Tien Phong Securities Corporation
About the Issuer
Established in 2006, TPS is a mid-sized privately-owned securities firm. In 2019, ТРВank became a shareholder of TPS and added several of its key executives to TPS's management team. The new management embarked on a major business restructuring that included rebranding, integration with TPBank's ecosystem, and launching new proprietary trading, corporate bond advisory and underwriting businesses. Corporate bond advisory and distribution have since become TPS's primary business, leveraging TPBank's branch network and customer base to expand market reach and drive cross-selling.
Rating Results
Credit Opinion
(1) the firm continues to raise new capital to strengthen its loss-absorption bufferssuch as reducing its leverage ratio to 2.0x on a sustainable basis; or
(2) the firm successfully implements its de-risking strategy with limited balance sheet losses and improves quality and stability of its earnings; or
(3) we assess TPBank's capacity to support increase substantially
(1) the firm’s de-risking efforts fail to resolve asset quality issues, leading to balance sheet losses and significantly weaker capital level; or
(2) the firm’s liquidity risks increase, given higher reliance on short-term borrowings, and/or insufficient liquid assets to cover its short-term obligations; or
(3) its core profitability continues to incur loss from investments or brokerage services on a consistent basis; or
(4) we assess TPBank’s capacity and willingness to support decrease substantially
(1) diversified funding structure with sizeable long-term bond fundings;
(2) moderate likelihood of affiliate support from TPBank
(1) elevated exposure to risky assets, including corporate bond investments and BCC receivables of companies that either defaulted or are linked to recent defaults
(2) below-peer ROAA with weak earning quality
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for ORS.
VIS Rating has not issued a Second Party Opinion for this company
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