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Tổng Công ty Thép Việt Nam - Công ty Cổ phần

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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5.4%

ROE = T × I × OM × AT × L

1.48

1. Tax Burden

0.90

2. Interest Burden

0.8%

3. Operating Margin

1.57x

4. Asset Turnover

2.72x

5. Fin. Leverage

Ratio Category	2021	2022	2023	2024	2025
Return on Equity (ROE)	6.8%	-8.5%	-3.1%	3.5%	6.1%
Return on Capital (ROIC)	3.7%	-1.4%	0.6%	0.9%	1.8%
Gross Margin	5.4%	1.9%	3.3%	3.3%	4.1%
Net Margin	2.1%	-2.0%	-1.0%	0.9%	1.3%
A.R Turnover Days	23d	27d	34d	31d	31d
Inventory Days	51d	57d	56d	50d	52d
Current Ratio	0.98	0.98	0.98	1.03	1.06
Debt to Equity	1.52	1.35	1.52	1.68	1.72
P/E Ratio	4.95	-5.42	-20.20	18.07	11.84
P/B Ratio	0.36	0.49	0.65	0.61	0.70
Dividend Yield	0.00%	4.76%	0.00%	0.00%	0.00%
Dividend Payout Ratio	0.0%	-25.8%	0.0%	0.0%	0.0%

SOE-HL-LQ

Alpha (α)

0.009%

R-Squared (R²)

81.3%

Mkt-Rf Beta

0.84

SMB (Size)0.697

HML (Value)0.100

RMW (Profit)0.310

CMA (Investment)0.186

Historical Strategy Audit

Year	EM Score	Piotroski F	Altman Z	Beneish M	ROA	Flag
2019	-0.1523	3 / 9	0.55	-2.57	2.8%	—
2020	-0.0431	8 / 9	0.85	-3.15	2.4%	—
2021	0.4031	4 / 9	0.98	-1.97	3.9%	—
2022	0.2676	5 / 9	0.55	-1.80	-2.8%	—
2023	0.0064	5 / 9	0.62	-3.08	-1.2%	—
2024	0.4650	5 / 9	0.82	-2.21	1.3%	—
2025	0.1666	5 / 9	0.97	-2.29	2.2%	—