Crystal Bay is late in paying 421 billion VND to VNDirect

DNVN - VIS Rating's report shows that in November 2024, a late-payment bond was announced from Crystal Bay JSC, 100% of which is owned by VNDirect.

According to the corporate bond market overview report recently published by VIS Rating, in November, a late-payment bond was announced from Crystal Bay JSC, a company in the tourism and resort industry, with a total late-payment principal value of VND421 billion.

The issuer defaulted on principal payment on November 5, 2024. Subsequently, bondholder VNDirect, which owns 100% of the bond, agreed to extend the payment until November 30, 2024.

According to VIS Rating, there is currently no payment notice for this bond. The bond is secured by 78.2 million shares of Crystal Bay JSC and VNDirect is also the consultant, underwriter and representative for the bondholder.

A project of Crystal Bay.

VIS Rating considers these collateral stocks to be low liquidity because they are shares of unlisted companies. In addition, this rating company assesses that the company will continue to have a high risk of late principal/interest payments due to its weak credit profile with negative operating cash flow, high leverage and limited cash resources. According to the information disclosed, this TCPH has lost VND76 billion in 6M2024 and VND136 billion in 6M2023.

Crystal Bay Joint Stock Company (website: https://crystalbay.com/) is a member of Crystal Bay Group, established in 2016. This real estate group is associated with the name of tycoon Nguyen Duc Chi (born in 1969) - Chairman of the Board of Directors and legal representative. Ms. Le Minh Ha holds the position of General Director.

Currently, the company owns many 5-star hotel and resort projects in Khanh Hoa, Ninh Thuan and other provinces. The company is also an investor and developer of large tourism projects; continuously opening charter flights from all over the world to Vietnam in recent times.

Regarding business performance, according to the consolidated financial report for 2023, Crystal Bay recorded a profit after tax of VND 101 billion, while in fiscal year 2022 it lost VND 94.1 billion. As of December 31, 2023, the company's equity was VND 1,861 billion, an increase of nearly 5% compared to the beginning of the year.

According to VIS Rating, 43 bonds have delayed their first principal/interest payments in 2024 to date, with a total value of VND23.2 trillion. This figure has decreased significantly compared to 369 bonds with delayed principal/interest payments with a total value of VND144.3 trillion in 2023.

The cumulative delinquency rate at the end of November 2024 remained at 15.3%. The Energy group had the highest delinquency rate at 44%, while the residential real estate group accounted for 60% of the total delinquent bonds.

Thu An

Source: https://doanhnghiepvn.vn/kinh-te/crystal-bay-cham-tra-421-ty-dong-cho-vndirect/20241207030443883