CDC

• Beneish M-Score = -1.1849; measures a composite of eight ratios designed to flag aggressive accounting. Although the US cutoff (-1.78) is not directly decisive in Vietnam, this company sits at the 86th percentile among Vietnamese peers (higher percentile = more aggressive accounting vs VN peers) and its M-Score moved by -2.00 year-over-year (the YoY change indicates where accounting behaviour began to shift).
• DSRI = 1.1188; the Days Sales Receivable Index >1 measures faster growth in receivables than sales (possible revenue recognition or collection issues).
• GMI = 1.4423; the Gross Margin Index >1 measures deterioration in gross margins year-over-year (pressures on core profitability or margin management).
• DEPI = 1.3649; the Depreciation Index >1 indicates slower depreciation or a rise in gross PPE relative to depreciation (changes in depreciation policy or capitalisation can boost reported profits).
• TATA = 0.2182; Total Accruals to Assets = 0.2182 measures the extent of accruals in earnings—this is materially positive and signals earnings contain non-cash accrual components (higher positive TATA suggests earnings may be driven by accruals rather than cash).
• Earnings Quality Score = 25.4/100 with Cash conversion = 0.0/100 and Accruals quality = 28.5/100; these figures measure how much reported profit converts to operating cash and the reliability of accruals, respectively, and indicate poor conversion of profit into cash and weak accrual reliability.
• Cash conversion (3-year operating cash flow / net profit) = -26.45 (2nd percentile among VN non-financials); this measures a multi-year failure of reported profits to turn into operating cash (low percentile = worse than almost all peers).
• Receivables outside the trade cycle = 17.8% of total assets (89th percentile); this measures prepayments, loans receivable and other non-trade receivables and is high relative to peers (may reflect related-party lending, long-term receivables or large prepayments).
• Altman Z-Score = 1.47 (distress zone); this score measures proximity to bankruptcy using profitability, leverage, liquidity and activity ratios and places the company in the distress zone.
• Piotroski F-Score = 2/9; this measures nine signals of financial strength (profitability, leverage/liquidity/operating efficiency). A score of 2 indicates weak fundamentals by that metric.

• AQI (Asset Quality Index) = 0.3996; the Beneish AQI (ratio of non-current asset components) below 1 suggests no dramatic upward shift of non-current asset composition that Beneish uses to flag asset inflation.
• SGAI = 0.6276 and LVGI = 0.9585; SGA Index <1 measures a relative reduction in SG&A intensity year-over-year, and LVGI slightly <1 indicates leverage (book liabilities / assets) is roughly stable or modestly down—both temper some signs of aggressive expense management.
• Accumulated losses: none; undistributed earnings are not negative and owner's equity (net of minority interest) is positive—these are facts from the statements that reduce immediate statutory accounting insolvency concerns.
• Statutory loss tests (Decree 155/2020 Art.120(1)(e) as amended) = none met; the audited annual statements did not meet the exchange cancellation criteria listed in that decree for the reported year.

Top shareholders are several individuals with modest stakes: Phạm Bảo Tùng Ly 5.8%, Bùi Tuấn Khanh 4.8%, Trần Hữu Duyên 4.6%, Hồ Đình Thuần 4.0%, and Nguyễn Thị Trang 3.2%. Ownership appears dispersed among individuals with no single dominant listed controller; director-deal activity shows registrations (not executed trades): 6 sale registrations (5 traders; six without volumes) and 9 purchase registrations (8 traders; 1,453,018 shares registered; seven without volumes) between 2025-10-30 and 2026-10-30—these are registered intentions filed with the exchange, not confirmations of executed transactions.

• Compare the 2025 line(s) for 'Prepayments to suppliers', 'Loans to related parties' and 'Other long-term receivables' in the balance sheet/schedules with the related-party note and reconciliations — (Receivables outside trade cycle = 17.8% of total assets).
• Reconcile 2023–2025 operating cash flows to reported net profit in the cash flow statement and management discussion to document why the 3-year cash conversion is -26.45 (operating cash flow / net profit).
• Read the revenue recognition note(s) and the schedule of trade receivables to check ageing and credit terms behind DSRI = 1.1188 and Revenue quality = 41.0/100.
• Review the fixed‑asset note and depreciation policy (useful lives, method, additions) to assess DEPI = 1.3649 (Depreciation Index) and any capitalisation policy changes.
• Inspect the audit report and any emphasis of matter / qualified opinion paragraphs and the related-party transactions note for significant balances or terms that could explain high receivables outside the trade cycle or abnormal accruals (TATA = 0.2182).