ACG

• Beneish M-Score -1.5568 (78th percentile vs Vietnamese peers; YoY change +1.22): the overall M-Score is above many Vietnamese peers and has moved materially year-over-year — the score incorporates DSRI, GMI, AQI, SGI, DEPI, SGAI, LVGI and TATA.
• Days-Sales-Receivables Index (DSRI) = 1.2493: receivables (or revenue recognition relative to sales) have grown faster than sales, which raises a signal for possible revenue-related recognition timing.
• Large non-trade receivables / prepayments (Receivables outside the trade cycle = 13.1% of total assets; 86th percentile): a high share of assets are receivables outside the normal trade cycle (prepayments, loans receivable, long-term receivables), which is a common area for judgment and related-party activity under VAS.
• Very weak cash conversion (operating cash flow / net profit over 3 years = 0.66; 34th percentile and Cash conversion sub-score 0.0/100): profits are not being converted into cash consistently.
• Revenue-quality = 0.0/100 and Revenue growth index (SGI) = 1.1577: revenue growth is present but revenue-quality metrics score poorly, consistent with DSRI and the 0 revenue-quality sub-score.
• Low Piotroski F-Score = 2/9: fundamental health measures (profitability, leverage/liquidity, operating efficiency) are weak.
• Low TATA (total accruals) contribution: TATA = 0.1263 (part of the Beneish model and accruals-based signals) and Receivables quality = 10.1/100, indicating accruals and receivables contribute to low earnings quality.

• DEPI = 0.9517: depreciation index below 1.0 suggests no obvious slowing of depreciation that would inflate income (DEPI < 1 tends not to indicate asset-life inflation).
• SGAI = 0.9093: selling, general & administrative expenses relative to sales have not expanded (SGAI < 1), reducing one common source of margin manipulation.
• No accumulated losses and parent company net loss years = 0: undistributed earnings are positive and the parent has not reported a net loss in the tested period.
• Director-deal registrations net +0.09% and only 1 purchase registration (133,200 shares) with 0 sale registrations in the last year: insider registration activity is limited in both count and net volume (registrations are intentions disclosed to the exchange, not trades).
• Major institutional ownership: large, stable institutions hold most shares (50.0%, 19.6%, 18.1%) which can correlate with greater scrutiny and governance oversight.

Shareholding is highly concentrated: Công ty TNHH Đầu Tư Nc Việt Nam holds 50.0%, Sumitomo Forestry 19.6%, and Whitlam Holding 18.1%. This concentrated institutional ownership, together with a small individual holding (Nguyễn Minh Tuấn 2.0%), implies control is largely with a few entities; director-deal registrations show modest insider purchase registration (133,200 shares, +0.09% of shares outstanding).

• Compare the FY2025 note(s) to "Receivables and long-term receivables" (or the equivalent schedule) to reconcile the 13.1% of total assets reported as receivables outside the trade cycle and identify counterparties (related parties, suppliers, employees).
• Reconcile operating cash flow to net profit in the consolidated cash flow statement and management discussion to confirm drivers of the 3-year cash conversion ratio 0.66 and explain large timing differences or non-cash items.
• Review the revenue recognition policy note and the trade receivables ageing / allowance schedules to investigate the DSRI = 1.2493 signal and the Revenue-quality = 0.0/100 score.
• Inspect the related-party transactions and balances note for loans, prepayments or guarantees to see whether material non-trade receivables are intra-group or with named counterparties (useful given VAS and group-structure prevalence).