TVC Boosts TVB Stake to 72.78% as T-Cap Securities Targets 90B VND Net Profit in 2026

Overview

TVC, the parent company of securities firm T-Cap (TVB), has increased its ownership in TVB to 72.78% by purchasing an additional 500,000 shares. The transaction comes shortly after TVB’s annual general meeting approved an ambitious 2026 plan targeting revenue of 170 billion VND and net profit of 90 billion VND, representing significant growth from the depressed 2025 figures.

Key Facts

• TVC bought 500,000 TVB shares between March 26 and April 22, 2026, raising its stake from 72.32% to 72.78%.
• TVC now holds 79.4 million TVB shares out of a total of approximately 109.1 million outstanding shares.
• TVB’s 2026 AGM on April 18 approved a revenue target of 170 billion VND (+85% YoY) and net profit of 90 billion VND (4.3x the 2025 result).
• In 2025, TVB reported revenue of 92 billion VND and net profit of 21 billion VND, down 51% and 83% respectively from 2024.
• TVB’s 2025 performance missed its own plan, achieving only 54% of revenue and 26% of net profit targets.
• The AGM approved board remuneration of 2.5 billion VND for 2026.
• Independent board member Le Van Cuong resigned, and Le Hong Viet was elected as an independent board member for the 2026-2029 term.

What Happened

TVC, the parent company of TVB, reported purchasing an additional 500,000 TVB shares through matched orders from March 26 to April 22, 2026. This increased TVC’s ownership from 78.91 million shares (72.32%) to 79.4 million shares (72.78%). The transaction follows a previous purchase of 492,200 out of a planned 800,000 shares between February 5 and March 6, 2026, which was not fully completed due to unfavorable market conditions.

Separately, TVB held its 2026 Annual General Meeting on April 18, where shareholders approved a business plan targeting total revenue of 170 billion VND and after-tax profit of 90 billion VND. This represents an 85% increase in revenue and a 4.3-fold increase in net profit compared to the weak 2025 results. The 2025 performance was significantly below plan, with revenue reaching only 54% of target and net profit just 26% of target.

Market Context

TVB is listed on the HOSE exchange. The securities sector has faced headwinds in 2025, with many firms reporting lower earnings due to reduced trading volumes and market volatility. TVB’s 2025 results were particularly weak, with net profit falling 83% from 2024. The 2026 plan implies a strong recovery, though it remains to be seen whether market conditions will support such growth. TVC’s continued accumulation of TVB shares signals parent company confidence in the turnaround.

Strategic Significance

TVC’s increasing stake in TVB consolidates control over the securities subsidiary, which may facilitate closer integration of operations and capital allocation. The ambitious 2026 targets suggest management expects a significant improvement in market conditions or a strategic shift in TVB’s business model. The appointment of Le Hong Viet, who also serves as an assistant to the board at TVC, as an independent board member at TVB may further align governance with the parent company’s interests.

What to Watch

• TVB’s quarterly earnings reports in 2026 to track progress toward the 170 billion VND revenue and 90 billion VND net profit targets.
• Any further stake purchases by TVC that could trigger a mandatory tender offer or delisting.
• Changes in TVB’s business strategy or capital allocation following the AGM.
• Market trading volumes and conditions on HOSE, which will heavily influence TVB’s brokerage and proprietary trading income.
• Regulatory filings regarding the resignation of independent board member Le Van Cuong and the election of Le Hong Viet.