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KHL

Công ty Cổ phần Khoáng sản và Vật liệu Xây dựng Hưng Long

VietnamConstructionXây dựng và Vật liệuUPCOMCT
700
VND · Last close
No valuation yet
There is not enough data yet to estimate an intrinsic value for KHL.
Line item202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
······302963736940
Cash and cash equivalents (Bn. VND)
······0.10.050.060.20.70.3
Accounts receivable (Bn. VND)
······111142454112
Prepayments to suppliers (Bn. VND)
······99910108
Net Inventories
······181721282723
Inventories, Net (Bn. VND)
······181721282723
Other current assets
······1.01.00.050.050.074
Other current assets (Bn. VND)
······000003
LONG-TERM ASSETS (Bn. VND)
······838410111111468
Long-term trade receivables (Bn. VND)
······0505050500
Other long-term receivables (Bn. VND)
······0505050500
Fixed assets (Bn. VND)
······5723272937
Tangible fixed assets
······5622262832
Intagible fixed assets
······0.60.70.80.91.01
Long-term investments (Bn. VND)
······000.020.020.020.02
Other long-term assets (Bn. VND)
······000000.02
Other non-current assets
······772728293031
Long-term prepayments (Bn. VND)
······272728293031
TOTAL ASSETS (Bn. VND)
······112113164184183108
LIABILITIES (Bn. VND)
······676787676351
Current liabilities (Bn. VND)
······676787676336
Short-term borrowings (Bn. VND)
······212121212110
Advances from customers (Bn. VND)
······445423
Long-term liabilities (Bn. VND)
······000.10.10.115
Long-term borrowings (Bn. VND)
······0000015
OWNER'S EQUITY(Bn.VND)
······46477711712057
Capital and reserves (Bn. VND)
······46477711712057
Paid-in capital (Bn. VND)
······12012012012012056
Investment and development funds (Bn. VND)
······111111
Undistributed earnings (Bn. VND)
······−76−75−44−4−10.09
TOTAL RESOURCES (Bn. VND)
······112113164184183108
Short-term loans receivables (Bn. VND)
······006000
Common shares (Bn. VND)
······12012012012012056

Earnings Quality

Fiscal year 2018
32
Weak
Accrual Quality
100
Cash Conversion
5
Receivables
0
Margin Stability
0
Revenue Quality
37

Financial Forensics

Beneish M-Score · 2018
90th–97th
M 0.38 · 93rd pctile vs VN companies
YoY ▲ +1.62
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
4.411
GMI
1.639
AQI
1.004
SGI
0.226
DEPI
1.000
SGAI
0.275
TATA
−0.010
LVGI
1.011

Checks measured on Vietnamese companies · FY2018

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
7.6%80th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.63×
Consecutive years of net lossProfit after tax of the parent
4Statutory test met
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.

The company's Beneish M-Score is 0.382 (93rd percentile vs Vietnamese peers) with a year-over-year increase of +1.62, signalling an above-peer level of aggressive accounting indicators and a recent upward trajectory. Specific component signals include a very high DSRI (4.4106) and elevated GMI (1.6387); at the same time accruals-quality scores are strong (100/100) while cash-conversion (4.6/100), receivables quality (0/100) and margin quality (0/100) are very weak. The Piotroski F-Score is 5/9 (neutral). The audited statements show net losses in each of the latest three years and accumulated losses equal to 0.63x paid-in capital; the company trades on UPCoM where the HOSE/HNX statutory delisting rule does not apply, but the published statements meet the three-year loss condition described in Decree 155/2020 Art.120(1)(e) (as amended).

Red Flags
  • Beneish M-Score = 0.382 (93rd percentile vs Vietnamese peers). The M-Score measures the likelihood of earnings manipulation signals; the level is above most Vietnamese peers and the YoY change is +1.62, indicating a recent move toward more aggressive accounting signals.
  • DSRI = 4.4106. The Days Sales Receivable Index measures whether receivables are growing faster than sales (a high DSRI can indicate revenue-recognition or collection issues).
  • GMI = 1.6387. The Gross Margin Index >1 measures declining gross margin, which can be associated with pressure to manage earnings.
  • Cash conversion score = 4.6/100. This measures the ability to turn accrual accounting profits into cash; the very low score shows poor cash conversion relative to peers.
  • Receivables quality = 0.0/100 and Receivables outside the trade cycle = 7.6% of total assets (80th percentile). The receivables-quality metric measures whether receivables exhibit signs of collectibility or related-party / non-trade receivables; the company has high proportions of prepayments, loans receivable and other long-term receivables.
  • Revenue quality = 37.1/100 and Margin quality = 0.0/100. These indicate weak revenue and margin persistence/quality relative to peers.
  • Statutory loss tests: audited statements report net losses in each of the latest three years and accumulated losses equal to 0.63x paid-in capital. Under Decree 155/2020 Art.120(1)(e) (amended), this is the criterion used by HOSE/HNX for cancellation, though the company is on UPCoM where that delisting rule does not apply.
Positive Signals
  • Accruals quality = 100.0/100. This measures the extent to which accruals appear reliable; a perfect score indicates low abnormal accruals by the accrual-quality metric used here.
  • TATA = -0.0097. Total Accruals to Total Assets (TATA) near zero indicates small net accruals relative to assets in the period measured.
  • DEPI = 1.0000 and LVGI = 1.0111. Depreciation index (DEPI ~1) and leverage-growth index (LVGI slightly >1) show no extreme reported changes in depreciation policy or leverage growth in the Beneish components.
  • Piotroski F-Score = 5/9 (neutral). This indicates mixed fundamentals rather than clear deterioration across profitability, leverage/liquidity and operating efficiency signals.
Ownership Risk

No director-deal registrations or detailed largest-shareholder / group-structure data were provided in the inputs. The statutory disclosure shows accumulated losses of 0.63x paid-in capital and repeated losses at the parent level for four consecutive years to FY2018; these are facts about the financial position and ownership equity but do not identify concentration or insider registration activity from the supplied data.

To check in the filings
  • Compare the FY2018 note(s) that break down 'receivables' and 'prepayments' with the balance-sheet line to quantify the 7.6% of total assets classified as receivables outside the trade cycle (check the related-party disclosures and maturity/term for the 'loans receivable' and 'other long-term receivables' lines).
  • Reconcile operating-cash-flow and revenue in the cash-flow statement and management discussion to reproduce the cash-conversion metric (showing the low 4.6/100 result) and review the movement in trade payables and inventory in the cash-flow reconciliation.
  • Examine the revenue note and sales cut-off policies (and any related-party revenue schedules) to investigate the source of the high DSRI = 4.4106 and the revenue-quality score (37.1/100).
  • Confirm the statutory loss disclosures and the calculation supporting 'accumulated losses = 0.63x paid-in capital' and the note showing parent-level net losses in four consecutive years up to FY2018; read the auditor's report and going-concern / subsequent-events notes for comments.

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

Quantitative Scores

F-Score
5/9
Neutral
Sharpe
−0.27
Negative
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 Burden1.00×Interest Burden3.22×Op. Margin−1.36×Turnover0.00×Leverage2.47=ROE−2.3%
Price Risk
Momentum
−12.5%
Volatility
0.0%
Max Drawdown
−50.0%

Key Ratios

Fiscal year 2018
—P/E
P/B
0.18
P/S
35.52
ROE
−2.2%
ROA
−0.9%
EPS
−86
BVPS
3.796
Gross Margin
17.7%
Net Margin
−436.8%
D/E
0.47
Current Ratio
0.45
Rev Growth
−77.4%
Profit Growth
+92.3%
EV/EBITDA
25.42
Div Yield
—

Company Overview

Shares outstanding
—
Charter Capital
—
Sector (ICB L2)
Xây dựng và Vật liệu
Industry (ICB L3)
Xây dựng và Vật liệu
Sub-industry
Vật liệu xây dựng & Nội thất
Company Type
CT
Methodology & Disclosure

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