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
View Credit Rating ReportBCM’s A issuer rating could be upgraded if the corporation demonstrates a track record of improving operating cash flow from its core business, and/or raising substantial equity proceeds to fund its expansion plans, leading to improvements in credit metrics, for example, CFO/ Debt ratio of above 10%, or EBIT/Interest expense ratio of above 6x.
BCM’s A issuer rating could be downgraded if (1) the corporation’s revenue and sales proceeds significantly decline due to adverse market conditions, leading to a significant deterioration in leverage and coverage metrics, for example, Debt/EBITDA ratio of above 7x, or EBIT/Interest Expense ratio of below 0.7x; or/and (2) BCM becomes more vulnerable to liquidity and refinancing risks.
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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