FiinGroup Corporate Introduction · In September 2014, our Company entered a strategic capital and...

Financial Information • Business Information • Market Research • Credit Rating

1

FiinGroup Corporate IntroductionMay 2020

An Associate Company of

Nikkei Inc. and QUICK Corp.

The Powerful Product Suite of FiinGroup

Financial Information • Business Information • Market Research • Credit Rating2

FiinGroupAT A GLANCE

▪ Corporate Profile

▪ Business Portfolio

▪ Corporate Structure

▪ Development History

▪ Senior Management


Corporate Profile

Established in March 2008, FiinGroup has become a market leader

in providing financial data, business information, industry research

and other data-driven analytics services in Vietnam.

In September 2014, our Company entered a strategic capital and

business alliance with Nikkei Inc. (Japan) under which the Japanese

partners hold 35.1% equity stake in our company and jointly

supported Japanese investors in Vietnam.

FiinGroup has been serving more than 1,000 local and foreign

financial institutions and corporations through our fintech platform as

a service (PaaS), annual packages and on-call services.

In October 2019, FiinGroup expanded its B2C model with the

introduction of FiinTrade Platform for individual investors and traders

in Vietnam Stock Market.

FiinGroup currently has over 100 staffs including data analysts,

business analysts, market researchers, IT engineers and client

advisors working at Hanoi Head Office and branch office in Ho Chi

Minh City.Location: Hanoi Head Office

Ho Chi Minh City branch

Shareholders: Nikkei: 17.55%;

QUICK: 17.55%;

Management and Others: 64.9%

Charter capital: VND25 billion

No. of employees: 105 (as of December 2019)

Data Analysts, Business Analysts,

Market Analysts, Risk Analysts incl.

CFA, ACCA, CPA charterholders

IT Engineers & Client Advisors

Legal representative: Mr. Nguyen Quang Thuan

Date of establishment: March 11, 2008

FiinGroup (previously StoxPlus) is a Vietnam’s leading integrated service provider of financial data, business information,

industry research and other data-driven analytics services.

Auditor: PricewaterhouseCoopers

Strategic Partners:


Business Portfolio

FiinGroup offers a wide range of services to build a financially credible community in Vietnam as its mission “Enlighten the

market” and support investors and enterprises grow their businesses and gain competitive advantage.

▪ FiinPro Platform

▪ FiinTrade Platform

▪ API Datafeed

▪ Business Evaluation Report

▪ FiinConnex Platform

▪ FiinGate Platform

▪ BI Analytics

▪ Issuer Credit Rating

▪ Bond Credit Rating

▪ Credit Evaluation Service

▪ Corporate Credit Scoring

▪ Industry Report

▪ Market Research

▪ Business Due Diligence

▪ Market Entry Advisory


Corporate Structure

We are operating in four main domains of knowledge

FiinGroup Joint Stock Company

Vietnam’s leading integrated service provider of financial data, business information, industry research and other premium services.

Financial Information

The Largest and Most Innovative

Financial Information Provider

Business Information

The Most Innovative Business

Information Platform

Market Research

The Most Trusted Independent

Research House

Comprehensive and In-depth Financial

Database & Analytics for analysts and

researchers

Powerful Trading Information & Analytics

Platform for Brokers, Traders and Active

Investors

API Datafeed

Securities Data Solutions to Client’s

designated system via XML or API

Business Report

Report service for risk management, sales

leads, partner screening, due diligence

and so on

Corporate information platform which

maps out relationships between

companies and persons

Industry Report

Insightful reports for all key sectors of

Vietnam under paid publications ready to

use

Market Research

Customised research at client’s request

including data analysis and on-the-

ground surveys

Market Entry Advisory

Experienced and seasoned professionals

to support clients expanding market in

Vietnam

Business Information and Risk Platform for

Vietnam

Credit Rating Agency

The Most Trusted CRA for both

Issuers and Investors


Through 12 years of establishment and development, FiinGroup provides information, insights and technology that drive

innovation and performance in Vietnamese markets

Development History

2008

Established

StoxPlus JSC as

a stock market

information portal

by three ex-PwC

founders

August

2013

Signed MOU with

National Financial

Supervision

Commission (NFSC)

for data exchange

cooperation

September

2014

Entered a

strategic alliance

with NIKKEI and

QUICK from

Japan

May

2015

Launched FiinPro

as the financial

database in

Vietnam

July

2016

Signed MOU

with SSC and

HOSE for

cooperation in

market

development

January

2017

Accepted as

Authorised Data

Vendor and Partner

with Vietnam

Enterprise

Registration

Information Centre

under MPI of Vietnam

March

2018

Joined as a full

member of

Business

Information

International

Association

(BIIA)

February

2019

Renamed from

StoxPlus to FiinGroup

October

2019

Launched

FiinTrade as the

first trading stock

information

platform in

Vietnam

March

2020

Launched

FiinConnex as the

first corporate

intelligence platform

in Vietnam

May

2020

Launched FiinGate

as the first business

information analytics

platform in Vietnam

June

2020

Launched FiinRating

as the trusted Credit

Rating Agency in

Vietnam


Senior Management

Our forward-looking leadership team is made up of dedicated, focused and expertise professionals. who previously worked

in the world’s largest consulting firms, banks, investment companies in the UK, Australia and Vietnam.

Board of Directors

Thuan Nguyen, FCCA

Chairman and CEO

Co-founder of FiinGroup

previously working as an

investment manager of

Vietnam Holding Asset

Management Ltd and

manager at PwC Vietnam &

Sydney

Hieu Nguyen, MBA

Vice Chairman

Co-founder of FiinGroup

previously working as a

specialist at the Department

for International Development

of UK (DFID) in Vietnam. and

Consulting Manager at PwC

Vietnam

Yoichi Noor Iwamoto

Board Member

Representative of NIKKEI Inc.

at FiinGroup. He is currently

Managing Director of NIKKEI

CHINA (Hong Kong) Ltd.

Chiharu Kawai

Board Member

Representative from QUICK

Corp at FiinGroup. He is

currently General Manager of

Global Business Department

at QUICK Corp.

Bolat Duisenov

Board Member

CEO of Kusto Group Vietnam

– a private equity fund with

AUM of US$300M operating

in Vietnam.

Huy Mac, CPA, FCCA

Board Member

A well-known financier with

Lehman Brothers and KPMG.

Recently he was CEO of KB

Securities (Vietnam) and ex-

DCEO of MB Securities.

Dong Le, CFA

Director,

Market Research

Managing Research and

Consulting division.

Previously Senior Investment

Manager at BIDV-Vietnam

Partners Investment

Management with AUM

$100m and before that an

Audit Manager at Deloitte

Vietnam

Trang Truong, MBA

Sr. Managing Director,

Financial Information

Managing financial

product innovation and

oversight data

acquisition and

analytics. Trang joined

as a junior since the

start of the company

Tu Nguyen, MBA

Associate Director,

Business Information

Managing risk

product innovation

and overseeing credit

report services.

Previously Senior

Auditor at KPMG and

Team Lead at IB at

TPBank

Executive Team

Nguyen Duc Thuan MBA

Manager, Credit Rating and

Modelling

Over 15 years in credit

analysis and risk management

with Citibank Singapore, MB

Bank and Manager at Credit

Risk Department of BIDV. Mr.

Thuan obtained Master of

Commerce with Major in

Finance and Banking at

UNSW, Australia in 2010.


01

Financial

Information

▪ FiinPro Platform

▪ FiinTrade Platform

▪ Cloud API Datafeed


Product Description Main Users/Usage

1 FiinTrade Platform A trading information and analytics platform for

brokers, traders and active investors in Vietnam

Stock Market.

• Sophisticated investors

• Active Traders

• Brokerage consultants

2 FiinPro Platform The most comprehensive and in-depth Financial

Database and Analytics Platform for Vietnam.

• Sellside Analysts

• Buyside Analysts

• Economic Researchers

• Investment Consultants

3 Cloud API Datafeed Vendor data and technology solutions for any

specialised applications

• Core Trading Platform

• Research Automation System

• Investor Relation Website

• Risk Management System

• Valuation System

Financial Information: Product Portfolio

Considered as premier source for financial, economic and alternative datasets, serving investment professionals, FiinGroup’s

Financial Information service is used by hundreds of financial institutions in Vietnam


A trading information and analytics platform for brokers, traders

and active investors in Vietnam Stock Market

✓ Comprehensive Information

✓ Powerful functions

✓ Real-time premium newsfeeds

✓ Premium feeds from FiinGroup

confidential research team

✓ FiinGroup Scoring & Ranking

Stock

✓ In depth Analytics

Why subscribing our FiinTrade?

Who should use our FiinTrade?

Stock AdvisorsActive InvestorsBrokers Traders Trade ExecutorsPortfolio Managers

Key Platform Features

Premium News

• Announcements

• Realtime AutoNews

• Stock Analysis

• Market News

Prices

• Time & Sales

• Prices Depth

• Quote Movement

• Price Data

Market

• Watchlist

• Market In-depth

• Market Calendar

• Heatmap

• Money Flow

Technical Analysis

• Technical Charting

• Technical Signal

• Technical Stock Scoring

Stock Analysis

• Company Snapshot

• Ownership

• Financial Checkup

• Consensus Analysis

• Financial Data

Trading Tools

• Trading Alerts

• Stock Screener

• Stock Ranking

• Trading Strategies

• API Data

Trading Strategies

• Value Stock Strategy

• Growth Stock Strategy

• Momentum Strategy

• CANSLIM Strategy

• Technical Strategy

Stock Ranking

• Stock Ranking

• Stock Scoring


The most comprehensive and in-depth Financial Database and Analytics

Platform in Vietnam.

Who should use our FiinPro?

Securities

Firms

Asset

Management

Firms

Research

Institutions

Insurance

Companies

Investment

Companies

Commercial

Banks

Consulting

Firms

Main Platform Features

Corporate Data

✓ Price data

✓ Financials

✓ Reference data

✓ Corporate actions

✓ Earnings Forecast

Market Analysis

✓ Realtime price level 1 and 2

✓ Trading statistics data

✓ Sector Indices

✓ Market Valuation

✓ Technical Analysis

Industry & Macro Data

✓ Economic data with 1000+

macro indicators

✓ Standard industry datasets

for key sectors of Vietnam

Financial News

✓ All corporate

announcements

✓ Industry news

✓ Market news

✓ My Daily Reports

Vietnam Specific Data

✓ IPO Statistics

✓ SOE Divestments

✓ Share and Bond Issue Plan

✓ Equity Market incl. Stocks and

Derivatives

✓ Fund Market incl. Open Funds

and ETFs

✓ Fixed Income incl. G-bond and

C-Bond

✓ Corporate Data

✓ Industry Data

✓ Macroeconomic Data

Powerful Analytics Tools for:

✓ Market/Trading Data

✓ Reference Data

✓ Corporate Actions

✓ Financial Data

✓ Earnings Consensus

✓ Market news and Analysis

✓ And much more…

Data and Content Coverage:

Useful Research Tools

✓ Stock Screening

✓ Strategy Screening

✓ Cross Section Analysis

✓ Contribution Analysis

✓ Portfolio Management

Excellent Customer Support

✓ Dedicated customer

support

✓ Additional data request

beyond standard

services

Interactive Data Explorer

✓ Personalised data

templates

✓ Selected stock groups

or across industries

✓ Market data and

fundamental data


Online Web Interface

Real-time Service

Cloud API Service

Microsite/

Widget

User▪ Data Uses

▪ Imported

Data

▪ Delivered Data

▪ Delivered

Data

File Service

FiinGroup Database

Client

System

Client

System

Client Website

API Datafeed Service

API Value Proposition:

✓ The most comprehensive and in-depth

financial & market data of listed, un-listed,

and private companies in Vietnam

✓ The most trusted data vendor for thousand

customers throughout more than 10 years of

existence

✓ Flexible in feeding data to customers using

multiple of standard data delivery mechanisms

✓ Data service packages are designed to be

flexible, highly usable, and ready to integrate

into any system.

✓ API customization or new API creation

requests are welcome

Our API Data Service covers Price Feed, Corporate Reference Data, Corporate Financials,

and Corporate Actions Data

Selected API Clients:


Financial Information: Client Portfolio

Industry Report

We are serving hundreds of local and foreign financial institutions and research houses who have exposure in

Vietnam Capital Market.

Securities Banks & InsuranceFund & Investment Others


02

Business

Information

▪ Business Evaluation Report

▪ FiinConnex Platform

▪ BI Data Analytics

▪ FiinGate Platform


Business Information: Product Portfolio

We help clients connect ‘what’ and ‘why’, connecting different data-sets resulting in richer and deeper insights and

ultimately more effective solutions and services to our clients.

Product Description Main Users Usage

1 Business Evaluation

Report

Technology-based and analyst-based

credit reports for any business subject as

registered enterprises in Vietnam

• Trading houses

• Credit Risk Insurance

• FDIs

• Offshore investors

• Corporates and SMEs

• Credit risk management

• Trade insurance pricing

• Due Diligence

• Research & investigation

2 FiinConnex Platform Corporate information platform that maps

out relationships between companies and

persons in the corporate ecosystem.

• Trading houses

• Financial Institutions

• Law firms

• Explore opportunities

• Due Diligence

• Legal compliance check

• Legal entity identification

• Background check

3 BI Data Analytics Our data analytics solution help you in

any decision-making process that

requires data driven analysis based on

our comprehensive business database.

• Onshore investors



• Investment & partner screening

• Pre-DD for investments

• Competition review,

• Background check

• Marketing solutions

• Business intelligence services

4 FiinGate Platform An in-depth & multidimensional

business information analytics platform

for Vietnam covering:

• Company profile

• Ownership & Groups

• Financial analysis

• Industry benchmarking

• Credit scoring and Rating

• Local firms

• Credit Risk Insurance

• FDIs


• Onshore investors

• Financial Institutions


• Credit Risk Management

• Trade Risk Management

• Industry Benchmarking

• Partner screening

• Investment screening

• M&A screening


We offer both technology-based reports and analyst-based reports from

our aggregated source of 1 mil+ registered enterprises in Vietnam

Types of Reports:

• Profile Report

• Company Factsheet

• Credit Report

• Standard Research Report

• Comprehensive Research Report

Business Profile

• Key business activities

• Legal Rep.

• Address and Contact

• Development milestones

Ownership Analysis

• Founding shareholders

• Management ownership

• Institutional shareholders

• Foreign shareholders

Operational Data

• Branches and

Subsidiaries

• Headcounts

• Production sites

• Capacity

• Factories

Insightful Analysis

• Market Share

• Management

Background

• Financial DD

News Analysis

• Litigations

• Negative News

• Key development

• Tax filing status

Financial Analysis

• Balance Sheet

• Income Statement

• Cash Flows Statement

• Financial Ratios

Company Scoring

• Industry Benchmarking

• Z-Score

• M-Score

• Short-term Credit Limit

• Credit Rating

Management Background

• Management Background

• Board of Directors

• Board of Management

Business Evaluation

Report


✓ Radial Map: Instant visual insights

about people and company

connections

✓ Interconnection Map: Identify cross-

connections, clusters and syndicates

✓ Beneficial Ownership Map: A

convenient and safe way to conduct

ownership checks

✓ Investee Companies Search:

Fastest way to discover a person’s or

company’s ownership interests

✓ Entity Profile Report: A quick

overview of your business partners at

the time of on-boarding

Product Key Features

17

Corporate information platform which maps out relationships between

companies and persons in the corporate ecosystem

Who should use our FiinConnex?

Investment FundsBanks Consulting Firms Trading HousesLaw Firms

Risk management

• Adverse info

checks

• Conflicts of

interests

The common use of FiinConnex:

Due diligence

• Client on-boarding checks

• Background checks

• Beneficial ownership

checks

• Vendor screening

Research & investigation

• Target profiling

KYC

• Potential customers

• Warm lead

generation

• Comparisons

• Warm Leads

• Increase new

customer

penetration

through warm

leads generated

from analysis of

existing client base

• Convenience

• Gain actionable

insights on people

and companies

from curated

sources using our

user-friendly

platform

• Enhanced Risk

Management

• Identify indirect

connections

among persons

and companies

• Instant & Unique

Insights

• Discover new and

unique insights into

the complex

connections among

companies in

Vietnam.

Benefits from subscribing our FiinConnex:


Our data analytics solution help you in any decision-making process that

requires data driven analysis based on our comprehensive business database

BI Data Analytics Solution

Data Analytics & Research Services

Ta r g e t S c r e e n i n g M a n a g e m e n t B a c k g r o u n d C h e c k

B u s i n e s s D u e I n t e l l i g e n c e B I D a t a F e e d

1st level review of potential

partners/ acquisition candidates to

refined list of companies for further

due diligence and/or

consideration.

Comprehensively verify users’ partners and

provides an opportunity for someone to

check a company’s management education,

employment history, its reputation and other

activities

Our data API (Application Programming

Interface) solutions to client’s systems such

as risk management, e-KYC and so on.

Due diligence helps users minimize

the chance of unwanted surprises

after the transaction is completed


Product Key Features

19

In-depth Analysis

Credit Rating

✓ Saved Lists of Company with interested

✓ Advanced Search with detailed filter parameters, returning a list of best matched results tailoredfor each customer

✓ Comprehensive Company Business Information:

✓ Saved Searches for frequent queries

✓ Account Management and Securities features

✓ Customizable Alerts

Company Key Information

Ownership & Groups

Industries Benchmarking

Financial Statements

✓ Adverse Media Monitoring

An in-depth & multidimensional business information

analytics platform for all registered businesses in Vietnam

Who should use our FiinGate?

Common use of FiinGate

Fast access to

FiinGroup's

business

information

database

Economic way to

carry out due

diligence

Automated tracking

and warnings to

keep you updated

A simple and user-

friendly web-base

platform

Benefits from subscribing our FiinGate

Credit Risk Insurance Offshore & onshore investors Local FirmsFDIsFinancial Institutions

24/7%

Open 24/7 -

Access anytime

Risk management:

• Understand risk across

a corporate

• Monitor companies for

change

• Compare and

benchmark companies

across industries

• Interpret data quickly

Business development:

• Research new

markets and regions

• Enrich the information

on your customers

• Find potential targets

Data for compliance,

KYC & due diligence:

• Corporate’s legal

status

• Corporate ownership

structures and

beneficial ownership

• Financial data and

financial strength

metrics

Corporate finance and

M&A research:

• Search by hundreds of

criteria

• Do a detailed analysis on

corporates

• Understand opportunities

and risk across a

corporate group


Business Information: Client Portfolio

Industry Report

Trading Manufacturing & Service Banks & Consulting Risk Services & others

We are serving hundreds of organisations for their risk operations, counter-party risk management, credit &

insurance pricing, and business planning


03

Research and

Consulting

▪ Industry Report

▪ Market Research

▪ Business Due Diligence

▪ Market Entry Advisory


Research & Consulting: Service Overview

Product Description Main Clients Usage

1 Industry Report On-the-shelf industry reports providing clients with

comprehensive information and in-depth analysis about

market size, historical and forecasted growth, market

share, competitive landscape, regulatory and policy

framework, key players analysis and key development

trends to help assess the market's attractiveness and

growth potentials.

2 Market Research Customized market research upon specific

requirements by clients plus value added services

including investment target sourcing, company visits

and/or business matching.

• Corporate investors

• Foreign investors

• Credit Institutions

(including commercial

banks, finance

companies etc.)

3 Business Due

Diligence

On the basis of our data-driven analysis and local in-

depth insights, we provide business due diligence

services to various foreign strategic and financial

investors in their equity investments or M&A

transactions in Vietnam.

4 Market Entry

Consulting

We support investors and/or entrepreneurs to explore

investment or trading opportunities and define optimal

market entry strategies (i.e M&A, equity Investments,

Foreign Direct Investments or simply business alliance

with local partners) with actionable recommendation for

all stages in their business journey in Vietnam.

Trade connection/ Business matching

Market potential assessment

Business intelligence review

Investment target screening

Through in-depth industry expertise, comprehensive industry and corporate database, extensive business network, we

support our clients to penetrate or expand their business in Vietnam, looking for investment targets or trading partners


Research & Consulting: Industry Research

Customised Research

Leveraging our comprehensive corporate and industry database,

we support our client’s decision - making process with in-depth

research tailored to meet clients’ specific requirements with

value-added services.

Presentation

Company visits

Businessmatching

▪ Banks

▪ Consumer Finance

▪ Payment Services

▪ Leasing

▪ Insurance

▪ Food & Beverages

▪ Food Processing

▪ Food Services

▪ Beverage

▪ ConsumerRetailer

▪ ICT Retailer

▪ Fashion Retailer

▪ Convenience Store

▪ Health & Beauty Store

▪ Utilities

▪ Water Supply and

Distribution

These are on-the-shelf industry reports providing clients with

comprehensive information and in-depth analysis by industry experts

including market size, market share, competitive landscape, key player

benchmarking, key development trends and key growth driver to help

assess the market's attractiveness and investment opportunities.

▪ Cement

▪ Additives and Concrete

▪ Admixtures

▪ Home Builders

▪ Industrial Goods

▪ Containers & Packaging

▪ Flexible Packaging

▪ Transportation

▪ Logistics

▪ Cold Chain

▪ Healthcare

▪ Hospital and Clinics

▪ MedicalEquipment

▪ Pharmaceuticals

▪ Information & Communication Technology

▪ Automobiles & Auto Parts

Industry Report

Our team covers main key sectors in Vietnam

▪ Construction & Materials

A selection of sectors we cover:

▪ Financial Services

Investment target screening


Research & Consulting: Client Portfolio

Industry Report

Korea

Japanese

International

Vietnam

We support various clients from Japan, Korea and multinational corporations successfully penetrating and expanding

their business in Vietnam market.


04

Credit Rating

Service

▪ Overview

▪ Service Offerings

▪ Rating Methodology

▪ Why FiinRating

▪ Rating Professionals


Overview

We are operating Credit Rating Agency services under FiinRating as a part of FiinGroup’s business.

FiinRating, a brand and part of FiinGroup, licensed by the Ministry of

Finance to operate as a Credit Rating Agency (“CRA”) for Vietnam.

The license was awarded on 20 March 2020 to FiinGroup under the

Decree 88/2014/ND-CP dated 26 September 2014 governing Credit

Rating Agency services.

FiinRating is the second licensed CRA business in Vietnam and we

focus on below services:

✓ Bond Credit Rating;

✓ Issuer Credit Rating; and

✓ Corporate Credit Rating Reports.

✓ Credit Evaluation

FiinRating focuses on credit rating for issuers and its instruments

such as bonds, corporate ratings and related services for investors

and creditors. Prior to expanding in credit rating services, FiinGroup

is well known in Vietnam as an independent information provider in

the country with financial information terminals, business information

portals and market research to support foreign and local institutional

investors and foreign trading partners to Vietnamese enterprises.


Overview: we brings values to corporates, investors and creditors

Credit Ratings can foster the development and smooth functioning of capital markets by providing transparent information

and insight to market participants to various stakeholders

Value to Issuers

Corporates

Value to Investors

Value to Creditors

Wider Investor Base

Better Pricing

Diversified Fund Sources

Funding Stability and Liquidity

Benchmark your organization's strengths and weaknesses

Enhance your corporate transparency

Share information when considering a joint-venture partner

Replace or reduce performance bond by demonstrating creditworthiness

to developers

Foundation stone of good investment decisions

Comparable FiinRating’s results with Moody’s, S&P Rating and Fitch Ratings

Support portfolio management with early risk alerts via ratio movements

Reliable third-party ratings for regulatory compliance purposes

Exponential lending opportunities to increasing SMEs sector

Enhance caution and independence towards lending approach

Mitigate uncertainty out of their lending decisions

Reduce time and transaction costs


Rating Offerings

Client Target Service Description

Issuer Credit Ratings FiinRating also offers an independent opinion of your organization's overall creditworthiness: FiinRating’

Issuer Credit Rating provides your credit credential - an independent opinion of your organization's overall

creditworthiness and financial strength. It can be used as an information tool for capital markets participants

and your organization's counterparties-banks, clients, suppliers, joint-venture partners, brokers, government

agencies-even landlords.

Bond Credit Ratings We provide a forward-looking opinion of an obligor’s creditworthiness: A Bond redit Rating takes into

consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the

obligation and takes into account the currency in which the obligation is denominated. The opinion reflects our

view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may

assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of

default.

The Bond Credit Ratings can be either long-term or short-term: Short-term ratings are generally assigned

to those obligations considered short-term which means obligations with an original maturity of no more than

365 days-including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an

obligor with respect to put features on long-term obligations. Medium-term notes are assigned long-term

ratings.

Corporate Credit Reports Leveraging on our corporate database for all registered enterprises in Vietnam and our industry benchmarks,

we offer credit reports with corporate rating results for all Vietnamese companies when requested.

Other Our credit analysts and risk experts can also deliver various related services such as Credit Evaluation and

trainings to corporates, investors or creditors on relevant topics

Our rating and related services are described as below


Methodology: Overall Approach

01

02

03

04

05

ECONOMY &

INDUSTRY

ANALYSIS

BUSINESS

RISK

ANALYSIS

FINANCIAL

RISK

ANALYSIS

MANAGEMENT

EVALUATION

STAKE-

HOLDERS

ANALYSIS

▪ Tracking Records of Promoters/ Management

▪ Corporate Strategy and Governance

▪ Interests and capabilities of Group concerns

▪ Organizational Structure, Control System,

Personnel policies

Key Assessment Dimensions

▪ Seasonality and Cyclicality

▪ Company Size and Market Share

▪ Cost and Efficiency parameters

Company’s Position within industry

▪ Key players in the industry

▪ D&S Factors, Prices trends

▪ Technology changes

▪ Capital Intensity

▪ Business Cycle

▪ Domestic/ International

Competitive Factors

▪ Entry Barriers

Operating Risks faced by the entity

▪ Evaluate supports from

government, shareholders/

parent company

▪ Risks exposures for the

company’s stakeholders

(Suppliers, Customers,

Shareholders, Investors, etc.)

Key Assessment Dimensions

▪ CFs towards debt servicing

▪ Holistic financial ratios analysis

approach

▪ Measure Financial Flexibility

▪ Examine Instrument projections and

sensitivity analysis

▪ Validate underlying assumptions

Past & expected financial performance

FiinRating models are driven from comprehensive data sources and international localized models which enhance the

accuracy rates while being used extensively in product pricing, risk, profitability and capital management.


Methodology: Rating Scorecard

Rating Scorecard Structure (Non-financial)

Model can be implemented as a linear scorecard using both financial and non-financial factors and their associated

weightings. Below is a sample scorecard structure used to rate corporates.Financials:

A qualitative

assessment of pure

financial strength,

measured by key

financial ratio

categories.

Financial factors

normally contribute

circa 40-50% to the

overall credit rating.

Non-financial:

A qualitative

assessment of the

obligor’s intrinsic

safety and

soundness

measured by

questions in

categories, such as

quality of

management. Each

question has several

possible answers

and each answer is

mapped to a score.

Non-financial

factors contribute

up to 60% to the

overall credit rating.

Section Sub-section Factor category

Max

contribution to

Final Score

Non-

financial

Objective

Business Profile

Years in business x1%

Stability of Product x2%

Execution and Competitive Position x3%

Industry TrendsBusiness Cyclicality .....

Interest Rate Sensitivity ….

Subjective

Event Risk

Disruption Technology ….

Regulatory And Legal Actions …..

Reputation risks ….

Financial Policy

Financial Management …..

Desired capital structure ….

Risk appetite/ Toilerance …

Liquidity Suspect Trade Debt xj%

Financial

Leverage and Coverage

EBIT/ Interest Expense xj+1%

RCF / Net Debt ….

Debt / EBITDA ….

Liquidity Quick Ratio ….

Profitability & EfficiencyOperating Margin …..

ROA ….

Scale Revenue xj+n

Total 100%

Objective

Contributiony1%

Subjective

Contribution y2%

Financial

Contributiony3%

Final scores are mapped to

FiinRating Table to obtain

Probability of Default (PD),

which used for pricing, limit

setting etc.

AAA

AA+

…..

BBB


Why FiinRating?

FiinRating is well prepared and positioned to bring benefits to issuers, investors and all related stakeholders

Experienced credit

decisioning

practionners and

professionals

Built up from

outstanding research

capabilities

Strong Investor

Base

Track records in

Credit Scoring

• Our team comprised of

seasoned professionals

at both rating committee

level and rating analyst

level.

• They are all

practionners and

experienced in credit

decisioning and scoring

at the local business

context and credit rating

from developed market

via technical support

from international

technical advisors.

• Our rating

methodologies have

been developed and

improved from our 10-

year expertise in

industry research and

data analytics;

• We are a pioneer in paid

service for market

research and industry

studies for key sectors

and sub-sectors of

Vietnam;

Industry Analytics

and Benchmarks

• Analytics models and

data benchmarks are at

the heart of any rating

models. We are very

proud of being the first

in Vietnam occupying

such models and

benchmarks which is

built up from our data-

mining works over the

last 12 years;

• We are continuously

developing such models

and rating benchmarks

• Before expanding to CRA,

we have worked for 5

years in corporate credit

evaluation and scoring

under our Business

Information Service under

data analytics platform

and on-call request for

both credit and trade

credits

• We produce around 5

thousand credit reports

on Vietnamese

companies per year for

our international clients

• We have a great network

of local and foreign

financial investors

including asset managers,

insurance firms, banks,

and corporate investors;

• This is our special

advantages for corporate

issuers in diversifying the

funding source.


Rating Professionals

Rating Committee Members and Experts comprised of seasoned professionals in credit decisioning, corporate finance,

investment and credit rating. The Committee members work on-call basis depending on their expertise and conflict-of

interest clearance

Au Pham Hai, FCCA CIA

Rating Committee Member


Previously Deputy CEO of Lien Viet

Post Bank, Operational and Market

Risk Manager of Vietinbank and Risk

Management Consulting Manager at

Deutsche Bank. He was consulting

manager of PwC Vietnam (2001-

2007). He had some time working as

executive of Phu Quy Group. Mr. Au

obtained Bachelor of Economics at

Hanoi National Economics University

and MBA from the University of

Malaya. Mr. Au is a Certified Internal

Auditors.

Nguyen Duc Thuan MBA



Mr. Thuan is currently Manager, Models and

Data Analytics at FiinRating from early 2020.

He has over 15 years in credit analysis and

risk management with a number of institutions

such as Manager at Citibank N.A Center of

Excellency APAC in Singapore, Director at

Credit Appraisal Center at MB Bank and

Manager at Credit Risk Department of BIDV.

Mr. Thuan completed his Bachelor of

Economics from Hanoi National Economics

University in 2002 and then obtained Master

of Commerce with Major in Finance and

Banking at The University of New South

Wales, Australia in 2010.

Le Anh Thi, MBA FCCA



Mr. Thi has over 22 years in audit, investment

and corporate finance operations. He is

previously CFO of SEAF Fund Management

and several companies in constructions and

real estate business form 2012-2019. Mr. Thi

used to be DCEO of Au Viet Securities

Company. From 1998 – 2002, he was audit

supervisor with PwC Hanoi and then

investment executive at the Vietnam’s leading

private equity fund Mekong Capital. Mr. Thi

completed his Bachelor of Economics from

Hanoi National Economics University in 1998

and then obtained Master of Commerce with

Major in Finance and Banking at The

University of New South Wales, Australia in

2005.

Tran Viet Duc CPA



Mr. Duc is currently Managing

Partner of IDG Ventures Vietnam

based in Hanoi. Before that he was

deputy general director of Deloitte

Vietnam (previously VACO) from

1991 to 2005. He completed his

bachelor in economics at National

Economics University in Hanoi and

got his MBA from Taxas University.

He is also the first who obtained

CPA from the Ministry of Finance of

Vietnam

Pham Duy Hieu



Mr. Hieu is currently chairman of Vietnam

Startup Foundation, a not-for-profit

organization established to support startups

and innovations in Vietnam the region.

Previously, Mr. Hieu was CEO of ABBank,

tier 2 commercial bank in Vietnam from

2013 - 2020. Before that he was CEO of

Viet A Bank, CFO of Geleximco, a

diversified business group based in Hanoi.

He started his career in 1999 as credit

officer with Vietcombank Leasing and then

investment executives with Sabeco Fund

management and few securities firms.

Alpona Banerji

Advisor


Currently advisor to FiinGroup in the CRA

project. She leads the team to prepare

rating methodology and other technical

documents. Alpona was a Senior Credit

Officer and then Vice-President at

Sovereign Risk Group, Moody’s Investors

Service (2011-2016). Previously was

Senior Risk management Officer at World

Bank Group in Washington DC

Head Office

10th Floor, Peakview Tower, 36 Hoang Cau, O Cho

Dua, Dong Da, Hanoi, Vietnam

Tel: (84-24) 3562 6962

Email: [email protected]

Ho Chi Minh City Branch

3rd Floor, Profomilk Plaza Building, 51-53 Vo Van Tan, Ward 6,

District 3, Ho Chi Minh, Vietnam

Tel: (84-28) 3933 3586

Email: [email protected]

mailto:[email protected]

mailto:[email protected]

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