T-Cap Securities increases foreign ownership ratio to 100%

With this decision, T-Cap becomes one of the pioneering securities companies in Vietnam to choose to expand the foreign ownership limit to an absolute ceiling, demonstrating a strong integration orientation and efforts to increase attractiveness to international investors.

Restructuring and strong transformation

After the 2025 General Meeting of Shareholders, as announced, T-Cap has implemented a comprehensive restructuring, streamlined the apparatus and improved operational efficiency. The company focuses on investing in a team of analysts, while focusing resources on leading stocks in the fields of banking, steel, retail... Opening foreign room to 100% is expected to increase transparency, standardize governance according to international practices, and at the same time create conditions to attract foreign strategic investors with financial potential, technology and modern management experience.

T-Cap's Board of Directors believes that this move will not only open up prospects for scale growth and product and service development according to international standards, but also contribute to improving liquidity, consolidating competitive position, and actively contributing to the sustainable development of Vietnam's capital market in the coming period.

Strong financial health and quality investment portfolio

T-Cap's asset quality is assessed as safe, with its short-term financial asset portfolio mainly consisting of cash and proprietary shares, accounting for 60% of total short-term financial assets. Currently, T-Cap has no short-term debt, creating great potential to mobilize loans for investment activities and margin lending to optimize profits.

As of August 31, 2025, the operating cash flow/total debt ratio reached 50.34x, the highest level in many periods, reflecting the ability to generate outstanding cash flow, helping to increase solvency and significantly reduce financial risks. T-Cap has also set aside VND 512 billion in provisions for the total VND 780 billion of receivables, the remainder is secured by listed stocks. Thanks to the strong growth from the proprietary trading segment, T-Cap's cash flow from business activities has improved significantly.

Regarding proprietary trading - the main business segment, T-Cap has a positive assessment of the stock market in the coming period and has proactively increased investment in leading stocks in the banking, securities, steel and retail sectors such as CTG, SSI, HPG, MWG. T-Cap's investment portfolio currently reaches nearly 700 billion VND and continues to be expanded through the search for leading stocks with high growth potential. With impressive investment performance, achieving an average profit of 20%/investment cycle, T-Cap's proprietary trading segment is expected to bring positive effects to the Company's business results from now until the end of 2025.

TVB - Attractively priced stock

The Vietnamese stock market in the first half of 2025 recorded strong growth, with the VN-Index reaching 1,700 points. Many stocks in the securities group also broke out, bringing the average P/B of the entire industry to about 1.4x. Meanwhile, TVB's P/B is currently only at 0.93x - significantly lower than the general level. With a valuation that still has room to grow, along with a story of comprehensive restructuring and transformation, TVB is considered a potential investment opportunity worth considering in the securities sector.

STT	Code	Company name	P/B As of September 5, 2025	Capitalization (billion) As of September 5, 2025
1	ABW	An Binh Securities	0.9	1254
2	IVS	Guotai Junan Securities (Vietnam)	1.0	1186
3	TCI	Thanh Cong Securities	1.2	1549
4	BMS	Bao Minh Securities	1.3	1152
5	AAS	SmartInvest Securities	1.6	3979
6	VFS	Nhat Viet Securities	1.7	2566
7	PHS	Phu Hung Securities	1.2	2540
8	sanitary napkins	Bao Viet Securities	1.2	2853
9	TVS	Thien Viet Securities	1.6	3724
10	DSC	DSC Securities	1.8	4343
11	ORS	Tien Phong Securities	1.4	5426
12	AGR	Agriseco	1.9	4349
13	TVB	T-Cap Securities JSC	1.0	1121
14	VDS	Dragon Viet Securities	2.4	6576
Medium			1.4	3044