BFC

• Beneish M-Score -0.7082, Vietnam peer percentile 90th and YoY change +3.02 — the score has moved materially relative to peers this year, indicating rising earnings-management indicators (note the -1.78 US cutoff is not directly calibrated to Vietnam).
• DSRI (Days Sales Receivable Index) = 1.2398 — receivables are growing faster than sales, a classic signal of revenue recognition or collection timing risk.
• GMI (Gross Margin Index) = 1.1928 — gross margins have deteriorated year-over-year, which can incentivize margin-supporting accounting choices.
• TATA (Total Accruals to Total Assets) = 0.2852 — unusually high accruals relative to assets, consistent with the very low accruals-quality subscore (15.3/100).
• Earnings Quality = 14.3/100 and Cash conversion = 0.0/100 — operating cash flow is not supporting reported profits over the three-year measure, which is a concern for the convertibility of reported earnings into cash.
• Piotroski F-Score = 3/9 — weak fundamental score indicating limited improvement in profitability, liquidity, or operational efficiency metrics used by Piotroski.

• Altman Z-Score = 4.27 — places the company in the 'safe zone' for bankruptcy distance, indicating a comfortable solvency buffer by that model's inputs.
• AQI (Asset Quality Index) = 0.9926 and DEPI (Depreciation Index) = 0.9778 — no strong signs from these indices of aggressive capitalization or depreciation policy shifts.
• Receivables outside the trade cycle = 0.7% of total assets (28th percentile among Vietnamese peers) — relatively low level of long-term or non-trade receivables compared with peers.
• No accumulated losses; owner’s equity (excluding minority interest) positive; parent entity reported no net loss in the most recent year — the statutory tests for loss-triggered delisting are not met.

Shareholding is highly concentrated: Tập đoàn Hóa chất Việt Nam holds 65.0%, indicating dominant state-owned group control. Individual insiders listed hold negligible stakes (0.3% and smaller). No director-deal registrations were provided in the supplied data (director-deal registrations are exchange-registered intentions, not executed trades).

• Compare the note(s) on related-party transactions and loans in the annual report to the 0.7% receivables outside the trade cycle to identify the counterparties and terms.
• Reconcile the consolidated cash flow statement (operating cash flow) with net profit to confirm the components driving the three-year cash-conversion ratio (reported 1.14).
• Inspect the schedule or note on accruals and other current liabilities to trace the composition and drivers of TATA = 0.2852 and the low accruals-quality score.
• Review the revenue note and trade receivables aging to verify the drivers of DSRI = 1.2398 and the revenue-quality subscore (36.9/100).