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
- 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).
- 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.
- 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 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.
- 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
Key Ratios
- 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