CET

• Beneish M‑Score = 2.3159 (measures likelihood of earnings manipulation relative to eight accounting ratios); this score is at the 98th percentile among Vietnamese peers (higher = more aggressive accounting vs VN peers) and rose by +3.21 year‑over‑year.
• DSRI (Days Sales in Receivables Index) = 10.0000 (measures growth in receivables relative to sales) — an extreme value indicating receivables grew much faster than revenue compared with the prior year.
• SGAI (Sales, General & Administrative expenses Index) = 10.0000 (measures growth in SG&A relative to sales) — an extreme increase in SG&A relative to sales.
• LVGI (Leverage Index) = 2.1454 (measures change in leverage) — a large increase in leverage relative to the prior year.
• Receivables outside the trade cycle = 25.8% of total assets (94th percentile among VN non‑financials) — significant balance sheet exposure to prepayments, loans receivable and other long‑term receivables.
• Earnings‑Quality = 25.0/100 with Cash conversion = 0/100, Receivables quality = 0/100, Margin quality = 0/100, Revenue quality = 0/100 (these sub‑scores indicate weak cash conversion and revenue/receivables signals).
• Piotroski F‑Score = 3/9 (measures nine fundamental signals; a low score indicates weak operating/financial fundamentals).

• Accruals quality = 100.0/100 (measures the quality of accruals; high score implies reported earnings are not driven by abnormal accruals).
• Altman Z‑Score = 3.72 (measures distance to bankruptcy based on profitability, leverage, liquidity and activity) — in the safe zone for bankruptcy risk.
• No accumulated losses and owner's equity (excluding minority interest) is positive; statutory loss tests under Decree 155/2020 (as amended) are not met (these are factual statements from the published financials).
• Director‑deal registrations from 2025‑10‑30 to 2026‑10‑30 show 0 sale registrations and 1 purchase registration (registrations are intentions filed with the exchange, not executed trades).

Ownership is concentrated: an institutional holder holds 21.8% and three individuals hold 20.0%, 10.3% and 5.5% respectively, with another 4.9% — together these largest shareholders imply significant insider/group influence over decisions. The presence of a substantial institutional owner and several large individual shareholders increases the potential for related‑party or group transactions to be material to results.

• Compare the FY2025 notes that break down 'receivables and prepayments' to quantify how much of the 25.8% of total assets is prepayments to suppliers, loans receivable or long‑term receivables.
• Reconcile revenue growth vs. accounts receivable change in the revenue note or receivables schedule to assess the DSRI = 10.0000 driver.
• Inspect the SG&A note and the management discussion to explain the components behind the SGAI = 10.0000 increase (selling, general & administrative expense line items and any one‑off items).
• Check the related‑party and loans receivable disclosures (notes or schedules) for terms, counterparty identities and whether balances are within normal trade terms or are non‑trade exposures.