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 · FY2022
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 141.6%100th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- 1.28×Statutory test met
- Consecutive years of net lossProfit after tax of the parent
- 0
- Owner's equityWithout the non-controlling interest
- NegativeStatutory test met
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 shows multiple accounting and balance-sheet signals of stress and aggressive growth metrics: a Beneish M-Score of 0.2061 (92nd percentile versus Vietnamese peers) driven by a very high sales growth index (SGI 4.3110) and a Days‑Sales Receivable Index (DSRI 0.8498) below 1; the Altman Z‑Score is -8.03 (distress zone) and the Piotroski F‑Score is 5/9. Statutory-figure flags appear in the filings: receivables outside the trade cycle equal 141.6% of total assets (100th percentile) and accumulated losses are 1.28× paid‑in capital, with owner's equity (excluding minority interest) negative on the published statements (the company is listed on UPCoM, to which the HOSE/HNX cancellation rule does not apply).
- Beneish M‑Score 0.2061 (measures likelihood of earnings manipulation patterns; this value sits at the 92nd percentile among Vietnamese peers, indicating more aggressive accounting behaviour relative to most VN peers).
- SGI (Sales Growth Index) 4.3110 (measures sales growth; a very large value indicates rapid revenue growth that can stress controls and working capital).
- Altman Z‑Score -8.03 (measures distance to bankruptcy; a strongly negative value places the company in the distress zone).
- Receivables outside the trade cycle = 141.6% of total assets (measures non‑trade receivables such as prepayments to suppliers, loans receivable and long‑term receivables; ranked 100th percentile among Vietnamese non‑financial companies).
- Accumulated losses = 1.28× paid‑in capital (measures cumulative retained losses relative to contributed capital; this exceeds paid‑in capital).
- Owner's equity without minority interest: negative (direct balance‑sheet fact reported in the audited statements).
- Cash conversion component of Earnings‑Quality = 0.0/100 (measures the firm's ability to convert profits into cash; extremely weak), and overall Earnings‑Quality 37.9/100 (low).
- Accruals quality 98.6/100 (measures the reliability of accruals relative to cash; very strong score implies reported earnings are supported by low accrual manipulation).
- TATA (Total Accruals to Total Assets) = 0.0034 (measures aggregate accruals; a very small value is consistent with the high accruals‑quality score).
- LVGI (Leverage Growth Index) = 0.8186 (measures change in leverage; below 1 suggests leverage did not spike year‑over‑year).
- Piotroski F‑Score 5/9 (measures fundamental performance across profitability, leverage/liquidity, and operating efficiency; a middle score is neutral rather than strongly negative).
The listed parent PVX holds 50.0% (disclosed 2026‑06‑30), indicating majority control under VAS classifications; other top holders include an 18.5% institutional holder and two individuals at 9.8% and 2.5%. The company sits in a wider group of entities controlled or influenced by PVX (multiple related listed construction/oil‑and‑gas subsidiaries), which raises typical group‑structure and related‑party exposure considerations in the filings.
- Compare the line items and notes for 'Receivables' and 'Other long‑term receivables' in the FY2022 audited statements to quantify the 141.6% of total‑assets figure and identify the composition (prepayments to suppliers, related‑party loans, other).
- Reconcile 'Accumulated losses' and 'Paid‑in capital' in the equity note and verify the 1.28× ratio and the components driving negative owner's equity excluding minority interest.
- Review the cash‑flow statement and the note to operating cash flows to confirm the Cash conversion result (Earnings‑Quality cash conversion = 0.0/100) and the TATA = 0.0034 accruals calculation.
- Inspect related‑party disclosures and the consolidated/parent breakdown to see whether large receivables or loans are intra‑group (given the 50% parent PVX and the listed group of related companies).
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
- 4.0M
- Charter Capital
- 40.0B VND
- Sector (ICB L2)
- Xây dựng và Vật liệu
- Industry (ICB L3)
- Xây dựng và Vật liệu
- Sub-industry
- Vật liệu xây dựng & Nội thất
- Company Type
- CT