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TVD

Công ty Cổ phần Than Vàng Danh - Vinacomin

AUDIT RISK

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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11.9%

ROE = T × I × OM × AT × L

0.54

1. Tax Burden

0.90

2. Interest Burden

2.2%

3. Operating Margin

2.60x

4. Asset Turnover

3.91x

5. Fin. Leverage

Ratio Category	2021	2022	2023	2024	2025
Return on Equity (ROE)	19.0%	28.8%	20.1%	13.8%	11.7%
Return on Capital (ROIC)	15.1%	18.1%	17.3%	10.7%	8.8%
Gross Margin	8.5%	7.3%	7.1%	6.0%	5.6%
Net Margin	1.9%	2.6%	2.1%	1.5%	1.2%
A.R Turnover Days	24d	42d	57d	56d	55d
Inventory Days	28d	22d	17d	13d	12d
Current Ratio	0.72	1.17	1.26	1.14	1.03
Debt to Equity	3.28	3.07	2.00	2.65	2.91
P/E Ratio	5.50	5.22	3.76	13.71	5.85
P/B Ratio	0.67	0.96	0.69	0.67	0.70
Dividend Yield	9.76%	6.34%	8.33%	7.92%	0.00%
Dividend Payout Ratio	53.7%	33.1%	31.3%	108.6%	0.0%

Priv-HL-LQ

Alpha (α)

-0.356%

R-Squared (R²)

84.3%

Mkt-Rf Beta

1.02

SMB (Size)0.613

HML (Value)0.352

RMW (Profit)0.133

CMA (Investment)0.124

Historical Strategy Audit

Year	EM Score	Piotroski F	Altman Z	Beneish M	ROA	Flag
2019	-0.1480	8 / 9	0.22	-3.49	2.2%	—
2020	0.1137	6 / 9	0.09	-3.19	2.6%	—
2021	-0.1293	7 / 9	0.26	-3.90	4.1%	—
2022	0.7812	7 / 9	1.80	-1.00	7.5%	—
2023	0.4433	7 / 9	2.26	-3.49	5.3%	—
2024	0.1345	4 / 9	1.43	-3.09	4.5%	—
2025	0.1675	4 / 9	0.93	-3.59	3.2%	—