StarBay Hanoi Investment Company Limited
About the Issuer
Established in 2018, Starbay HN operates as a holding company with investments in three subsidiaries. Through An Thinh Construction Investment Co., Ltd. (An Thinh) and ANC Sai Gon Trading Services Co., Ltd. (ANC), Starbay HN engages in residential real estate secondary investment, purchasing housing units in bulk from developers— primarily within Vinhomes and MIK Group-related projects—and reselling them to end-buyers. The company also has one residential project under early phase of development.
Over 2023–2025, the company generated stable annual revenue of around VND1.0–1.2 trillion, primarily from investment of villas at Vinhomes Global Gate project and shophouses at Imperia Grand Đức Hòa project, supporting an ‘Average’ scale relative to peers and broader Vietnam corporates.
Rating Results
Credit Opinion
Starbay HN’s BB- issuer rating could be upgraded if the company improves its operating cash flow to fund its capital expenditure on a sustained basis, leading to improvements in credit metrics, for example, Debt/EBITDA ratio of below 7x, or CFO/ Debt ratio of above 10%, or EBIT/interest expense ratios of above 5x.
Starbay HN’s BB- issuer rating could be downgraded if (1) the holdco is unable to direct liquidity resources from its subsidiaries and related parties to meet its obligations; and/or (2) the company fails to implement its business plans, weakening liquidity and leading to a deterioration in leverage and coverage metrics, for example, Debt/EBITDA ratio of above 15x on a sustained basis.
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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