BKC

• Beneish M-Score = -1.1758 (measures likelihood of earnings manipulation based on eight financial ratios); although the US cutoff is -1.78, the company ranks at the 86th percentile among Vietnamese peers (higher percentile indicates more aggressive accounting relative to peers) and the M-Score increased by +3.43 YoY (the direction of change is a secondary cue).
• DSRI = 1.2238 (Days Sales Receivable Index; measures change in receivables relative to sales) — indicates receivables grew faster than sales year over year.
• SGAI = 1.3675 (Sales, General & Admin Index; measures growth in SG&A relative to sales) — SG&A rose disproportionately to sales, which can inflate reported margins if expensing/timing differs.
• DEPI = 1.1774 (Depreciation Index; measures change in depreciation policy or useful lives) — value >1 suggests depreciation decreased relative to prior year (slower depreciation), which can boost reported profit.
• TATA = 0.3400 (Total Accruals to Assets; an accrual-based measure of earnings quality) — positive accruals of 34.0% of assets indicate earnings include a material accrual component rather than cash.
• Earnings Quality Score = 6.3/100 with Cash conversion = 0.0/100 and Margin quality = 0.0/100 (measures of how much reported profit converts to cash, and persistence/stability of margins) — indicates current profits are not being converted into operating cash and margins are not robust by the model.

• Altman Z-Score = 5.68 (measures distance to bankruptcy using profitability, leverage, liquidity and activity) — places the company in the ‘safe’ zone for bankruptcy risk.
• Piotroski F-Score = 5/9 (measures nine fundamental signals of improving financial health) — indicates neutral fundamentals with some positive and some negative signals.
• AQI = 0.9904 (Asset Quality Index; measures change in non-current assets relative to sales) near 1.00 suggests no large shift toward capitalizing costs or other non-current assets.
• LVGI = 0.8468 (Leverage Index; measures change in leverage) below 1 implies leverage decreased year-over-year, which is a stabilizing signal.
• No accumulated losses and owner’s equity (excluding minority interest) is positive; statutory loss tests under Decree 155/2020 (as amended) are not met — these are facts in the audited statements showing no immediate statutory loss trigger for listing.

Shareholding is concentrated among institutions: Công ty TNHH Tập Đoàn Thiên Mã holds 25.3% and Công ty TNHH Dịch Vụ Anb 17.6%; several individuals hold smaller stakes (largest individual 5.4%). Director-deal activity shows 1 sale registration and 0 purchase registrations in the past year — registrations are intentions disclosed to the exchange, not executed trades.

• Compare FY2025 trade receivables and non-trade receivables lines with the related-party receivables and loans schedules in the notes (to investigate DSRI = 1.2238 and Receivables outside the trade cycle = 6.0% of assets).
• Reconcile depreciation expense and useful-life disclosures in the fixed-asset note against DEPI = 1.1774 to see whether depreciation policies or useful lives changed year-over-year.
• Compare the cash flow from operations (consolidated) to consolidated net profit in the statement of cash flows and the notes to verify the 3-year cash-conversion ratio = 1.12 and Cash conversion score = 0.0/100.
• Review the SG&A breakdown and related-party service/fee disclosures to assess why SGAI = 1.3675 (whether SG&A growth is operational or related-party driven).