BCE

• Beneish M-Score = -0.5197 (measures likelihood of earnings manipulation patterns; company ranks at the 90th percentile among Vietnamese peers; note the US cutoff -1.78 is not directly calibrated to Vietnam).
• Year-over-year M-Score change = +1.40 (measures the trajectory of the score; a large positive move indicates recent change in the accounting pattern).
• GMI (Gross Margin Index) = 1.9991 (measures deterioration in gross margins year-over-year; values >1 flag margin deterioration).
• SGI (Sales Growth Index) = 3.0024 (measures sales growth; values >1 indicate rapid growth that can pressure recognition choices).
• TATA (Total Accruals to Total Assets) = 0.1545 (measures accruals intensity; higher values indicate earnings supported by accruals rather than cash).
• LVGI (Leverage Index) = 1.7821 (measures increase in leverage; >1 indicates rising leverage).
• Cash conversion, three-year operating cash flow / net profit = -1.25 (measures whether reported profits convert to cash; negative and at the 12th percentile among VN peers).
• Altman Z-Score = 1.10 (measures financial distress / distance to bankruptcy; 1.10 is in the 'distress' zone).
• Piotroski F-Score = 2/9 (measures nine fundamental quality signals; 2 indicates weak fundamentals).
• Earnings-quality components: Cash conversion score = 0.0/100 and Margin quality = 0.0/100 (both measure conversion of accounting profits into cash and stability of margins, respectively), and overall Earnings Quality = 35.7/100 (low).
• Yearly DSRI = 0.4335 and AQI = 0.0623 (DSRI <1 typically indicates slower receivables growth relative to sales; AQI low suggests asset quality changes are small but must be read with other indices).

• Receivables outside the trade cycle = 1.2% of total assets (measures prepayments, loans receivable and other long-term receivables; at the 39th percentile this is modest relative to peers).
• Receivables quality component = 100.0/100 (measures the quality and collectibility of receivables; a strong signal).
• No accumulated losses; owner's equity (non-minority) is positive (these are balance-sheet facts reported in the statements).
• Director-deal registrations: 0 sale registrations and 8 purchase registrations (7 traders) totalling 1,140,000 shares, net registered volume = +2.71% of shares outstanding (these are registered intentions disclosed to the exchange, not executed trades).
• DEPI = 0.9008 (Depreciation Index <1 can indicate faster depreciation or lower asset revaluation pressure; interpreted alongside AQI).

The largest shareholder is Tập đoàn Đầu tư và Phát triển Công nghiệp Becamex with 44.4% (institutional, concentrated control). The next largest institutional holder is MB Fund Management at 4.8%; individual insiders collectively hold small stakes (largest individuals: Nguyễn Kim Tiên 0.9%, Trần Thiện Thể 0.5%, Lê Phan Minh Vũ 0.5%). Director-deal disclosures show net registered purchases equivalent to +2.71% of outstanding shares (registrations, not trades).

• Compare the three-year operating cash flow to reported net profit in the cash-flow statement and management discussion to explain the cash conversion ratio (-1.25).
• Inspect the notes/schedules for 'Long-term receivables', 'Prepayments' and related-party balances and compare the total to the 1.2% of total assets reported for receivables outside the trade cycle.
• Reconcile total accruals to total assets (TATA = 0.1545) with the movement in working-capital and non-cash adjustments in the cash-flow statement and the notes on accounting policies for revenue and accruals.
• Review the consolidated related-party transactions, ownership schedule and the director-deal registration disclosures in the corporate governance or insider transactions note to verify the 44.4% Becamex holding and the 1,140,000-share purchase registrations.