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KTT

Công ty Cổ phần Tập đoàn Đầu tư KTT

VietnamConstructionXây dựng và Vật liệuUPCOMCT
2.300
VND · Last close
No valuation yet
There is not enough data yet to estimate an intrinsic value for KTT.
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
···37038829910337183455434639
Cash and cash equivalents (Bn. VND)
···1811126622923
Short-term investments (Bn. VND)
···940400000000
Accounts receivable (Bn. VND)
···2293451949628102511171514
Prepayments to suppliers (Bn. VND)
···148102720120.310.5
Net Inventories
···304082522740172922
Inventories, Net (Bn. VND)
···304082522740172922
Other current assets
···0.2170.05890,29100.0430.0810
LONG-TERM ASSETS (Bn. VND)
···0161660.1141511101111
Long-term trade receivables (Bn. VND)
···010100000.20000
Other long-term receivables (Bn. VND)
···010100000.20000
Fixed assets (Bn. VND)
···00.810.030.06141511101111
Tangible fixed assets
···00.810.030.06141511101111
Intagible fixed assets
···000000.040.050.060.070.080.09
Long-term investments (Bn. VND)
···05550000000
Other non-current assets
···00010.06000000.2
Long-term prepayments (Bn. VND)
···00010.06000000.2
TOTAL ASSETS (Bn. VND)
···37040331510937324966535750
LIABILITIES (Bn. VND)
···3643742777430.41836232721
Current liabilities (Bn. VND)
···3643742777430.41636232721
Short-term borrowings (Bn. VND)
···301292103270035578
Advances from customers (Bn. VND)
···0.42452000.750.30.70.3
Long-term liabilities (Bn. VND)
···00000030000
Long-term borrowings (Bn. VND)
···00000030000
OWNER'S EQUITY(Bn.VND)
···629373534313130303030
Capital and reserves (Bn. VND)
···629373534313130303030
Paid-in capital (Bn. VND)
···3030303030303030303029
Investment and development funds (Bn. VND)
···00000000000.05
Undistributed earnings (Bn. VND)
···−24−0.05854220.30.20.080.7
TOTAL RESOURCES (Bn. VND)
···37040331510937324966535750
Short-term loans receivables (Bn. VND)
···0518911800000
Common shares (Bn. VND)
···3030303030303030303029

Earnings Quality

Fiscal year 2023
35
Weak
Accrual Quality
100
Cash Conversion
40
Receivables
0
Margin Stability
0
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2023
90th–97th
M 2.13 · 96th pctile vs VN companies
YoY ▲ +1.28
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
9.115
GMI
0.680
AQI
0.000
SGI
0.073
DEPI
1.000
SGAI
7.073
TATA
−0.083
LVGI
1.063

Checks measured on Vietnamese companies · FY2023

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
3.7%62nd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.81×
Consecutive years of net lossProfit after tax of the parent
2
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 accounting signals show a high Beneish M-Score of 2.1344 (96th percentile vs Vietnamese peers) with a year-over-year increase of +1.28, indicating the company’s accrual- and revenue-related ratios moved markedly versus peers. Earnings-quality components are mixed: accruals quality scores 100/100 while receivables, margin and revenue quality score 0/100; Altman Z-Score is -0.02 (distress zone) and Piotroski F-Score is 4/9 (neutral).

Red Flags
  • Beneish M-Score 2.1344 (Vietnam peer percentile 96th): the score is well above the US -1.78 threshold and ranks in the top 4% of Vietnamese non-financial peers for aggressive accounting metrics; year-over-year change +1.28 shows a recent deterioration in the composite measure.
  • DSRI (days’ sales receivable index) = 9.1152: this measures receivables relative to sales; a very large DSRI suggests receivables or revenue recognition moved substantially relative to sales.
  • SGAI (sales, general & administrative index) = 7.0727: this measures growth in SG&A relative to sales; a large value can indicate SG&A behaving differently to revenue and may signal expense capitalization or timing differences.
  • DEPI = 1.0000 and LVGI = 1.0626: DEPI measures changes in depreciation policy/estimates (1.0000 suggests no shrinkage but, combined with LVGI >1, indicates longer asset lives or valuation patterns), and LVGI >1 indicates asset life increases or valuation shifts that can boost reported earnings.
  • TATA (total accruals to total assets) = -0.0826: negative TATA indicates operating cash exceeded accounting profit (cash-based strength) but must be read with other signals—here accruals quality scores 100/100 yet revenue/receivable metrics are weak.
  • Earnings-quality sub-scores: Receivables quality 0/100, Margin quality 0/100, Revenue quality 0/100 — these three zeros indicate very low measured quality in the revenue and margin elements used by the model.
  • Altman Z-Score = -0.02 (distress zone): the canonical distress-distance measure places the company in the distress region for bankruptcy-distance.
  • Company reports net loss (parent profit) in 2 consecutive years up to FY2023 and accumulated losses = 0.81x paid-in capital: the audited statements show multi-year losses with accumulated losses approaching paid-in capital (0.81×).
  • Receivables outside the trade cycle = 3.7% of total assets (62nd percentile): the company has non-trade receivables / prepayments / loans receivable comprising 3.7% of assets, a non-trivial component relative to peers.
Positive Signals
  • Accruals quality score 100.0/100: this measures the quality of accruals; a perfect score suggests accruals are modeled as high quality (e.g., low abnormal accruals) by the applied metric.
  • TATA = -0.0826 (negative total accruals to assets): indicates operating cash generation exceeded accounting profit in the period measured, which can be a healthy cash pattern if persistent and supported by statements.
  • AQI = 0.0000 (asset quality index): in the Beneish components AQI = 0 implies no measured deterioration in asset composition by that index; combined with a positive owner's equity (excluding minorities), the balance sheet retains positive net equity.
Ownership Risk

Ownership is concentrated among individuals: top five shareholders are all individuals with Đặng Lê Duy 12.4%, Nguyễn Văn Đạt 11.0%, Trần Phú Minh 5.0%, Nguyễn Minh Khuê 5.0% and Nguyễn Tiến Sỹ 4.8%. There is no listed institutional or state block disclosed here; no director-deal registrations were provided in the dataset.

To check in the filings
  • Compare the FY2023 note(s) breaking down 'receivables and prepayments' to reconcile the 3.7% of total assets labelled 'receivables outside the trade cycle' and identify amounts classed as loans receivable, prepayments to suppliers, and long-term receivables.
  • Review the auditor’s report and the statement of changes in equity for the accumulated losses figure and the line items that produce 'accumulated losses = 0.81× paid-in capital' to confirm how retained earnings and capital injections are presented.
  • Examine the revenue recognition policy note and the schedule for gross and net receivables to understand drivers of DSRI = 9.1152 and why receivables quality scored 0/100, including any related-party receivables or extended collection terms.
  • Check the fixed-asset note (depreciation methods and useful lives) for evidence supporting DEPI = 1.0000 and LVGI = 1.0626 (policy changes or useful-life increases) and the SG&A note for items driving SGAI = 7.0727 (unusual capitalized costs or non-recurring items).

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

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
−0.02
Distress Zone
Sharpe
−0.58
Negative
Composite
24
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 Burden1.00×Interest Burden1.00×Op. Margin−0.23×Turnover0.18×Leverage66.49=ROE−272.8%
Price Risk
Momentum
−17.6%
Volatility
74.6%
Max Drawdown
−63.2%

Key Ratios

Fiscal year 2025
—P/E
P/B
—
P/S
—
ROE
0.0%
ROA
0.0%
Gross Margin
0.0%
Net Margin
0.0%
D/E
—
Current Ratio
0.00
EV/EBITDA
—
Div Yield
—

Company Overview

Shares outstanding
3.0M
Charter Capital
29.6B VND
Sector (ICB L2)
Xây dựng và Vật liệu
Industry (ICB L3)
Xây dựng và Vật liệu
Sub-industry
Xây dựng
Company Type
CT
Methodology & Disclosure

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