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
- −3.689th pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 2.3%53rd 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.
The accounting signals show elevated indicators of aggressive revenue and receivables-related accounting but also clear weaknesses in cash generation and fundamentals. The Beneish M-Score is -0.5563 (89th percentile versus Vietnamese peers, year-over-year change +0.37) driven by a high DSRI (1.5532) and SGI (1.3762); cash conversion is very weak (three-year operating cash flow / net profit = -3.68). The Altman Z-Score is 1.92 (grey zone) and the Piotroski F-Score is 3/9, indicating weak fundamentals.
- Beneish M-Score -0.5563 (measures likelihood of earnings manipulation using eight ratios). The company's percentile versus Vietnamese peers is 89th (meaning its M-Score is more aggressive than 89% of Vietnamese peers) and the year-over-year change is +0.37 (accounting metrics are moving toward more aggressive values). Note: the -1.78 US cutoff is not directly calibrated to Vietnam; use the peer percentile and the YoY trend.
- DSRI = 1.5532 (Days Sales Receivable Index; measures receivables growth relative to sales — values >1 can indicate rising receivables or revenue recognition pressure).
- TATA = 0.2580 (Total Accruals to Total Assets; measures accrual-based earnings — a positive value here shows material accruals relative to assets).
- Cash conversion (operating cash flow / net profit, 3-year) = -3.68 (9th percentile among Vietnamese non-financials). This measure shows profit is not converting into cash over three years.
- Earnings Quality overall = 14.3/100 with accruals quality 18.9/100, cash conversion 0.0/100, receivables quality 0.0/100, margin quality 0.0/100 (these low component scores point to concerns about accruals, cash flow conversion, receivables and margins).
- Altman Z-Score = 1.92 (grey zone; measures distance from bankruptcy — not an imminent prediction but indicates financial stress relative to healthy firms).
- Piotroski F-Score = 3/9 (measures nine accounting and operational fundamentals; a 3 indicates weak performance on profitability, leverage/liquidity, and operating efficiency checks).
- Revenue quality = 63.7/100 (within the Earnings Quality components this is the strongest score, suggesting revenue patterns are less problematic than other areas).
- AQI = 0.5446 (Asset Quality Index; lower values can indicate less investment in long-lived or other assets that inflate current earnings — this value is moderate).
- DEPI = 0.8877 (Depreciation Index; values <1 can indicate depreciation policies that do not understate expense compared with prior period).
- Receivables outside the trade cycle = 2.3% of total assets (52nd percentile among Vietnamese firms). This shows that prepayments, loans receivable and other long-term receivables are present but not unusually large relative to peers.
- No accumulated losses and zero consecutive years of net loss at the parent up to FY2023; owner's equity excluding minority interest is positive (these are factual balance-sheet and profit-history strengths).
Shareholding is concentrated: Marina Viet Pte. Ltd holds 25.2% and the provincial government (Ủy Ban Nhân Dân Tỉnh An Giang) holds 24.2%, together controlling nearly half the company; institutional holders (Augusta Viet 5.7%, Luminous Vietnam and Indochina Growth Fund 5.0%) and an individual (Huỳnh Văn Thòn 3.2%) are also listed. No director-deal registrations were provided in the data (director-deal registrations are exchange-registered intentions rather than executed trades).
- Compare the FY2023 and prior years' notes on trade receivables and the receivables aging schedule to the DSRI (1.5532) to verify whether receivables growth matches reported revenue growth and to identify any concentration or slow-moving balances.
- Reconcile the statement of cash flows (operating cash flow) with reported net profit across the last three years to confirm the three-year cash conversion ratio of -3.68 and to identify the main working-capital or non-cash items driving the divergence.
- Examine the related-party transactions note, the schedule of loans/advances to related parties and the 'other long-term receivables' or prepayments note to validate the 2.3% of total assets reported as receivables outside the trade cycle.
- Review the audit report and equity notes for accumulated losses, parent net profit history, and the owner's equity composition to confirm the statements that there are no accumulated losses and owner’s equity (ex-minority) is positive; also check for any auditor emphasis-of-matter paragraphs about going concern or revenue recognition.
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
- 101M
- Charter Capital
- 1,007B VND
- Sector (ICB L2)
- Thực phẩm và đồ uống
- Industry (ICB L3)
- Sản xuất thực phẩm
- Sub-industry
- Nuôi trồng nông & hải sản
- Company Type
- CT