X-Point | TCX: Investor Meeting Q2 2026

On July 22, 2026, BSC Research attended TCX’s Analyst and Institutional Investor Meeting – Q2 2026 Business Results Update and summarized the key highlights as follows:

1. Preliminary Q2 2026 business results

In Q2 2026, TCX recorded revenue of VND 3,745bn (+41% YoY) and PBT of VND 2,097bn (+21% YoY). Accordingly, in 1H2026, TCX completed 49% and 47% of its full-year revenue and profit targets, respectively.

Key operating indicators:

• Bond issuance transaction value reached VND 60,722bn (+138% YoY, +115% QoQ). TCX captured a 48% market share in corporate bond issuance in Q2, excluding bank bonds, maintaining its leading position in the market.

• Outstanding margin loans reached VND 51,522bn (+52% YoY, +17% YTD).

• Brokerage market share on HOSE reached a record 9.4%, ranking third, while its market share on HNX reached 9%, ranking second.

• The number of new customers reached 35,360 (+19% YoY), bringing the total customer base to 1.3 million.

• CIR stood at 10.1%, down from 14.8% in Q1, mainly due to a one-off reversal of accrued expenses. Excluding this item, CIR in 1H2026 was approximately 13%. Going forward, TCX plans to further apply AI to accelerate new product launches, enhance customer experience and improve operational efficiency while maintaining a broadly stable headcount.

2. Key projects currently being implemented by TCX

• Institutional Client Division: During the period, TCX completed the policy framework and management system for its Non-Prefunding (NPF) model for foreign institutional investors, with a trading limit of over VND 1,000bn and a list of more than 50 eligible stocks. The Company is also actively expanding its institutional client base.

• Digital Asset Exchange: TCX is in the process of submitting its second-round application to obtain a license.

• Financial Center (VIFC – HCMC): TCX plans to establish a subsidiary.

• Equity Capital Markets (ECM): TCX has begun supporting the distribution of several capital market transactions, including the DMX IPO and F88’s follow-on public offering through the TCInvest platform. The Company expects this division to begin making a meaningful contribution to revenue and profit from 2027.