AGM
Công ty Cổ phần Xuất nhập khẩu An Giang
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 · FY2025
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 13.4%86th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- 2.87×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 company's accounting profile shows multiple concern signals: a very high Beneish M-Score of 4.5294 (99th percentile vs Vietnamese peers, year-over-year change +8.49) driven by an extreme DSRI of 9.6929 and elevated SGAI (1.6850) and GMI (1.5069). Profitability and balance-sheet distress are material: an Altman Z-Score of -2.55 (distress zone) and four consecutive years of parent net loss with owner's equity (ex-minority) negative and accumulated losses 2.87x paid-in capital. There are also positive elements: accruals and revenue-quality component scores are high (100/100 each) and Piotroski F-Score is neutral at 4/9.
- Beneish M-Score 4.5294 — measures likelihood of earnings manipulation factors; this score is at the 99th percentile versus Vietnamese peers and moved +8.49 year-over-year (the YoY trajectory is an additional signal).
- DSRI 9.6929 — Days Sales Receivables Index of 9.6929 is unusually high and is a primary driver of the M-Score, indicating receivables (and related non-trade receivables) have grown far faster than sales.
- Receivables outside the trade cycle 13.4% of total assets — ranks at the 86th percentile among Vietnamese non-financials; this line includes prepayments to suppliers, loans receivable and other long-term receivables.
- Accumulated losses 2.87x paid-in capital and four consecutive years of parent net loss up to FY2025 — statutory indicators of prolonged losses and erosion of capital.
- Owner's equity (excluding minority interest) negative — the balance sheet shows capital deficit.
- Altman Z-Score -2.55 — places the company in the distress zone (measures distance to bankruptcy based on profitability, leverage, liquidity and activity ratios).
- Earnings-quality components heavily skewed: Cash conversion 0/100, Receivables quality 0/100, Margin quality 0/100 — these indicate weak cash-flow conversion, questionable receivables realization and poor margin persistence.
- High SGAI 1.6850 and GMI 1.5069 — Selling, general & administrative expenses and gross margin deterioration indexes respectively, contributing to the elevated M-Score.
- Director-deal registrations in the past 12 months: 4 sale registrations (2 registrants; 3,046,800 shares) and 3 purchase registrations (1 registrant; unspecified volumes) — these are registered intentions disclosed to the exchange (not executed trades).
- Accruals quality 100/100 — measures the extent to which earnings are supported by cash flows; here accruals appear high-quality by the metric.
- Revenue quality 100/100 — indicates reported revenue has characteristics that score well on the chosen revenue-quality tests used for this assessment.
- Piotroski F-Score 4/9 — a neutral score on fundamentals (measures profitability, leverage/liquidity, and operating efficiency) rather than a clear deterioration across all Piotroski dimensions.
- LVGI 1.1057 and AQI 1.1396 — Less extreme contributors to the M-Score (LVGI = leverage index; AQI = asset quality index) compared with the DSRI-driven signal, showing some measured changes in asset composition and leverage.
Shareholding is moderately concentrated: two institutions hold 20.6% and 7.9% respectively, and three individuals hold between 4.2% and 4.9% each. Director-deal entries show multiple registered sales and several purchase registrations in the last year; these are disclosed intentions rather than executed trades.
- Compare the FY2025 note for 'Receivables and prepayments' with the total assets to verify the 13.4% figure and inspect the breakdown into trade receivables, prepayments to suppliers, loans receivable and other long-term receivables.
- Reconcile the accumulated losses line in the owner's equity movement statement and the paid-in capital in the charter capital note to confirm the 2.87x ratio and the negative owner's equity (ex-minority).
- Examine the parent company income statement and the auditor’s report for the four consecutive years of net loss up to FY2025 and any related emphasis-of-matter or going-concern disclosures.
- Review the directors’/insiders’ transaction registration filings between 2025-10-30 and 2026-10-30 in the exchange disclosures to confirm the 4 sale registrations (3,046,800 shares) and the 3 purchase registrations and their stated volumes (note that registrations are intentions).
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- —
- P/S
- 1.52
- ROE
- 35.8%
- ROA
- −10.6%
- EPS
- −5.751
- BVPS
- −18.692
- Gross Margin
- −54.1%
- Net Margin
- −486.8%
- D/E
- —
- Current Ratio
- 0.12
- Rev Growth
- −91.1%
- Profit Growth
- +59.7%
- EV/EBITDA
- —
- Div Yield
- —
Company Overview
- Shares outstanding
- 18.2M
- Charter Capital
- 182B VND
- Sector (ICB L2)
- Thực phẩm và đồ uống
- Industry (ICB L3)
- Sản xuất thực phẩm
- Sub-industry
- Thực phẩm
- Company Type
- CT