Back to Dashboard

SPI

Công ty Cổ phần Spiral Galaxy

VietnamCyclicalsTài nguyên Cơ bảnKhai khoángUPCOMCT
1.800
VND · Last close
No valuation yet
There is not enough data yet to estimate an intrinsic value for SPI.
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
···167178481602481581251531402419
Cash and cash equivalents (Bn. VND)
···0.40.20.3232331110.2
Accounts receivable (Bn. VND)
···15515527129190135858584116
Prepayments to suppliers (Bn. VND)
···78500.21020.10.07134030.07
Net Inventories
···1122212955213765451212
Inventories, Net (Bn. VND)
···2122212955293765451212
Other current assets
···0.20.50.020.010.10.080.010.20.090.20.3
LONG-TERM ASSETS (Bn. VND)
···85119126647179991121371059
Fixed assets (Bn. VND)
···0000.30.60.91203769
Tangible fixed assets
···0000.30.60.91203768
Long-term investments (Bn. VND)
···437070000200000
Investments in associate companies
···000000200000
Other long-term assets (Bn. VND)
···70707000000000
Less: Provision for diminuation in value of long term investments
···−270000000000
Other non-current assets
···132027344249496371700.04
Long-term prepayments (Bn. VND)
···132027344249495664700.04
TOTAL ASSETS (Bn. VND)
···25229817522431923722426527812927
LIABILITIES (Bn. VND)
···13413417721527050871020.90.6
Current liabilities (Bn. VND)
···1341341772151705079850.90.6
Short-term borrowings (Bn. VND)
···000150.30.30184900
Advances from customers (Bn. VND)
···12212401010.10.03151400
Long-term liabilities (Bn. VND)
···000.20.20.20.20.191700
Long-term borrowings (Bn. VND)
···000000051300
OWNER'S EQUITY(Bn.VND)
···11816315715216716717417717612827
Capital and reserves (Bn. VND)
···11816315715216716717417717612827
Paid-in capital (Bn. VND)
···16816816816816816816816816812625
Investment and development funds (Bn. VND)
···0.50.50.50.50.50.50.50.50.50.30.1
Undistributed earnings (Bn. VND)
···−62−19−11−17−1−254321
TOTAL RESOURCES (Bn. VND)
···25229817522431923722426527812927
Short-term loans receivables (Bn. VND)
···6491044393222352000
Common shares (Bn. VND)
···16816816816816816816816816812625
Good will (Bn. VND)
···00000007800
MINORITY INTERESTS
···1113000005400

Earnings Quality

Fiscal year 2023
39
Weak
Accrual Quality
100
Cash Conversion
0
Receivables
0
Margin Stability
0
Revenue Quality
88

Financial Forensics

Beneish M-Score · 2023
75th–90th
M −0.75 · 88th pctile vs VN companies
YoY ▼ −1.55
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
1.623
GMI
4.902
AQI
0.840
SGI
0.617
DEPI
1.000
SGAI
1.942
TATA
−0.060
LVGI
1.174

Checks measured on Vietnamese companies · FY2023

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
56.3%98th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.37×
Consecutive years of net lossProfit after tax of the parent
2
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 -0.7519, which sits in the 88th percentile versus Vietnamese peers and moved by -1.55 year-over-year (the M-Score components show a high DSRI of 1.6225 and a very high GMI of 4.9016). Earnings-quality metrics are mixed: accruals quality is high (100.0/100) but cash conversion, receivables quality, margin quality score 0.0/100 while revenue quality is 88.3/100. Financial-health signals are weak: Altman Z-Score = -0.52 (distress zone) and Piotroski F-Score = 2/9 (weak fundamentals).

Red Flags
  • Beneish M-Score = -0.7519 (88th percentile vs. Vietnamese peers; year-over-year change = -1.55). The M-Score combines eight ratios that screen for earnings manipulation; the company is high versus VN peers and moved substantially in one year (note the US cutoff of -1.78 is from an older US sample and ~28% of Vietnamese stocks cross that threshold).
  • Days-Sales Receivable Index (DSRI) = 1.6225. DSRI measures growth in receivables relative to sales; a value >1 indicates receivables growing faster than sales, consistent with the flagged 56.3% of total assets in receivables/prepayments/loans (see checks).
  • Gross Margin Index (GMI) = 4.9016. GMI >1 indicates gross margins have fallen year-over-year; such a large value signals material margin deterioration.
  • SGA Index (SGAI) = 1.9424. SGAI >1 shows selling, general & administrative expenses grew faster than sales, weighing on profitability.
  • LVGI = 1.1742 (levg increase). LVGI >1 indicates rising leverage, consistent with weak solvency signals.
  • TATA = -0.0596 (total accruals to assets slightly negative). Although accruals quality scores 100/100, the negative TATA may reflect operating cash shortfalls funding reported profits.
  • Earnings-quality composite: Cash conversion = 0.0/100; Receivables quality = 0.0/100; Margin quality = 0.0/100. These three zeros indicate weak convertibility of reported profits to cash, poor receivables attributes, and deteriorating margins.
  • Altman Z-Score = -0.52 (distress zone). The Z-Score measures distance to bankruptcy; a negative value indicates elevated distress risk on the balance-sheet metrics it uses.
  • Piotroski F-Score = 2/9. This low score signals weak operating performance, profitability, liquidity and/or efficiency relative to the Piotroski qualitative checklist.
  • Receivables outside the trade cycle = 56.3% of total assets (98th percentile among Vietnamese non-financials). The company has a very large stock of prepayments, loans receivable and other long-term receivables relative to assets, which raises questions about the quality and collectibility of those balances.
  • Accumulated losses = 0.37x paid-in capital and net loss at parent level for 2 consecutive years up to FY2023. These are material loss history indicators; owner’s equity (excluding minorities) remains positive but the company has suffered sustained parent-level losses.
Positive Signals
  • Accruals quality = 100.0/100. This indicates the measured accrual component of earnings appears clean by the applied accruals metric.
  • Revenue quality = 88.3/100. This suggests reported revenue patterns are relatively robust by that revenue-quality measure despite weak receivables and margins.
  • DEPI = 1.0000. Depreciation index at 1.0 implies no aggressive change in depreciation policy between periods in that component.
  • Owner’s equity (without minority interest) is positive. Despite accumulated losses and consecutive parent-level net losses, reported equity remains on the positive side.
Ownership Risk

Ownership is concentrated in a few individuals: Đoàn Quốc Khánh 20.2%, Đỗ Thị Cẩm Thúy 11.8%, and three other individuals holding between 4.9%–5.7%. No state or large institutional block is shown in the provided list; concentrated individual ownership increases the influence of a few insiders. No director-deal registrations were provided in the data.

To check in the filings
  • Compare the FY2023 line-items and notes for 'Receivables', 'Prepayments to suppliers', 'Loans receivable' and 'Other long-term receivables' to reconcile the 56.3% of total assets figure and identify counterparties and maturities.
  • Inspect the related-party disclosures and the schedule of receivables/loans to see what portion of receivables outside the trade cycle are with related parties or affiliates.
  • Review the parent-company (owner) profit (loss) and consolidated statements and the accumulated losses reconciliation to confirm the 0.37x paid-in capital ratio and the two consecutive years of net loss at parent level.
  • Check the cash-flow statement and the operating cash conversion note to reconcile the 0.0/100 cash-conversion score with reported cash from operations, and compare operating cash flow to net income for FY2023 and prior years.

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

Quantitative Scores

F-Score
2/9
Weak
Z-Score
−0.52
Distress Zone
Sharpe
−0.99
Negative
Composite
59
50 to 69
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 Burden1.00×Op. Margin−18.23×Turnover0.01×Leverage2.13=ROE−37.8%
Price Risk
Momentum
+2.9%
Volatility
90.4%
Max Drawdown
−70.9%

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
16.8M
Charter Capital
168B VND
Sector (ICB L2)
Tài nguyên Cơ bản
Industry (ICB L3)
Khai khoáng
Sub-industry
Khai khoáng
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 →