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
- 0.5%25th 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 company's Beneish M-Score is -0.8752 (84th percentile vs Vietnamese peers), which indicates more aggressive accounting relative to most Vietnamese peers though the absolute cutoff (-1.78) is US-calibrated. Key drivers include a very high DSRI (3.7661, receivables-to-sales index) and a low GMI (0.2293, gross-margin index); earnings-quality metrics show strong accruals quality (88.2/100) but very weak cash-conversion (0.0/100) and receivables quality (0.0/100). The Altman Z-Score is 1.32 (distress zone for bankruptcy distance) and the Piotroski F-Score is 6/9 (neutral fundamentals).
- Beneish M-Score -0.8752 (84th percentile among Vietnamese peers; year-over-year change -0.48) — the M-Score summarizes eight indices used to flag earnings manipulation risk; relative percentile and the YoY rise are notable even though the US -1.78 cutoff has limited direct applicability in Vietnam.
- DSRI = 3.7661 (receivables-to-sales index) — this measures a large increase in receivables relative to sales and may indicate revenue recognition timing, extended collections or sales booked with sizable receivables.
- Cash conversion = 0.0/100 (Earnings-quality component) — measures deterioration in conversion of reported profits into operating cash flows.
- Receivables quality = 0.0/100 (Earnings-quality component) — indicates concerns about the liquidity/collectibility or composition of receivables.
- Margin quality = 0.0/100 (Earnings-quality component) — suggests reported margins are not supported by the underlying cost or cash patterns used in this scoring.
- Altman Z-Score = 1.32 (distress zone) — this multivariate score indicates a low distance to the statistical bankruptcy boundary by the Altman model.
- Accruals quality = 88.2/100 — the ratio of accruals to assets appears relatively conservative, indicating reported earnings are not driven primarily by large accruals.
- Revenue quality = 100.0/100 — the revenue pattern used in this scoring appears strong (e.g., not flagged for extreme volatility or suspicious recognition patterns captured by that metric).
- TATA = 0.0296 (total accruals to total assets) — a small positive TATA indicates total accruals are a small share of assets in the period measured.
- GMI = 0.2293 (gross margin index <1) — this index below 1 measures improving gross margins year-over-year, which is typically a favorable operating signal.
Ownership is highly concentrated among individuals: Phạm Văn Khương 24.9%, Trịnh Thị Hồng Hạnh 22.4% and Trần Xuân Lực 22.4% together hold ~69.7%; an institutional holder holds 4.9%. Three large individual shareholders imply concentrated control and potential for related-party activity or group decision-making influence; director-deal registrations were not provided in the inputs (registrations are intentions reported to the exchange).
- Compare the receivables-outside-the-trade-cycle amount reported in the balance-sheet note or schedule to the 0.5% of total assets figure cited here and inspect the note descriptions (prepayments to suppliers, loans receivable, long-term receivables).
- Reconcile consolidated revenue and trade receivables with the revenue note: check the ageing schedule, related-party receivables disclosures and any large new receivable balances that could explain DSRI = 3.7661.
- Verify operating cash flow and the components of profit in the cash-flow statement and the accrual reconciliation to confirm the reported accruals (TATA = 0.0296) and the cash-conversion weakness (cash conversion = 0.0/100).
- Confirm retained earnings / undistributed earnings and owner's-equity line items in the parent and consolidated statements to validate the 'no accumulated losses' and the positive owner's equity reported; also review the auditor's report and statutory-loss disclosures (note that UPCoM listing means the HOSE/HNX statutory-loss delisting rule cited does not apply here).
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
- 4.8M
- Charter Capital
- 48.5B VND
- Sector (ICB L2)
- Xây dựng và Vật liệu
- Industry (ICB L3)
- Xây dựng và Vật liệu
- Sub-industry
- Xây dựng
- Company Type
- CT