CAD
Công ty Cổ phần Chế biến và Xuất khẩu Thủy sản Cadovimex
Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2025
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 125.6%100th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- 8.20×Statutory test met
- Consecutive years of net lossProfit after tax of the parent
- 10Statutory 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 shows mixed signals: the Beneish M-Score is -2.5694 (35th percentile vs Vietnamese peers) with a year-over-year increase of +5.40, driven notably by a DSRI of 1.8691 and an SGI of 1.4978; the -1.78 US cutoff is not fully applicable to Vietnam, so the peer percentile and the +5.40 trajectory matter more. Earnings-quality metrics are weak overall (Earnings Quality 27.5/100) with very poor receivables, margin and revenue quality, but accruals quality is high (100/100) and the Piotroski F-Score is strong at 8/9; solvency distress is signalled by an Altman Z-Score of -361.90 and statutory loss tests show accumulated losses above paid-in capital and three consecutive-year losses.
- Receivables outside the trade cycle are 125.6% of total assets (100th percentile among Vietnamese non-financials) — the company classifies large balances as prepayments to suppliers, loans receivable and other long-term receivables.
- Accumulated losses are 8.20x paid-in capital and owner's equity excluding minority interest is negative; the parent has reported a net loss in each of the last 10 years up to FY2025.
- Altman Z-Score = -361.90 (distress zone) — this is an indicator of very weak bankruptcy-distance under the Altman framework.
- Earnings-quality sub-scores are very weak for receivables, margin and revenue quality (each 0.0/100) and cash conversion is low (10.1/100), indicating earnings generation and cash collection are discordant.
- Beneish components: DSRI = 1.8691 (days-sales-in-receivables rising), SGI = 1.4978 (high sales growth), LVGI = 0.8382, and TATA = -0.2729 (negative total accruals relative to assets) — DSRI and SGI suggest receivables and growth dynamics are contributors to the M-Score increase (+5.40 YoY).
- Statutory-loss-related facts in the published statements: accumulated losses exceed paid-in capital and losses reported in each of the latest three years (these are the exact conditions enumerated under Decree 155/2020 Art.120(1)(e) as amended).
- Beneish GMI = 0.6344 (gross margin index below 1.0), suggesting gross margin did not deteriorate year-over-year under that metric.
- AQI = 1.0000 and DEPI = 1.0000 indicate stability in asset quality index and depreciation index components used in the Beneish model.
- Accruals quality = 100.0/100 and TATA = -0.2729 (negative total accruals relative to assets) — the reported accruals pattern is not indicative of positive accrual-based earnings inflation.
- Piotroski F-Score = 8/9 denotes several strong fundamental items (profitability, leverage/liquidity/operating efficiency measures) within the Piotroski framework.
Ownership is highly concentrated: an individual, Sầm Huy Bình, holds 51.2% and another individual holds 7.4%; the top five holders are mainly individuals with one small institutional shareholder at 3.1%. This concentrated, founder/individual-dominant ownership suggests control is tightly held and related-party or group transactions warrant close scrutiny in disclosures.
- Compare the FY2025 'receivables and prepayments' schedule to the related-party transactions note to identify how much of the 125.6% of total assets is with related parties or non-trade counterparties.
- Reconcile the 'loans receivable' and 'other long-term receivables' lines in the balance sheet with impairment and aging notes to see the collectibility assumptions and maturities.
- Verify the statement of changes in equity and the auditor's report to confirm the 8.20x accumulated-losses-to-paid-in-capital figure and the negative owner's equity (excluding minority interest).
- Check the parent company profit (loss) line and the audited income statements for the sequence of net losses over the last 10 years and the notes that explain recurring loss drivers or restructuring measures.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- —
- P/S
- 0.16
- ROE
- 0.2%
- ROA
- −26.4%
- EPS
- −319
- BVPS
- −171.573
- Gross Margin
- 23.2%
- Net Margin
- −12.5%
- D/E
- —
- Current Ratio
- 0.00
- Rev Growth
- +49.8%
- Profit Growth
- +96.5%
- EV/EBITDA
- 123.83
- Div Yield
- —
Company Overview
- Shares outstanding
- 8.8M
- Charter Capital
- 88.0B VND
- Sector (ICB L2)
- Thực phẩm và đồ uống
- Industry (ICB L3)
- Sản xuất thực phẩm
- Sub-industry
- Nuôi trồng nông & hải sản
- Company Type
- CT