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
View Credit Rating ReportTPS’s BBB+ rating could be upgraded if (1) the firm continues to strengthen its loss-absorption buffers - such as raising new capital and maintaining its leverage ratio at 2.0x or lower; or (2) the firm successfully implements its de-risking strategy with limited balance sheet losses and maintains a sustained improvement in core profitability; or (3) we assess TPBank's capacity to support increase substantially
TPS’s BBB+ rating could be downgraded if (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, reflected in insufficient liquid assets to meet short-term obligations or reduced access to funding sources; 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.
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
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