TKC
Công ty Cổ phần Xây dựng và Kinh doanh Địa ốc Tân Kỷ
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
- 46.8%98th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- 4.03×Statutory test met
- Consecutive years of net lossProfit after tax of the parent
- 1
- 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 accounting signals for TKC show multiple concerns: a Beneish M-Score of -1.1194 (82nd percentile vs Vietnamese peers) with a year-over-year increase of +0.29, a very high DSRI of 5.8210 and an elevated GMI of 4.2393. These sit alongside very weak fundamentals — Altman Z-Score -2.80, Piotroski F-Score 1/9 — and statutory statement facts: accumulated losses of 4.03× paid-in capital and negative owners' equity (parent profit shows a net loss in the most recent consecutive year). At the same time, one clear strength is accruals measurement: the Earnings Quality subscores show accruals quality 100/100.
- Beneish M-Score -1.1194 (measures likelihood of earnings manipulation using eight ratios); at the 82nd percentile among Vietnamese peers, indicating more aggressive accounting than most local peers, and a YoY change +0.29 showing recent move in the score.
- DSRI (Days' Sales in Receivables Index) = 5.8210 (measures receivables relative to sales; a large rise may indicate revenue recognition or receivable booking beyond normal trade patterns).
- GMI (Gross Margin Index) = 4.2393 (measures deterioration in gross margin; values >1 indicate gross margin has worsened year-over-year).
- SGAI (Sales, General & Administrative Index) = 10.0000 (measures change in SG&A relative to sales; a large increase suggests SG&A grew much faster than sales).
- TATA (Total Accruals to Total Assets) = -0.5080 (measures the accrual component of earnings; a large-magnitude negative number indicates large accruals swing in the period).
- LVGI (Leverage Index) = 1.5476 (measures increase in leverage; >1 indicates leverage rose year-over-year).
- Earnings Quality overall 25/100 with Cash conversion 0/100, Receivables quality 0/100, Margin quality 0/100, Revenue quality 0/100 (these measure cash conversion of profits, quality and collectibility of receivables, stability of margins and reliability of revenue respectively).
- Receivables outside the trade cycle = 46.8% of total assets (98th percentile among Vietnamese non-financials; this includes prepayments to suppliers, loans receivable and other long-term receivables and indicates a large portion of assets are non-trade receivables).
- Accumulated losses = 4.03 × paid-in capital (a statutory fact from the published statements showing losses far exceed contributed capital).
- Owner's equity (excluding minority interest) is negative and the parent reported a net loss in the most recent consecutive year — the statements therefore meet the statutory loss facts referenced (note that the Decree delisting rule applies to HOSE/HNX listings; TKC trades on UPCoM where that listing rule does not apply).
- Altman Z-Score = -2.80 (an insolvency-distance measure; this value is in the distress zone).
- Piotroski F-Score = 1/9 (measures fundamental financial strength; 1/9 indicates weak fundamentals).
- Accruals quality = 100/100 (this metric measures the apparent quality of accrual accounting in the financial statements and here shows a strong score for accrual measurement).
- AQI (Asset Quality Index) = 1.1703 (measures proportion of non-current and intangible-type assets; values modestly above 1 indicate some increase but not an extreme change versus peers).
- SGI (Sales Growth Index) = 0.1866 (measures sales growth; value <1 indicates sales declined year-over-year rather than artificially growing).
Ownership is moderately concentrated: three individuals hold the top three stakes (Lê Đại Nghĩa 10.2%, Quỹ Đầu Tư Tài Chính MKDS 10.2%, Nguyễn Thị Thuận Vi 9.9%), with institutional COTEC at 3.8% and a further individual at 3.6%. No director-deal registrations were provided in the data set (director-deal registrations are intentions recorded with the exchange, not executed trades).
- Compare the line items and notes for 'receivables', 'prepayments to suppliers', 'loans receivable' and 'other long-term receivables' in the audited financial statements to quantify the 46.8% of total assets and identify related-party counterparties and maturities.
- Reconcile profit (parent-company profit or loss) with cash from operations in the consolidated cash flow statement to see the cash-conversion shortfall implied by Cash conversion 0/100.
- Inspect the accumulated losses and paid-in capital lines in the equity statement and the auditor's notes to confirm the 4.03× figure and the components driving negative owners' equity.
- Review revenue recognition policies, the trade receivables and sales notes, and any related-party transaction schedules to assess the drivers of DSRI = 5.8210 and Revenue/Receivables quality 0/100.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- —
- P/S
- 0.17
- ROE
- 423.9%
- ROA
- −46.1%
- EPS
- −40.682
- BVPS
- 0
- Gross Margin
- −312.3%
- Net Margin
- −563.4%
- D/E
- —
- Current Ratio
- 0.75
- Rev Growth
- −81.3%
- Profit Growth
- −19819.7%
- EV/EBITDA
- —
- Div Yield
- —
Company Overview
- Shares outstanding
- 15.7M
- Charter Capital
- 157B VND
- Sector (ICB L2)
- Xây dựng và Vật liệu
- Industry (ICB L3)
- Xây dựng và Vật liệu
- Sub-industry
- Xây dựng
- Company Type
- CT