AIS Securities Joint Stock Company
About the Issuer
Established in 2007, AIS is a small-sized securities firm in Vietnam.
Following a change in key shareholders in 2019, AIS initiated a comprehensive restructuring of its business operations. The firm raised new capital in 2019, 2020 and 2022 to restore business operations and secure essential licenses for margin lending, brokerage, and derivatives services, etc. Since 2020, AIS has gradually expanded its product offerings and invested in technology infrastructure to comprehensively enhance its trading platforms.
Rating Results
Credit Opinion
AIS’s A- rating could be upgraded if (1) the company exhibits a track record of meaningfully improving the profitability from its core business, for example, through stronger business activity and income from core margin lending and brokerage, and develops a more robust customer base on a consistent basis.
AIS’s A- rating could be downgraded if (1) the firm substantially increases its holdings of higher-risk assets, heightening the likelihood of balance sheet losses; or (2) the company significantly increases its leverage to support business expansion, for example, its leverage ratio increases to above 2.5x on a consistent basis; or (3) the firm becomes increasingly vulnerable to liquidity risks and does not hold sufficient liquidity assets to cover its short-term obligations; or (4) the firm’s profitability weakens sustainably due to investment losses, for example, ROAA declines to below 0.7% and pre-tax earnings volatility increases significantly on a sustained basis.
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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