CCS

• Beneish M-Score -0.758 (measures likelihood of earnings manipulation signals); company ranks in the 89th percentile among Vietnamese peers (higher = more aggressive accounting) and the M-Score rose by +2.07 year-over-year (a material directional change).
• DSRI 2.1102 (days-sales-receivables index; >1 can indicate revenue being recognized before cash collection or growth in receivables relative to sales).
• TATA 0.1562 (total accruals to total assets; low-to-moderate accruals but contrasted with other weak quality metrics).
• Earnings Quality 22.7/100 (composite measure of how much reported earnings are supported by cash and high-quality components).
• Cash conversion (3-year operating cash flow / net profit) = -0.12 (20th percentile among Vietnamese non-financials; measures ability to turn reported profit into operating cash — negative and low relative ranking).
• Receivables quality = 0.0/100 and Receivables outside the trade cycle = 3.0% of total assets (56th percentile) — indicates receivables and non-trade receivable items contribute poorly to quality scores and there are material receivables/prepayments/loans classified outside the normal trade cycle.
• Revenue quality = 26.2/100 and SGIAI 1.1367 (SGA index >1 — selling, general & administrative expenses growing faster than sales), which may flag margin or recognition pressure on revenue and expense-side classification.

• Altman Z-Score 5.48 (measures distance to bankruptcy using balance-sheet ratios; value in the 'safe zone' indicates low bankruptcy risk under the Altman framework).
• Piotroski F-Score 5/9 (measures nine fundamental signals; a middle/neutral score indicates mixed but not uniformly weak fundamentals).
• AQI 0.8861 and LVGI 0.8121 (asset quality and leverage/growth indices below 1 in parts of the Beneish components, which can indicate fewer red flags in fixed-asset write-offs or leverage-growth mismatch than in some peers).
• No accumulated losses and owner’s equity (excluding minority interest) positive; parent company did not report net loss in any of the 0 years up to FY2025 — these are positive statutory/balance-sheet facts.

Top shareholder is Liên Hiệp Hợp Tác Xã Thương Mại Tp. Hồ Chí Minh (institution) with 12.3%; the next largest listed group stake is TLG at 1.9%, and the largest individuals hold 1.0%, 0.8% and 0.6%. Ownership is relatively dispersed with one institutional block at 12.3%, and director/insider registrations show net registered buying interest (+3.50% of shares outstanding) over the last year but registrations are intentions (not executed trades).

• Compare the 2025 schedule of trade receivables and the related-party note to quantify the 3.0% of total assets classified as 'receivables outside the trade cycle' and identify counterparty types (prepayments, loans receivable, other long-term receivables).
• Reconcile FY2023–FY2025 consolidated operating cash flows to consolidated net profit in the cash-flow statement and notes to verify the three-year cash conversion ratio of -0.12 and the components driving negative cash conversion.
• Review the revenue recognition note and the receivables ageing to assess the drivers of DSRI = 2.1102 (days-sales-receivables index) and any changes in credit terms or write-offs.
• Inspect the exchange disclosures for director-deal registrations (the filings dated 2025-10-30 to 2026-10-30) to confirm the registered volumes (1 sale registration for 8,000 shares; 6 purchase registrations totalling 250,000 shares) and whether those registrations relate to repeat registrants.