DTE
Công ty Cổ phần Đầu tư Năng lượng Đại Trường Thành Holdings
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 · FY2022
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 14.9%87th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- None
- Consecutive years of net lossProfit after tax of the parent
- 0
- Owner's equityWithout the non-controlling interest
- Positive
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.
DTE's Beneish M-Score is -1.132, which is above the US-calibrated -1.78 cutoff but ranks in the 82nd percentile versus Vietnamese peers (suggesting relatively more aggressive accounting compared with most local listings). Earnings-quality components are mixed: accruals quality is high (92.0/100) and receivables quality is perfect (100.0/100), but cash conversion is weak (24.4/100). The Altman Z-Score is 0.93 (in the distress zone), while the Piotroski F-Score is 6/9 (moderately supportive of fundamentals).
- Beneish M-Score = -1.132 (measures the likelihood of earnings manipulation; higher values indicate more aggressive accounting); 82nd percentile vs Vietnamese peers (relatively elevated).
- SGI (Sales Growth Index) = 2.3742 (measures growth in sales; high SGI can pressure management to manage earnings).
- GMI (Gross Margin Index) = 1.6607 (measures deterioration in gross margin; >1 suggests worsening margins year-over-year).
- Cash conversion (Earnings Quality component) = 24.4/100 (measures how effectively accounting profits convert to operating cash; low score indicates weak cash conversion).
- Altman Z-Score = 0.93 (measures distance to bankruptcy; <1.8 falls into the distress zone for the adapted model).
- Receivables outside the trade cycle = 14.9% of total assets (87th percentile among Vietnamese non-financials; this includes prepayments to suppliers, loans receivable and other long-term receivables).
- Accruals quality = 92.0/100 (measures the quality of accruals; high score suggests reported earnings are not heavily driven by accrual manipulations).
- Receivables quality = 100.0/100 (measures the quality and collectibility of receivables; a top score indicates receivables appear clean on the measures used).
- TATA (Total Accruals to Total Assets) = 0.0200 (measures the size of total accruals relative to assets; a low positive number suggests limited accrual intensity).
- LVGI (Leverage/Volatility/Goodwill Index) = 0.9398 (component used in Beneish; not an extreme outlier).
- Piotroski F-Score = 6/9 (measures nine fundamental signals; a 6 is a neutral-to-favorable indicator of operational fundamentals).
Ownership is concentrated among five individuals: Nguyễn Hồng Quang 18.0%, Nguyễn Ngọc Tưởng 15.8%, Hà Văn My 14.9%, Nguyễn Hồng Quân 14.0% and Lý Văn Lực 7.3%. This concentrated, individual-held register implies control is relatively concentrated rather than dispersed; no state or corporate group owner is listed in the top five.
- Compare the note(s) and schedule(s) for 'receivables' and 'other long-term receivables' in the audited annual financial statements to quantify the components that make up the 14.9% of total assets disclosed as receivables outside the trade cycle.
- Reconcile the cash flow statement (operating cash flows) with net profit to verify the weak cash conversion (24.4/100) — examine the line items for changes in working capital and significant non-cash items.
- Inspect the revenue note and the related-party transactions note for large sales or balances that could explain a high SGI (2.3742) or unusual timing of revenue recognition.
- Review the equity and retained earnings lines and the auditor's report for confirmation that accumulated losses are not present and that owner's equity (excluding minority interest) is positive, as stated.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- 0.27
- P/S
- 0.38
- ROE
- 6.4%
- ROA
- 2.5%
- EPS
- 812
- BVPS
- 12.748
- Gross Margin
- 25.6%
- Net Margin
- 8.8%
- D/E
- 0.82
- Current Ratio
- 1.18
- Rev Growth
- +137.4%
- Profit Growth
- +4.2%
- EV/EBITDA
- 4.85
- Div Yield
- —
Company Overview
- Shares outstanding
- 50.7M
- Charter Capital
- 507B VND
- Sector (ICB L2)
- Điện, nước & xăng dầu khí đốt
- Industry (ICB L3)
- Sản xuất & Phân phối Điện
- Sub-industry
- Sản xuất & Phân phối Điện
- Company Type
- CT