1:50:36 PM | 16/9/2008
The Credit Information Centre (CIC) under the State Bank of Vietnam, in cooperation with the U.S. D&B, has unofficially released the credit ratings of listed companies, with eight outstanding points as showed out by the Vietnam Economic Times newspaper.
First, the business performances of listed firms have improved considerably, according to CIC's report. Up to 39.93 per cent of listed ones got AAA, an increase of 23.16 per cent over 2006, 68.02 per cent got from BBB to AA, a fall of 1.73 per cent on year.
The number of the companies rated CCC to B has decreased sharply to 2.05 per cent, or 6 companies, down 76 per cent over the previous rating.
Second, the report showed 135 enterprises got higher ranks this year, including 62 at HOSE and 73 at HASTC. Meanwhile, 36 firms got lower ranks, including 20 at HOSE and 16 at HASTC.
Third, in terms of operation scale, the listed firms with bigger scale are operating better than medium-size and small ones. Firms listed at HOSE have better performance than the ones at HASTC.
Fourth, of 8 business sectors, the merchandise trade group has the most AAA companies (53.3 per cent). The group of industries follows with 52.6 per cent of companies ranked AAA
The group of construction and real estate has only 14.5 per cent of 62 companies ranked AAA, while 77.4 per cent rank from AA to BBB.
Fifth, all the companies have fulfilled their production and business plans. Blue-chip firms such as FPT, VNM and VSH all showed impressive business results with high growth rates and high profitability.
Sixth, although enterprises in fields of construction and real estate, seafood and farm produce, paper production and publication had many difficulties, their shares still saw high growth rates.
These shares 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 (BBT) still ranked BBB, the same as last year, though it suffered losses for several years and may face bankruptcy.
Eighth, the 2008 credit ranking has a new part: a diagram which shows the financial indicators of listed companies in the period from 2005 to 2007.
CIC said it would reward the 20 most outstanding enterprises, with 12 listed on HOSE and 8 on HASTC next week. (Vietnam Economic Times, Stock News)
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