BHG

• Beneish M-Score -0.6657, Vietnam peer percentile 90th: the company scores higher (more aggressive accounting signals) than 90% of Vietnamese non-financial peers; the M-Score rose by +2.64 year-over-year (the trajectory moved substantially).
• DSRI (Days Sales Receivable Index) = 2.6104: this component of the M-Score indicates receivables or revenue recognition has expanded relative to sales compared with the prior period.
• TATA (Total Accruals to Assets) = 0.1525: accruals are large relative to assets, contributing to the M-Score and consistent with low accruals-quality (46.0/100).
• Cash conversion (3-year operating cash flow / net profit) = -3.54 (7th percentile vs VN peers): profits have not converted to cash over three years, which aligns with the Earnings Quality cash-conversion score of 0.0/100.
• Receivables outside the trade cycle = 28.5% of total assets (94th percentile vs VN peers): a large share of assets are prepayments, loans receivable or long-term receivables rather than trade receivables or cash.
• Altman Z-Score = 1.63 (distress zone): the distance-to-distress metric places the company in the lower safety zone for bankruptcy distance.

• GMI (Gross Margin Index) = 0.8986 (<1): gross margins improved relative to the prior period, a signal that margins are not deteriorating.
• DEPI (Depreciation Index) = 1.0000: no apparent change in depreciation policy or life assumptions captured by this index.
• LVGI (Leverage Index) = 1.0763 (moderately higher): leverage increased only modestly according to this M-Score component.
• Piotroski F-Score = 5/9 (neutral): fundamentals do not show severe operational deterioration; this is neither strongly positive nor strongly negative.
• No accumulated losses and owner's equity (excluding minority interest) is positive: the balance sheet shows positive equity and no historical accumulated loss on the face of the audited statements.

Ownership is highly concentrated: three individuals collectively hold 53.5% (Nguyễn Thị Thu Vân 24.1%, Trịnh Đình Trường 15.5%, Trịnh Quang Hưng 13.9%) while two institutional shareholders hold 46.9% (Legend Highland 24.0%, Năng Lượng Nghĩa Hưng 22.9%). The top five registered shareholders account for essentially the entire equity (sum ≈100%), which suggests tight control by a small group of individuals and related entities.

• Compare the line items in the audited balance sheet and the related-party note that support 'receivables outside the trade cycle' (loans receivable, long-term receivables, prepayments to suppliers) to confirm the 28.5% of total assets figure.
• Reconcile operating cash flow (CFO) in the cash-flow statement with parent-company net profit over the last three years to reproduce the cash-conversion ratio of -3.54 and identify the main drivers (changes in working capital, non-cash items, one-offs).
• Inspect the notes on revenue recognition and the trade receivables ageing schedule (or the note that disaggregates receivables) to check the composition behind DSRI = 2.6104 and whether revenues/receivables growth is tied to extended terms, related-party receivables, or new business lines.
• Review the auditor's report and the equity statement (and any statutory notes) to confirm there are no accumulated losses, the positive owner's equity figure, and to see any emphasis-of-matter or going-concern language given the Altman Z-Score of 1.63.