VNDIRECT Securities Corporation
About the Issuer
Established in 2006 as a privately-owned securities firm, VND is among the three largest firms by total assets at end-2024. The firm has established an advanced trading platform to grow its customer base and market share in brokerage and margin lending. In recent years, it has expanded its fixed-income operations to serve both institutional and retail customers. The services include corporate bond advisory, underwriting and distribution.
Rating Results
Credit Opinion
(1) the company successfully implements its de-risking strategy, establishes a track record of managing the growth of its fixed-income operations and improves quality and stability of its earnings, or
(2) the firm raises new capital to strengthen its loss absorption buffer, for example, leverage ratio falling to below 1.3x on a consistent basis
(1) its higher-risk assets increase further, or the credit quality of its bond holdings worsens, leading to a higher risk of balance sheet losses and a significant deterioration of the firm's capital level; or
(2) its core profitability worsens significantly; or
(3) the firm becomes increasingly vulnerable to liquidity risks
(1) below-peer leverage, supported by good access to new capital
(2) diversified income structure, backed by strong nationwide retail and institutional customer networks
(3) diversified funding structure and significant liquid asset buffer
(1) higher-than-peer exposure to higher-risk assets
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for VND.
VIS Rating has not issued a Second Party Opinion for this company
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