Techcombank Securities (TCBS) is preparing for its IPO, expected to boost stock prices in the securities sector. Currently, most stocks in this group have a P/B above 1, with SSI, HCM, VCI, VIX between 2-3 times. SHS and VND have P/B below 2, while BVS, AAS, DSC, ORS range from 1-1.5 times, but are small with limited market share. The P/E ratio for this group is between 20-40 times, with SSI, VIX, VND, SHS having lower than average P/E. TCBS’s offering price is 46,800 VND per share, valuing it at around 97 trillion VND before the IPO, with a P/B of 3.2 times, higher than the industry average. Valuation is a factor, but investors must consider risk and the company’s fundamentals. Vietnam is expected to upgrade its stock market, attracting substantial foreign capital. Securities companies are likely to benefit from this growth, alongside a burgeoning digital asset market in Vietnam.
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