Back to Dashboard

LTG

Công ty Cổ phần Tập đoàn Lộc Trời

VietnamConsumerThực phẩm và đồ uốngSản xuất thực phẩmUPCOMCT
5.300
VND · Last close
No valuation yet
There is not enough data yet to estimate an intrinsic value for LTG.
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
···9,3466,2716,0135,3614,9106,0024,7604,2704,5454,1093,423
Cash and cash equivalents (Bn. VND)
···4908001,799767127151116279190176245
Short-term investments (Bn. VND)
···1271311341301102725000
Accounts receivable (Bn. VND)
···6,6373,1051,6051,8092,1182,5942,3811,7331,5262,0441,506
Prepayments to suppliers (Bn. VND)
···19528232729818414662749279
Net Inventories
···1,9692,1132,3682,5012,4923,0962,1482,1702,6841,7761,593
Inventories, Net (Bn. VND)
···2,0182,1172,3812,5032,5113,0982,1492,1932,6951,7801,595
Other current assets
···123123108155164161876314511379
Other current assets (Bn. VND)
···000000000012
LONG-TERM ASSETS (Bn. VND)
···2,1222,4601,8331,5601,6161,7051,8271,8891,8611,5941,270
Long-term trade receivables (Bn. VND)
···635002300000000
Other long-term receivables (Bn. VND)
···61412300000000
Fixed assets (Bn. VND)
···1,4301,4941,4181,2391,3361,4451,5561,5631,5581,3131,150
Tangible fixed assets
···8669679879731,0651,1281,2051,2251,2221,006706
Leased assets
···21419110000000000
Intagible fixed assets
···350336330266271318352338335307253
Long-term investments (Bn. VND)
···18814112444536330.291046
Investments in associate companies
···18700413935330000
Other long-term assets (Bn. VND)
···10.70.20.20.20.20.20.2111162
Less: Provision for diminuation in value of long term investments
···00000000−2−0.5−15
Other non-current assets
···189198155155163126128150908773
Long-term prepayments (Bn. VND)
···175173128128146109112132736745
TOTAL ASSETS (Bn. VND)
···11,4688,7317,8466,9216,5267,7086,5886,1596,4065,7034,693
LIABILITIES (Bn. VND)
···8,4005,5794,8134,0843,8995,1934,2443,9834,3023,6943,051
Current liabilities (Bn. VND)
···8,3125,4714,7434,0653,8735,0133,9843,8573,8662,9942,990
Short-term borrowings (Bn. VND)
···6,2283,7483,5702,0551,9703,0002,1461,9052,3251,1941,135
Advances from customers (Bn. VND)
···30321147040251143232919
Long-term liabilities (Bn. VND)
···8810870192618026012643570061
Long-term borrowings (Bn. VND)
···80995600150220743726380
OWNER'S EQUITY(Bn.VND)
···3,0683,1523,0332,8372,6262,5152,3432,1762,1042,0091,631
Capital and reserves (Bn. VND)
···3,0683,1523,0332,8372,6262,5152,3432,1762,1042,0091,631
Paid-in capital (Bn. VND)
···1,007806806806806806672672672652621
Foreign Currency Difference reserve
···730.20.70.80.90.70.40.40.50.2
Investment and development funds (Bn. VND)
···671686708726740760759686671596280
Other Reserves
···837864777880174180179158115
Undistributed earnings (Bn. VND)
···1,0111,2871,141911694564434335282345314
Minority Interest
···000000000010
TOTAL RESOURCES (Bn. VND)
···11,4688,7317,8466,9216,5267,7086,5886,1596,4065,7034,693
Short-term loans receivables (Bn. VND)
···660.515152000000
Long-term loans receivables (Bn. VND)
···1459000000000
Common shares (Bn. VND)
···1,007806806806806806672672672652621
Good will (Bn. VND)
···22220.20.20.30.40.413
MINORITY INTERESTS
···101436392926252622180

Earnings Quality

Fiscal year 2023
14
Poor
Accrual Quality
19
Cash Conversion
0
Receivables
0
Margin Stability
0
Revenue Quality
64

Financial Forensics

Beneish M-Score · 2023
75th–90th
M −0.56 · 89th pctile vs VN companies
YoY ▲ +0.37
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
1.553
GMI
1.194
AQI
0.545
SGI
1.376
DEPI
0.888
SGAI
0.917
TATA
0.258
LVGI
1.147

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.

Red Flags
  • 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).
Positive Signals
  • 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).
Ownership Risk

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).

To check in the filings
  • 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

F-Score
3/9
Weak
Z-Score
1.92
Grey Zone
Sharpe
−2.93
Negative
Composite
33
30 to 49
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 Burden0.11×Interest Burden1.21×Op. Margin0.01×Turnover1.40×Leverage3.74=ROE0.5%
Price Risk
Momentum
−74.8%
Volatility
74.1%
Max Drawdown
−81.1%

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
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
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

By using vnvalue you accept the Terms of Service and Privacy Policy. Full disclaimer →