BaF Vietnam Agriculture JSC's BOND - BAF123020 - Pinetree Securities
BaF Vietnam Agriculture JSC’s BOND – BAF123020
Bond April 4, 2024

BaF Vietnam Agriculture JSC’s BOND – BAF123020

BaF Vietnam Agriculture JSC’s BOND – BAF123020

Company Information

BaF Vietnam Agriculture Joint Stock Company builds and continuously improves a closed Feed-Farm-Food model to achieve comprehensive control over all aspects, from raw materials for animal feed, breeds, and high-tech livestock farms to meat production, processing, and distribution to consumers.

BaF owns the first factory in Vietnam to achieve both GLOBAL G.A.P CFM 3.0 and FSSC 22000 V5.1 certifications simultaneously—recognized globally as the highest standards in animal feed production management. BaF strategically partners with reputable global breed suppliers to select healthy, disease-free breeds that are specially adapted to the Vietnamese climate. Additionally, BaF operates a closed meat production system with modern processing technology.

4.1

Company development strategy:

FEED

Exclusive vegetarian bran formula, developed by a team of talented experts

Ingredients meet international quality standards, 100% plant origin

Autonomous production capacity to serve the 3F ecosystem with a modern factory system

FARM

Good quality breeds

Smart, modern, self-operating farm

Closed barn model, ensuring biosecurity, maximum animal health protection

FOOD

Closed meat slaughter system

Vegetarian pork, fresh meat quality, ensuring food hygiene and safety

3F standard ecosystem with closed model, quality control of the value chain from input sources to finished products

3

Financial Situation

Subject
(Bil VND)
2020202120222023
Revenue12,84510,4347,0855,255
Profit4632228719
Asset5,2465,4574,7296,574
Equity5661,4551,7431,907

Bond information

Issuance Scale VND 300.000.000.000
(300 Bil VND)
Issue Date 04/07/2023
Maturity Date 04/07/2026
Term 3 years
Payment term Every 6 months
Coupon Rate10.5%/year
Put option Investors have the right to request the issuer to buy back up to 50% of the bonds held
in last day of the 24th month (04/07/2025)
Call optionThe bond issuer has the right to repurchase 50% of the bond quantity at any time after
18 months from the issuing date, and 100% at any time after 24 months from the issuing date.

* Pinetree only offers liquidity support for the bonds distributed by Pinetree.

** Pinetree’s liquidity support service will be offered at an appropriate call price based on market conditions and the company’s policies throughout the maturity of the bonds.

Documentations

Bond Introduction

Prospectus

Financial statment 2021

Financial statment 2022

Financial statment 2023

Resolution of the Board of Directors 2912

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