FLC Faros Construction JSC (ROS) is a new blue chip stock in Vietnam with a market cap of USD 3.8bn that has run close to 1,800% since its listing debut a little over a year ago. It is now the 7th largest company in Vietnam’s stock market. ROS was included in the main ETF index FTSE Vietnam in April 2017 where it constitutes around 7.5% of the index. It also comprises 3.6% of the VN Index. Furthermore, ROS has even made it past MSCI’s scrutiny and currently constitutes 0.8% of the MSCI Frontier Market Index. Despite all these indicators, Tundra has grave reservations about the company’s corporate governance and believes there is a risk that the company might be virtually worthless. Read our analysis here.