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PID

Công ty Cổ phần Trang trí nội thất Dầu khí

VietnamConstructionXây dựng và Vật liệuUPCOMCT
2.800
VND · Last close
No valuation yet
There is not enough data yet to estimate an intrinsic value for PID.
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
····9···3813203243
Cash and cash equivalents (Bn. VND)
····0.01···0.050.090.30.10.32
Short-term investments (Bn. VND)
····0.2···0.20.20.20.322
Accounts receivable (Bn. VND)
····2···0.5511131213
Prepayments to suppliers (Bn. VND)
····7···658768
Net Inventories
····6···22261114
Inventories, Net (Bn. VND)
····6···22261114
Other current assets
····0.8···0.40.30.20.5712
Other current assets (Bn. VND)
····0···0000711
LONG-TERM ASSETS (Bn. VND)
····0···444233
Long-term trade receivables (Bn. VND)
····0···000100
Other long-term receivables (Bn. VND)
····0···000100
Fixed assets (Bn. VND)
····0···0.030.10.60.90.90.7
Tangible fixed assets
····0···000.40.50.60.6
Intagible fixed assets
····0···0.030.10.30.40.30.08
Other non-current assets
····0···0040.222
Long-term prepayments (Bn. VND)
····0···0040.20.70.8
TOTAL ASSETS (Bn. VND)
····9···61117223545
LIABILITIES (Bn. VND)
····20···171517191724
Current liabilities (Bn. VND)
····20···171517181724
Short-term borrowings (Bn. VND)
····0···000.10.10.10
Advances from customers (Bn. VND)
····8···8798613
Long-term liabilities (Bn. VND)
····0···000.050.10.20
Long-term borrowings (Bn. VND)
····0···000.050.10.20
OWNER'S EQUITY(Bn.VND)
····−11···−10−40.241721
Capital and reserves (Bn. VND)
····−11···−10−40.241721
Paid-in capital (Bn. VND)
····40···404040404040
Investment and development funds (Bn. VND)
····0.6···0.60.60.60.60.30.3
Undistributed earnings (Bn. VND)
····−51···−51−44−40−37−23−19
TOTAL RESOURCES (Bn. VND)
····9···61117223545
Short-term loans receivables (Bn. VND)
····6···000000
Common shares (Bn. VND)
····40···404040404040

Earnings Quality

Fiscal year 2022
38
Weak
Accrual Quality
99
Cash Conversion
0
Margin Stability
0

Financial Forensics

Beneish M-Score · 2022
90th–97th
M 0.21 · 92nd pctile vs VN companies
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
0.850
GMI
1.060
AQI
0.000
SGI
4.311
DEPI
1.000
SGAI
0.023
TATA
0.003
LVGI
0.819

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).

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

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.

To check 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

F-Score
5/9
Neutral
Z-Score
−8.03
Distress Zone
Sharpe
0.33
Positive
Composite
37
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 Burden1.00×Interest Burden0.63×Op. Margin0.01×Turnover0.49×Leverage−0.87=ROE−0.2%
Price Risk
Momentum
+27.3%
Volatility
0.0%
Max Drawdown
−28.0%

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
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
Methodology & Disclosure

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