CC1

• Beneish M-Score = -1.0702 (measures likelihood of earnings manipulation using eight ratios); company is at the 87th percentile among Vietnamese peers (higher percentile = more aggressive accounting relative to peers) and M-Score rose by +0.08 year-over-year.
• DSRI = 1.1872 (days-sales-receivables index; suggests rising receivables relative to sales).
• TATA = 0.2735 (total accruals to total assets; elevated accruals vs assets).
• Earnings-Quality Score = 10.3/100 (overall low score measuring multiple aspects of earnings quality).
• Cash conversion (three-year operating cash flow / net profit) = -6.25 (measures extent profit converts to cash; negative and at the 4th percentile among VN non-financials).
• Receivables outside the trade cycle = 34.2% of total assets (measures prepayments, loans receivable, other long-term receivables; at the 96th percentile among Vietnamese peers).
• Revenue quality = 0.0/100 and Cash conversion subscore = 0.0/100 (indicate weak revenue persistence and cash-realisation metrics).
• Altman Z-Score = 1.67 (measures distance to bankruptcy; falls in the 'distress' zone).

• AQI = 0.5448 (asset quality index; lower values can indicate fewer write-offs or lower proportion of long-lived assets being reclassified, but needs context with large receivables-outside-cycle).
• DEPI = 0.9468 (depreciation index; below 1.0 can indicate depreciation expense rising relative to prior-year depreciable base—consistent with conservative fixed-asset write-down patterns rather than aggressive capitalization).
• Piotroski F-Score = 4/9 (neutral fundamentals; some internal performance/quality signals are mixed rather than uniformly poor).
• No accumulated losses and owner's equity (excluding minority interest) positive; parent net loss = 0 consecutive years up to FY2025 (statutory equity and retained earnings are not negative).

Ownership is moderately concentrated: the largest individual, Lê Bảo Anh, holds 19.8%, and three other insiders/institutional holders hold 10.5%, 10.3% and smaller stakes. Director-deal registrations in the past year show one purchase registration of 8,000,000 shares (+1.61% of shares outstanding) and zero sale registrations; these are registered intentions with the exchange, not confirmed executed trades.

• Compare the FY2025 note(s) on trade receivables, loans receivable and prepayments to suppliers to reconcile the 34.2% of total assets reported as 'receivables outside the trade cycle.'
• Reconcile the cash-flow statement (operating cash flow) and income statement over the last three years to reproduce the -6.25 cash conversion ratio and identify major non-cash or timing items in operating cash flow.
• Inspect the related-party disclosures and the schedule of loans/advances to related parties to see if a material share of out-of-cycle receivables are intra-group or related-party balances.
• Review the fixed-asset and depreciation notes to confirm the components behind DEPI = 0.9468 and any recent changes in useful lives, revaluations or disposals.