Thien Viet Securities Joint Stock Company
About the Issuer
Since its establishment in 2006, TVS has expanded its range of services beyond retail brokerage and investment banking advisory services to include asset management and principal investments. Today, it distinguishes itself from industry peers through its growing portfolio of private equity investments, in which it serves as an active and strategic equity investor rather than a purely financial sponsor.
Rating Results
Credit Opinion
(1) the firm raises substantial new capital to strengthen its loss-absorption buffers;
(2) the firm demonstrates a track record of improving earnings stability
(1) the firm significantly increases its exposure to higher-risk assets, which, in turn, heightens the likelihood of balance sheet losses; or
(2) the firm becomes increasingly vulnerable to liquidity risks
(1) substantial holdings of highly liquid assets relative to the industry average, which cover its short-term obligations
(1) higher-than-peer use of short-term borrowings to support treasury activity as well as its modest capital raise;
(2) elevated pre-tax earnings volatility given its reliance on market-driven investment income
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for TVS.
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