BBT

• Beneish M-Score -1.5915 and Vietnam peer percentile 77th: the score is higher (more aggressive) than 77% of Vietnamese non-financial peers; note the US -1.78 cutoff is not directly calibrated to Vietnam.
• AQI (absquality index) 3.4918: elevated asset-quality adjustments or accrual-related flags feed the M-Score’s concern about asset/earnings distortions.
• LVGI 0.5824 and DSRI 0.5977: inventory/receivables-related signals are notable components of the M-Score (LVGI elevated; DSRI below 1 can indicate slower receivable build relative to sales but must be read with receivable composition).
• Receivables outside the trade cycle 37.7% of total assets (97th percentile): a very high proportion is classified as prepayments, loans receivable and other long-term receivables, which is unusual relative to peers and concentrates credit/related-party exposure into non-trade items.
• Cash conversion (3-year operating cash flow / net profit) 0.93 (42nd percentile): profit has not fully converted to cash over three years (ratio below 1 and middle-to-low percentile among Vietnamese peers).
• Revenue quality sub-score 25.3/100 and margin quality 43.0/100: weak scores that indicate reported revenues and margins may be supported by non-operating items or one-off adjustments rather than stable operating performance.

• Earnings Quality overall 80.3/100 with accruals quality 100/100: accruals are measured as high quality, suggesting little sign of classical accrual-based earnings smoothing in the measures used.
• Cash conversion sub-score 100/100 and receivables quality 100/100 in the Earnings Quality package: within that framework the company shows strong short-term cash and receivable indicators (contrasts with the three-year cash-conversion check — see checks).
• TATA -0.0135 (total accruals to total assets close to zero): indicates low net accruals in the period measured, supporting the high accruals-quality score.
• Piotroski F-Score 6/9: a neutral-to-favourable score showing several healthy fundamentals (profitability/liquidity/operating efficiency signals) rather than widespread deterioration.
• No accumulated losses and owner’s equity (excluding minority interest) positive; parent net loss in 0 consecutive years up to FY2025: statutory equity and profit tests in the published statements do not show statutory loss conditions.

Shareholding is highly concentrated: SGI Holdings owns 74.9% and Thành Công Securities 9.5%, leaving limited free float and significant group control. Director-deal registrations between 2025-10-30 and 2026-10-30 show intentions to trade: one sale registration (7,978,558 shares) and three purchase registrations (total 11,049,958 shares), net registered volume +15.67% of shares outstanding — these are registered intentions, not executed trades, and large registered volumes can reflect repeated registrations by the same holder.

• Compare the FY2025 note(s) on 'loans and receivables' / 'other long-term receivables' to the balance-sheet line that totals 37.7% of assets and identify counterparties and related-party flags.
• Reconcile the operating cash-flow statement and the profit-and-loss note for the three-year period to verify the 3-year cash conversion ratio of 0.93 and itemize major non-cash adjustments.
• Inspect the revenue-disaggregation note and the schedules for one-off, other income and related-party revenue to assess why revenue quality is 25.3/100.
• Read the ownership and related-party transactions disclosure and the director-share-registration announcements to confirm who registered the 7,978,558-share sale and the 11,049,958-share purchases and whether those registrants are major shareholders or related persons.