Overview Key strengths Key risks Largest provider of corporate services in Asia, with high customer retention. Higher interest expenses amid rate hikes weigh on cash flows and constrain financial flexibility. Good revenue visibility. High leverage with debt-to-EBITDA at 7x-8x over the next 12 months. Stronger profitability than the industry average and rated direct peers. Material exposure to reputation and regulatory risk. Operations in fragmented markets. Thevelia and Vistra operate in similar markets and services in Asia. This provides opportunities for the combined entity to reduce headcount, downsize office premises, and implement shared services. The two businesses can also cross-sell more. For example, Vistra can cross-sell corporate services to Thevelia's multinational customers with non-Asia Pacific subsidiaries or Thevelia can cross-sell investor
