BT1

• Beneish M‑Score = -1.3615; Vietnam peer percentile = 82nd. The M‑Score measures the likelihood of earnings manipulation using eight financial ratios; here the company scores higher (more aggressive) than 82% of Vietnamese peers, and the M‑Score rose by +0.77 year‑over‑year, showing a material move in the accounting profile.
• AQI (asset quality index) = 2.5672. AQI measures increases in non‑current assets, reclassifications and writeoffs that can signal capitalisation or reclassification of expenses; a value well above 1 suggests substantial asset‑quality changes.
• TATA (total accruals to total assets) = 0.0850. TATA measures the proportion of accruals to assets; a positive 8.5% indicates earnings include a meaningful accruals component rather than cash earnings.
• Earnings Quality score = 37.1/100, with Cash conversion = 0.0/100 and Margin quality = 9.1/100. Cash conversion (operating cash flow / net profit over three years) of -0.13 (20th percentile) shows profits are not converting into cash; margin quality very low indicates margins are inconsistent with stable, repeatable earnings.
• Altman Z‑Score = 1.52 (distress zone). The Altman Z‑Score estimates distance to bankruptcy; 1.52 falls in the distress zone used in the model.
• Piotroski F‑Score = 2/9. The F‑Score evaluates nine fundamental signals (profitability, leverage/liquidity, and operating efficiency); a 2 indicates weak fundamentals across these measures.
• Receivables outside the trade cycle = 6.0% of total assets (72nd percentile). This relates to prepayments, loans receivable and other long‑term receivables; a relatively high percentile suggests sizable non‑trade receivables compared with peers.

• SGI (sales growth index) = 0.9939 (≈1). SGI measures sales growth; a value near 1 indicates little or no aggressive sales growth that might indicate channel stuffing.
• DEPI (depreciation index) = 1.0000. DEPI compares prior and current depreciation rates; 1.0000 suggests no change in depreciation policy that would inflate earnings.
• LVGI (leverage index) = 1.0852. LVGI measures changes in leverage; while >1 shows higher leverage vs prior year, it is not extreme in isolation.
• No accumulated losses; owner's equity (parent, excluding minorities) is positive and the parent net profit shows 0 years of statutory net loss up to FY2025, which are factual balance‑sheet/statement positives.

Ownership is concentrated in individuals: Đặng Văn Thông holds 22.7%, Đặng Quỳnh Trang 10.6%, and the next three individuals hold 5.8%, 3.6% and 2.5% respectively. Director‑deal registrations recorded between 2025‑10‑30 and 2026‑10‑30 show 6 sale registrations (4 registrants; 1,543,545 shares) and 19 purchase registrations (16 registrants; 2,246,463 shares; 1 registration without a disclosed volume). These registrations are intentions filed with the exchange and not executed trades.

• Compare the notes to the financial statements for FY2025 that disclose 'receivables and prepayments' to quantify the composition of the 6.0% of total assets labelled as receivables outside the trade cycle.
• Reconcile the three‑year cash flow statement and the operating cash flow note to verify the cash conversion ratio (operating cash flow / net profit = -0.13) reported in the checks.
• Inspect the fixed‑assets and depreciation policy note to confirm there were no changes in depreciation methods or useful lives consistent with DEPI = 1.0000.
• Review the related‑party transactions note and the schedule of loans/advances to related parties to see whether part of the AQI = 2.5672 or the receivables‑outside‑trade figure arises from intra‑group prepayments or loans.