How Are Stock Prices of Securities Companies Valued Before TCBS Goes Public?

Techcom Securities (TCBS) is nearing its initial public offering (IPO), promising a positive impact on the stock of securities companies. Currently, most stocks in this group have a P/B above 1, with major firms like SSI, HCM, and VCI having P/B between 2-3, while SHS and VND are below 2. Some smaller firms like BVS have a P/B of 1-1.5 but with limited scale and market share. Regarding P/E, companies have valuations ranging from 20-40, with SSI and VIX lower than average, while HCM and VCI are higher due to profit declines. Companies with high valuations possess market share and growth potential advantages, while those with lower valuations face shrinking market shares. TCBS’s IPO is expected to revalue the stock group, with an offering price of 46,800 VND/share, valuing TCBS at approximately 97 trillion VND (3.7 billion USD) and a P/B above the industry average. Investors need to consider risks and company performance. Vietnam is forecasted to be upgraded, attracting foreign capital and boosting securities firms.