AG1

• Beneish M-Score 1.4895 (97th Vietnam peer percentile): the score is well above the US -1.78 cutoff and ranks in the top 3% versus Vietnamese peers, indicating relatively aggressive accounting signals in the local context; the M-Score rose by +4.55 year-over-year, showing a material change in the score.
• DSRI (Days Sales Receivable Index) = 2.8524: this measures growth in receivables relative to sales; a value substantially above 1 implies receivables have grown faster than sales and can indicate revenue recognition or collectability concerns.
• AQI (Asset Quality Index) = 4.3658: this measures increases in asset reclassifications (e.g., capitalizing costs, increases in other assets) and is materially >1, suggesting rising non-current or non-trade assets relative to sales.
• Earnings-quality: Cash conversion = 0.0/100 and Receivables quality = 0.0/100: these component scores indicate operating profit is not being converted into cash and receivables-related items score poorly on the proprietary quality metrics.
• TATA (total accruals to assets) = 0.1653: while positive accruals are normal, this level indicates non-zero accrual-based earnings contribution; combined with low cash conversion it signals earnings are not fully cash-backed.
• LVGI (leverage growth index) = 1.0185 and GMI (gross margin index) = 1.0162: modest increases in leverage and slight deterioration in gross margin are present, which alongside other signals can increase earnings-management incentives.

• Altman Z-Score = 3.44 (safe zone): this measures distance from bankruptcy using profitability, leverage, liquidity and activity—placing the company in the 'safe' range on the Altman scale.
• Piotroski F-Score = 4/9 (neutral): this composite of profitability, leverage/liquidity, and operational efficiency metrics is middling rather than strongly negative.
• SGAI (sales, general & admin index) = 0.8851 and DEPI (depreciation index) = 0.8706: both are <1, indicating SG&A and depreciation behavior that is not showing the common upward pressure seen in aggressive settings (DEPI <1 implies depreciation expense is rising relative to prior period, not being suppressed).
• Three-year cash conversion (operating cash flow / net profit) = 1.31 (57th Vietnam percentile): while not excellent, this ratio is above 1, indicating over the three-year window operating cash has exceeded reported net profit, and ranks around the middle of Vietnamese peers.

Shareholding is highly concentrated: a single institutional owner (Công Ty TNHH Một Thành Viên Tổng Công Ty 28) holds 65.0% of shares, with the next largest individual stakes at 3.2%, 2.1% and smaller. Director-deal registrations were not provided here; note that registered intentions with the exchange (if any) are declarations, not executed trades.

• Compare the year-on-year change in trade receivables and other receivables in the FY2025 balance sheet and the accompanying note to revenue growth to validate the DSRI signal (DSRI = 2.8524).
• Examine the composition and movement in 'other non-current assets', 'prepayments to suppliers' and 'long-term receivables' in the notes to identify components driving the AQI = 4.3658 and the 1.8% receivables-outside-trade-cycle figure.
• Reconcile cash from operating activities and reported net profit across the last three annual cash-flow statements and the director/management discussion to confirm the three-year cash conversion of 1.31 and the earnings-quality cash conversion score of 0.0/100.
• Review the statutory statements and the parent's equity section to confirm accumulated retained earnings (undistributed earnings) are positive and that the company does not meet the Decree 155/2020 (amended) statutory loss criteria in HOSE/HNX contexts — noting the company is traded on UPCoM, where that listing rule does not apply.