, a portion of capital is being allocated to assets perceived as more stable than equities, making it harder for securities trading liquidity to sustain a broad-based surge. That, in turn, pressures the brokerage business lines most dependent on transaction flow and margin lending. The article also cites Vietcombank Securities (VCBS) third-quarter 2026 earnings projections, though the excerpt does not disclose the specific forecast figures.

Market Context

All four tickers trade on HOSE. TCX closed at VND 29,200 on 29 September 2026, LPS at VND 19,900, VCK at VND 28,100 and VPX at VND 25,450. The synchronized sub-IPO performance marks a reversal from the sector’s listing wave, when TCBS alone commanded roughly VND 110,000B in market capitalization. The broader Vietnamese market backdrop described in the article is one of divergence: after a strong rally phase, liquidity has narrowed rather than widened, leaving newly listed mid- and large-cap brokerages exposed to flow rotation.

Strategic Significance

The strategic question for long-term investors is whether the sub-IPO pricing reflects a temporary liquidity cycle or a durable re-rating of brokerage valuations. Vietnam’s securities sector has historically been valued on transaction-driven earnings and margin-lending growth, both of which are rate-sensitive. If deposit rates remain elevated, the earnings leverage that justified premium IPO valuations weakens, and scale advantages — such as TCBS’s position as the largest brokerage by market capitalization — become the more defensible differentiator. Conversely, a decline in the rate environment would restore the margin-lending economics that underpin the sector’s growth model.

What to Watch

• Third-quarter 2026 earnings releases from TCBS, LPBank Securities, VPBank Securities and VPS, and whether VCBS’s projected figures are confirmed.
• State Bank of Vietnam policy signals on deposit rates and liquidity, which drive the relative attractiveness of equities versus deposits and bonds.
• Monthly HOSE trading-value data, as a proxy for brokerage transaction-fee revenue.
• Margin-lending balances and funding-cost disclosures in Q3 filings.
• Foreign-ownership and block-trade filings in TCX, LPS, VPX and VCK for signs of institutional accumulation below IPO prices.