BBM

• Beneish M‑Score = -0.1646 (measures the likelihood of earnings manipulation using eight financial ratios); Vietnam peer percentile = 92nd (this company’s score is more aggressive than 92% of Vietnamese peers) and YoY change = +1.87 (the accounting trajectory moved substantially year‑over‑year). Note: the -1.78 US cutoff is not the primary comparator for Vietnam.
• DSRI = 4.2068 (Days Sales Receivables Index; measures whether receivables are growing faster than sales — a high DSRI can indicate revenue recognized but not collected).
• Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (earnings-quality components that respectively measure the composition/aging of receivables and sustainability/recurrence of revenue — both score at the worst end of the provided scale).
• Earnings Quality overall = 53.2/100 with Margin quality = 21.3/100 (low margin quality indicates deterioration or volatility in reported margins relative to peers or history).
• Cash conversion (3‑year operating cash flow / net profit) = 4.94 (91st percentile versus Vietnamese non‑financials; a low conversion ratio means profit is not being turned into operating cash effectively).
• TATA = -0.1050 (Total Accruals to Assets; a negative TATA can reflect earnings supported by cash or by items reducing accruals, relevant to interpreting accruals-based quality).
• AQI = 1.2763 and LVGI = 1.1588 (AQI: asset quality index >1 can indicate increasing non‑current assets or potential write‑offs; LVGI >1 indicates leverage/volume growth dynamics that feed Beneish components).

• Accruals quality = 100.0/100 (measures how stable and reliable accruals appear; here accrual metrics score strongly).
• Cash conversion score = 100.0/100 according to the earnings‑quality subscore (despite the three‑year cash conversion ratio percentile being high — this points to mixed definitions across the provided metrics).
• Altman Z‑Score = 3.09 (the Altman Z‑Score measures distance from bankruptcy risk using profitability, leverage, liquidity and activity; 3.09 is in the 'safe' zone).
• Piotroski F‑Score = 6/9 (measures nine signals of improving or declining fundamentals; 6 indicates neutral-to-favourable operational/fundamental health).
• Receivables outside the trade cycle = 0.3% of total assets (19th percentile among Vietnamese firms; a low level of receivables outside the trade cycle suggests limited long‑term receivable/prepayment exposure on the balance sheet).
• No accumulated losses; parent net loss years = 0 up to FY2025, and owner's equity (excluding minority interest) is positive — these are legal/statement-level strengths in the published statements.

The company is majority‑controlled by BHN (Tổng Công ty Cổ phần Bia - Rượu - Nước giải khát Hà Nội) with 51.0% (control under VAS 25). Other significant listed subsidiaries and affiliates exist under the same parent, indicating a large state‑linked/group structure. Individual top shareholders hold smaller stakes (largest individual 7.0%).

• Compare the year‑on‑year change in trade receivables and the DSRI inputs in the notes to receivables and revenue recognition (disclose the aging schedules and related‑party receivables).
• Verify the composition of ‘receivables outside the trade cycle’ in the balance‑sheet note (identify prepayments to suppliers, loans receivable and long‑term receivables and their counter‑parties).
• Reconcile operating cash flow components with net profit in the cash‑flow note (check items driving the 3‑year cash conversion ratio of 4.94: depreciation, working‑capital movements, one‑off items).
• Inspect the related‑party transactions and intra‑group balances in the related‑party note, given the 51.0% parent holding and multiple sister companies in the same listed group.