Techcombank Securities (TCBS) is preparing for its IPO, which is expected to have a significant impact on the stock prices in the securities sector. Currently, almost no stocks in this sector have a P/B under 1, with large companies like SSI, HCM, VCI, and VIX having P/B ratios ranging from 2 to 3. Smaller firms such as BVS and ORS have lower P/B ratios under 1.5. Regarding P/E ratios, many companies in the industry fall within the range of 20-40 times, with SSI and VIX exhibiting lower P/E ratios compared to the average, partially due to a decline in Q2 profits. The large firms display clear competitive advantages, whereas those with low stock valuations face challenges in maintaining market share. TCBS is expected to have an IPO price of 46,800 VND per share, giving it a valuation of around 3.7 billion USD, above the industry average. Valuation is one factor, but investors need to consider other factors and their risk appetite. Many organizations forecast that Vietnam is likely to be upgraded in market status, promoting foreign capital influx into the stock market, benefiting the securities sector. Additionally, the digital asset sector is expected to develop in Vietnam.
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