TTC BIEN HOA JSC’S BOND – SBT121002

Company Information

TTC Bien Hoa Joint Stock Company was formerly a Joint Venture between Bourbon Group, Sugar Union II and Tay Ninh Sugar Union.

With the key message “Comprehensive technology – Value sharing”, TTC Bien Hoa has been focusing thoroughly on technology incorporated in governance, operation, anticipating customers’ demand, and developing a seamless ecosystem of products and services, creating a foundation to define the Company’s competitive advantage in the marketplace, especially in the international arena. Simultaneously, TTC Bien Hoa continues to focus on expanding and completing the Sugarcane value chain based on sustainable development to provide the market with Green energy solutions from Clean production.

TTC Bien Hoa owns a diversified product portfolio

Sugar products

TTC Bien Hoa currently holds 57% of the wholesale market share, 70% of the modern retail market share and 10% of the traditional channel market share. 90% of the Company’s profit and revenue comes from sugar production.

Sugar By-Product

These are by-products from refining sugar process, which reduce up to 10% of sugar production costs.

Solar energy

The generated electricity is used for production and business operation, reducing greenhouse gas emissions and helping to protect the environment. Unused electricity can be sold to the national grid, contributing to the company’s revenue.

Financial Situation

Business performance in FY21/22 and Q1 FY22/23 was improved thanks to the recovery of macro economy and the sugar price remains stable at high level (rose 31% during FY21/22).

FY21/22 gross profit increased by 4% yoy (VND 2,308 billion). Net profit in FY21/22 was VND 874 billion, rose 33% yoy (due to profit from trade remedies and financial activities), equivalent to 0.4% increase in net profit margin.

Q1 FY22/23 revenue continued to grow impressively 23% yoy, gross profit margin reached 12.7%; net profit was VND 226 billion, equivalent to an increase of 16% yoy (benefit from cheap inventory while the average selling price increased by approximately 9% and the advantage of trade remedies)

Bond Information

TTC Bien Hoa JSC’s Bonds

Issuance Scale	VND 700,000,000,000 (VND 700 billion)
Issue Date	26/01/2021
Maturity Date	26/01/2024
Term	3 years
Coupon payment term	every 3 months
Coupon interest	10,225%/year at current period (26/10/2023 – 26/01/2024)
Collateral	Listed shares: GEG & SBT Estate: TTC Tay Ninh Plaza Mall & Tay Ninh Sugar Factory

* Pinetree only offers liquidity support for the bonds distributed by Pinetree and bonds bought by investors from Pinetree.

** The liquidity support service offered by Pinetree will be at an appropriate call price under market conditions from time to time during the maturity of the Bonds.

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