BIDV Securities Joint Stock Company
About the Issuer
BSI was established in 1999 as one of the first two securities firms in Vietnam. The company operates under a traditional business model focused on retail brokerage and margin lending, and has expanded its suite of advisory services for institutional clients over the years. As a key subsidiary of one of Vietnam's largest state-owned banks, Joint Stock Commercial Bank for Investment and Development of Vietnam (BID), BSI and BID collaborate closely on group strategic initiatives.
Rating Results
Credit Opinion
(1) The company successfully expands into upstream manufacturing and assembly, maintaining consistently higher margins with larger revenue contribution by these activities;
(2) Develops its new business segments, including real estate and financial services, commanding higher margins and maintaining steady growth in new business transactions and market position that result in better credit metrics.
(1) Leverage and exposure to higher-risk assets increase materially, heightening balance sheet risks; or
(2) Profitability weakens significantly due to operational losses; or
(3) Liquidity risks rise substantially, such as a sharp decline in liquid assets insufficient to cover short-term obligations; or
(4) We view BID's capacity or willingness to provide support to have fallen materially.
(1) conservative business strategy and significantly lower exposure to higher-risk assets than the industry average
(2) robust ROAA from low funding cost
(3) substantial liquid asset buffers, a well-diversified funding mix
(1) increased reliance on short-term borrowings to fund margin loan growth
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for BSC.
VIS Rating has not issued a Second Party Opinion for this company
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