AGM

• Beneish M-Score 4.5294 — measures likelihood of earnings manipulation factors; this score is at the 99th percentile versus Vietnamese peers and moved +8.49 year-over-year (the YoY trajectory is an additional signal).
• DSRI 9.6929 — Days Sales Receivables Index of 9.6929 is unusually high and is a primary driver of the M-Score, indicating receivables (and related non-trade receivables) have grown far faster than sales.
• Receivables outside the trade cycle 13.4% of total assets — ranks at the 86th percentile among Vietnamese non-financials; this line includes prepayments to suppliers, loans receivable and other long-term receivables.
• Accumulated losses 2.87x paid-in capital and four consecutive years of parent net loss up to FY2025 — statutory indicators of prolonged losses and erosion of capital.
• Owner's equity (excluding minority interest) negative — the balance sheet shows capital deficit.
• Altman Z-Score -2.55 — places the company in the distress zone (measures distance to bankruptcy based on profitability, leverage, liquidity and activity ratios).
• Earnings-quality components heavily skewed: Cash conversion 0/100, Receivables quality 0/100, Margin quality 0/100 — these indicate weak cash-flow conversion, questionable receivables realization and poor margin persistence.
• High SGAI 1.6850 and GMI 1.5069 — Selling, general & administrative expenses and gross margin deterioration indexes respectively, contributing to the elevated M-Score.
• Director-deal registrations in the past 12 months: 4 sale registrations (2 registrants; 3,046,800 shares) and 3 purchase registrations (1 registrant; unspecified volumes) — these are registered intentions disclosed to the exchange (not executed trades).

• Accruals quality 100/100 — measures the extent to which earnings are supported by cash flows; here accruals appear high-quality by the metric.
• Revenue quality 100/100 — indicates reported revenue has characteristics that score well on the chosen revenue-quality tests used for this assessment.
• Piotroski F-Score 4/9 — a neutral score on fundamentals (measures profitability, leverage/liquidity, and operating efficiency) rather than a clear deterioration across all Piotroski dimensions.
• LVGI 1.1057 and AQI 1.1396 — Less extreme contributors to the M-Score (LVGI = leverage index; AQI = asset quality index) compared with the DSRI-driven signal, showing some measured changes in asset composition and leverage.

Shareholding is moderately concentrated: two institutions hold 20.6% and 7.9% respectively, and three individuals hold between 4.2% and 4.9% each. Director-deal entries show multiple registered sales and several purchase registrations in the last year; these are disclosed intentions rather than executed trades.

• Compare the FY2025 note for 'Receivables and prepayments' with the total assets to verify the 13.4% figure and inspect the breakdown into trade receivables, prepayments to suppliers, loans receivable and other long-term receivables.
• Reconcile the accumulated losses line in the owner's equity movement statement and the paid-in capital in the charter capital note to confirm the 2.87x ratio and the negative owner's equity (ex-minority).
• Examine the parent company income statement and the auditor’s report for the four consecutive years of net loss up to FY2025 and any related emphasis-of-matter or going-concern disclosures.
• Review the directors’/insiders’ transaction registration filings between 2025-10-30 and 2026-10-30 in the exchange disclosures to confirm the 4 sale registrations (3,046,800 shares) and the 3 purchase registrations and their stated volumes (note that registrations are intentions).