BDG

• Beneish M-Score -1.6185 (77th percentile among Vietnamese peers): measures statistical likelihood of earnings manipulation signals; higher percentile indicates more aggressive accounting relative to peers.
• Year-over-year M-Score change +0.49: measures trajectory of the same signals; a notable upward move and a secondary cue that accounting behaviour changed recently.
• AQI (Asset Quality Index) = 2.6237: measures shifts in non-current asset capitalization and write-offs; a high AQI can indicate increased capitalization of costs or slower write-offs.
• DSRI (Days' Sales in Receivables Index) = 1.1337: measures receivables growth relative to sales growth; >1 suggests receivables are growing faster than sales.
• Receivables outside the trade cycle = 0.3% of total assets (17th percentile): the metric in the Vietnamese checks captures prepayments, loans receivable and long-term receivables; while small in absolute terms, it sits low in the domestic distribution, requiring verification of composition.
• Revenue quality = 0.0/100: indicates the model finds revenue patterns that weaken confidence in reported revenue (the specific scoring method measures persistence, margins and cash backing of revenue).

• Accruals quality = 94.7/100: measures how much earnings are supported by accruals vs cash; a high score implies low abnormal accruals and stronger accrual quality.
• Margin quality = 100.0/100: measures stability and reasonableness of gross/operating margins year-over-year.
• TATA (Total Accruals to Total Assets) = 0.0133: measures the level of accruals relative to assets; a low positive number suggests accruals are modest in size.
• Altman Z-Score = 4.39 (safe zone): measures bankruptcy distance using profitability, leverage and liquidity; this value indicates low immediate financial distress risk.
• Piotroski F-Score = 4/9 (neutral): measures nine fundamental signals; a middling score suggests mixed operational and profitability signals rather than clear deterioration.

The top two shareholders together control 86.7%: a state-related entity (Tổng Công ty Sản xuất - Xuất nhập khẩu Bình Dương) at 47.7% and an institutional holder (Công Ty TNHH Thương Mại Việt Vương) at 39.0%, indicating concentrated control with a dominant state-linked owner. Director-deal disclosures show 12 purchase registrations and 0 sales between 2025-10-30 and 2026-10-30 (net registered +8.47% of shares outstanding); these are registered intentions with the exchange, not executed trades.

• Compare the 2025 change in "Receivables and prepayments" (note or schedule in the annual report) with revenue growth to reconcile DSRI = 1.1337.
• Inspect the fixed-asset and intangible-asset schedules and impairment/write-off notes to explain AQI = 2.6237 (capitalizations, reclassifications or reduced write-offs).
• Reconcile operating cash flow vs parent net profit in the cash-flow statement and related notes to verify the 3-year cash conversion ratio = 0.83.
• Review the related-party transactions note and loans/advances schedules to confirm the composition of 'receivables outside the trade cycle' (0.3% of total assets).