Techcom Securities (TCX) Q3 2026 earnings summary

Executive summary

• Q3 PBT reached a record VND 2,152B, up 6% YoY; 9M PBT was VND 5,707,643,935,654, up 13% and 76% of FY guidance. 9M PAT was VND 4,587,422,895,839.

• Margin lending and investment banking led growth; HOSE brokerage share reached a record 10.03%, alongside continued leadership in bond issuance advisory.

Financial highlights

• Q3 operating income was VND 3,534,194,399,247 versus VND 3,164,274,146,538; profit after tax was VND 1,747,895,861,879 versus VND 1,619,525,402,589.

• 9M total operating income was VND 10,062,016,515,350 versus VND 7,852,437,576,821; PBT was VND 5,707,643,935,654 versus VND 5,067,352,555,217.

• 9M interest income from loans and receivables rose to VND 4,187,925,374,556 from VND 2,590,691,940,345; financial expenses were VND 2,924,902,053,106 versus VND 1,613,108,185,558.

Outlook and guidance

• FY2026 revenue target is VND 13,227B, up 26% versus 2025 actual excluding non-recurring income; 9M achieved 78% of plan.

• FY2026 PBT target is VND 7,535B, up 18% on the same adjusted comparison; 9M achieved 76% of plan and guidance was reaffirmed.

• Q4 momentum is expected to continue; expanded DCM-ECM capabilities aim to provide integrated funding solutions and broaden capital-market offerings.

• Margin lending growth is supported by low lending-to-equity and competitive pricing; financial expenses are expected to remain elevated as borrowings support growth.