CDR

• Beneish M-Score -0.8538 (89th percentile vs VN peers; YoY change +1.39) — the company scores higher on the M-Score relative to most Vietnamese peers and the score has moved materially year over year.
• DSRI (days-sales receivable index) = 1.6898 — this measures how receivables have grown relative to sales; a value well above 1 suggests receivables or revenue recognition have stretched compared with sales.
• AQI (asset quality index) = 2.1516 — this measures growth in non-current and potentially non-cash assets (e.g., capitalised costs, long-term receivables); a value above 1.2–1.5 is often a signal of rising capitalisation or reclassification.
• Three-year cash conversion (operating cash flow / net profit) = -2.63 (8th percentile) — profit has not translated into operating cash and is very weak versus Vietnamese peers.
• Earnings Quality components: Cash conversion = 0.0/100 and Receivables quality = 0.0/100 — both sub-scores indicate poor cash-realisation and receivable characteristics in the scoring framework used.
• TATA (total accruals to total assets) = 0.1716 — this measures accrual intensity (higher values indicate earnings driven by accruals); 17.16% is notable for accrual reliance.
• Altman Z-Score = 2.01 (grey zone) — the company's distance-to-distress metric sits between safe and distressed, indicating some financial vulnerability on a multi-factor basis.

• GMI (gross margin index) = 0.9181 — a value below 1 indicates gross margins have improved year-over-year rather than deteriorated, which weakens the case for margin-driven manipulation.
• DEPI (depreciation index) = 0.7302 — below 1 implies reported depreciation expense rose relative to prior period, which reduces the incentive to inflate earnings via lower depreciation.
• SGAI (sales, general & admin index) = 1.2174 — while >1 (increased SG&A relative to sales), the SG&A movement is moderate compared with the larger AQI and DSRI signals.
• LVGI (leverage index) = 0.9726 — slightly below 1, indicating leverage has not meaningfully increased year-over-year in the index measure used.
• Piotroski F-Score = 5/9 — a neutral score showing mixed fundamental signals rather than clear operational deterioration.

Ownership is concentrated: a state/industry single-member company (Công ty TNHH Một Thành Viên Tổng Công ty Cao Su Đồng Nai) holds 29.0%, with two related listed rubber-sector shareholders (HRC 12.5%, ST8 4.8%) also significant. Insiders (named individuals) hold small stakes (2.6% and 1.7%). The structure suggests group and sector-aligned ownership rather than dispersed retail control.

• Compare FY2025 trade receivables and other receivables lines (and their ageing) with the revenue note to reconcile the DSRI-driven receivable growth (DSRI = 1.6898).
• Inspect the fixed assets, construction-in-progress and long-term receivables schedules to identify components driving AQI = 2.1516 (capitalised costs, related-party loans, or reclassifications).
• Reconcile the consolidated statement of cash flows to profit before tax for the last three years to validate the three-year cash conversion ratio = -2.63 and identify the non-cash or working-capital items causing the gap.
• Review the parent-company (owner’s equity and undistributed earnings) lines and the statutory notes to confirm there are no accumulated losses and that the company’s listing on UPCoM is consistent with the statutory-loss test commentary (the HOSE/HNX cancellation rule does not apply to UPCoM).