LPBank Securities Joint Stock Company
About the Issuer
Established in 2009, LPBS is currently a mid-sized, privately-owned securities firm. Following changes to its shareholder structure in late 2023, the firm formed a new management team and hand noratione and adopted anew strategy to strengthen its key businesses: brokerage and margin lending, corporate bond operations, and
proprietary equity trading. The firm completed its rebranding in collaboration with Fortune Vietnam Joint Stock Commercial Bank (LPBank), raised significant capital, strengthened its brokerage services, and its staff force.
Rating Results
Credit Opinion
(1) Demonstrates a sustained track record in executing its growth strategy with disciplined risk management, including prudent underwriting standards, meaningfully reduced margin-lending concentration, and limited balance sheet losses on a consistent basis; and
(2) Demonstrates consistent improvement in the level and quality of earnings, driven by stronger and more diversified diversified performance performance across its core businesses.
(1) The firm's risk profile weakens materially; or
(2) The firm becomes increasingly vulnerable to liquidity risk, including a material decline in liquid assett coverage coverage of short-term obligations or sustained difficulty in refinancing its debt.
(1) strong capitalization due to sizeable capital injections and a consistent non-cash dividend policy;
(2) its substantial liquid asset buffers and established access to bank funding, including support from LPBank
(1) sizeable credit concentration in margin lending;
(2) relatively high reliance on equity trading materially increases earnings volatility
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
Schedule an interview with our experts
Contact us for media partnership requests and interviews with VIS Rating experts.
Explore our events
We host webinars and in-person events covering key credit topics, industry developments, and risks in Vietnam’s capital markets.
Learn more