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THN

Công ty Cổ phần Cấp nước Thanh Hóa

Market Performance History

OHLCV Terminal Feed

Earnings Quality

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Piotroski F

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Altman Z (EM)

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Beneish M

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14.4%

ROE = T × I × OM × AT × L

0.82

1. Tax Burden

0.90

2. Interest Burden

16.1%

3. Operating Margin

0.66x

4. Asset Turnover

1.64x

5. Fin. Leverage

Ratio Category	2021	2022	2023	2024	2025
Return on Equity (ROE)	10.7%	10.9%	11.9%	14.9%	14.6%
Return on Capital (ROIC)	9.7%	10.3%	12.3%	13.3%	13.0%
Gross Margin	32.1%	33.0%	33.3%	31.2%	32.6%
Net Margin	10.5%	10.4%	11.1%	13.6%	13.3%
A.R Turnover Days	36d	31d	26d	23d	20d
Inventory Days	30d	28d	29d	26d	23d
Current Ratio	0.81	0.81	0.84	0.69	0.42
Debt to Equity	0.84	0.78	0.71	0.62	0.64
P/E Ratio	3.52	2.54	4.16	2.37	1.99
P/B Ratio	0.32	0.23	0.41	0.29	0.29
Dividend Yield	23.41%	32.36%	19.78%	34.68%	0.00%
Dividend Payout Ratio	82.3%	82.3%	82.3%	82.3%	0.0%

SOE-LL-HQ

Alpha (α)

0.279%

R-Squared (R²)

73.0%

Mkt-Rf Beta

0.58

SMB (Size)0.408

HML (Value)0.072

RMW (Profit)0.198

CMA (Investment)0.182

Historical Strategy Audit

Year	EM Score	Piotroski F	Altman Z	Beneish M	ROA	Flag
2019	-0.7094	9 / 9	1.51	-2.68	3.4%	—
2020	-0.4970	8 / 9	1.88	-2.90	5.3%	—
2021	-0.4871	8 / 9	1.78	0.00	5.5%	—
2022	-0.6314	9 / 9	1.89	0.00	6.0%	—
2023	-0.6487	9 / 9	2.19	0.00	6.8%	—
2024	-0.5302	6 / 9	2.31	0.00	9.0%	—
2025	-0.5969	6 / 9	1.88	0.00	9.1%	—