BAF

• Beneish M-Score -1.3536 (measures the likelihood of earnings manipulation patterns from financial ratios); the company ranks at the 82nd percentile among Vietnamese peers, indicating more aggressive accounting patterns than most peers in Vietnam.
• Year-over-year M-Score change +1.47 (measures the trajectory of manipulation‑related ratios); a large positive change signals accounting metrics moved materially versus the prior year.
• DSRI 1.7897 (Days Sales Receivable Index — measures growth in receivables relative to sales); a value well above 1 suggests receivables grew faster than sales, which can indicate revenue recognition or collection issues.
• SGAI 1.7072 (Sales, General & Admin expense Index — measures SG&A growth relative to sales); a large increase implies SG&A rose substantially versus sales, which can distort margins or indicate cost capitalization/management issues.
• TATA 0.1398 (Total Accruals to Total Assets — measures accrual-based earnings vs cash); a positive accruals ratio of 13.98% of assets indicates earnings contain sizable accrual components rather than cash.
• Earnings Quality Score 12.3/100 with near-zero sub-scores for cash conversion, receivables quality, margin quality and revenue quality (all 0.0/100) — collectively these measure how much reported profit is supported by cash flows, receivable collectibility, stable margins and repeatable revenue; the zeroes indicate weak or non-supportive signals across those dimensions.
• Cash conversion (3-year operating cash flow / net profit) -4.39 (6th percentile among Vietnamese non-financials; measures profit turning into cash); a negative and very low percentile means profits have not been converting to operating cash over three years.
• Altman Z-Score 1.56 (measures bankruptcy distance); this places the company in the distress zone, indicating higher financial distress risk under the Z-Score framework.
• Piotroski F-Score 2/9 (measures nine fundamentals of profitability, leverage/liquidity and operating efficiency); a 2 indicates weak recent fundamental performance.
• Receivables outside the trade cycle 7.4% of total assets (75th percentile among Vietnamese peers; measures prepayments, loans to related parties and non-trade receivables); a relatively high share suggests material non‑trade asset items that warrant line‑item scrutiny.

• GMI 0.9382 (Gross Margin Index — measures decline in gross margin; values below 1 indicate gross margins improved year-over-year), suggesting gross margin was stable or improved rather than deteriorating.
• DEPI 0.9527 (Depreciation Index — measures changes in depreciation policy; below 1 suggests depreciation expense increased relative to asset base rather than being reduced to inflate earnings), which is not consistent with aggressive lengthening of asset lives.
• AQI 1.0436 and LVGI 1.0511 (Asset quality and leverage growth indices) are close to 1, indicating no extreme movements in capitalized asset composition or leverage compared with some other firms.
• No accumulated losses and owner's equity (exclusive of minority interest) positive; the statutory loss tests under Vietnamese Decree 155/2020 (as amended) are not met, and the parent reported no consecutive-year net loss up to FY2025 — these are factual signals of solvency in the published statements.

Ownership is concentrated: Siba Holdings (institution) holds 31.5%, while individual insiders collectively hold small stakes (Bùi Hương Giang 2.6%, Nguyễn Anh Tuấn 2.0%, others listed at 0.0%). Director-deal registrations show 5 purchase registrations (four traders; 130,000 shares; one registration without a volume) and 0 sale registrations in the 2025-10-30 to 2026-10-30 window — these are filings of intended insider transactions, not executed trades.

• Compare the 2025 year-end trade receivables line with the related-party receivables and prepayments note to reconcile the 7.4% of total assets classified as 'receivables outside the trade cycle.'
• Reconcile the consolidated operating cash flow statement with consolidated net profit for the last three years and show the schedules supporting the -4.39 three-year cash conversion ratio (note and cashflow reconciliation).
• Inspect the notes to the financial statements for the components of total accruals and the calculation behind TATA = 0.1398 (e.g., changes in working capital, depreciation, provisions) to see what drives the 13.98% accruals-to-assets.
• Review the disclosure of SG&A by nature and any one-off items or reclassifications in the SG&A note to understand the SGAI = 1.7072 increase versus revenue.