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VKC

Công ty Cổ phần VKC Holdings

VietnamCyclicalsÔ tô và phụ tùngUPCOMCT
1.100
VND · Close 30 Oct 2026
No valuation yet
There is not enough data yet to estimate an intrinsic value for VKC.
Line item2026202520242023202220212020201920182017201620152014201320122011
CURRENT ASSETS (Bn. VND)
·192194256285533445383453471523453436376··
Cash and cash equivalents (Bn. VND)
·220.72263720411572261077265··
Short-term investments (Bn. VND)
·0.50.50.50.58492632700000··
Accounts receivable (Bn. VND)
·186188234255262189183173186135157170131··
Prepayments to suppliers (Bn. VND)
·1387882230332514181214··
Net Inventories
·232128160126116201123160187193172··
Inventories, Net (Bn. VND)
·232128160134124207137169190196174··
Other current assets
·10.01000.301.01153317··
Other current assets (Bn. VND)
·0000000000002··
LONG-TERM ASSETS (Bn. VND)
·4250103121149172192189187153122105116··
Long-term trade receivables (Bn. VND)
·6661011263760.40.40.400··
Other long-term receivables (Bn. VND)
·66666101000.40.40.400··
Fixed assets (Bn. VND)
·344457688999113140179136108100107··
Tangible fixed assets
·333750608184961221591301019693··
Leased assets
·0000000023300.6··
Intagible fixed assets
·18888161617193344··
Long-term investments (Bn. VND)
·0036363636363600006··
Investments in associate companies
·00000003600000··
Other long-term assets (Bn. VND)
·36363636363636000008··
Less: Provision for diminuation in value of long term investments
·−36−360000000000−2··
Other non-current assets
·20.1471366876633··
Long-term prepayments (Bn. VND)
·0.070.1471366876521··
TOTAL ASSETS (Bn. VND)
·234244359406682617575642658676575542492··
LIABILITIES (Bn. VND)
·529485443402438375334409417409405379332··
Current liabilities (Bn. VND)
·528485443401318374332406415404404379331··
Short-term borrowings (Bn. VND)
·361362366367282300216268278262228229207··
Advances from customers (Bn. VND)
·0.20.60.030.030.07121320.40.8211··
Long-term liabilities (Bn. VND)
·0.3001.011912335200.2··
Long-term borrowings (Bn. VND)
·0001.011912335200.2··
OWNER'S EQUITY(Bn.VND)
·−294−242−844244242241232241268170163160··
Capital and reserves (Bn. VND)
·−294−242−844244242241232241268170163160··
Paid-in capital (Bn. VND)
·200200200200200200200200200200130130130··
Investment and development funds (Bn. VND)
·1414141414141313131414139··
Undistributed earnings (Bn. VND)
·−516−463−305−21723202081742262016··
TOTAL RESOURCES (Bn. VND)
·234244359406682617575642658676575542492··
Short-term loans receivables (Bn. VND)
·33300061515256130··
Long-term loans receivables (Bn. VND)
·0003300000000··
Common shares (Bn. VND)
·200200200200200200200200200200130130130··
MINORITY INTERESTS
·0.80.300000000000··

Earnings Quality

Fiscal year 2025
52
Fair
Accrual Quality
100
Cash Conversion
2
Receivables
100
Margin Stability
10
Revenue Quality
2

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −3.65 · 5th pctile vs VN companies
YoY ▲ +2.52
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
0.944
GMI
0.362
AQI
1.392
SGI
1.045
DEPI
1.132
SGAI
0.148
TATA
−0.234
LVGI
1.133

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
9.3%79th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
2.58×Statutory test met
Consecutive years of net lossProfit after tax of the parent
4Statutory test met
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 Beneish M‑Score is -3.6481 (4th percentile vs Vietnamese peers), indicating the company currently scores as less aggressive on the M‑Score relative to most Vietnamese peers, though the M‑Score moved by +2.52 year‑over‑year. Earnings‑quality metrics are mixed: accruals and receivables quality score 100/100, but cash conversion is very weak at 2.3/100 and revenue quality is 1.6/100. Balance‑sheet distress is pronounced: Altman Z‑Score = -5.38 (distress zone) and owner's equity excluding minority interest is negative with accumulated losses of 2.58× paid‑in capital and four consecutive years of parent net loss to FY2025.

Red Flags
  • Altman Z‑Score = -5.38: measures bankruptcy distance; this value lies in the distress zone, signalling material insolvency risk by the Altman framework.
  • Accumulated losses = 2.58× paid‑in capital: the company’s cumulative losses exceed contributed capital by 2.58 times (a statutory fact in the published statements).
  • Owner's equity excluding minority interest = negative: the standalone/equity attributable to owners is below zero per the FY2025 statements.
  • Four consecutive years of parent net loss up to FY2025: the parent reported losses each year for the last four years (statement line item).
  • Cash conversion score = 2.3/100: measures cash‑based earnings conversion (operating cash flow relative to profit) and is extremely weak, indicating earnings are not being converted into operating cash.
  • Revenue quality = 1.6/100 and Margin quality = 9.9/100: both low scores indicate revenue and margin patterns that score poorly on the earnings‑quality model used here.
  • Receivables outside the trade cycle = 9.3% of total assets (79th percentile among VN non‑financials): a material portion of assets are prepayments, loans receivable or other long‑term receivables rather than normal trade receivables.
Positive Signals
  • Beneish M‑Score = -3.6481 (4th percentile vs VN peers): the absolute score is well below the US −1.78 cutoff, and the company ranks in the lower (less aggressive) tail among Vietnamese peers on the M‑Score.
  • DSRI = 0.9437 and SGAI = 0.1484: the Days Sales Receivable Index below 1 suggests receivables are not growing faster than sales, and Sales, General & Administrative Index is low, both of which are not typical upward manipulation signals in the Beneish components.
  • Accruals quality = 100/100 and Receivables quality = 100/100: these component scores indicate accrual accounting and receivable composition (as measured by the applied scoring model) appear high quality under the model’s metrics.
  • Piotroski F‑Score = 6/9: a neutral to moderately positive operational/fundamental score indicating several improving or acceptable fundamentals under the Piotroski test.
Ownership Risk

Ownership is concentrated in individual shareholders: Thân Xuân Nghĩa holds 15.6%, followed by smaller individual stakes (4.7%, 1.0%, 1.0%, 0.4%). There is no listed state or corporate majority; concentrated individual control can lead to related‑party activity or group transactions—this is a structural observation from the shareholder list.

To check in the filings
  • Compare the FY2025 note(s) or schedule on related‑party transactions with the line items for 'prepayments to suppliers', 'loans receivable' and 'other long‑term receivables' to quantify the 9.3% of total assets classified as receivables outside the trade cycle.
  • Verify the statement of changes in equity and the audited balance sheet to confirm the accumulated losses equal 2.58× paid‑in capital and to locate the line showing negative owner's equity (excluding minority interest).
  • Inspect the parent company profit/(loss) line in the consolidated and parent financial statements for FY2022–FY2025 to confirm the four consecutive years of parent net loss and to see any explanations in management discussion and analysis.
  • Reconcile operating cash flow (cash flow statement, operating activities) against net profit in the income statement to reproduce the cash conversion score (very low cash conversion) and identify timing or non‑cash items driving the gap.

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

Quantitative Scores

F-Score
6/9
Neutral
Z-Score
−5.38
Distress Zone
Sharpe
0.21
Positive
Composite
41
30 to 49
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 Burden0.97×Interest Burden1.10×Op. Margin−1.93×Turnover0.11×Leverage−0.80=ROE18.1%
Price Risk
Momentum
+10.0%
Volatility
150.8%
Max Drawdown
−64.7%

Key Ratios

Fiscal year 2025
—P/E
P/B
—
P/S
0.82
ROE
19.8%
ROA
−22.3%
EPS
−2.762
BVPS
−15.307
Gross Margin
7.3%
Net Margin
−205.3%
D/E
—
Current Ratio
0.36
Rev Growth
+5.5%
Profit Growth
+65.9%
EV/EBITDA
—
Div Yield
—

Company Overview

Shares outstanding
19.3M
Charter Capital
193B VND
Sector (ICB L2)
Ô tô và phụ tùng
Industry (ICB L3)
Ô tô và phụ tùng
Sub-industry
Lốp xe
Company Type
CT
Methodology & Disclosure

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