Ba Na Service Cable Car Joint Stock Company
About the Issuer
Established in 2007, BNC operates Sun World Ba Na Hills in Da Nang, one of Vietnam's most iconic tourism complexes with theme parks, cable cars, and hotels. Since 2016, its subsidiary - Fansipan Sa Pa Cable Car Services & Tourism Co., Ltd. (FSP) - operates Sun World Fansipan Legend in Sa Pa. BNC is aa member of the Sun Group ecosystem, which is one of the largest corporate groups in Vietnam with operations in tourism, hospitality, and residential real estate sectors. BNC works closely with other Sun Group's affiliated companies on business development and operations.
Rating Results
Credit Opinion
The company maintains steady improvement in its operating cash flow and debt leverage and coverage ratios, for example, Debt/ EBITDA ratio of below 5x, or EBIT/ interest expense ratio of above 2x, or CFO (Operating cash flow)/ Debt ratio of above 20%
(1) faces prolonged deterioration in the number of visitors, leading to weak operating cash flow; and/ or
(2) fails to implement new businesses as planned and experiences significant deterioration in profitability and leverage and coverage metrics, for example, Debt/ EBITDA ratio rising above 11x; and/ or
(3) we review the company’s liquidity risk has increased due to limited access to bank financing or difficulties in refinancing at market rates
(1) Strong market position in the leisure, lodging and entertainment sector, anchored by iconic tourism assets
(2) Very strong profitability and operating efficiency
(1) Below-average leverage and debt coverage profile due to debt expansion
(2) High exposure to a cyclical and shock-sensitive tourism sector
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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