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TTZ

Công ty Cổ phần Đầu tư Xây dựng và Công nghệ Tiến Trung

VietnamConstructionXây dựng và Vật liệuUPCOMCT
1.800
VND · Last close
No valuation yet
There is not enough data yet to estimate an intrinsic value for TTZ.
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
···2320221950484479504831
Cash and cash equivalents (Bn. VND)
···0.623310.70.913121
Accounts receivable (Bn. VND)
···968839352635212411
Prepayments to suppliers (Bn. VND)
···6555302960.62150.2
Net Inventories
···121011810121630262118
Inventories, Net (Bn. VND)
···121011810121630262118
Other current assets
···220.030.050.40.32210.90.5
LONG-TERM ASSETS (Bn. VND)
···5356586041455230171613
Long-term trade receivables (Bn. VND)
···141414141414140000
Other long-term receivables (Bn. VND)
···141414141414140000
Fixed assets (Bn. VND)
···2023261012172329171512
Tangible fixed assets
···2023261012172329171512
Other non-current assets
···0.90.60.20.10.10.20.80.60.60.20.3
Long-term prepayments (Bn. VND)
···0.70.40000.090.60.50.50.20.3
TOTAL ASSETS (Bn. VND)
···76768079919396109676343
LIABILITIES (Bn. VND)
···1010111117161730986
Current liabilities (Bn. VND)
···98111117161729986
Short-term borrowings (Bn. VND)
···10459444000
Advances from customers (Bn. VND)
···00.800.070.22460.20.60.8
Long-term liabilities (Bn. VND)
···110000.20.71000
Long-term borrowings (Bn. VND)
···000000.20.71000
OWNER'S EQUITY(Bn.VND)
···6667696874777979585637
Capital and reserves (Bn. VND)
···6667696874777979585637
Paid-in capital (Bn. VND)
···7676767676767070535335
Undistributed earnings (Bn. VND)
···−10−9−7−8−2299532
TOTAL RESOURCES (Bn. VND)
···76768079919396109676343
Short-term loans receivables (Bn. VND)
···0000000.77200
Common shares (Bn. VND)
···7676767676767070535335

Earnings Quality

Fiscal year 2023
24
Poor
Accrual Quality
95
Cash Conversion
0
Receivables
0
Margin Stability
0
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2023
75th–90th
M −1.43 · 80th pctile vs VN companies
YoY ▲ +1.63
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
1.939
GMI
1.751
AQI
1.012
SGI
0.717
DEPI
0.987
SGAI
1.048
TATA
0.013
LVGI
1.052

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).

Red Flags
  • 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).
Positive Signals
  • 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 Risk

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).

To check in the filings
  • 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

F-Score
3/9
Weak
Z-Score
0.88
Distress Zone
Sharpe
0.00
Negative
Composite
55
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 Burden1.02×Interest Burden1.34×Op. Margin−0.21×Turnover0.05×Leverage1.15=ROE−1.6%
Price Risk
Momentum
+0.0%
Volatility
0.0%
Max Drawdown
0.0%

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
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
Methodology & Disclosure

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