PSG

Construction

Công ty Cổ phần Đầu tư và Xây lắp Dầu khí Sài Gòn

Xây dựng và Vật liệuCT

500

VND · Last close

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Line item	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	·	·	·	313	369	341	334	468	488	496	498
Cash and cash equivalents (Bn. VND)	·	·	·	·	0.7	5	1	0.9	1	16	1	2
Short-term investments (Bn. VND)	·	·	·	·	0	3	2	0	0	0	0	0
Accounts receivable (Bn. VND)	·	·	·	·	146	138	130	134	151	174	190	193
Prepayments to suppliers (Bn. VND)	·	·	·	·	26	33	23	23	23	22	22	22
Net Inventories	·	·	·	·	160	218	203	194	311	292	297	294
Inventories, Net (Bn. VND)	·	·	·	·	160	218	203	194	311	292	297	294
Other current assets	·	·	·	·	6	5	5	6	6	6	8	8
Other current assets (Bn. VND)	·	·	·	·	0	0	0	0	0	0	0	0.4
LONG-TERM ASSETS (Bn. VND)	·	·	·	·	51	55	59	94	99	129	372	396
Long-term trade receivables (Bn. VND)	·	·	·	·	5	5	5	5	5	5	5	0
Other long-term receivables (Bn. VND)	·	·	·	·	5	5	5	5	5	5	5	0
Fixed assets (Bn. VND)	·	·	·	·	7	8	8	8	9	9	218	244
Tangible fixed assets	·	·	·	·	2	2	2	3	3	4	8	14
Intagible fixed assets	·	·	·	·	6	6	6	6	6	6	210	214
Investment in properties	·	·	·	·	4	8	12	15	19	23	27	31
Long-term investments (Bn. VND)	·	·	·	·	34	34	34	65	64	72	72	72
Other long-term assets (Bn. VND)	·	·	·	·	41	41	41	72	72	72	72	72
Less: Provision for diminuation in value of long term investments	·	·	·	·	-7	-7	-7	-7	-8	0	0	0
Goodwill	·	·	·	·	0	0	0	0	0	0	14	18
Other non-current assets	·	·	·	·	0.09	0.3	0.5	0.7	3	20	21	32
Long-term prepayments (Bn. VND)	·	·	·	·	0.08	0.3	0.5	0.7	3	8	21	27
TOTAL ASSETS (Bn. VND)	·	·	·	·	364	424	400	428	568	617	868	894
LIABILITIES (Bn. VND)	·	·	·	·	794	837	802	818	951	923	1,104	1,039
Current liabilities (Bn. VND)	·	·	·	·	782	813	750	759	880	840	1,022	955
Short-term borrowings (Bn. VND)	·	·	·	·	32	65	114	114	114	114	252	255
Advances from customers (Bn. VND)	·	·	·	·	55	55	55	55	54	53	53	53
Long-term liabilities (Bn. VND)	·	·	·	·	12	24	53	59	71	83	82	84
Long-term borrowings (Bn. VND)	·	·	·	·	0	0	27	31	46	56	53	53
OWNER'S EQUITY(Bn.VND)	·	·	·	·	-430	-413	-402	-389	-385	-311	-296	-207
Capital and reserves (Bn. VND)	·	·	·	·	-430	-413	-402	-389	-385	-311	-296	-207
Paid-in capital (Bn. VND)	·	·	·	·	350	350	350	350	350	350	350	350
Investment and development funds (Bn. VND)	·	·	·	·	4	4	4	4	4	4	2	2
Undistributed earnings (Bn. VND)	·	·	·	·	-786	-768	-756	-744	-738	-664	-650	-561
Minority Interest	·	·	·	·	0	0	0	0	0.8	5	59	62
TOTAL RESOURCES (Bn. VND)	·	·	·	·	364	424	400	428	568	617	868	894
Common shares (Bn. VND)	·	·	·	·	350	350	350	350	350	350	350	350
Good will (Bn. VND)	·	·	·	·	0	0	0	0	0	12	0	0
MINORITY INTERESTS	·	·	·	·	2	1	0.7	0.5	0	0	0	0

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Financial Forensics

Beneish M-Score · 2020

Moderate

M -0.01 · 90th pctile vs peers

YoY ▲ +2.73

Conservative vs VN peersAggressive

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

0.242

GMI

1.317

AQI

1.066

SGI

4.380

DEPI

0.987

SGAI

0.265

TATA

-0.027

LVGI

1.120

PSG exhibits significant red flags in its earnings quality and aggressive accounting practices, with a Beneish M-Score in the 90th percentile among Vietnamese peers. However, its institutional ownership structure provides some stability, albeit with potential conflicts of interest.

Red Flags

Beneish M-Score of -0.0101 indicates aggressive accounting practices, with a year-over-year change of +2.73 suggesting a potential onset of manipulation.
Earnings Quality Score of 46.2/100 is concerning, particularly with a cash conversion score of 0.0/100, indicating severe issues in converting earnings to cash.
SGI of 4.3800 indicates unsustainable growth, which may not be supported by underlying fundamentals.

Positive Signals

Institutional ownership is strong, with the largest shareholder holding 24.7%, providing potential stability and oversight.
High accrual score of 100.0/100 suggests that reported earnings are not being inflated through accruals, which is a positive signal in the context of the overall earnings quality.

Ownership Risk

The presence of multiple institutional shareholders may mitigate some risks, but the concentration of ownership could lead to governance issues and conflicts of interest, particularly if these institutions have overlapping interests.

Recommendation

Investors should approach PSG with caution, closely monitoring its earnings quality and accounting practices while considering a potential divestment if aggressive accounting trends continue.

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

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Key Ratios

Fiscal year 2020

-6.79P/E

P/B0.00

P/S1.04

ROE4.2%

ROA-4.5%

EPS-500.95

BVPS0.00

Gross Margin-1.8%

Net Margin-15.3%

D/E-1.85

Current Ratio0.40

Rev Growth338.3%

Profit Growth-47.5%

EV/EBITDA-165.38

Div Yield0.0%

Company Overview

Issued Shares

—

Charter Capital

—

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Xây dựng

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for PSG — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Cổ phần Xây lắp Dầu khí Việt Nam

Inst

24.7%

8.7 triệu

Công ty Cổ phần Quản lý Quỹ Leadvisors

Inst

8.6%

3.0 triệu

Công ty Cổ phần Đầu tư Khu Công Nghiệp Dầu khí Long Sơn

Inst

7.2%

2.5 triệu

Tổng Công ty Cổ phần Sông Hồng

Inst

4.3%

1.5 triệu

Phan Chí Trung

Indiv

2.0%

713.750

Công ty Cổ phần Victory Group

Inst

0.8%

297.100

nguyen-phi-hoang

Indiv

0.5%

169.121

Board & Management

Phan Chí Trung2.0%

Chủ tịch Hội đồng Quản trị/Giám đốc

Trần Mạnh Dũng

Thành viên Hội đồng Quản trị

Trịnh Chí Công

Phó Tổng Giám đốc

Văn Mạnh Dũng

Phó Tổng Giám đốc

Nguyễn Quang Hưng

Thành viên Hội đồng Quản trị

Trần Đạo Đức

Phó Giám đốc/Thành viên Hội đồng Quản trị

Trịnh Xuân Hùng

Phó Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Lê Thị Minh Thu

Trưởng Ban kiểm soát

Phạm Đức Thiện

Kế toán trưởng

Lê Thị Bích Tư

Thành viên Ban kiểm soát

Top connections

PXI51.0%PXT51.0%PXS51.0%PID50.0%PXM48.3%PVH2 links PFL34.9%PHH24.7%ICG24.7%PSB24.7%PVV19.0%VGR13.7%

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PSG

Financial Statements

Earnings Quality

Financial Forensics

Quantitative Scores

Key Ratios

Company Overview

// OWNERSHIP_NETWORK

// OWNERSHIP_NETWORK