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Ratings of listed companies: 8 remarkable points
The Credit Information Centre (CIC) under the State Bank of Vietnam, in cooperation with the US D&B, has unofficially released the credit ratings of listed companies. 40% of the companies received AAA, the best rating.
Thoi bao Kinh te Vietnam has pointed out eight remarkable points of the CIC’s report:
First, according to CIC, the business performances of listed companies have improved considerably. There are more companies with AAA and less with lower grades.
117 companies, or 39.93% of listed companies, got AAA, an increase of 23.16% over 2006. There are 170 businesses that got from BBB to AA, accounting for 68.02% of listed companies, a decrease of 1.73% compared to 2006. Meanwhile, the number of listed companies rated CCC to B has decreased sharply to 6, or 2.05%, a decrease of 76% over the previous rating.
Second, the reports shows that 135 enterprises got higher ranks this year: 62 enterprises at the HCM City Stock Exchange (HOSE) and 73 at the Hanoi Securities Trading Centre (HASTC).
Meanwhile, 36 enterprises got lower ranks in this report, 20 at HOSE and 16 at HASTC.
122 listed companies have the same grade as previously: 71 at HOSE and 51 at HASTC.
There are 79 companies which have ranked AAA in two consecutive reports, 56 at HOSE and 23 at HASTC.
Third, in terms of operation scale, the listed companies with bigger scale are operating better than medium-size and small enterprises. The companies listed at HOSE have better operation capability than the ones at HASTC.
80 companies at HOSE ranked AAA, or 52% of 152 listed companies at the bourse, while HASTC only has 37 companies ranked AAA, or 26% of 141 listed companies.
Fourth, of 8 business sectors, the merchandise trade group, comprising 30 companies, has the most AAA companies (53.3%). The group has 46.7% of companies rated from AA to BBB.
The group of industries follows with 52.6% of companies ranked AAA, 47.4% ranked from AA to BBB (95 companies).
The group of construction and real estate only has 14.5% of 62 companies ranked AAA, while 77.4% rank from AA to BBB.
Fifth, the reported business results of many listed companies have proven to be satisfactory. The companies all have fulfilled production and business plans.
Companies with blue chips like FPT, VNM and VSH all showed impressive business results with high growth rates and high profitability. These companies withstood the market’s fluctuations well.
Sixth, while enterprises in the fields of construction and real estate, seafood and farm produce, paper production and publication had many difficulties, shares of the enterprises still saw high growth rates.
These include VCS, HDC, VC2, VMC, DCC, VC5 and VC6 (construction and real estate), ABT, DBC, NGC (seafood and farm produce), HAP, YSC, DST (paper production and publication), which all have P/E and EPS higher than the average level in the market.
Seventh, Bach Tuyet Cotton Company still ranks BBB, the same as last year, though it was involved in a scandal, in which the company reported profit to cheat shareholders, while in fact, it suffered losses.
Eighth, the 2008 ranking has a new part: a diagram which shows the financial indicators of listed companies in the period from 2005 to 2007.
CIC said that it would reward the 20 most outstanding enterprises: 12 listed on HOSE and 8 on HASTC.
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