AME

• Beneish M-Score = -1.5726 (78th percentile vs VN peers; YoY change +0.57). The M-Score compares several accounting ratios to detect earnings manipulation tendencies; here it is above most Vietnamese peers and has moved upward year-over-year.
• Cash conversion (operating cash flow / net profit, 3 years) = -8.85 (4th percentile). This measures the ability of reported profits to convert into cash; a very low value suggests profits are not generating operating cash.
• Cash conversion component of Earnings Quality = 0.0/100. This reinforces the before‑mentioned weak conversion of profit to cash.
• Receivables outside the trade cycle = 22.9% of total assets (92nd percentile). This line aggregates prepayments to suppliers, loans receivable and other long-term receivables and indicates a large share of assets that are not standard trade receivables.
• Altman Z-Score = 1.72 (distress zone). Z-Score is a composite bankruptcy-prediction metric; 1.72 falls in the 'distress' range, indicating lower distance to default by that model's criteria.
• AQI (asset quality index) = 1.0942 and DEPI (depreciation index) = 1.2990. AQI >1 signals rising non-current asset write-ups or reclassifications; DEPI >1 indicates slower depreciation relative to prior year which can inflate income.

• Receivables quality = 100.0/100. This component measures the character of reported receivables relative to revenue recognition and impairment; a top score suggests the receivables that remain align with revenue recognition patterns.
• Margin quality = 76.0/100. This measures persistence and stability of margins; a reasonably high score indicates Gross/Operating margins are not unusually volatile or transient.
• Piotroski F-Score = 6/9. This score captures recent improvements in profitability, leverage, liquidity and operating efficiency; 6/9 is a neutral-to-positive fundamentals signal.
• SGI (sales growth index) = 1.4811 and SGAI (SG&A index) = 1.0928. Strong sales growth (SGI >1) is evident and SGAI is only modestly elevated, suggesting selling/general/admin growth is not excessively outpacing sales.

Ownership is highly concentrated: Công ty Cổ phần Đầu Tư Alphanam holds 83.0% and a second Alphanam entity holds 6.1%, so institutions tied to the Alphanam group control ~89.1% combined; insiders include two individuals at 4.5% and 4.3%. Director-deal disclosures for 2025-10-30 to 2026-10-30 show 1 purchase registration (31,460 shares) and 0 sale registrations, net registered volume +0.05% of shares outstanding — these are registered intentions with the exchange, not executed trades.

• Compare the FY2025 cash flows from operating activities (cash flow statement) with consolidated profit after tax and the notes reconciling profit to cash to verify the 3-year operating cash flow / net profit ratio of -8.85.
• Inspect the notes to consolidated financial statements for 'receivables', 'loans to related parties', and 'prepayments to suppliers' to identify items making up the 22.9% of total assets classified as receivables outside the trade cycle.
• Review the fixed assets note and depreciation policy to check drivers of DEPI = 1.2990 and the reconciliation that produces AQI = 1.0942 (look for reclassifications, impairments reversed or changes in useful lives).
• Confirm statutory-loss related lines in the audited statements and the auditor's report: the filings show no accumulated losses, owner's equity (excluding minority interest) positive, zero consecutive net-loss years up to FY2025, and no statutory loss tests met under Decree 155/2020 Art.120(1)(e) as amended.