ABR

• Beneish M-Score -1.1914 (85th percentile among Vietnamese peers; a higher percentile indicates more aggressive accounting relative to peers). The YoY change +0.70 indicates the M-Score has moved materially year-over-year.
• DSRI (Days Sales Receivable Index) = 1.7979 (Beneish component) — measures a rise in receivables relative to sales and can indicate revenue recognition or collection changes.
• SGAI (Sales General & Administrative Index) = 1.3247 — measures growth in SG&A relative to sales and may signal unusual selling or reporting behaviour.
• Receivables outside the trade cycle = 14.6% of total assets (87th percentile) — a high share of prepayments, loans receivable or other long-term receivables versus peers.
• Three-year cash conversion (operating cash flow / net profit) = -0.16 (20th percentile) — profits are not converting into cash on a multi-year basis.
• Earnings Quality Score 20.6/100 with Revenue quality 18.8/100 and Cash conversion & Receivables quality both 0/100 — poor scores on components that reflect the sustainability and cash backing of reported earnings.

• TATA (Total Accruals to Total Assets) = 0.1465 — this component measures total accruals; a relatively low TATA suggests lower accrual intensity in the balance sheet relative to earnings.
• DEPI (Depreciation Index) = 0.9955 and GMI (Gross Margin Index) = 0.9248 — DEPI close to 1.0 indicates stable depreciation policies; GMI below 1 suggests gross margins have improved rather than deteriorated year-over-year.
• LVGI (Leverage Index) = 1.2397 and SGI (Sales Growth Index) = 1.0303 are moderate — leverage and sales growth measures are not extreme.
• Altman Z-Score = 3.74 (safe zone) — this Altman metric indicates distance from financial distress under its model.
• Piotroski F-Score = 5/9 — a neutral score indicating neither strong deterioration nor particularly strong improvement in fundamental operating signals.

Ownership is highly concentrated in three related institutional shareholders (Công ty TNHH Phát Triển Quang Thái 39.7%, Phát Triển Đổng Đức 24.8%, Phát Triển Đồng Thịnh 14.3%), together controlling nearly 79% of the company; two individuals hold smaller stakes (Lan Wan - Chen 4.9%, Tsai Hsiu-Li 4.4%). No director-deal registrations were provided in the data; registrations with the exchange are intentions, not executed trades.

• Compare the year‑over‑year change in trade receivables and other receivables in the FY2025 balance sheet and the receivables note to identify the composition of the 14.6% 'receivables outside the trade cycle' (prepayments, loans and long-term receivables).
• Reconcile operating cash flow (cash flow statement) to net profit in the FY2023–FY2025 notes to verify the three‑year cash conversion ratio of -0.16 and identify timing items or non‑cash adjustments.
• Review the revenue recognition policy and any related-party transaction disclosures (notes and schedules) to assess drivers of DSRI = 1.7979 and Revenue quality = 18.8/100.
• Inspect the SG&A note and segment or line‑item detail to explain SGAI = 1.3247 (the rise in SG&A relative to sales) and whether increases relate to non-recurring items, marketing expansions, or related-party costs.