A&A Green Phoenix Group Joint Stock Company
About the Issuer
Phenikaa is a multi-sectoral corporate group comprising over 30 member companies that operate in Vietnam and globally. The group's core business involves the industrial production of countertop materials, in which the key product is quartz stone having been for sale in Vietnam and global markets since 2004. This business is operated and managed under the group's key subsidiaries including Vicostone Joint Stock Company (JSC), Style Stone JSC, Vietnam Stone Work - Top Fabrication JSC.
Since 2018, the group has expanded in the education and healthcare sectors in Vietnam. The group now runs Phenikaa University and Phenikaa School with a total of two campuses in Hanoi.
Rating Results
Credit Opinion
(1) The group demonstrates its ability to scale and improve the operating performance of both of its core and new businesses, and
(2) maintains a track record of strong financial metrics, including Debt/ EBITDA ratio of below 2x, EBIT/ interest expense ratio of above 5x, and CFO/ Debt ratio of above 35%
(1) experiences significant and continued deterioration in the operating performance and cash flow generation in quartz stone business due to severe slowdown in the US residential construction market, causing, for example, EBIT/ interest expense ratio falling below 2x, and CFO/ Debt ratio below 15%;
(2) increases its leverage substantially in pursuit of growth in its new businesses, for example, Debt/ EBITDA ratio rising above 4.5x; and/or
(3) begins to show increasing signs of liquidity risks, for example increasing reliance on short-term borrowings and difficulties in refinancing at market rates
(1) One of the largest exporters to the US market among Vietnamese quartz stone producers
(2) High level of vertical integration in quartz stone production process
(3) Very Strong profitability and efficiency
Many of Phenikaa new businesses remain at a nascent stage of development or operations
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for Unlisted.
VIS Rating has not issued a Second Party Opinion for this company
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