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AGM

Công ty Cổ phần Xuất nhập khẩu An Giang

VietnamConsumerThực phẩm và đồ uốngSản xuất thực phẩmUPCOMCT
1.800
VND · Close 30 Oct 2026
No valuation yet
There is not enough data yet to estimate an intrinsic value for AGM.
Line item202620252024202320222021202020192018201720162015201420132012
CURRENT ASSETS (Bn. VND)
·1491943457841,301581591404551565611434716·
Cash and cash equivalents (Bn. VND)
·76711232108374213815723540427·
Short-term investments (Bn. VND)
·009785916519529280252030·
Accounts receivable (Bn. VND)
·13615728253277888100585753963664·
Prepayments to suppliers (Bn. VND)
·1231471643492162425753429·
Net Inventories
·0.21025129212215253272324348248332194·
Inventories, Net (Bn. VND)
·71925131218220262282325352254342195·
Other current assets
·62222342156447850.4·
Other current assets (Bn. VND)
·000000000000.90.4·
LONG-TERM ASSETS (Bn. VND)
·785842892797555178181148168177180300302·
Long-term trade receivables (Bn. VND)
·213213223340.60.80.50.50.40.400·
Other long-term receivables (Bn. VND)
·0.000.000.02340.60.80.50.50.40.400·
Fixed assets (Bn. VND)
·375444446646284120122123144147151129133·
Tangible fixed assets
·15617917024720489939411411812196103·
Leased assets
·71778388000000000·
Intagible fixed assets
·149188193311803129283030303030·
Long-term investments (Bn. VND)
·1098712190258494914151111162162·
Investments in associate companies
·1098112190132494914141010160160·
Other long-term assets (Bn. VND)
·0.0260.30.021260.020.020.020.10.10.122·
Less: Provision for diminuation in value of long term investments
·−0.02−0.02−0.02−0.020−0.02−0.02−0.02000−0.7−0.6·
Other non-current assets
·758697478899991097·
Long-term prepayments (Bn. VND)
·3459878888977·
TOTAL ASSETS (Bn. VND)
·9341,0371,2371,5811,8567597725527197417927341,019·
LIABILITIES (Bn. VND)
·1,2741,2811,2151,2891,374320331175359391408388653·
Current liabilities (Bn. VND)
·1,2651,2661,1821,0291,030316326169353382401381653·
Short-term borrowings (Bn. VND)
·88794295695393827426992294328351340590·
Advances from customers (Bn. VND)
·537093113278181576138·
Long-term liabilities (Bn. VND)
·9143326034445569770·
Long-term borrowings (Bn. VND)
·8123125734100002000·
OWNER'S EQUITY(Bn.VND)
·−340−24422292483439441377360350383346365·
Capital and reserves (Bn. VND)
·−340−24422292483439441377360350383346365·
Paid-in capital (Bn. VND)
·182182182182182182182182182182182182182·
Investment and development funds (Bn. VND)
·0001201201201201201201171139476·
Other Reserves
·0005555555555·
Undistributed earnings (Bn. VND)
·−522−426−160−71175131134705346844784·
TOTAL RESOURCES (Bn. VND)
·9341,0371,2371,5811,8567597725527197417927341,019·
Short-term loans receivables (Bn. VND)
·23261300000000·
Common shares (Bn. VND)
·182182182182182182182182182182182182182·
Good will (Bn. VND)
·72829138000000000·
MINORITY INTERESTS
·00055000.4000000·

Earnings Quality

Fiscal year 2025
40
Weak
Accrual Quality
100
Cash Conversion
0
Receivables
0
Margin Stability
0
Revenue Quality
100

Financial Forensics

Beneish M-Score · 2025
Highest band
M 4.53 · 99th pctile vs VN companies
YoY ▲ +8.49
Conservative vs VN peersUnusual accounting movement
Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI
9.693
GMI
1.507
AQI
1.140
SGI
0.089
DEPI
0.875
SGAI
1.685
TATA
−0.071
LVGI
1.106

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
13.4%86th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
2.87×Statutory test met
Consecutive years of net lossProfit after tax of the parent
4Statutory test met
Owner's equityWithout the non-controlling interest
NegativeStatutory test met

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.

The company's accounting profile shows multiple concern signals: a very high Beneish M-Score of 4.5294 (99th percentile vs Vietnamese peers, year-over-year change +8.49) driven by an extreme DSRI of 9.6929 and elevated SGAI (1.6850) and GMI (1.5069). Profitability and balance-sheet distress are material: an Altman Z-Score of -2.55 (distress zone) and four consecutive years of parent net loss with owner's equity (ex-minority) negative and accumulated losses 2.87x paid-in capital. There are also positive elements: accruals and revenue-quality component scores are high (100/100 each) and Piotroski F-Score is neutral at 4/9.

Red Flags
  • Beneish M-Score 4.5294 — measures likelihood of earnings manipulation factors; this score is at the 99th percentile versus Vietnamese peers and moved +8.49 year-over-year (the YoY trajectory is an additional signal).
  • DSRI 9.6929 — Days Sales Receivables Index of 9.6929 is unusually high and is a primary driver of the M-Score, indicating receivables (and related non-trade receivables) have grown far faster than sales.
  • Receivables outside the trade cycle 13.4% of total assets — ranks at the 86th percentile among Vietnamese non-financials; this line includes prepayments to suppliers, loans receivable and other long-term receivables.
  • Accumulated losses 2.87x paid-in capital and four consecutive years of parent net loss up to FY2025 — statutory indicators of prolonged losses and erosion of capital.
  • Owner's equity (excluding minority interest) negative — the balance sheet shows capital deficit.
  • Altman Z-Score -2.55 — places the company in the distress zone (measures distance to bankruptcy based on profitability, leverage, liquidity and activity ratios).
  • Earnings-quality components heavily skewed: Cash conversion 0/100, Receivables quality 0/100, Margin quality 0/100 — these indicate weak cash-flow conversion, questionable receivables realization and poor margin persistence.
  • High SGAI 1.6850 and GMI 1.5069 — Selling, general & administrative expenses and gross margin deterioration indexes respectively, contributing to the elevated M-Score.
  • Director-deal registrations in the past 12 months: 4 sale registrations (2 registrants; 3,046,800 shares) and 3 purchase registrations (1 registrant; unspecified volumes) — these are registered intentions disclosed to the exchange (not executed trades).
Positive Signals
  • Accruals quality 100/100 — measures the extent to which earnings are supported by cash flows; here accruals appear high-quality by the metric.
  • Revenue quality 100/100 — indicates reported revenue has characteristics that score well on the chosen revenue-quality tests used for this assessment.
  • Piotroski F-Score 4/9 — a neutral score on fundamentals (measures profitability, leverage/liquidity, and operating efficiency) rather than a clear deterioration across all Piotroski dimensions.
  • LVGI 1.1057 and AQI 1.1396 — Less extreme contributors to the M-Score (LVGI = leverage index; AQI = asset quality index) compared with the DSRI-driven signal, showing some measured changes in asset composition and leverage.
Ownership Risk

Shareholding is moderately concentrated: two institutions hold 20.6% and 7.9% respectively, and three individuals hold between 4.2% and 4.9% each. Director-deal entries show multiple registered sales and several purchase registrations in the last year; these are disclosed intentions rather than executed trades.

To check in the filings
  • Compare the FY2025 note for 'Receivables and prepayments' with the total assets to verify the 13.4% figure and inspect the breakdown into trade receivables, prepayments to suppliers, loans receivable and other long-term receivables.
  • Reconcile the accumulated losses line in the owner's equity movement statement and the paid-in capital in the charter capital note to confirm the 2.87x ratio and the negative owner's equity (ex-minority).
  • Examine the parent company income statement and the auditor’s report for the four consecutive years of net loss up to FY2025 and any related emphasis-of-matter or going-concern disclosures.
  • Review the directors’/insiders’ transaction registration filings between 2025-10-30 and 2026-10-30 in the exchange disclosures to confirm the 4 sale registrations (3,046,800 shares) and the 3 purchase registrations and their stated volumes (note that registrations are intentions).

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
−2.55
Distress Zone
Sharpe
−0.55
Negative
Composite
18
Below 30
Piotroski F-Score Breakdown
✗Net Income > 0
✗Operating CF > 0
✓ROA Rising
✓OCF > Net Income
✓Lower Leverage
✗Better Liquidity
✓No Dilution
✗Margin Up
✗Turnover Up
DuPont Decomposition
Tax Burden1.00×Interest Burden0.98×Op. Margin−4.98×Turnover0.02×Leverage−2.74=ROE30.8%
Price Risk
Momentum
−3.4%
Volatility
127.7%
Max Drawdown
−69.2%

Key Ratios

Fiscal year 2025
—P/E
P/B
—
P/S
1.52
ROE
35.8%
ROA
−10.6%
EPS
−5.751
BVPS
−18.692
Gross Margin
−54.1%
Net Margin
−486.8%
D/E
—
Current Ratio
0.12
Rev Growth
−91.1%
Profit Growth
+59.7%
EV/EBITDA
—
Div Yield
—

Company Overview

Shares outstanding
18.2M
Charter Capital
182B VND
Sector (ICB L2)
Thực phẩm và đồ uống
Industry (ICB L3)
Sản xuất thực phẩm
Sub-industry
Thực phẩm
Company Type
CT
Methodology & Disclosure

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