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
- 1.6%45th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- 1.55×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.
Quantitative Scores
Key Ratios
- P/B
- —
- P/S
- 0.03
- ROE
- 116.6%
- ROA
- −5.4%
- EPS
- −1.644
- BVPS
- 0
- Gross Margin
- −0.9%
- Net Margin
- −8.2%
- D/E
- —
- Current Ratio
- 0.75
- Rev Growth
- −14.5%
- Profit Growth
- −312.3%
- EV/EBITDA
- —
- Div Yield
- —
Company Overview
- Shares outstanding
- 10.0M
- Charter Capital
- 100B VND
- Sector (ICB L2)
- Hóa chất
- Industry (ICB L3)
- Hóa chất
- Sub-industry
- Sản phẩm hóa dầu, Nông dược & Hóa chất khác
- Company Type
- CT