Tasco Joint Stock Company
About the Issuer
HUT was first established in 1971 as a construction contractor in Northern Vietnam and grew through investments in infrastructure projects, real estate, and electronic toll collection systems. The company underwent a major strategic overhaul over the last 2 years (2023 - 2024) to advance its vision to become the leading provider of automotive services and smartart transportation infrastructure in Vietnam. This strategic shift led to significant restructuring and streamlining of its core businesses, including the acquisition of new business assets and divestment of its legacy non-core
businesses, such as construction and healthcare.
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) the company significantly increase leverage for business expansion, resulting in further weakening of its leverage and coverage metrics; or
(2) the company’s liquidity risks considerably increase in the group or parent company level due to significant decline in cash flow
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 HUT.
VIS Rating has not issued a Second Party Opinion for this company
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