Tasco Auto Joint Stock Company
About the Issuer
Tasco Auto, a subsidiary of Tasco Joint Stock Company (HUT), is a holding company that owns the largest automotive dealership, distribution and service network in Vietnam. The company’s business is operated and managed under its key subsidiaries, including Saigon General Service Corporation (Savico) - the owner of Vietnam’s leading, long-established multi-brand automotive dealership network, Sweden Auto Company Limited - the sole importer and distributor of Volvo in Vietnam, Greenlynk Automotives Joint Stock Company - the sole importer and distributor of Lynk & Co in Vietnam, and Tasco Auto Distribution Ltd Company - the sole importer and distributor of Geely in Vietnam.
Rating Results
Credit Opinion
The company demonstrates its ability to scale and improve the operating performance of both of its core and new car brands, and maintains a track record of strong financial metrics, including EBITDA margin consistently remaining above 10%, Debt/EBITDA below 5x, and CFO/Debt ratio consistently above 10%
(1) the company embarks on aggressive business growth or acquisition, resulting in further weakening of its leverage and coverage metrics, for example, Debt/EBITDA above 8.0x and CFO/Debt below 5%, or
(2) the company’s liquidity risks increase considerably due to limited access to bank financing or difficulties in refinancing at market rates
Very strong scale, with leading position in auto dealerships in Vietnam
Below-average profitability and efficiency underpinned by a thin-margin automotive retail dealership business
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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