TCX

TCBS (TCX) completed a stock dividend issuance of over 462 million shares, lifting charter capital to VND 27,739 billion and overtaking SSI as the largest securities company by charter capital. The move underscores the intensifying capital race among Vietnamese brokerages to expand margin lending and market share.

NSI forecasts securities industry debt could rise at least 40-50% in 2026, boosting margin lending and liquidity for firms like SSI, TCX, VPX, HCM, and VCI. However, higher capital costs lead NSI to cut 2026 revenue and profit forecasts by 3.8% and 5.4% respectively, while new provisioning rules add cost pressure.

PAN Group (PAN) delivers a combined 50% shareholder return this week via a 30% cash dividend and 20% stock dividend, the highest among 38 companies paying cash dividends. FPT pays a 10% cash dividend and plans a 10:1 stock issuance; Hoa Phat (HPG) distributes a 10% stock dividend; TCBS (TCX) issues a 20% stock dividend. The flurry of payouts underscores strong corporate cash flows and shareholder-friendly policies across sectors.

TCBS (TCX) will issue 462.3 million shares as a 20% stock dividend (5:1 ratio) with a record date of May 26, following a 5% cash dividend paid in April. The move increases charter capital to VND 27,739 billion. Q1 2026 pre-tax profit rose 11% YoY to VND 1,458 billion, driven by strong lending and brokerage revenue.

Vietnamese securities companies face rising risks from higher interest rates, including unrealized losses on corporate bonds, heavy reliance on short-term bank loans (88% of debt), and margin-to-equity ratios nearing the 200% regulatory cap at firms like HCM (195.4%) and MBS (177.6%). The sector's total assets surged 48% to VND 904 trillion in 2025, driven by margin lending and equity raises.

HCM and other Vietnamese securities firms plan to raise an additional 100 trillion VND in 2026, driven by regulatory changes, foreign ownership limits, and margin lending expansion. Most firms forecast double-digit profit growth, with HCM targeting 56%, VPX 44%, and VCI 41%.

SSI plans to raise approximately 9,262 billion VND in 2026, potentially becoming the first Vietnamese brokerage to exceed 30,000 billion VND in charter capital. The sector-wide capital increase, estimated at ~100,000 billion VND, is driven by regulatory changes including 100% foreign ownership limits and margin lending constraints. Investors should monitor dilution risks and capital deployment efficiency.

Securities stocks rallied on May 6 after news that Vietnam may be added to the MSCI Watchlist in June 2026, a precursor to Emerging Markets status. VIX and HCM hit ceiling prices, while SSI, SHS, BVS, VND, TCI also gained over 4%. The upgrade could attract 4-5x more foreign capital, structurally benefiting brokerage and margin lending income.

VIX and HCM hit ceiling as a broad securities rally drove VN-Index up 0.87% on rumors that five companies received approval to open a tokenized asset exchange. The sector saw massive volume, with VIX and SSI among the top five most traded stocks on HoSE. The move reflects speculative sentiment rather than fundamental catalysts, but the breadth and liquidity confirm strong short-term buying pressure.

SSI and TCBS each reported Q1/2026 pre-tax profit above VND 1 trillion. SSI's profit grew 44% YoY to VND 1,461 billion, driven by proprietary trading and margin lending, while TCBS profit rose 11% to VND 1,458 billion on record margin loans. The results underscore robust securities sector earnings amid active markets.

ICG, PDB, CPH, and TCX have announced record dividends for 2025. ICG will pay a 25% cash dividend (VND 44B), PDB a 40% cash dividend (VND 36B), and CPH a 20.22% cash dividend (VND 9B), while TCX approved a 20% stock dividend to raise charter capital to VND 27,739B. These payouts signal improved profitability and capital management strategies.

Foreign investors net sold nearly VND 1,950 billion (USD 78 million) on April 24, 2026, ahead of a long holiday, with VN-Index falling 17 points to 1,853.29. Banking and real estate stocks, including VIC, VHM, and VCB, were the main drags, while oil & gas stocks saw some buying. The selling pressure reflects cautious positioning before the break, with market breadth negative.

Vingroup stocks (VIC, VRE, VHM, VPL) and steel names (HSG, TLH, NKG, VGS) attracted strong capital flows in the week of April 13-17, with VIC trading volume doubling. Meanwhile, financial and oil & gas stocks experienced significant outflows, reflecting sector rotation.

TCBS (TCX) reported Q1 2026 pre-tax profit of VND 1,458 billion, up 11% YoY, on revenue of VND 2,783 billion (+37% YoY). The securities firm maintained its top market share in corporate bond underwriting (86%) and ranked among the top three in stock brokerage on HOSE and HNX. Margin lending grew 47% YoY to over VND 44.7 trillion, with a loan-to-equity ratio of 98%, leaving room for further expansion.