ANI

• Beneish M‑Score = -0.3868 (91st percentile among Vietnamese peers). The M‑Score aggregates eight ratios to screen for earnings manipulation; this company scores well above most Vietnamese peers and moved +2.12 year‑over‑year, signalling a recent increase in the accounting aggressiveness component of the score.
• DSRI (Days Sales Receivable Index) = 2.3860. DSRI measures changes in receivables relative to sales; a value >1 suggests receivables are growing faster than sales and can indicate revenue recognition or collection issues.
• TATA (Total Accruals to Total Assets) = 0.1530. TATA measures accruals relative to assets; a higher absolute accrual measure can mean earnings are supported by accruals rather than cash. Here the positive 0.1530 indicates material accruals.
• Earnings Quality Score = 15.3/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100. These component scores show poor ability to turn reported profit into cash and weak receivable quality on the scoring methodology used.
• Altman Z‑Score = 0.83 (distress zone). The Z‑Score combines liquidity, profitability and leverage metrics to assess bankruptcy distance; 0.83 places the company in the classic ‘distress’ range.
• Three‑year cash conversion (operating cash flow / net profit) = -0.03 (22nd percentile). This is a negative conversion ratio and ranks low versus peers, evidencing profits that are not being converted into operating cash flow over the rolling period.

• AQI (Asset Quality Index) = 0.7616. AQI <1 suggests asset write‑ups or lower relative noncurrent asset growth versus sales, which in some contexts is the opposite of aggressive capitalisation of costs; it moderates concern from other Beneish components.
• GMI (Gross Margin Index) = 1.0000. GMI = 1.0 indicates gross margin is stable year‑over‑year, so there is no immediate sign of margin deterioration prompting manipulation to hide declining operating performance.
• SGI (Sales Growth Index) = 1.2154. Sales growth of ~21.5% year‑over‑year can be a legitimate growth signal; SGI is included in the M‑Score but higher SGI alone does not imply manipulation.
• Receivables outside the trade cycle = 0.9% of total assets (34th percentile). The absolute level of non‑trade receivables/prepayments/long‑term receivables is low in the peer distribution, reducing concern that off‑balance or related‑party receivables are large in scale.

Ownership is highly concentrated: Công ty Cổ phần Anza holds 73.3%, followed by institutional owners at 6.3% and 5.3%; the two named individuals hold 1.2% and 0.2%. This concentrated institutional/group ownership implies control is clustered (majority holder plus related institutions), which can increase the importance of related‑party transactions and internal group reporting practices in the financial statements.

• Compare the year‑on‑year change in trade receivables and revenue in the notes to receivables and the revenue recognition note to reconcile the DSRI (2.3860) with disclosed sales growth (SGI = 1.2154).
• Reconcile profit to operating cash flow in the cash flow statement and the auditor’s notes to verify the three‑year cash conversion ratio of -0.03 and investigate the major components (changes in working capital, non‑cash items) behind the negative conversion.
• Inspect the schedule or note for ‘receivables and prepayments’ and the related‑party disclosure to confirm the composition and aging of the 0.9% of assets classified as receivables outside the trade cycle.
• Review the notes on accruals, provisions and other non‑cash adjustments to check the drivers of TATA = 0.1530 and the low cash conversion score in the Earnings Quality breakdown.
• Check the statement of changes in equity and the auditor’s report for evidence supporting positive owner’s equity without minority interest and the absence of accumulated losses; confirm parent profit (net loss years = 0) in the parent company income statement or separate financials.