TTZ
Công ty Cổ phần Đầu tư Xây dựng và Công nghệ Tiến Trung
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 · FY2023
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 26.0%92nd pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- 0.13×
- 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.
TTZ's Beneish M-Score is -1.4324, which is above the US manipulation cutoff but in the 80th percentile versus Vietnamese peers and rose by +1.63 year-over-year, indicating its accounting signals have grown more aggressive relative to peers. The company's earnings-quality composite is weak (23.7/100) driven by very poor cash-conversion, receivables, margin and revenue quality (all 0.0/100), while accruals quality scores high (94.8/100); the Altman Z-Score is 0.88 (distress zone) and the Piotroski F-Score is 3/9 (weak fundamentals).
- Beneish M-Score = -1.4324 (measures likelihood of earnings manipulation signals); Vietnam peer percentile = 80th (this places TTZ in the top 20% most 'aggressive' signal readings among Vietnamese listed peers).
- Year-over-year M-Score change = +1.63 (measures trajectory of the manipulation signal; a notable upward shift compared with prior year).
- DSRI = 1.9395 (Days Sales Receivable Index; elevated DSRI suggests receivables and revenue recognition have increased faster than sales).
- GMI = 1.7505 (Gross margin index >1 indicates declining gross margins, which can create incentives to manage earnings).
- TATA = 0.0131 (total accruals to assets; modest positive accruals combined with other signals warrant attention despite high accruals-quality score).
- Earnings-Quality Score = 23.7/100 with component zeros: Cash conversion = 0.0/100, Receivables quality = 0.0/100, Margin quality = 0.0/100, Revenue quality = 0.0/100 (these measure cash flow conversion, concentration/aging of receivables, stability of margins, and revenue persistence respectively).
- Receivables outside the trade cycle = 26.0% of total assets (92nd percentile among VN non-financials; this includes prepayments to suppliers, loans receivable and other long-term receivables and is unusually large).
- Net loss at parent level in 2 consecutive years up to FY2023 (a statutory fact in the published statements).
- Altman Z-Score = 0.88 (measures bankruptcy distance; 0.88 places the company in the distress zone).
- Piotroski F-Score = 3/9 (measures nine fundamental signals; 3 indicates weak operational and financial fundamentals).
- Accruals quality = 94.8/100 (measures the reliability of accruals; a high score suggests accruals are, by the applied metric, not large or unusually volatile).
- AQI = 1.0116 (Asset Quality Index close to 1; not showing a large unexplained shift toward long‑lived asset reclassifications in isolation).
- DEPI = 0.9869 and LVGI = 1.0517 (Depreciation Index slightly <1 and Leverage/Gearing Index modestly above 1; no extreme depreciation policy reversals or explosive leverage changes shown by these indices).
- SGI = 0.7171 (Sales Growth Index <1 indicates sales contracted year-over-year, which can reduce pressure to inflate growth).
- No director-sale registrations in the last year; only 1 purchase registration and 1 registration without volume (director-deal registrations are intentions filed with the exchange, not executed trades).
Ownership is concentrated among five named individuals: Trần Thị Thu (10.7%), Huỳnh Văn Quảng (10.4%), Lưu Huyền Trang (10.2%), Nguyễn Văn Quang (5.2%) and Nguyễn Thị Bích Thủy (5.1%). This creates a tight shareholder base with several large individual holders; director-deal disclosures show one purchase registration and no sale registrations in the most recent 12 months (registrations are intentions reported to the exchange).
- Compare the FY2023 schedule or notes for 'trade and other receivables' and 'prepayments to suppliers' to quantify the 26.0% of total assets reported as receivables outside the trade cycle and identify counterparty or related-party breakdowns.
- Reconcile consolidated vs parent-company profit (parent-profit) line items and the audit opinion to confirm the statement that the parent reported net losses in two consecutive years up to FY2023.
- Examine the related‑party transactions note for loans receivable, advances to/from related parties and any classifications that contribute to receivables outside the trade cycle.
- Review the cash-flow statement and the components of operating cash flows to verify the zero cash-conversion quality score (compare net income to operating cash flow and changes in working-capital lines).
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
- 7.6M
- Charter Capital
- 75.7B 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