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MHL

Công ty Cổ phần Minh Hữu Liên

VietnamCyclicalsTài nguyên Cơ bảnKim loạiUPCOMCT
3.300
VND · Last close
No valuation yet
There is not enough data yet to estimate an intrinsic value for MHL.
Line item2026202520242023202220212020201920182017201620152014201320112010
CURRENT ASSETS (Bn. VND)
···117117137169161140147134148136135··
Cash and cash equivalents (Bn. VND)
···0.050.05284351210710··
Accounts receivable (Bn. VND)
···106106334944425261414651··
Prepayments to suppliers (Bn. VND)
···41100.40.921740.970.6··
Net Inventories
···9109110296767355937561··
Inventories, Net (Bn. VND)
···9109210296767355937561··
Other current assets
···11121017191665813··
Other current assets (Bn. VND)
···00000000048··
LONG-TERM ASSETS (Bn. VND)
···5262637280905226323333··
Long-term trade receivables (Bn. VND)
···0.20.20.40.20.20.40.40.4100··
Other long-term receivables (Bn. VND)
···0.200.40.20.20.40.40.4100··
Fixed assets (Bn. VND)
···3241414853592225292727··
Tangible fixed assets
···324141475359212417129··
Leased assets
···00000000121518··
Intagible fixed assets
···00.030.060.10.20.30.20.20.30.30.2··
Other non-current assets
···202122242730230.9256··
Long-term prepayments (Bn. VND)
···202122242730230.9234··
TOTAL ASSETS (Bn. VND)
···169179201241241230199160180168168··
LIABILITIES (Bn. VND)
···15714316917817616413697128121121··
Current liabilities (Bn. VND)
···12611214215114312411795125116110··
Short-term borrowings (Bn. VND)
···5774928679666650824757··
Advances from customers (Bn. VND)
···0.0400.66110.20.7223··
Long-term liabilities (Bn. VND)
···3131272733401923511··
Long-term borrowings (Bn. VND)
···262627273340192359··
OWNER'S EQUITY(Bn.VND)
···1236326365666363524747··
Capital and reserves (Bn. VND)
···1236326365666363524747··
Paid-in capital (Bn. VND)
···5454545454545450454040··
Other Reserves
···22222222222··
Investment and development funds (Bn. VND)
···222691110.80.50··
Undistributed earnings (Bn. VND)
···−45−21−252210712655··
TOTAL RESOURCES (Bn. VND)
···169179201241241230199160180168168··
Common shares (Bn. VND)
···5454545454545450454040··

Earnings Quality

Fiscal year 2023
42
Weak
Accrual Quality
100
Cash Conversion
34
Receivables
0
Margin Stability
0
Revenue Quality
21

Financial Forensics

Beneish M-Score · 2023
90th–97th
M 1.68 · 96th pctile vs VN companies
YoY ▲ +1.79
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
10.000
GMI
1.067
AQI
0.995
SGI
0.095
DEPI
0.000
SGAI
10.000
TATA
−0.348
LVGI
1.169

Checks measured on Vietnamese companies · FY2023

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
24.4%92nd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.82×
Consecutive years of net lossProfit after tax of the parent
1
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 1.6777 (96th percentile vs Vietnamese peers) with a year-over-year increase of +1.79, indicating accounting metrics have moved materially more aggressively than most Vietnamese peers; the DSRI is 10.0000 and SGAI is 10.0000, while TATA is -0.3483. Other distress and quality signals include an Altman Z-Score of -0.75 (distress zone) and a low Piotroski F-Score of 3/9, while earnings-quality subcomponents show very poor receivables and margin quality (0/100) and weak cash conversion (33.5/100).

Red Flags
  • High Beneish M-Score 1.6777 (96th Vietnam percentile) and large YoY jump +1.79 — the M-Score measures statistical likelihood of earnings manipulation features; the percentile shows this score is higher (more aggressive on these metrics) than 96% of Vietnamese peers.
  • Days' sales receivable index (DSRI) = 10.0000 — DSRI measures change in receivables relative to sales; a value this large indicates receivables (or receivable-style items) have grown far faster than sales.
  • SGAI = 10.0000 — SGAI measures change in selling, general & administrative expenses relative to sales; a very high SGAI suggests SGA expenses have risen much faster than revenue.
  • Receivables outside the trade cycle = 24.4% of total assets (92nd Vietnam percentile) — this line (prepayments, loans receivable, long-term receivables) is large versus peers and matches the DSRI concern about receivable-like balances.
  • TATA = -0.3483 (total accruals to total assets negative) together with accruals-quality metrics: although 'Accruals quality' scores 100/100, the negative TATA indicates operating cash changed differently to accounting profit; TATA measures the proportion of accruals in reported earnings.
  • Earnings-quality components: Receivables quality 0/100 and Margin quality 0/100 — these scores measure the reliability of receivables and margins; both are assessed as very weak.
  • Altman Z-Score = -0.75 (distress zone) — Z-Score estimates bankruptcy distance; this value is in the model's distress range.
  • Piotroski F-Score = 3/9 — the F-Score measures nine fundamentals; a score of 3 indicates weak operating profitability, liquidity and/or efficiency signals.
  • Accumulated losses = 0.82x paid-in capital — the company has accumulated losses amounting to 82% of paid-in capital, a substantial historic deficit relative to capital.
Positive Signals
  • Accruals quality = 100.0/100 — this component measures the quality of accruals; a top score indicates accruals, as computed here, appear internally consistent.
  • AQI = 0.9946 — the asset quality index close to 1 suggests limited deterioration in the broad asset composition measure used in Beneish's model.
  • LVGI = 1.1692 — the leverage index >1 indicates rising leverage, which can be consistent with growth or investment; it is one of the M-Score components explicitly reported.
  • Owner's equity (excluding minority interest) is positive — despite accumulated losses, the company reports positive equity attributable to owners.
Ownership Risk

Ownership is concentrated: HLA holds 24.5% (listed) and an individual, Huỳnh Đình Thành, holds 22.9%; together these two control a large share of votes. No director-deal registrations were provided in the data set (director-deal registrations, when present, are exchange filings of intended trades rather than executed trades).

To check in the filings
  • Compare the 2023 'Receivables and prepayments' note (and any loans receivable schedules) to the balance-sheet line items to reconcile the 24.4% of total assets classified as receivables outside the trade cycle.
  • Inspect the revenue and trade-receivables schedules to reconcile the DSRI = 10.0000 (check whether large intercompany receivables, long-term receivables or reclassifications drove receivables growth versus sales).
  • Review the SGA expense note and the segment/expense breakdown to identify what drove SGAI = 10.0000 (confirm whether non-recurring items, related-party charges or reclassifications caused the jump).
  • Reconcile profit (loss) to cash-flow from operations and the components of total accruals to verify TATA = -0.3483 and to understand the source of the 'Accruals quality = 100/100' rating.

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

Quantitative Scores

F-Score
3/9
Weak
Z-Score
−0.75
Distress Zone
Sharpe
−2.48
Negative
Composite
28
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 Burden1.15×Interest Burden1.25×Op. Margin−0.96×Turnover0.18×Leverage14.50=ROE−355.9%
Price Risk
Momentum
−13.2%
Volatility
0.0%
Max Drawdown
−13.2%

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
5.3M
Charter Capital
52.9B VND
Sector (ICB L2)
Tài nguyên Cơ bản
Industry (ICB L3)
Kim loại
Sub-industry
Thép và sản phẩm thép
Company Type
CT
Methodology & Disclosure

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