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HPM

Công ty Cổ phần Xây dựng Thương mại và Khoáng sản Hoàng Phúc

VietnamCyclicalsTài nguyên Cơ bảnKhai khoángUPCOMCT
6.300
VND · Last close
No valuation yet
There is not enough data yet to estimate an intrinsic value for HPM.
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
···4838953581441129
Cash and cash equivalents (Bn. VND)
···0.100.010.010.080.010.010.13230.000.00
Accounts receivable (Bn. VND)
···4737620.215716126
Prepayments to suppliers (Bn. VND)
···30.10.20.20.30.2340.500
Net Inventories
···0.20410,317410,317410,3170.000.010.10.1003
Inventories, Net (Bn. VND)
···0.20410,317410,317410,3170.000.010.10.1003
Other current assets
···0.90.8333344200
LONG-TERM ASSETS (Bn. VND)
···14162628313439402544
Long-term trade receivables (Bn. VND)
···000000.050.050.050.0500
Other long-term receivables (Bn. VND)
···000000.050.050.050.0500
Fixed assets (Bn. VND)
···14161922252823121344
Tangible fixed assets
···11131618212423121344
Intagible fixed assets
···33344400000
Other non-current assets
···000000.30.40.30.500
Long-term prepayments (Bn. VND)
···000000.30.40.30.500
TOTAL ASSETS (Bn. VND)
···6254353334394854661613
LIABILITIES (Bn. VND)
···2416111010819202675
Current liabilities (Bn. VND)
···2416111010819202675
Short-term borrowings (Bn. VND)
···73554000023
Advances from customers (Bn. VND)
···20.80.80.810.833000
OWNER'S EQUITY(Bn.VND)
···39382423253129344098
Capital and reserves (Bn. VND)
···39382423253129344098
Paid-in capital (Bn. VND)
···38383838383838383888
Undistributed earnings (Bn. VND)
···0.70.07−14−15−13−7−9−420.60.2
TOTAL RESOURCES (Bn. VND)
···6254353334394854661613
Short-term loans receivables (Bn. VND)
···22220000000
Common shares (Bn. VND)
···38383838383838383888

Earnings Quality

Fiscal year 2023
29
Poor
Accrual Quality
71
Cash Conversion
0
Receivables
0
Margin Stability
38
Revenue Quality
34

Financial Forensics

Beneish M-Score · 2023
Highest band
M 4.92 · 99th pctile vs VN companies
YoY ▼ −1.67
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
10.000
GMI
0.567
AQI
1.000
SGI
0.066
DEPI
1.098
SGAI
1.471
TATA
0.073
LVGI
1.278

Checks measured on Vietnamese companies · FY2023

Cash conversion, 3 yearsOperating cash flow / net profit
−0.2423rd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
7.9%76th 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.

HPM's Beneish M‑Score is 4.9193 (99th percentile vs Vietnamese peers) with a year‑over‑year change of -1.67, indicating its accounting behaviour is unusually aggressive relative to peers and has moved recently; the M‑Score components driving this are an extremely high DSRI (10.0000, indicating receivables/sales growth out of line with revenue) and elevated DEPI (1.0980) and SGAI (1.4706). Other indicators show weak earnings quality (28.5/100), poor cash conversion (operating cash flow/ net profit three‑year = -0.24, 23rd percentile) and weak fundamentals (Piotroski F = 3/9); Altman Z = 1.87 places it in the grey zone for bankruptcy distance.

Red Flags
  • Beneish M‑Score = 4.9193 (99th percentile vs Vietnamese peers). The M‑Score is a multivariate indicator designed to flag likely earnings manipulation; here it is far above the 1980s US cutoff of -1.78, but that cutoff is US‑calibrated and about 28% of Vietnamese firms exceed it — the peer percentile and the YoY move are therefore especially relevant.
  • DSRI = 10.0000. The Days' Sales Receivables Index measures whether receivables are growing faster than sales; a value of 10 implies receivables have grown much faster than sales, consistent with unusually large receivables or revenue recognition timing differences.
  • Cash conversion (three‑year operating cash flow / net profit) = -0.24 (23rd percentile). This measures whether reported profits are being converted into cash; the negative ratio and low percentile mean profit has not translated into operating cash.
  • Receivables outside the trade cycle = 7.9% of total assets (76th percentile). This line—prepayments, loans receivable and other long‑term receivables—shows a material portion of assets not tied to normal trade receivables.
  • Earnings Quality Score = 28.5/100 with very low sub‑scores for cash conversion (0/100) and receivables quality (0/100). These components measure accrual realism and revenue/receivable reliability and suggest weak quality of reported earnings.
  • Piotroski F‑Score = 3/9. This score measures recent earnings, balance‑sheet and cash‑flow improvements; 3/9 implies weak fundamentals on those metrics.
  • SGAI = 1.4706 and DEPI = 1.0980. SGAI >1 indicates selling, general & administrative expenses rising faster than sales; DEPI >1 indicates depreciation expense has slowed relative to prior periods—both can signal discretionary expense or depreciation pattern changes that affect reported profit.
Positive Signals
  • AQI = 1.0000. The asset quality index (ratio of non‑current assets other than PPE to total assets) at 1.00 does not flag a decline in asset quality versus the benchmark used in Beneish's model.
  • TATA = 0.0731 and Accruals quality subscore = 70.8/100. Total Accruals to Total Assets at 7.31% and a relatively higher accruals quality score indicate accruals are present but not extreme compared with other concerns raised here.
  • LVGI = 1.2782 and SGI = 0.0660. Low sales growth (SGI 0.0660) means revenue pressure rather than aggressive top‑line growth; this can limit some forms of revenue‑based manipulation and explains parts of the M‑Score composition.
  • No accumulated losses; owner's equity (excluding minorities) positive; parent net loss count = 0 years to FY2023. These are favourable statutory and balance‑sheet facts reported in the financials.
Ownership Risk

Ownership is concentrated: five parties control large stakes (Nguyễn Minh Kiều Thanh 21.6%, Phạm Duy Tân 16.0%, Công ty TNHH Đầu Tư Và Quản Lý Hoàng Phúc 15.0%, Lý Tấn Khoa 12.0%, Hoàng Thanh Thủy 12.0%). That concentration and presence of an institutional 15% holder indicate substantial block ownership and potential for group or insider influence on reporting and transactions.

To check in the filings
  • Compare year‑end trade receivables and the note on 'receivables outside the trade cycle' / loans to related parties to reconcile the 7.9% of total assets figure.
  • Reconcile the three‑year operating cash flow and net profit in the cash flow statement and the auditor's discussion to understand the drivers of the −0.24 cash conversion metric.
  • Examine the revenue recognition policy and the aging schedule for receivables (note and schedule) to assess the DSRI = 10.0000 signal and any changes year‑over‑year.
  • Review depreciation policy and fixed‑asset schedules (note on useful lives / impairments) to explain DEPI = 1.0980 and any discretionary changes in depreciation or asset lives.

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

Quantitative Scores

F-Score
3/9
Weak
Z-Score
1.87
Grey Zone
Sharpe
−2.62
Negative
Composite
22
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 Burden0.53×Interest Burden0.47×Op. Margin0.43×Turnover0.10×Leverage1.61=ROE1.7%
Price Risk
Momentum
−34.2%
Volatility
52.7%
Max Drawdown
−59.4%

Key Ratios

Fiscal year 2023
37.03P/E
P/B
0.62
P/S
4.00
ROE
1.7%
ROA
1.1%
EPS
170
BVPS
10.189
Gross Margin
62.7%
Net Margin
10.8%
D/E
0.18
Current Ratio
2.03
Rev Growth
−93.4%
Profit Growth
−95.5%
EV/EBITDA
6.63
Div Yield
—

Company Overview

Shares outstanding
3.8M
Charter Capital
38.0B VND
Sector (ICB L2)
Tài nguyên Cơ bản
Industry (ICB L3)
Khai khoáng
Sub-industry
Khai khoáng
Company Type
CT
Methodology & Disclosure

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