Becamex Investment and Industrial Development Group
About the Issuer
Established in 1976, BCM is a state-owned corporation in Vietnam specializing in investing, developing, and managing industrial parks integrated with residential and urban services. Over the past three decades, the company has built one of the country’s largest industrial real estate portfolios through direct investments, strategic tie-ups, and joint ventures with both local and foreign partners. Beyond the development of traditional industrial parks, BCM has expanded into other business segments that are strategic and complementary to its industrial parks, such as residential development, healthcare and education services, technical and service infrastructure, construction, power, port operations, and social infrastructure.
Rating Results
Credit Opinion
Reduces its financial leverage significantly and demonstrates a track record of improving operating cash flow from its core business and debt servicing metrics
(1) Continues to increase its debt levels, resulting in worsening of coverage and leverage metrics. For example, Debt/EBITDA ratio exceeds 6x and EBIT/Interest Expense falls below 0.7x;
(2) Experiences a significant decline in revenue and profits - below management targets – and shows weakness in corporate execution and operating cash flow;
(3) Becomes more vulnerable to liquidity and refinancing risks.
(1) Strong market position as a leading integrated industrial park developer
(2) Strong business profile, high diversification, and strategic partnerships
(3) Very high profitability, with EBITDA margins above 40%
(1) Leverage at a moderate-to-high level relative to peers
(2) Weak interest coverage and operating cash flow metrics
Issuer analysis reports
Related sector reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for BCM.
VIS Rating has not issued a Second Party Opinion for this company
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