APP

• High Beneish peer percentile: M-Score = 0.1234, Vietnam peer percentile = 94th; this measures the composite statistical likelihood of earnings manipulation relative to Vietnamese peers and shows the company ranks in the top decile for aggressive signals domestically.
• Rising M-Score: year-over-year M-Score change = +4.15; this measures the trajectory of the Beneish signal and indicates the company’s M-Score has moved notably compared with the prior year.
• High GMI (Gross Margin Index): GMI = 4.1802; this component measures deteriorating gross margins year-over-year (values >1 suggest margin pressure) and here is materially >1.
• High DEPI (Depreciation Index): DEPI = 2.1671; this measures a slowdown in depreciation expense relative to asset base (values >1 suggest slower reported depreciation), which can inflate reported profits.
• High AQI (Asset Quality Index) and LVGI: AQI = 1.4637 and LVGI = 1.8362; AQI measures increasing proportion of non-current assets (which can signal capitalization of costs), while LVGI measures leverage of inventory vs sales — both >1 and indicative of rising asset intensity or slower turnover.
• Very low cash-related signals: Cash conversion (component of Earnings Quality) = 0.0/100 and Margin quality = 0.0/100; these measure operating cash flow conversion and stability of margins and are both signaling weak cash realisation and margin reliability.
• Receivables outside the trade cycle: 16.4% of total assets (88th percentile among Vietnamese non-financials); this line measures prepayments, loans receivable and other long-term receivables and is high versus peers, which can increase risk that assets are not routine trade receivables.

• Accruals quality = 76.2/100; this measures the extent to which reported earnings are backed by conservative accrual patterns and is relatively strong compared with other components.
• Receivables quality = 100.0/100; this measures the cleanliness or normality of receivables behaviour (collections, aging) and scores at the top of the scale here.
• Altman Z-Score = 4.24 (safe zone); this measures distance-to-bankruptcy using profitability, leverage and liquidity metrics and places the company in the zone typically considered low short-term insolvency risk.
• Piotroski F-Score = 4/9 (neutral); while not a strong positive, this measures fundamentals (profitability, leverage/liq., and operating efficiency) and shows a middling position rather than clear deterioration.

Ownership is concentrated among individuals: largest shareholder Nguyễn Kim Hoàn holds 15.3%; four other individuals hold between 3.5% and 6.3%. No state or corporate controlling block is indicated in the provided list, implying a moderately concentrated individual ownership structure without a single majority controller.

• Compare the 2025 line items for 'Loans receivable' and 'Other long-term receivables' in the notes with the balance of receivables outside the trade cycle (16.4% of total assets) to see composition and counterparty details.
• Inspect the depreciation policy note and the reconciliation of carrying amounts/accumulated depreciation to evaluate the DEPI signal (DEPI = 2.1671) and any changes in useful lives or capitalization policy.
• Reconcile reported operating cash flow and the cash-flow-from-operations schedule with the income statement to verify the cash-conversion signal (Cash conversion = 0.0/100).
• Review the related-party transactions and 'Prepayments to suppliers' disclosure to determine the counterparties and terms for non-trade receivables and prepayments that contribute to the 16.4% figure.