ALV

• Beneish M-Score 0.3622 (measures likelihood of earnings manipulation); this is at the 94th Vietnam peer percentile, indicating more aggressive accounting relative to peers, and rose by +1.98 year-over-year.
• AQI (Quality Index) 4.8022 (measures asset quality changes such as reclassifications, write-offs, and unusual receivables/prepayments) — a high value consistent with asset-side anomalies.
• DEPI 1.7119 (depreciation index; measures changes in depreciation policies or estimates) — above 1, suggesting slower depreciation or increased useful lives that inflate earnings.
• DSRI 1.1156 (days’ sales receivable index; measures potential revenue recognition timing or receivables growth) — >1 implies receivables are growing faster than sales.
• TATA 0.2359 (total accruals to total assets; measures accrual intensity) — materially positive accruals relative to assets, consistent with weak accruals quality (Accruals quality 23.7/100).
• Earnings Quality 22.1/100 with Cash conversion 0.0/100 (three-year operating cash flow / net profit) — reported profits are not converting into cash over the three-year window.
• Piotroski F-Score 2/9 (measures nine fundamental signals) — low score indicating weak fundamentals and few corroborating operational improvements.
• Receivables outside the trade cycle 12.4% of total assets (measures prepayments, loans receivable and other long-term receivables) — 84th percentile among Vietnamese firms, indicating substantial non-trade receivables or prepayments.
• Director-deal registrations: 1 sale registration and 0 purchase registrations between 2025-10-30 and 2026-10-30 — registrations are intentions disclosed to the exchange and not executed trades.

• Altman Z-Score 3.21 (measures bankruptcy risk using several balance-sheet ratios) — in the classic 'safe' zone, indicating distance from typical bankruptcy thresholds.
• SGI 1.1737 (sales growth index; measures sales growth versus prior period) — >1 indicates revenue growth rather than contraction.
• GMI 0.9871 (gross margin index; measures deterioration in gross margin) — slightly below 1, implying gross margin has not deteriorated materially year-over-year.
• LVGI 1.3595 (leverage index; measures changes in leverage) — while >1 shows rising leverage, the company still reports positive owner's equity (excluding minority interest) and no accumulated losses.

Ownership is concentrated among individuals: five named shareholders hold meaningful stakes (9.9%, 9.2%, 8.3%, 5.0%, 5.0%). There is no listed large state or institutional block in the top five. Director-deal disclosures show one sale registration in the past year (registrations are declared intentions, not executed trades).

• Compare the FY2025 'Receivables and other receivables' schedule with the related-party disclosures and the notes on prepayments to suppliers to identify the composition of the 12.4% of assets classified as 'receivables outside the trade cycle'.
• Reconcile the 'Cash flows from operating activities' line in the consolidated cash-flow statement for FY2023–FY2025 with reported net profit to verify the three-year cash conversion ratio supporting the Cash conversion score of 0.0/100.
• Inspect the fixed-asset note (useful lives, depreciation methods, additions/disposals) to assess the drivers of DEPI = 1.7119 and whether depreciation policy changes or re-estimates are disclosed.
• Review the auditor’s report and the accounting policies note for any disclosures about related-party loans, long-term receivables, or reclassifications that would affect AQI = 4.8022.