MB Securities Joint Stock Company
About the Issuer
MBS is 76.35% owned by Military Joint Stock Commercial Bank (MBB), a large commercial bank in Vietnam. MBB with its key subsidiaries, including MBS, create a cohesive group of companies that works together to serve customers with a comprehensive suite of financial products and solutions.
Since its establishment in 2000, MBS has leveraged MBB's extensive nationwide physical operations and customer network to expand its core businesses. Its core businesses include securities brokerage, margin lending, and investments in financial instruments.
Rating Results
Credit Opinion
(1) the firm raises new capital to strengthen its loss-absorption buffers, for example, its leverage ratio drops to 2.3x on a sustainable basis, or
(2) MBB’s standalone credit profile improves substantially, and in turn, increases its capacity to provide support to MBS in times of need
(1) it increases its holdings of high-risk assets substantially, heightening the likelihood of balance sheet losses and a significant deterioration of the firm’s loss absorption buffer; or
(2) the firm becomes increasingly vulnerable to liquidity risks, for example, liquid assets decline substantially and may not sufficient to cover its short-term obligations; or
(3) we assess MBB's capacity or willingness to support to have fallen substantially
(1) strong profitability mainly driven by its higher-than-industry lending yields and net interest margins (NIM)
(2) higher than the industry-average capital level
(1) asset risk from fast-growing retail and SME loan portfolio and a material increase in retail and SME loan delinquencies
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for MBS.
VIS Rating has not issued a Second Party Opinion for this company
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