HOSE · Banks

TCB Vietnam Technological and Commercial Joint Stock Bank

Ngân hàng Thương mại Cổ phần Kỹ Thương Việt Nam

Persisted research state: AVAILABLE. Research is shown only when it is backed by persisted evidence and calculations.

Browse opportunity signals Open screener

At a glance

Company at a glance

Persisted, canonical facts only. A value that is not recorded is shown as unavailable and is never estimated, substituted or shown as zero.

Company	Vietnam Technological and Commercial Joint Stock Bank
Ticker	TCB
Exchange	HOSE
Industry	Banks
Research state	Research available, not certified RESEARCH_AVAILABLE
Research certification	Available but not certified
Matched opportunity conditions	0 of 5
Latest screening snapshot	2026-09-25T11:26:45.958683+00:00
Latest market price	2026-09-24T00:00:00+00:00
Latest fundamental period	2026-06-30
Latest research report	2026-09-13T04:16:32.978846+00:00
Evidence records	234
Source documents	31

Certification reflects the repository's internal approval record on the latest persisted report. It describes publication status and provenance; it is not a rating, a forecast or investment advice.

Deterministic discovery

Opportunity signals

Browse opportunity signals

0 of 5 versioned P7D V1 conditions matched at evaluation time. Every condition is either matched, unmatched, or refused when the required evidence is missing, stale or not applicable. These are deterministic screening conditions, not investment recommendations.

No deterministic condition currently matches this company. Missing evidence fails closed and never becomes a match.

Full five-rule trace (P7D_RULES_V1)

Fundamental improvement FUNDAMENTAL_IMPROVEMENT

REFUSED

Required input pat_growth is unavailable: PRIOR_PERIOD_UNAVAILABLE.

Refused: PRIOR_PERIOD_UNAVAILABLE

Growth compares the latest two compatible full years.
Growth is historical, not forecast growth.
Parent PAT growth uses the repository's existing denominator semantics: the latest full-year PARENT_PAT versus the prior full-year PARENT_PAT.

Observations (4)

Input	Value	Status	Period / freshness
market_price	—	OK	— · CURRENT
revenue_growth	-31.08%	OK	latest compatible full year
pat_growth	—	REFUSED · PRIOR_PERIOD_UNAVAILABLE	—
pe_ttm	—	REFUSED · PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	— · CURRENT

Thresholds

growth min percent: 0
pe positive: yes
market current max hours: 72.0

Cash-flow strength CASH_FLOW_STRENGTH

REFUSED

Industrial free-cash-flow semantics do not apply to financial companies under canonical metric applicability.

Refused: INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS

FCF Proxy Yield is a screening proxy: trailing-twelve-month operating cash flow less reported cash capital expenditure over market capitalization.

Observations (3)

Input	Value	Status	Period / freshness
market_price	—	OK	— · CURRENT
fcf_proxy_yield	—	REFUSED · INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	— · CURRENT
pe_ttm	—	REFUSED · PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	— · CURRENT

Thresholds

fcf proxy yield min percent: 0
pe positive: yes
financial applicability: NON_FINANCIAL_ONLY
market current max hours: 72.0

Quality at a reasonable valuation QUALITY_AT_REASONABLE_VALUATION

REFUSED

Required input pat_margin is unavailable: INSUFFICIENT_PERSISTED_EVIDENCE.

Refused: INSUFFICIENT_PERSISTED_EVIDENCE

Operating and PAT margins are not cross-sector comparable in this screening phase.

Observations (4)

Input	Value	Status	Period / freshness
market_price	—	OK	— · CURRENT
pat_margin	—	REFUSED · INSUFFICIENT_PERSISTED_EVIDENCE	—
operating_margin	—	REFUSED · INSUFFICIENT_PERSISTED_EVIDENCE	—
pe_ttm	—	REFUSED · PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	— · CURRENT

Thresholds

pat margin min percent: 0
operating margin min percent: 5
pe min exclusive: 0
pe max inclusive: 40
market current max hours: 72.0

Valuation dislocation VALUATION_DISLOCATION

REFUSED

Historical valuation is unavailable for this company; no cross-sectional approximation is used.

Refused: HISTORICAL_PE_OBSERVATIONS_UNAVAILABLE

Observations (6)

Input	Value	Status	Period / freshness
market_price	—	OK	— · CURRENT
historical_pe_percentile	—	REFUSED · HISTORICAL_PE_OBSERVATIONS_UNAVAILABLE	—
historical_premium_discount	—	REFUSED · HISTORICAL_PE_OBSERVATIONS_UNAVAILABLE	—
historical_signal	—	REFUSED · HISTORICAL_PE_OBSERVATIONS_UNAVAILABLE	—
pe_ttm	—	REFUSED · PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	— · CURRENT
historical_certification	—	MISSING · HISTORICAL_VALUATION_UNAVAILABLE	—

Thresholds

historical percentile max: 25
historical signals: BELOW_HISTORY, DEEPLY_BELOW_HISTORY
historical premium discount max exclusive: 0
pe positive: yes
market current max hours: 72.0

Research gap RESEARCH_GAP

UNMATCHED

Persisted research state is AVAILABLE; only NONE, INSUFFICIENT qualify as a research gap.

Observations (1)

Input	Value	Status	Period / freshness
research_state	AVAILABLE	OK	— · AGING

Thresholds

research gap states: NONE, INSUFFICIENT
requires quantitative signal: yes

Rules version P7D_RULES_V1 · snapshot built 2026-09-25 11:26:45.958683+00:00 · market freshness CURRENT · persisted research state AVAILABLE. These are deterministic screening conditions over persisted evidence, not investment recommendations, forecasts, ratings or advice.

Canonical snapshot

Screening metrics

Open screener

Values come from the persisted screening snapshot and are never recomputed in the browser. UNKNOWN or refused inputs show as “—” with their canonical reason and are never displayed as zero. OCF/PAT is expressed as a percentage of PAT (100 means 100% of PAT).

P/E (TTM, parent)	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE
P/B (parent equity)	2.9696x
Revenue growth (latest compatible FY)	-31.08%
Parent PAT growth (latest compatible FY)	— PRIOR_PERIOD_UNAVAILABLE
Operating margin (latest compatible period)	— INSUFFICIENT_PERSISTED_EVIDENCE
PAT margin (latest compatible period)	— INSUFFICIENT_PERSISTED_EVIDENCE
FCF Proxy Yield (TTM)	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS
OCF / PAT (latest compatible period)	— INSUFFICIENT_PERSISTED_EVIDENCE
Market freshness	CURRENT price 2026-09-24T00:00:00+00:00
Fundamental period	through 2026-06-30 freshness CURRENT
Snapshot built at	2026-09-25T11:26:45.958683+00:00 01a09a0a-8617-7029-847c-ffb539d89b62
Persisted research state	AVAILABLE AGING
Historical valuation signal	— not available

Snapshot refusal reasons: HISTORICAL_VALUATION_NOT_REQUESTED; INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS; INSUFFICIENT_PERSISTED_EVIDENCE; PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE; PRIOR_PERIOD_UNAVAILABLE; TTM_CAPEX_OR_REVENUE_UNAVAILABLE; TTM_DIVIDENDS_UNAVAILABLE

Authenticated

Investor actions

Add this company to one of your existing portfolios. Actions are owner-scoped to your signed-in account. No portfolio, holding, alert or session data is rendered into this public page.

Valuation snapshot

ssi-iboard · HOSE · 2026-09-24T00:00:00+00:00 · retrieved 2026-09-24T11:21:30.913791+00:00 · share basis: IMPLIED_FROM_MARKET_CAP (simplize-preview)

Price	32950.000000000000 VND
Shares outstanding	—
Market cap	233491616567000.000000000000
Market capitalization	233491616567000.0000
Earnings yield (TTM, parent)	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE
P/E (TTM, parent)	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE
P/B (parent equity)	2.9696x
Dividend yield (trailing cash DPS)	— DIVIDEND_PER_SHARE_UNAVAILABLE
Cash distribution yield (proxy)	— TTM_DIVIDENDS_UNAVAILABLE
FCF Proxy Yield (TTM)	— TTM_OCF_OR_CAPEX_UNAVAILABLE
Enterprise value	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS
EV/Sales (TTM)	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS
EV/EBIT (TTM)	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS
EV/EBITDA	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS
Net cash / (net debt)	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS
Historical P/E range	— HISTORICAL_PRICE_HISTORY_UNAVAILABLE

Historical valuation

Point-in-time P/E uses only periods available on each trade date (publication-dated or lag-modeled); no negative earnings produce an observation.

Current P/E	— HISTORICAL_PE_OBSERVATIONS_UNAVAILABLE
1Y median P/E	— INSUFFICIENT_OBSERVATIONS
3Y median P/E	— INSUFFICIENT_OBSERVATIONS
5Y median P/E	— INSUFFICIENT_OBSERVATIONS
25th / 75th percentile P/E	— / —
Min / max P/E	— / —
Percentile rank	— UNAVAILABLE
Premium / discount to median	— UNAVAILABLE
Signal	UNAVAILABLE NO_OBSERVATIONS
Certification	UNAVAILABLE NO_OBSERVATIONS
P/B history	— PARENT_EQUITY_HISTORY_UNAVAILABLE
Dividend-yield history	— DIVIDEND_PER_SHARE_HISTORY_UNAVAILABLE

Historical availability may be modeled from reporting-lag assumptions (NON_CERTIFIED_MODELED_AVAILABILITY). Modeled availability is labelled and is never point-in-time certified.

Notes: PROVIDER_SELECTED: dnse-chart ({'dnse-chart': 1501} bars); ADJUSTMENT_UNKNOWN: adjusted=False, adjustment_basis=UNKNOWN

Peer comparison

EXACT_INDUSTRY · Exact primary-industry and exchange match. · 18 compatible peer(s)

Ticker	Price	Market cap	P/E	P/B	Revenue growth	PAT growth	Margins	FCF proxy yield	Premium / discount to peer median
ACB financial	21400.000000000000 VND	126536399600000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	2.45x	76.02%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
BID financial	35900.000000000000 VND	279238421100000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	3.10x	76.78%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
BVB financial ECONOMIC_SIZE_MISMATCH	10500.000000000000 VND	6728610000000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.05x	145.87%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
CTG financial	30150.000000000000 VND	234173391750000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	2.65x	10.15%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
EIB financial	16500.000000000000 VND	30835375015500.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.64x	-36.72%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
EVF financial ECONOMIC_SIZE_MISMATCH	11650.000000000000 VND	8860591593300.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.11x	9.95%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
HDB financial	27650.000000000000 VND	138395881400000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	2.70x	17.97%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
KLB financial ECONOMIC_SIZE_MISMATCH	12550.000000000000 VND	9447493629350.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.63x	90.09%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
LPB financial	46400.000000000000 VND	138609893152000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	4.64x	71.52%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
MBB financial	19850.000000000000 VND	199864687500000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	2.38x	39.09%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
MSB financial	14250.000000000000 VND	53352000000000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.71x	-67.47%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
NAB financial	12000.000000000000 VND	24705867384000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.44x	350.49%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
OCB financial	10300.000000000000 VND	31543853000000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.18x	59.25%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
SHB financial	11600.000000000000 VND	61986966400000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.31x	270.45%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
SSB financial	20000.000000000000 VND	69376000000000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	2.44x	-55.16%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
STB financial	76900.000000000000 VND	144973088560400.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	7.04x	372.77%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
TPB financial	14700.000000000000 VND	40778490900000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.47x	-7.34%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
VAB financial ECONOMIC_SIZE_MISMATCH	9000.000000000000 VND	7347246048000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	0.90x	19.68%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
VBB financial	11250.000000000000 VND	13326599295000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.24x	-98.59%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
VCB financial	58100.000000000000 VND	485464717500000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	5.43x	17.91%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
VIB financial	13450.000000000000 VND	50240946676500.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.48x	53.97%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—
VPB financial	22100.000000000000 VND	175339720400000.000000000000 VND	— PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE	1.70x	13.76%	— PRIOR_PERIOD_UNAVAILABLE	— MATCHING_REVENUE_AND_PAT_PERIOD_UNAVAILABLE	— INDUSTRIAL_VALUATION_NOT_APPLICABLE_TO_FINANCIALS	—

Peer median P/E: — INSUFFICIENT_COMPATIBLE_PEERS (0 compatible observations, 22 excluded)

Excluded: ABB (NO_COMPATIBLE_CLASSIFICATION); BAB (NO_COMPATIBLE_CLASSIFICATION); F88 (NO_COMPATIBLE_CLASSIFICATION); NVB (NO_COMPATIBLE_CLASSIFICATION); PGB (NO_COMPATIBLE_CLASSIFICATION); SGB (NO_COMPATIBLE_CLASSIFICATION); TIN (NO_COMPATIBLE_CLASSIFICATION)

comparison inputs, not causal conclusions: revenue_growth_percent, pat_growth_percent, net_margin_percent, price_to_book

LATEST RESEARCH · ling-fin

Vietnam Technological and Commercial Joint Stock Bank (TCB) - Equity Research

TCB demonstrates strong gross profit expansion and margin improvement, supported by fee income growth and a credit rating upgrade to AA-. Key valuation metrics (P/E, dividend yield, EV) are unavailable due to missing total debt and parent PAT data.

Risks

P/E, P/B, FCF yield, EV, and dividend yield are all unavailable due to missing total debt, parent PAT, and dividend per share data.

Peer comparison for P/E, P/B, margins, and FCF yield is unavailable due to insufficient compatible peer observations.

Catalysts

FiinRatings upgraded TCB long-term issuer credit rating to AA- from A+ with stable outlook in August 2024.

Sources (1)

GUIDANCE_OUTLOOK · Investors | Techcombank · section: FiinRatings upgraded Techcombank’s credit rating on improved funding and liquidity profile · source

Quarterly investor livestream events provide comprehensive presentations on financial results, outlook, strategy, and business performance.

Sources (1)

GUIDANCE_OUTLOOK · Investors | Techcombank · section: 22 July 2026 · source

Scenarios

If H1 2026 gross profit run-rate persists, TTM gross profit of 7.67T VND and TTM net revenue of 6.05T VND imply continued margin strength.

Sources (4)

GROSS_PROFIT · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 1- 2026 · source
GROSS_PROFIT · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 2- 2026 · source
REVENUE_NET · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 1- 2026 · source
REVENUE_NET · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 2- 2026 · source

What Changed

Gross margin expanded from 70.19% in Q1 2025 to 193.96% in Q1 2026 and 92.31% in Q2 2026, showing significant improvement.

Sources (3)

Deterministic calculation · GROSS_MARGIN · QUARTER · 2025-03-31 · 70.194500000000 · PERCENT
Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 92.309500000000 · PERCENT
Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-03-31 · 193.959000000000 · PERCENT

Liquidity proxy grew from 66.5T VND at Q1 2025 to 99.0T VND at Q2 2026, a 49% increase over five quarters.

Sources (4)

CASH_AND_EQUIVALENTS · TCB balance sheet Quý 1- 2025 - Quý 4- 2025 · 2025-03-31 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · Quý 1- 2025 · source
SHORT_TERM_FINANCIAL_INVESTMENTS · TCB balance sheet Quý 1- 2025 - Quý 4- 2025 · 2025-03-31 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · Quý 1- 2025 · source
CASH_AND_EQUIVALENTS · TCB balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · Quý 2- 2026 · source
SHORT_TERM_FINANCIAL_INVESTMENTS · TCB balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · Quý 2- 2026 · source

Earnings Quality

Gross margin exhibits high quarterly volatility (70%-194%), reflecting bank-specific revenue structure where net revenue is small relative to gross profit.

Sources (5)

Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-06-30 · 92.309500000000 · PERCENT
Deterministic calculation · GROSS_MARGIN · QUARTER · 2026-03-31 · 193.959000000000 · PERCENT
Deterministic calculation · GROSS_MARGIN · QUARTER · 2025-12-31 · 173.816000000000 · PERCENT
Deterministic calculation · GROSS_MARGIN · QUARTER · 2025-09-30 · 96.038400000000 · PERCENT
Deterministic calculation · GROSS_MARGIN · QUARTER · 2025-03-31 · 70.194500000000 · PERCENT

YoY gross margin growth of 112.71% was recorded, indicating substantial period-over-period improvement.

Sources (1)

Deterministic calculation · YOY_GROWTH · 112.710400000000 · PERCENT

Business Segments

Fee income is a key growth driver underpinned by transaction banking, cards, insurance scaling, and new fee-generating products.

Sources (1)

SEGMENT_DISCLOSURE · Investors | Techcombank · section: Watch here · source

TCB added 2.7 million new customers in 2025, bringing total customers served to over 18 million individuals and businesses.

Sources (1)

SEGMENT_DISCLOSURE · Báo cáo thường niên năm 2025 · page 6 · source

Investment Thesis

TCB shows robust gross profit growth and margin expansion, driven by fee income diversification across transaction banking, cards, and insurance.

Sources (5)

GROSS_PROFIT · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 2- 2026 · source
GROSS_PROFIT · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 2- 2026 · source
GROSS_PROFIT · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 1- 2026 · source
GROSS_PROFIT · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 1- 2026 · source
SEGMENT_DISCLOSURE · Investors | Techcombank · section: Watch here · source

FiinRatings upgraded TCB long-term issuer credit rating to AA- from A+ with stable outlook, reflecting improved funding and liquidity profile.

Sources (1)

GUIDANCE_OUTLOOK · Investors | Techcombank · section: FiinRatings upgraded Techcombank’s credit rating on improved funding and liquidity profile · source

Variant Perception

Market capitalization stands at 223.9T VND at a share price of 31,600 VND, with P/B of 2.85x based on Q4 2025 parent equity.

Profitability Returns

H1 2026 gross margin (GROSS_PROFIT/REVENUE_NET) was 124.82%, with gross profit of 3.86T VND on net revenue of 3.10T VND.

Sources (4)

GROSS_PROFIT · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 1- 2026 · source
GROSS_PROFIT · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 20 5. Lợi nhuận gộp về bán hàng và cung cấp dịch vụ(20=10-11) · Quý 2- 2026 · source
REVENUE_NET · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-03-31 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 1- 2026 · source
REVENUE_NET · TCB income statement Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · income-statement · 10 3. Doanh thu thuần về bán hàng và cung cấp dịch vụ (10 = 01 - 02) · Quý 2- 2026 · source

FY2025 gross margin reached 102.45%, up from 61.97% in FY2024 and 72.72% in FY2023.

Sources (3)

Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2025-12-31 · 102.447100000000 · PERCENT
Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2024-12-31 · 61.965800000000 · PERCENT
Deterministic calculation · GROSS_MARGIN · FULL_YEAR · 2023-12-31 · 72.718000000000 · PERCENT

Balance Sheet Cash Flow

Liquidity proxy (cash plus short-term financial investments) reached 99.0T VND at Q2 2026, up from 86.5T VND at Q4 2025.

Sources (4)

CASH_AND_EQUIVALENTS · TCB balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · Quý 2- 2026 · source
SHORT_TERM_FINANCIAL_INVESTMENTS · TCB balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · Quý 2- 2026 · source
CASH_AND_EQUIVALENTS · TCB balance sheet Quý 1- 2025 - Quý 4- 2025 · 2025-12-31 · balance-statement · 110 I. Tiền và các khoản tương đương tiền · Quý 4- 2025 · source
SHORT_TERM_FINANCIAL_INVESTMENTS · TCB balance sheet Quý 1- 2025 - Quý 4- 2025 · 2025-12-31 · balance-statement · 120 II. Các khoản đầu tư tài chính ngắn hạn · Quý 4- 2025 · source

Short-term debt stood at 164.0T VND at Q2 2026, increasing from 145.0T VND at Q4 2025.

Sources (2)

SHORT_TERM_DEBT · TCB balance sheet Quý 1- 2026 - Quý 4-2026 · 2026-06-30 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 2- 2026 · source
SHORT_TERM_DEBT · TCB balance sheet Quý 1- 2025 - Quý 4- 2025 · 2025-12-31 · balance-statement · 320 10. Vay và nợ thuê tài chính ngắn hạn · Quý 4- 2025 · source

Capital Allocation Management

UNKNOWN

Typed research claims

FACT and CALCULATION are evidence-backed; INTERPRETATION, HYPOTHESIS and SCENARIO are analytical judgements and are labelled as such.

FACT TCB shows robust gross profit growth and margin expansion, driven by fee income diversification across transaction banking, cards, and insurance.
FACT FiinRatings upgraded TCB long-term issuer credit rating to AA- from A+ with stable outlook, reflecting improved funding and liquidity.
FACT Gross margin expanded from 70.19% in Q1 2025 to 193.96% in Q1 2026 and 92.31% in Q2 2026.
CALCULATION Liquidity proxy grew from 66.5T VND at Q1 2025 to 99.0T VND at Q2 2026.
INTERPRETATION Gross margin exhibits high quarterly volatility (70%-194%), reflecting bank-specific revenue structure.
CALCULATION H1 2026 gross margin (GROSS_PROFIT/REVENUE_NET) was 124.82%, with gross profit of 3.86T VND on net revenue of 3.10T VND.
FACT FY2025 gross margin reached 102.45%, up from 61.97% in FY2024 and 72.72% in FY2023.
FACT Short-term debt stood at 164.0T VND at Q2 2026, increasing from 145.0T VND at Q4 2025.
SCENARIO If H1 2026 gross profit run-rate persists, TTM gross profit of 7.67T VND and TTM net revenue of 6.05T VND imply continued margin strength.
- H1 2026 gross profit and net revenue levels persist into subsequent periods
- No seasonal reversal in margin trends
- TTM figures derived from four quarters ending Q2 2026

Known limitations and unknowns

The items below are unresolved; supported findings above are unaffected.

UNKNOWN — TOTAL_DEBT
UNKNOWN — PARENT_PAT_TTM
UNKNOWN — DIVIDEND_PER_SHARE
UNAVAILABLE — HISTORICAL_PE_OBSERVATIONS
UNAVAILABLE — PARENT_EQUITY_HISTORY
UNKNOWN — P/E, P/B, FCF yield, EV, and dividend yield are all unavailable due to missing total debt, parent PAT, and dividend per share data.

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