HPM
Công ty Cổ phần Xây dựng Thương mại và Khoáng sản Hoàng Phúc
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 · 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.
- 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.
- 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 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.
- 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
Key Ratios
- 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