Siba High-tech
Rating Announcement · Siba High-tech Mechanical Group Joint Stock Company · 21/09/2026
Source: VIS Rating
Rating Announcement Siba High-tech Manufacturing

Rating Announcement

Siba High-tech Mechanical Group Joint Stock Company

VIS Rating assigns first-time A- bond and issuer ratings to SIBA Group, stable outlook

KH
Ratings & Research Department
21/09/2026

Credit Rating Result

A-
Issuer rating
Stable
Outlook
Initial rating
Rating status

Sumary of key factors

 Extremely
Weak
Very
Weak
WeakBelow-
Average
AverageAbove-
Average
StrongVery
Strong
Stand-alone Assessment        
         
         
         
         
 LowModerateHighVery HighExtremely High
Affiliate support     
Government support     
Source: VIS Rating

 

Factors That Could Lead to an Upgrade/Downgrade

Factors that could lead to an upgrade

SIBA Group’s A- issuer rating and bond rating could be upgraded if the company demonstrates a track record of materially higher profitability from mechanical engineering and the new businesses, driving stronger leverage and coverage metrics. Factors that could lead to an upgrade include, for example, EBITDA margin sustained above 26% and EBIT/Interest expense above 4.9x, or CFO/Debt above 40%.

Factors that could lead to a downgrade

SIBA Group’s A- issuer rating and bond rating could be downgraded if the company shows (1) significantly weaker-than-expected profitability and/or (2) aggressive debt-funded expansion into new ventures, materially weakening its credit metrics. Factors that could lead to a downgrade include, for example, EBITDA margin below 15%, Debt/EBITDA above 5.7x, or CFO/debt below 7%. 

Rating methodology

Non-Financial Corporates Rating Methodology.

For more detailed information, please refer to our full credit rating methodology at: here

Analyst & Committee

Primary Analysts

Nguyễn Minh Quang, MSc
Nguyen Minh Quang, MSc
Analyst

Rating Committee Members

Simon Chen, CFA
Simon Chen, CFA
Head of Ratings & Research
Dương Đức Hiếu, CFA
Duong Duc Hieu, CFA
Senior Director - Head of Corporate Ratings & Research
Phan Duy Hưng, CFA, MBA
Phan Duy Hung, CFA, MBA
Senior Director - Head of Financial Institutions Ratings & Research

Credit Rating Announcement Number

Vietnam Investors Service and Credit Rating Agency Joint Stock Company

Public credit rating announcement no: VN0313140100-001-210926

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