BMG

• High DSRI = 1.6364: this ratio measures the change in days‑sales‑outstanding/receivables and a value >1 suggests receivables have risen faster than sales, consistent with collection or revenue recognition pressure.
• Beneish peer percentile = 84th and YoY change +1.56: the M‑Score moved materially higher year‑over‑year and is more aggressive than 84% of Vietnamese peers; note the -1.78 US cutoff is not directly calibrated to Vietnam.
• Earnings Quality overall = 21.4/100, with Cash conversion = 0.0/100 and Receivables quality = 0.0/100: this measures poor conversion of reported profits into operating cash and weak quality/structure of receivables.
• Receivables outside the trade cycle = 10.4% of total assets (81st percentile): this measures prepayments, loans receivable and other long‑term receivables outside normal trade terms and is high versus peers, raising scrutiny over related‑party financing or long‑dated receivables.
• Three‑year cash conversion (OCF / net profit) = -0.04 (21st percentile): this measures the three‑year cumulative conversion of reported profit into cash from operations and a negative value indicates profits have not been producing operating cash flow.

• TATA = 0.1194 (total accruals to assets): this measures total accruals relative to assets; a relatively low positive value suggests accruals are not extreme in absolute terms.
• GMI = 0.9675 (Gross margin index <1): this measures deterioration in gross margins year‑over‑year; a value <1 indicates gross margin improved rather than deteriorated.
• SGAI = 0.9896 (selling, general & admin index ~1): this measures changes in operating expenses; close to 1 implies no large unexplained step‑up in SG&A.
• Altman Z‑Score = 3.15: this bankruptcy‑distance measure places the company in the ‘safe’ zone, indicating lower immediate financial distress risk by that model.
• Piotroski F‑Score = 6/9: this measures nine fundamental signals (profitability, leverage/liquidity, and operating efficiency); a 6 is modestly positive/neutral rather than strongly negative.

Ownership is concentrated with Tập đoàn Dệt May Việt Nam holding 25.0% and Domex Company Ltd 10.0%; several individuals hold mid single‑digit stakes (5.0%, 5.0%, 4.5%). The presence of a large state‑linked textile group as the top holder suggests potential group or related‑party transactions typical in Vietnamese listed groups.

• Compare the FY2025 schedule of trade receivables, loans receivable and prepayments in the notes to the line item that produces the 10.4% of total assets figure and identify related‑party counter‑parties.
• Reconcile operating cash flow to parent net profit in the cash flow statement and the accounting policy/note on cash conversion to confirm drivers of the three‑year OCF/net profit = -0.04.
• Inspect the related‑party transactions note for any increases in loans, advances or long‑dated receivables to entities within the listed group or to the top shareholders.
• Check the revenue recognition and receivable aging notes (including any non‑trade receivables) to validate the DSRI drivers behind DSRI = 1.6364 and the Revenue quality = 0.0/100 assessment.